Now, I hope that I did not create a whole movement. I know mortgage professionals work very hard ofr their money as well as many real estate professionals.

Thanks Pikes Peak.

After a close read of the link, what Grigerny proposes is still very much illegal even if the real estate agent performs 5 or more services on the RESPA list (which Grigerny has not asked for in the first place):

--snip--
Statement of Policy 1999-1 went on to express HUD's opinion that compensable services would be performed if it were found that: (1) the lender's agent or contractor (the real estate broker in this context) took the application information (under item (a) above) and performed at least five additional items on the preceding list; and (2) the payment was not a fee given for steering a customer to a particular lender disguised as compensation for purported "counseling type" services (taking the application plus performing only the additional services identified in (b), (c), (d), (j) and (k) above).
--snip--

Furthermore, Grigerny's proposal is illegal because it's based on a percentage of the loan fee as opposed to market value of the services rendered by the agent. Thus, Grigerny's proposal is illegal for at least 3 reasons:

1) payment is not conditional on agent performing at least 5 of the services outlined in RESPA; and,

2) payment is given because the agent steered the client to Grigerny; and,

3) payment is based on a percentage of the fee instead of normal market value of services rendered (which Grigerny didn't even ask for in the first place).

Ill distribute payment anyway I have to. If I can't do it from a fee, then it won't be from a fee! Nothing in this business is by the books. Your in the real estate market, you have to make money any way you can. Many have done it and lived on happily ever after. If you sit on a computer all day reading laws, you will never make any sales.

Laws be damned, you want money!

(Personally I prefer to follow the law and it didn't stop me from being Rookie of the Year last year and having a great year so far this year. But if you don't want to let a pesky thing like the law get in your way, you might also look into counterfitting which is probably a lot more efficient way to make money as an outlaw. You probably also ought to remove your user profile from here as it's pretty easy to figure out yoru first and last name and the state in which you do business.)

Isn't it funny, why some referral fees are legal and some not.

Well, I'm certainly not going to risk my future business from repeat customers and their referrals by sending them off to some slimeball so that I can have a few extra dollars in my pocket today.

Please excuse my ignorance, but I am very new to this. here is what I am trying to understand. At least in California Real Estate license is the same for real estate sales people and mortgage salespeople. One person can do both. So under this condition how is it illegal for an agent to help a buyer to obtain financing and be paid for the service by a mortgage company he is using.

grigerny


Please post your contact information!!!!!

We can change your website to www.lockedup.com

I want to go to real estate jail! Sign me up! I'll refer all my clients to you , for a fee!