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#447841 - 10/27/05 01:58 PM Realtor Packages...
Anonymous
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Does your bank have good relations with realtors? What things can you do to generate more business from realtors? Some of the realtors take the packages that we give them for new people to the area. What other things could help us out...suggestions?

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#447842 - 10/31/05 05:25 PM Re: Realtor Packages...
Andy_Z Offline
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Andy_Z
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Point out how your rates and fees compare to the competition, how long it takes to get an approval and a closed deal and how you provide personal services.
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My opinions are not necessarily my employers.
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Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#447843 - 11/01/05 06:04 PM Re: Realtor Packages...
Anonymous
Unregistered

Can a bank offer gift cards or gift certificates to realtors that refer loans to us? Does it make a difference if the loan is eventually denied or actually closed? Is there a dollar limit? Thank you.

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#447844 - 11/01/05 07:55 PM Re: Realtor Packages...
Anonymous
Unregistered

RESPA prohibits gift certificates, etc. for referals:

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

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#447845 - 11/01/05 08:37 PM Re: Realtor Packages...
Anonymous
Unregistered

Is there any way to give realtors a "bonus" for business? Not that it makes it right, but everyone knows this kind of renumeration occurs.

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#447846 - 11/02/05 09:11 PM Re: Realtor Packages...
Raiderette Offline
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Raiderette
Joined: Nov 2004
Posts: 1,316
New Mexico
I know that at our branch, our mortgage officer does FHA loans. She is the only in our town that does them. She also does VA loans along with other mortgages. You may want to look into doing the little things that are big to the home buyer.
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#447847 - 11/15/05 03:15 PM Re: Realtor Packages...
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,542
On the Net
Quote:

Is there any way to give realtors a "bonus" for business? Not that it makes it right, but everyone knows this kind of renumeration occurs.




It does occur. In most cases it is not right unless they perform work related to the business and it is justified. When referral fees are paid for just the referral, in some cases the penalties ARE imposed and ARE severe.

10-31-05. HUD SETTLES CASE AGAINST FOUR DETROIT REAL ESTATE BROKERS OVER VIOLATIONS OF ANTI-KICKBACK RULES

9-20-05 HUD SETTLES CASE AGAINST PRUDENTIAL FOR PAYING KICKBACKS TO SALES AGENTS
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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