I will start.. Fannie and freddie listings


Off the top referall fee 35%
Office split 50%
paper work fee of $100-$200 per transaction.

I have 14 properties on the market 5 under contract with reo. Almost every time i receive a check especially from fannie I almost gag because of the amount. Interested if i need to change office because this reo work is taking 80% of my time with small returns.

who are you giving the referall fee to?

Fannie Mae;
2.5% to listing agent, 5% off the top to RE/MAX, no paperwork fees, the rest to me. The issue may be where you're working rather than which bank you're working with. BTW, Fannie Mae does not allow their outsourcers to charge referral fees.

Yep FNMA does not allow outsourcers to charge the agents at all. 2.5% to list, 3% to selling agent. I work for Remax and pay $0 franchise fee. My office charges a transaction fee but that's it. Sounds like the op needs to move to a new office. Go check out Remax and get on a no split plan. The only reason why I would go to a company that splits if you are part time, or not making enough to cover the monthly fees.

So if i am understanding this correctly fannie doesn't allow referral fees to be charge to agents?

that's right. then again, I don't think the FNMA outsourcers are supposed to charge agents to be a part of their network, either, but there is one who does do that.

Does any one knows if BOFA let the outsources to charge a referral fee besides the commission fee? I was contacted by a company that charges you 1% out of the listing side and after closing they want a 20 % referral fee mail out to them from my office side I took the listing due to be a nice property but I wondering to know as now the listing agreement does not shows anything about the the referral fee.

If there's nothing in the listing agreement, check your master listing agreement. If there's nothing there, I would ask BofA directly. There's no need to pay a referral fee just because some outsourcer gets greedy. Plus, you might be violating RESPA by doing that since the HUD would not be accurate.

Nifunifa,

If you are talking about the company that I think you are, yes you have to pay the referral fee. If you don't, you will no longer receive any listings. Think about it like this: If I referred someone to you as a seller, you and I will have a referral agreement. But that agreement would not be mentioned in your listing agreement with the seller.

I think REO is ideal for a 100% plan, whether it's at Remax or anywhere else.

Also, I think the Original poster's 35% referral fee is to his office. I know there is a local regional brokerage that has a deal with PAS that works just as the OP described. 35% off the top to the relocation division, then your normal split on the remaining 65%.

That's a big reason why the independent REO specialists will be able to out-compete the big players who want to horn in on our business. Who wants to work for that kind of structure when 100% is the logical way to go?

freddie mac direct still pays full 3% with no referral fees....

Jayesnoop,
Yes I'm pretty sure it is the same you think ( MXX )I went over the listing agreement and does not mention anything, I can't refuse the listing due to the property, I appreciate if you can provide me with information in how quickly they reimburse for utilities etc.

Hello...reopening this post as I have been searching all over & can't seem to find an answer to my question. Does anyone have any experience with the referral fees that are charged by Ocwen/Altisource for REO listings? Got an email asking if I would be willing to take a listing in my area, but after reading their listing agreement & referral fees it appears that they take most of the listing side commissions. If in fact it is what it appears to be, and I factor in the split I have with my partner, the split to my broker, and the E & O charge I think I will end up owing money at the end! Anybody out there have any info on this one?

You got it right... You will end up with 1% or $800 minimum

Nice so does reoprep but I have only received 2.5% from them, maybe that is where they make their coin??

I have one that pays 2.5% per side. That really ticks buyer's agents off. I don't like it either but the AMC gets 1% and then as the listing agent I pay $150 transaction fee to them and then $175 tech fee. Kinda gross, but it was business I didn't have before and I am 100% at ReMax.
I have a little bank that I love - 3% to me no fee. But on the flat fee ones that are the tiny little crap holes - flat fee of $1500 split between the agents. I do not have to do any BPOs - they use appraisals to set the list price, get along great with my AM - and I never turn on utilities for the little ones. Lowest paying bank I have on the little ones. The good ones used to be the old Ocwen crap holes. $1250 to the listing agent plus a $700 management fee. I miss those checks - used to do 2 or 3 a month for them and that was a slow month. Bye bye.