Does a existing estatate agent get hold of a cut or percentage if he refers a client to a loan officer to refi a mortgage?
Answers:
Not rightfully. RESPA does not allow for residential lenders to earnings a referral levy to ANYBODY. If you are getting a commercial loan, that would be a different story.
There are undoubtedly loan officer that DO hand over kickback, or wage for Realtor's public relations or coup¨¦ pay-out or some other such mission. but it is against the decree (in adjectives states within the USA).
YES, thats not an judgment its a FACT !
I suppose they could if an arrangement have be made next to the mortgage company. But most of the time, they a short time ago net referral to companies they've worked near within days gone by and hold have smooth closings.
I know my realtor have to disclose to me that they have a relationship next to a clear in your mind mortgage company and did bring back a tax for recommendation. This probably is a state by state regulation ( I am surrounded by NJ)
YOU can count on it!
More times than not and nearby is no discern or agreement. Nothing in writing.
Mark
yes i never recomend doing bussiness next to the agents contact. the broker or lender will bump up the fees tro receive what he desires and still contribute a spiff to the agent.
although nearby are law against it in some states in that are still loopholes contained by the law that they work around.
I enjoy be a full time Real Estate broker for 29 years and never gotten a cut or duty for referring anyone to a loan officer or title company or repair human being or inspector.
I am getting salaried to be your Realtor and represent your best interest. To me it would seem to be a conflict of interest to steer you to someone and obtain a see subsidise for that.
I don't rob referral duty's from lenders, it doesn't come across right. Besides you hold to disclose adjectives referral excise's to adjectives party to the transaction.
I haven't, nor have I hear more or less it stirring.
I did receive a small plant from a lender once for going the extra mile on a principally confrontational transaction. I wouldn't consider that a "cut" or "percentage".
I refer my clients to a unusual lender because that lender get the clients to the closing table. That is how I catch salaried, not by the lender.
It is completely, positively a RESPA betrayal and a federal offense. No reputable realtor or loan officer should entail to resort to doing so.
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