Our professional association strictly prohibits the buying or selling of referrals, and after all the monkey business that I see in the real estate industry, I think that prohibiting this practice is a great idea.
“NO, I Can’t Pay You a Referral Fee”
You may or may not know that referral fees cannot be paid in the mortgage industry. Personally I don’t agree with the policy, but that’s the regulation.
I got a call from a former loan officer, asking if I would consider paying him a referral fee for every referral he sends my way. What was frustrating about the conversation, he knows it’s not kosher. I told him that I would not be willing to lose my license for a referral or a handful of referrals. Then he said, but no one will know.
I told him, that may be true, but I will know. I almost told him that he should consider getting licensed again, but was afraid that he might think that I was offering him a job.
I’m certain he will find some smuck that is going to be willing to risk his license for some extra money.
Image courtesy of Vichie/freedigitalphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
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