Hi,
I am a loan originator for a company
Here is the deal
1 I brought in a client and connected him to this company
They Started negociating the contract for the loan. the
company and the lender have signed a contract
between themselves. the lender is also underwriting
the loan. In a conference call the client got the lenders
contact info and started negociating with him. Now it
apears that the company I am the L.O. with and myself
are getting cut out of the deal.
2 Now what I am trying to determine is what legal recourse do I have with respect to the company and the
the lender and the client that I introduced to them.
What does your contract say? If it is not in writing it doesn’t exist. I have noticed that the people that I deal with tend to be pretty honorable. If these guys are not I wouldn’t deal with them in the future. If there is no contract, I would just talk to the guy at the company and ask when the deal is going to consummate and that you expect the usual fee. Don’t act accusatory, just matter of fact. In my case my matter of fact demeanor tends to be a little clear the air when are payments going out anyway.
these are items that should have been dealt with prior to it happening. You may be able to get a referal out of the other lender, but again if it wasn’t in writing nobody is obligated to give you anything. Would it make you feel better if they said thank you?
Have your clients sign a broker agreement in the beginning. You can do it when you have them sign preliminary loan docs, do a google search for a form of this agreement. Find one that makes them pay for your legal fees if you have to go to court. If this happens again you can sue, but right now you are prbably screwed. If this is a commercial deal, it happen happens all the time. In what state do you work?
were you representing someone as a real estate broker, or did you introduce two parties that worked out a contract and think now you should be compensated?
Loan Oringinators are a lower form of mortgage brokering. Generally they just bring the 2 parties together and your paid when the deal closes. Originators are not required to be licenses since they do not broker the loan and are compensated from the broker after closing generally based on a percentage of the loan like a broker…
I think you need to find a better co to work for or get your license and become a broker so it does not happen again.