…i’m unclear if this is legal but hopefully someone can clarify for me. i am always finding and assigning foreclosures in fla. (i have a great team of doorknockers) but recently have found numerous homeowners that would like to stay in their homes. most of these people have enough equity in their home to meet the criteria of a HML. Is there a legal and ethical way I can benefit or charge a referral fee to the lender for my efforts in drumming up business for them??? It seems as though it’s a form of birddogging for the money guys and a way to help people who don’t know this is a viable option for them. please help as i have 2 people i can refer right now…and many more if i can offer this service to the people i come in contact with.
I don’t see why there would be a problem with it. Call it a “marketing fee”.
Just be careful. Recently the State of Florida fined a RE Investor $500.00 because he mentioned “bird dog fee” in his website. The president of CFRI (Central Florida Realty Investors) told me that the investor is a member.
Now there isn’t anything wrong with the mortgage company spending money on a “consultant” or having “marketing expenses”, is there?
Also, I have not done this, but what if you became a loan originator (Idon’t know what the correct term would be) for a mortgage broker?
Hmmm…thinking outside the box!