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ritabradley01
3228 Posts |
 Posted - 07/31/2008 : 08:08:56 AM
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Gosh I hope this post doesn't trigger the red co-borrower blurb. I've referred potential buyers to agents and I've just decided that since I have a CA real estate license that maybe I should start collecting referral fees from these agents especially since some of them barely say thank you for the referral.
Is there a standard fee amount for this in the industry? Should I get the agreement in writing? Do I need a lawyer to pull up a contract or do the local MLSs have something available for this purpose? I don't know if it matters but I'm in the greater Los Angeles Area. |
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isabella2113
295 Posts |
Posted - 07/31/2008 : 08:43:10 AM
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Rita...what aren't you just the jack of all trades...now you have a CA realtors license. You are an appraiser, an LO and now a realtor...no conflict of interest going on there. How do you do your FHA loans? Maybe someone should turn you in for that as it is not allowed.
You big mouth will get in you trouble all the time...and on a public forum no less.
Have a fantastic day! |
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ritabradley01
3228 Posts |
Posted - 07/31/2008 : 08:46:59 AM
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quote:
Originally posted by isabella2113
Rita...what aren't you just the jack of all trades...now you have a CA realtors license. You are an appraiser, an LO and now a realtor...no conflict of interest going on there. How do you do your FHA loans? Maybe someone should turn you in for that as it is not allowed.
You big mouth will get in you trouble all the time...and on a public forum no less.
Have a fantastic day!
Who said I'm doing FHA loans? PS I'm not selling homes, I am asking for a referral fee when I refer a buyer to a real estate agent. I can't believe you don't understand that! |
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isabella2113
295 Posts |
Posted - 07/31/2008 : 09:03:21 AM
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I understood perfectly what you were saying. I can't believe you are so naive as to post such a foolish question. I believe if you are licensed as a Realtor your license should be associated with a broker. The broker would get the referral fee (split) and then you would get paid. If your license is in retirement, then you can't ask for a referral fee. More importantly, FHA will not allow you to be actively licensed as a realtor and do a loan as an LO.
It really seems like you have spread yourself very thin in this industry and really don't have a complete grasp on the legalities of each individual entity. You are very quick to dole out advice and criticisms but you don't seem to have it all together. Maybe too much on your plate. Pick a profession that you like and concentrate on that one and let the others go. |
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ritabradley01
3228 Posts |
Posted - 07/31/2008 : 09:23:40 AM
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quote:
Originally posted by isabella2113
I understood perfectly what you were saying. I can't believe you are so naive as to post such a foolish question. I believe if you are licensed as a Realtor your license should be associated with a broker. The broker would get the referral fee (split) and then you would get paid. If your license is in retirement, then you can't ask for a referral fee. More importantly, FHA will not allow you to be actively licensed as a realtor and do a loan as an LO.
It really seems like you have spread yourself very thin in this industry and really don't have a complete grasp on the legalities of each individual entity. That's one of the reasons I frequent this and other forums, to learn. You are very quick to dole out advice and criticisms but you don't seem to have it all together. Maybe too much on your plate. Pick a profession that you like and concentrate on that one and let the others go.
There's no "realtor" license in my state. There is a real estate license and I believe it is a requirement to originate loans in California. It certainly isn't against any regulations to do loans and have a real estate license in California. I don't believe there is any regulation against getting a fee for referrring a buyer, as long as you have a real estate licence. If there is, I won't do it.
Can Slants or another CA real estate agent or broker shed some light on this for me or refer me to the appropriate regs?
My career choices are working out fine for me. I plan to be an LO full time when it makes sense to financially. Right now appraising and posting on BO is paying the bills.
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ritabradley01
3228 Posts |
Posted - 07/31/2008 : 09:26:10 AM
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| DRE Lic#01839024 |
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ritabradley01
3228 Posts |
Posted - 07/31/2008 : 09:27:48 AM
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| Kristina Isabella, why can't I find your name when I google it? I thought you said you were easy to find. Your profile has no website or phone number and you can't be googled. What gives? |
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isabella2113
295 Posts |
Posted - 07/31/2008 : 09:53:24 AM
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You are right...California laws may very well differ from the laws in my state.
I should have realized that responding to any type of thread of yours would be a complete waste of my time. You are a single-minded know it all and there is no use in my wasting my time even responding to your post.
As for not being able to google me...maybe you don't know how to google. I never professed to be "easy to find" nor do I have any necessary reason to hide myself from anyone on this forum. I have followed the forum rules with regard to enrolling with my own name and information. As for phone numbers, websites, etc...what could you possibly want that information for except to cause me some kind of aggravation or problem.
You have some real issues with yourself not with me. You win...I will not respond to any of your posts in the future because you have some serious problems. |
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ritabradley01
3228 Posts |
Posted - 07/31/2008 : 10:57:02 AM
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Good because I am trying to learn here.
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ritabradley01
3228 Posts |
Posted - 07/31/2008 : 11:00:27 AM
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quote:
Originally posted by isabella2113
You are right...California laws may very well differ from the laws in my state.
I should have realized that responding to any type of thread of yours would be a complete waste of my time. You are a single-minded know it all and there is no use in my wasting my time even responding to your post.
As for not being able to google me...maybe you don't know how to google. I never professed to be "easy to find" nor do I have any necessary reason to hide myself from anyone on this forum. I have followed the forum rules with regard to enrolling with my own name and information. As for phone numbers, websites, etc...what could you possibly want that information for except to cause me some kind of aggravation or problem.
You have some real issues with yourself not with me. You win...I will not respond to any of your posts in the future because you have some serious problems.
It's a waste of time because you are trying to find some dirt on me and I don't think there's any to find. I'm not perfect though. The difference between me and SOME of the LOs here is that if someone were to inform me that I am breaking the law or acting unethically in some way, I'm going to open my mind and listen to them because I don't want to hurt a borrower or get busted for doing the wrong thing. And I'm going to thank the person for helping me out. |
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george-1st
148 Posts |
Posted - 07/31/2008 : 11:03:15 AM
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quote:
Originally posted by ritabradley01
Good because I am trying to learn here.
Rita, call your broker and ask, or check with a co-worker. |
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douglahu
232 Posts |
Posted - 07/31/2008 : 11:37:37 AM
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Rita,
You have to hang your license with a Broker and the Broker accepts the referral fees. Since you have done that already as shown on the DRE web site, you would fill out the correct CAR form and your Broker would accept the check for the referral fee. They would issue your "split". You cannot operate as an independent agent with just the sales license. You have to have a broker's license to accept fees. I'm in the Irvine area so let me know if you have any interesting programs. I'm moving into real estate since most agents don't know how to sell in this environment! |
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ritabradley01
3228 Posts |
Posted - 07/31/2008 : 3:29:56 PM
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quote:
Originally posted by douglahu
Rita,
You have to hang your license with a Broker and the Broker accepts the referral fees. Since you have done that already as shown on the DRE web site, you would fill out the correct CAR form and your Broker would accept the check for the referral fee. They would issue your "split". You cannot operate as an independent agent with just the sales license. You have to have a broker's license to accept fees. I'm in the Irvine area so let me know if you have any interesting programs. I'm moving into real estate since most agents don't know how to sell in this environment!
Thanks so much for the info! |
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ritabradley01
3228 Posts |
Posted - 07/31/2008 : 3:32:08 PM
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quote:
Originally posted by douglahu
Rita,
You have to hang your license with a Broker and the Broker accepts the referral fees. Since you have done that already as shown on the DRE web site, you would fill out the correct CAR form and your Broker would accept the check for the referral fee. They would issue your "split". You cannot operate as an independent agent with just the sales license. You have to have a broker's license to accept fees. I'm in the Irvine area so let me know if you have any interesting programs. I'm moving into real estate since most agents don't know how to sell in this environment!
Will you send me your contact info through BO? I'll keep you in mind for any buyers looking in the Irvine area. |
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marketsvcs
50 Posts |
Posted - 07/31/2008 : 11:08:51 PM
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how much do you pay for each buyer sent to you from a real estate agent??
you need them more than they need you |
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marketsvcs
50 Posts |
Posted - 07/31/2008 : 11:12:18 PM
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question, does FHA ban all realtors from processing loans or only on the loan that they represent both parties?
quote:
Originally posted by isabella2113
I understood perfectly what you were saying. I can't believe you are so naive as to post such a foolish question. I believe if you are licensed as a Realtor your license should be associated with a broker. The broker would get the referral fee (split) and then you would get paid. If your license is in retirement, then you can't ask for a referral fee. More importantly, FHA will not allow you to be actively licensed as a realtor and do a loan as an LO.
It really seems like you have spread yourself very thin in this industry and really don't have a complete grasp on the legalities of each individual entity. You are very quick to dole out advice and criticisms but you don't seem to have it all together. Maybe too much on your plate. Pick a profession that you like and concentrate on that one and let the others go.
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isabella2113
295 Posts |
Posted - 08/01/2008 : 04:40:19 AM
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| I believe it is all Fha loans. You have to run a Caivirs check with each loan...you input the sellers, buyers, re agent and loan officer. It will pick up active licenses. |
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TransNet
523 Posts |
Posted - 08/01/2008 : 07:15:57 AM
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Rita,
Referral fees between re agents are typically 20%.
Mark,
All originators, processors, and underwriters that work for an FHA approved lender MUST be W-2 employees of the lender and cannot be employed or self employed in other real estate related jobs. So the answer to your question is the prohibition against a re agent originating FHA loans extends beyond just their own transactions, they cannot be an originator for an FHA lender AND a re agent period. Of course that includes receiving real estate commissions from referral fees. |
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isabella2113
295 Posts |
Posted - 08/01/2008 : 07:19:49 AM
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| Thank you Harlan...I was too lazy to really research it further. You are absolutely correct...I might add...this is nationwide not just one or two states. |
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Tsnyder
8258 Posts |
Posted - 08/01/2008 : 10:55:30 AM
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quote:
Originally posted by isabella2113
You are right...California laws may very well differ from the laws in my state.
I should have realized that responding to any type of thread of yours would be a complete waste of my time. You are a single-minded know it all and there is no use in my wasting my time even responding to your post.
The most egregious waste of your time is responding when you
don't know what you're talking about. That seems to be the case
in this instance.
Tsnyder |
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bcprocessing
75 Posts |
Posted - 08/01/2008 : 11:06:29 AM
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You need to read Mortgagee Letter 8-17. It gives the requirements for who can process and not an FHA loan. Also check HUD Handbook 4060.1 Mortgagee Approval, and ML-95-36 re: processing.
Tom Frizzell
B&C Processing
623-764-5011
FAX: 480-240-9328 |
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