Has a lender ever given you the full court press and you weren't sure how to say no? Or maybe you've wondered why your vendor partners aren't sending you more leads? This episode is going to give you a lot to think about. We've been getting messages from agents on both ends of this spectrum — some wanting to know how to get lenders to back off, and others wanting to know how to find a lender who will send them referrals. So we decided it was time to address both, and we're not holding back. We start by going back to basics with a law you may have heard of but probably don't know as well as you think: RESPA, the Real Estate Settlement Procedures Act. It has been around since 1975, and it is still federal law, and it still applies to you and every vendor relationship you have. Then we get into the real conversation — mindset, professionalism, how to say no gracefully, and why expecting leads from your vendors is a trap that will make you miserable. Here's what we cover in this episode: - What RESPA actually is and what it prohibits (spoiler: a lot of what you see happening in the industry) - The history of RESPA, Dodd-Frank, and the CFPB and why these rules exist - Why "things of value" from vendors — including gift cards, event tickets, and subsidized marketing — are considered illegal kickbacks - What co-marketing with a lender is allowed to look like vs. what crosses the line - Why lenders get more aggressive when the market slows and how to handle it with kindness - How to professionally say no when a vendor won't stop pursuing you - Why you should never choose your lender based on what they can do for you - The mindset shift you need to stop expecting referrals from your vendor partners - How to add vendors to your database and treat them like people, not a lead source - A real community story about a lender who finally sent a referral after 16 months — and why it worked - How agent behavior is observed by every vendor you work with, every single time This is your reminder that your vendor relationships are a reflection of your professionalism. And your business is yours to run. Key Quotes & Takeaways: - "If you are an agent out there, you do not pick your lender based on who can do the most for you. We are here to represent our clients." Katy - "The lenders that I use are answering their phones because they're at their office." Katy - "You are being observed." Katy - "I am in charge of what I make." Katy - "Everybody's nice until they're not — until they don't get what they're expecting." Katy - "You are responsible for yourself. You are responsible for generating your own business." Katy - "I want to be known as someone you do not ever have to ask to pay for anything for her, because she's not gonna let you." Katy Products, People & Previous Episodes Mentioned: - The Big Short (2015 film) - RESPA — Real Estate Settlement Procedures Act (1975) - Dodd-Frank Act (2010/2015) - Consumer Financial Protection Bureau (CFPB) - Hustle Humbly Community (hustlehumblypodcast.com/membership) Want to toast someone on the show? Send us a voice or video message with your name, who you are toasting, and why! Email it to [email protected]. Leave us a review at http://ratethispodcast.com/hustlehumbly Get your FREE Database Template: http://hustlehumblypodcast.com/starthere Email Templates 101: http://emailtemplates101.com Agent Systems 101: http://agentsystems101.com All Resources: http://hustlehumblypodcast.com Submit your topic ideas and toasts to [email protected] Music: Straight A's by Connor Price → https://connorprice.shop/ The Good Life by Summer Kennedy → https://soundcloud.com/summerkennedy/the-good-life Be The One by Matrika → https://uppbeat.io/t/matrika/be-the-one