Good day, all
Does anyone know any lenders that pay fees to people for bringing them custmoers to get loans? Like 1 or 2% I’ve heard of it just wanted to know of it were true?
Thx.
You should be aware that all federally insured loans are covered by federal law (known as RESPA) which specifically prohibits commission splitting/co-brokering/profit sharing—this covers all residential financing transactions with few exceptions…
There are specific loan requirements (like commercial, temporary financing, construction only, etc.) that are not covered by RESPA and therefore open to this type of arrangement.
Regards,
Scott Miller
Business loans aren’t covered by RESPA so if you are referring hard money loans and commercial loans you may get a bonus.
What state are you in? are you a mortgage broker?