Looking for lender that will kick back at closing

Champion80 · Joined: 25 Apr 2008 Posts: 2 Location: Southern California

I am purchasing a home in Lake Forest Ca, I will likely be going FHA with 3% down. I want to close by 07/01/2008. I would like to get with a lender that can make a deal with me and possible kick backs at the end of escrow. I would like to be a part of the loan and help with any of the work, I am also looking for a future investment relationship.

m2c · Joined: 03 Aug 2005 Posts: 743

Come on, this is a yank; right? Both of you would be looking at serious federal time under RESPA and HUD would after the broker/lender and possibly you too.

Newyorkloanman · Joined: 27 Apr 2008 Posts: 6

Big NO NO, unless you like Wesley Snipes that much that you want to be his Cell Mate!!!

Good Luck with that one!!!

Champion80 · Joined: 25 Apr 2008 Posts: 2 Location: Southern California

No, I was under the impression this is ok when you are part of the loan, when you do work on the loan. I had worked with a few lenders in the past where I would help my clients secure loans through loan agents that were looking out for my clients. I am an insurance agent, and every client that I had go to a lender I recommended, they were told they do give me referral fees, or whatever you would like to call them. I am very transparent, so that is why you must have thought this question was a Yank!!

I did not know it is against the law to get referral fees? And although I was suggesting for my loan, maybe kickback was a bad term to use. But if I work on some of my loan, can I not get compensated for my involvement? I only need to ask because, unfortunately, only well entrenched loan agents are making it out of this crisis. And my main guy is not working right now because he went back east to take care of his dad for as long as it takes.

Thanks for the input though, I was not aware. But really, where is the line there? Any thoughts.