Looking for Sub-prime lender with Finder fees - Posted by Steve J

import · May 25, 2005, 2:49pm

Posted by Jeeves on May 25, 2005 at 17:54:30:

Finder’s fees are most definitely outlined as illegal by RESPA. However, marketing and sales consulting fees are not.

import · May 25, 2005, 2:49pm

Posted by Steve J on May 25, 2005 at 14:49:54:

I had an arrangement with a sub-prime lender
I send him folks with poor credit and if he gets them financed he would pay me a finders fee.
Recently I ran into one of the people I sent to him and turns out he finance the guy but this lender didn’t pay me. He’s not responding to calls or emails.

I have 2 wks left in an ad in my local paper.
Anyone here write loans to folks with poor credit. Low to mid 500 score?

If so what is your payout for finder fee?
Do you have a pre-approval process?
Do you have a checklist I should follow?
Please email me details at dafella007@yahoo.com
I’ll start sending folks as soon as we agree on something

Steve

Thanks

import · May 25, 2005, 3:25pm

Re: Looking for Sub-prime lender with Finder fees - Posted by wes

Posted by wes on May 25, 2005 at 15:25:57:

Perhaps (although I doubt it) your Sub-Prime Lender finally realized or was informed that what he was doing (finders fee) is illegal under RESPA.

import · May 25, 2005, 5:13pm

Re: Looking for Sub-prime lender with Finder fees - Posted by Sam Nath

Posted by Sam Nath on May 25, 2005 at 17:13:58:

It is illegal to pay finder fees for loans unless you have license for mortgage and perform activities required by RESPA on the loan itself.
There are some marketing exception but you must be employee of the licensed company. Check with your lawyer about the fee issue as it seems illegal.