Mortgage For Lease Option Tenant
When you refer a LO tenant to a Mortgage broker could you (or should you) ask for a referral fee? If so, you what amount/ % is fair? Well, we as investors pay others to bring us buyers/ sellers
Any Mortgage brokers/ loan officers online?
What fee would you pay for a Lease Option buyer lead? Paid obviously when the property is financed/
RESPA prohibits any referral fees or kickbacks for sending someone to a specific broker. The argument behind it, is that it is thought to raise borrowing and closing costs on the consumer.
I know that plenty of people still do get paid referral fees though, they may not necessarily be in the form of cash either.
HUD website has some information on the guidelines.
Mortgage brokers like gifts as much as I like clients, thanks for the advice
becareful... the law saws "anything of value"