Tthe CFPB (consumer finance protection bureau) has fined a bank $80,000 for kickbacks.
Here is how it works. If a bank leases a space to, let’s say, a mortgage lender at a rate of rent that is higher than fair market….Houston, we have a problem.
Why would someone pay a higher rate than market value. Answer: in hopes and expectations of the landlord giving them leads, i.e., Kickback!
In my opinion, this is the same model used by most, if not all, of the big box real estate offices with their agents.
I was once with a big box company, and paid to the best of my recollection, about $1200/month for my 12X12 office.
This practice is going on all over but not with Sabinske & Associates. We don’t lease space or give preferential treatment to any lender, inspection company, appraiser or anyone associated with real estate. So, if you are looking for someone who truly has your best interests at heart, you need to check us out.
If the Consumer Finance Protection Bureau plans to enforce this, they likely had better hire more personnel as there will be many more fines in the future. I can see the big boxes cringing now!
Call us today! We will give you the best possible service, and we will refer you to qualified lenders, inspectors, and appraisers who YOU choose not based on KICKBACKS to us!
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