i know what the comission is from the client buying the property. i jut need to know what the comission is for generate the lead for the loan.
2006-12-03 05:05:56 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Agreeing with barbara R, it is a violation of RESPA (the federal law governing residential mortgages), for anyone who is hot licensed as a mortgage lender, to receive money or anything "of value" in return for a referal to a lender.
2006-12-03 10:17:57 · answer #1 · answered by triad_historic_homes 2 · 0⤊ 0⤋
Typically, a Realtor does not get paid off of a loan, they only get paid off of the sale of the home from the sellers proceeds. I am a Realtor and the only way I get a commission from a loan is if I know the loan officer and we have a referral relationship with each other. I usually get $250-500 per transaction depending on how much the home was for.
2006-12-03 05:13:19 · answer #2 · answered by chocolatebabycakes 4 · 0⤊ 0⤋
Right on Barbara and NC Realtor - with one exception, in some states it is legal for a Realtor to also be a mortgage originator and to earn commissions they have to legally perform a significant portion of the loan origination.
RESPA laws are in place to protect the borrower form having to pay more for their mortgages, such as having a referral fee passed on to them in the end. Ask your Realtor if they get paid anything additional and then decide if they are acting in your best interest when recommending a lender
2006-12-06 20:00:37 · answer #3 · answered by walkinandrockin 3 · 0⤊ 0⤋
It is against the law for a realtor to accept any kind of compensation for referrals. It is referred merely for the business transaction to go smoothly. Because of the law, some mortgage lenders do give gifts, at holidays or treat the realtor to dinners, etc. No money should ever cross hands for a referral of any kind, too many licenses at stake.
As for Goodie and Bostonian, you are in violation of Federal Regulations, you'd better think twice before accepting any more money from lenders!
2006-12-03 05:15:32 · answer #4 · answered by Barbara 5 · 0⤊ 0⤋
It varies. Based on some of my old closing statements, probably no more than half a point in most cases. That's about all the wiggle room that was buried in the fees, etc., allowing some $$$ for the mortgage broker.
2006-12-03 05:10:34 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋
The real estate comm is negotiated between the seller and the broker-generally 2-6%. The sales person who obtained the listing will share the full commission with his office and anyone else who brings in a buyer( a salesperson and his realty office)
2006-12-03 05:13:25 · answer #6 · answered by Gone Golfing 2 · 0⤊ 2⤋