Question by carmen: As a realtor is any way that I can make money getting a home refinance or getting my client into a home loan?
I know that I cant be a loan officer since I am a realtor but I got someone that told me to get in Primerica and I will get money out of refinancing homes and home loans. I wonder is there any other way that I can get like “middle man” referal fee or commission out of mortgages and home insurance?
Answer by someone
That is illegal. You would be guilty of collusion and misrepresentation
What do you think? Answer below!
Don’t even think about it! In some states you may be able to be a licensed loan officer as well as a licensed Realtor, as long as you very clearly disclose ALL possible conflicts of interest and monies paid to you. but I would never recommend it. Concentrate on getting to know some top-notch loan officers and on improving your own real estate sales business, instead of trying to scrape additional small sums from any of your transactions. No reputable mortgage company would ever provide you with a referral fee – read RESPA again and speak with your broker if you have any questions. It is illegal and unethical and you could lose your license, or worse, your reputation.
clearly you are not aware of the mega financial reform we are experiencing right now in the mortgage industry, bottom line you will not be able to do this loan legally.
As a Realtor I am shocked that you are even asking this, also as a Realtor, don’t you have mortgage lenders/brokers you work with that you can send this client to?
Carmen – as Realtors, we can get referral fees from other Realtors to whom we send clients. That does not exist for loan officers. Even from one licensed loan officer to another, they are not allowed to pay referral fees. As Realtors, we cannot pay unlicensed people a referral.
Primerica is a network marketing company that provides loans and financial advice and investing. T do loans with them, you get licensed in your state as a loan officer. I’m a Realtor, and in another network marketing company, so I have been approached by people in Primerica several times. To me, it would be more beneficial to simply get a mortgage broker’s license if I wanted to do loans as well as sell real estate.
To make money on mortgages or re-fi’s, you need to be the loan officer yourself.