My previous blog discussed the possible business relationship between a mortgage company and a realtor. This blog is focusing on the actual Broker / Mortgage Company relationship.
Do you work for a real estate office that has thier own mortgage company? Are you persuaded by management to use that company? Is it legal? Are outside mortgage representatives allowed in your office, or not because of the agreement between your real estate office and the mortgage company?
These are a lot of tough questions to answer. The biggest question is: Can a real estate office legally pursuade real estate agents to use them? Many realtors in my local area are actually given bonuses if they close thier deal with the in-house mortgage company. That tells me that the office is getting compensated by that mortgage company per deal. Is that legal?
Is that fair to outstide mortgage companies that provide much better service that do not get a chance to compete? Could that potentially hurt the realtor's reputation?
I'd like to hear from brokers and realtors that currently deal with this type of scenario, or has in the past. Does it help, or hurt to have a mortgage company in the real estate office?
In another post, I'll give opinions on why I don't think it is beneficial to have a mortgage company in a real estate office.
For now, lets hear from you, the realtors / brokers.
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