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| *Loan,banking and credit>>>mortgage loan |
Does a real estatate agent get a cut or percentage if he refers a client to a loan officer to refi a mortgage? |
Does a real estatate agent get a cut or percentage if he refers a client to a loan officer to refi a mortgage? 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). YES, thats not an opinion its a FACT ! 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. 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) YOU can count on it!!!!!!!!!!!!!!!!! More times than not and there is no notice or agreement. Nothing in writing. Mark 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. www.directlendingplanet.com |
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