Posted by David Alexander on September 01, 1999 at 13:35:48:
I hope it’s not illegal, I do it. Afterall they aren’t acting in the capacity of their proffession at that point, and it’s generally a deal they wouldn’t or can’t do.
David Alexander
Referral Fees! - Posted by DanM(OR)
Posted by DanM(OR) on September 01, 1999 at 10:48:44:
Friends & Family,
Anybody ever check into the legalities of paying referral fees to mortgage brokers and/or realtors. I have a meeting next week and discussed the possibility over the phone. They could be a good source of leads for notes that have been created and seasoned for a while.
Thanks for any help you can provide.
Dan Matejsek
Re: Referral Fees! - Posted by William, Columbus, OH
Posted by William, Columbus, OH on September 02, 1999 at 22:42:11:
Oh, Danny Boy! I looked into that in my area and learned that Realtors & Mortgage Brokers accept fees
for leads and it’s okay. As our “Master”, Mr. Behle
points out…it depends on each state. I have been
over this ground with others before and it is just as
J/B says!!!
State by state - Posted by John Behle
Posted by John Behle on September 01, 1999 at 13:47:15:
It varies in each state. Some have limits on the amount or type. Others are fine. A mortgage broker (YOU) to another is fine. An agent to an agent (through their broker) is fine. Most states have a problem with agent to mortgage broker or vice versa.
You can pay someone anything you want. It’s up to them whether they can or want to receive it. If there were a problem, they are the ones that would be responsible.