2007-08-24 10:38:15 · 10 answers · asked by Gretta 3 in Business & Finance ➔ Renting & Real Estate
Not legally. RESPA does not allow for residential lenders to pay a referral fee to ANYBODY. If you are getting a commercial loan, that would be a different story.
There are undoubtedly loan officers that DO give kickbacks, or pay for Realtor's advertising or car payment or some other such scheme.... but it is against the law (in all states in the USA).
2007-08-24 11:29:55 · answer #1 · answered by teran_realtor 7 · 0⤊ 1⤋
I haven't, nor have I heard about it happening.
I did receive a small plant from a lender once for going the extra mile on a particularly challenging transaction. I wouldn't consider that a "cut" or "percentage".
I refer my clients to a particular lender because that lender gets the clients to the closing table. That is how I get paid, not by the lender.
2007-08-24 13:07:05 · answer #2 · answered by godged 7 · 0⤊ 0⤋
I have been a full time Real Estate broker for 29 years and never gotten a cut or fee for referring anyone to a loan officer or title company or repair person or inspector.
I am getting paid to be your Realtor and represent your best interest. To me it would seem a conflict of interest to steer you to someone and get a kick back for that.
2007-08-24 11:16:03 · answer #3 · answered by glenn 7 · 1⤊ 0⤋
I suppose they could if an arrangement has been made with the mortgage company. But most of the time, they just make referrals to companies they've worked with in the past and have had smooth closings.
2007-08-24 10:43:44 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I know my realtor had to disclose to me that they had a relationship with a certain mortgage company and did get a fee for recommendations. This probably is a state by state regulation ( I am in NJ)
2007-08-24 10:49:55 · answer #5 · answered by Bob 2 · 0⤊ 0⤋
yes i never recomend doing bussiness with the agents contact. the broker or lender will bump up the fees tro make what he wants and still give a spiff to the agent.
although there are laws against it in some states there are still loopholes in the laws that they work around.
2007-08-24 11:03:06 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It is absolutely, positively a RESPA violation and a federal offense. No reputable realtor or loan officer should need to resort to doing so.
2007-08-24 16:11:56 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I don't take referral fee's from lenders, it doesn't seem right. Besides you have to disclose all referral fee's to all parties to the transaction.
2007-08-24 11:48:02 · answer #8 · answered by Alterfemego 7 · 0⤊ 0⤋
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2007-08-24 18:08:41 · answer #9 · answered by Anonymous · 0⤊ 0⤋
YES, thats not an opinion its a FACT !
2007-08-24 10:42:31 · answer #10 · answered by Anonymous · 0⤊ 0⤋