I am thinking about pulling together a network of Banks and other mortgage loan investors to sell Real Estate Loan Leads to. USA loans only (at least to start). Anyone currently generating this type of traffic (possible joint venture) ?
Hey, Graybeard. I work with a couple of such loan groups, that focus on real estate, both commercial and residential. I get paid a percentage of the loan, and would be willing to JV my commission.
Under what license are you paid points? I was worked for a CFL lender in Los Angeles years ago I brokered and wrote TD loans. You need a RE Broker or a Lender's license of some type from the states you operate in. I have FDIC member lists finding banks to pay finder's fees for applications may be doable. Actually, the way interest rates are heading this may not be a bad thing to do -- depends if the game just gets expensive or the next greater recession develops ...
How it currently works is one of two scenarios: 1) They have an affiliate program, or an "independent agent back-office." I refer the people to them, they do all the leg work, and I get a percentage. 2) In a similar range, I refer them to the main people, and per our contract, after they get paid, I get paid. I'm focusing more on the first, since there's a whole thing to keep better track of what's happening with the referrals. Another option I'm looking at, is that some offer to donate the "referral fee to a charity or like cause." I'm a Deacon of a tiny church, and looking into the ins and outs of this.
It's against the law to pay an unlicensed person a percentage of a loan. You can pay a flat rate finders fee -- whether that fee can vary with loan size I would need to clarify. Cleanest deal is an application fee -- like CPL maybe $100.00 per lead they accept. I don't want a contract I can't enforce in a US court of law I am stuck in that scenario now -- in an international affiliation ...
