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what is 10% of 69,550
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1 i came up with 6,995 but i wanted to make sure it wasnt just me cause i dont think that this house is worth putting that much down own thats ... |
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 Can an apartment manger ask me to leave if I have lived there for 6 months for a crime that I committed 4 ago? |
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I plead no contest to a drug charge almost 5 years ago. Well they asked on the app. have you ever been convicted of a drug offense. Well I wasn't I pead no ... |
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 Single first-time buyer desperately seeking advice for the future!? |
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peeboo6es2003 | Do realtors get a comission from refering a client to a mortgage company? |
my realtor referred me to a mortgage company, to a specific guy and she keeps pushing me to use him. Does she make money off of him if I take out a mortgage with that particular company? |
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mazziatplay
 |
That is called a "kickback" and is a violation of RESPA. which is a Federal offense.
Realtors tend to refer buyers to specific lenders because they have experience with that loan officer and that experience has been good leading to the future referrals tha come from satisfied buyers. |
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Landlord
 |
She may, but it is not much. She is more likely pushing this guy because she knows he can perform, that he knows what he is doing. The criteria to sell mortgages is very low, this is not a professional job by any means. 90% of them out there are scum bags or simply clueless.
She wants your sale to complete, I would follow her advice and use the guy she is recommending. She has too much to loose to send you to a joker.
Also, there is NO law about referals. The law regarding realtors and mortgages is that the seller and/or agent can not require that you use any specific bank (they can require you to qualify, but not borrow from). |
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Married Lady
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I don't think they can get a commission, but they will refer customers back and forth. It's called "networking" |
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frank
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As in all businesses one hand washes the other. Find a better rate and ask her to beat it they usually do |
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Open Book Advisors™
 |
It is not illegal for a realtor to refer a client to a mortgage agent.
It is only illegal for that mortgage agent to PAY or give monitary incentive for the realtor to do so.
Respa laws apply to mortgage officers......not realtors.
WE have many great relationships with realtors because we have a track record with them in business. They cannot trust their clients to just anyone who sells loans......they want to work with someone they trust.
That is not to say that some don't break respa laws.....Im sure some do .......as a matter of fact my first home purchase I used a local guy that our realtor said she worked with exclusively because he was so good........yeah so good that we got raked........4 pts and some on the back Im sure......we were young, dumb but desperate for our own place. Im sure she got a cut because when we questioned our fees with her, she said it all looks normal to me! lol........ todays a new day....and his clients now have another option....US!
But sending someone to an agent you know is not illegal.
If she is so insistant I would have my antanea up. Bigtime
Anyone a realtor sends us knows how we operate, if we can get you the best loan, at the best price for you....great! If not we appreciate giving us the opportunity and wish you luck.
Just let her know " thanks for the referral, I will be calling him and a few other people to find what will work best for us"...... if he or she grows cold upon your "im shopping' statement....WALK
Your not obligated to talk to their guy......get a few opinions.
Thats a given
good luck |
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Amanda B
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Typically, they do but it is an off the books transaction. |
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godged
|
If she does, she must disclose that there is a financial interest.
I highly recommend a lender in my area because she is fast, efficient and meticulous. Her company offers competitive rates too. I don't receive a penny from her. But there are never mistakes, missed closings or last minute surprises. That is why I push people to that lender. |
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Terry S
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I seriously doubt she's getting any money from this guy.
Why violate RESPA and risk losing your license?
The real reason she is recommending him could be:
1. She knows she will close the deal because he will stay on top of the file and make sure everything is done to get it closed.
2. She has worked with him before and knows that he will return her phone calls.
Realtors make money only when the deal closes.
If you go to an outside lender that goes belly up before your close, then she loses the deal and you have to go find another lender.
Hope this helps.
Terry S.
http://www.Welcome2Arizona.com |
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I_Love_McRedneck
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I bet so - people don't do something for nothing, you know. |
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Leo F
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It is illegal for a realtor to refer a client to any mortgage company. |
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