Just To Let You Know

[help4u]

To All My fellow LO's:

Here lately I've run into many LO's who have been referred commercial loans they cannot do, only to lose them to their clients "back up" plan. Slam! It came to me: why don't I close the loans and split the profits with the LO's 50-50.

So, if you have any commercial loans you cannot do yourself, don't lose your full commission. Instead, send it to me and we'll split it 50-50. And to give you piece of mind, I will sign a contract stating our split in plain language.

Let me know.

Bruce.

[OregonLO]

Question...That sounds like a RESPA violation to me. I know real estate agents can get referral fees but I was under the impression that its a no no for us LO's and that it is a RESPA violation.

[help4u]

OreganLO:

Your right when it comes to Residential loans. But, I'm only talking about commercial loans. It is totally legal. Commercial is not governed by RESPA.

That said, if you ever come across any that you can't do, let me know.

Bruce