Who wants a lead or a referral?

andres2bz · Joined: 19 May 2006 Posts: 33 Location: NE

Here is how it works, I have a great source, (cousin) who started to work for a collection agency 6 months ago.. They constantly run into clients that need to do some consolidation to pay a collection debt.. so they refer to what ever lender they know my cousin has send me over 20 referrals of clients he talked to, and have to refi… my problem is im only licensed in 3 states ( NH,MA,ME) and out of the 20 leads he’s gave me only 2 where in my area I closed 1 a week ago the other 1 was total loss 400 fico, anyways most of the other ones have been out in CAL, IL, MO, WI even Alaska and other states…. Now the thing is these leads are going to waist because I cant do anything w/ them… and I don’t know any LOs out of my area, so what im trying to do is a little network/ get a head count of who is available in what state and who wants a referral in your area?

PS these are leads from a collections agency mostly ( sup-prime)
What im looking for, little finder fee or referral fee no money unless you close it.
If your interested PM me w/ your contact info so we can further talk
:wink:

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Quote: my problem is im only licensed in 3 states ( NH,MA,ME)

Quote: What im looking for, little finder fee or referral fee no money unless you close it.

You do realize that may not entirely be legal right? If you're not licensed to originate loans in those states, you could run into a very sticky situation trying to be paid for loans in those states.

We used to offer something like that for people who got loans outside their area. We no longer are able to. You *have* to be licensed if we're paying you.

andres2bz · Joined: 19 May 2006 Posts: 33 Location: NE

thank you for the information, i will keep it in mind...:)

chow · Posted: Sat Nov 04, 2006 10:05 am Post subject:

http://www.hud.gov/offices/hsg/sfh/res/resp2607.cfm

a) Business referrals

No person shall give and no person shall accept any fee, kickback,
or thing of value pursuant to any agreement or understanding, oral or
otherwise, that business incident to or a part of a real estate
settlement service involving a federally related mortgage loan shall be
referred to any person.

(b) Splitting charges

No person shall give and no person shall accept any portion, split,
or percentage of any charge made or received for the rendering of a real
estate settlement service in connection with a transaction involving a
federally related mortgage loan other than for services actually
performed.

andres2bz · Joined: 19 May 2006 Posts: 33 Location: NE

Please let me try to rephrase what I am saying (English is my second language and I am a male) I am not trying to originate anywhere out of my area, or co-originate anywhere at all, I am not trying to sell leads nor make contract deals w/ anyone… I am absolutely not trying to break any laws…

I apologize and I will stop any further attempt in networking w/ in your organization

As we all now.. Specially for new guys getting business can be very tough specially in today’s market… I now work out of home and search for all of my own business ( im a broker ), when you don’t have people walking into your house looking to do business, you have to find ways of getting it, I’m thank full that for the short time ive been in the industries, iv learned to do a great job and get plenty of referrals and re-dos from my clients , friends, and in some cases even other brokers.. now as a token of my appreciate action for having me in mind I always at my closing, depending of how well I know my borrower, I have showed up w/ bottle s of grey goose , whisky , home depot, gift card, Wal-Mart gift card and even cash or what ever I find the borrower is interested in (I always stock up on gifts)
I do not put gifts in the hud or take gift a gift from the top profit, it strictly comes out of my profit ,now the best things is you can right of these gifts as a business expense…

Now getting business from referrals, is the best thing! Nobody can deny that…We all know that there is no such thing as free in this world.. And everybody is motivated by a few things that are called food air and nicer things; yes we all love it and want more of it. My friends, my family, my neighbors, my co-workers, and everybody I meet, knows I am a mortgage guy, and know how much I appreciate business and are aware how thankful I am w/ they refer some one to me… so my guess is that its not my great looks , my great smile or my sense of humor, that joke I told at the last Christmas party that gets me my business….

As for: TITLE 12--BANKS AND BANKING

CHAPTER 27--REAL ESTATE SETTLEMENT PROCEDURES

I am very aware of it and I understand it… fortune ally for me, In the state that I am a, if a Federal Law and a State law are different the State law over powers the Federal law, having that in mind in in state of NH you can give up to a referral $250 cash for a residential Loan and take the referral from the top, and in the State of MA and $75 cash for a residential both the state of NH, and MA no limit, on cash referral on a commercial meaning if your profit is $10,000 you can give $10,000 referral money, as for any other State check w/ your banking commission…
While many of you may dis agree w/ my way of doing business… I hope 1 person gets inspiration or an idea and can implement it in get you more business..
Sorry it got so long….good luck to all and to all loan originators out there have a great day
:D

Mac · Joined: 04 Feb 2005 Posts: 276 Location: Knightdale, NC

I strongly suggest you get advice from qualified counsel (an attorney) before you continue with the state law trumping federal law referral thing.

andres2bz · Joined: 19 May 2006 Posts: 33 Location: NE

:D you guys are to funny... have a nice day, and best wishes to all! :lol:

chow · Posted: Sun Nov 05, 2006 3:04 pm Post subject:

Yeah we're a laugh a minute! :lol: :lol: :lol:

I can't believe anyone would want to continue this discussion when a moderator who works as a contractor for HUD, is hanging around either! :lol: :lol: :lol:

darkstar · Joined: 27 Oct 2006 Posts: 58 Location: Hodgenville, KY

At least she posted that here and received proper guidance before just doing it and potentially winding up in a situation...

m2c · Joined: 03 Aug 2005 Posts: 937

Chow, I think you’re missing the point. HUD is widely viewed as such a paper tiger that someone can brag publicly about apparent RESPA violations with no fear of retribution. NH is a small state and he has an unusual name. Suspect he’s the same one on the Atkinson arrest blotter on Independence Day. Wonder if he argued that Federal law trumps state law on that occasion.

There are a lot of murky schemes out there and if HUD does "pick up speed" RESPA is going to be view as the modern day equivalent of Prohibition.

darkstar · Joined: 27 Oct 2006 Posts: 58 Location: Hodgenville, KY

m2c, I think alot of that is it is so rampant and people are so cavalier about it that someone wouldn't think it wrong to ask...We're products of our work environments...

chow · Posted: Sun Nov 05, 2006 8:05 pm Post subject:

Well, there is one thing that I will jump up on my soap box every day and praise about this board, it is:

I know the regular people, and the other moderators.

If I had to choose ethical people in a business, They are here. It's not about getting leads, advertising or who's who.

This board is about education, assistance, and

Poking fun at Haplo!

All kidding aside, people really shouldn't ask us to assist in business transactions that we do not feel comfortable with. I think between the regular posters and the moderators we have a fair amount of honest opinions about what is "ethical" and when to tell someone they are running into trouble, we are just asking/stating this:

Why tempt fate?

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Oh great, it's now official. 1/3 of the reason for this board is to make fun of me.

I got a promotion by the way :P

Andres, you may also want to check into that whole gift giving thing to your customers. Depending on the value of what you are giving and who you are giving it to you may be breaking a law there too. Discrimination and all that. (Why did BOB get a $100 gift card to Home Depot and SUZY got a $250 check??)

I think you're making a big mistake by assuming that you know the law better than everyone else. Don't just go to some website and assume you know what's going on, there's always someone out there with a bigger pocketbook and nothing but time on their hands.

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