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02-04-2007, 07:39 PM #11
Condominium
- Join Date
- Dec 2006
- Posts
- 325
1st - Lockett the Lender - thank you for a great post, you really seem to know your biz.
& Loan doctor - that's funny - I'm sure there are hundreds of loan officer that have NEVER done a purchase loan -
sad.
And all you realtors out there - great idea to really, try to understand how it really works (scary), as Lockett put it, lots of misunderstanding on how things really happen - comunication, comunication.
Not just the new guys either, I still find agents who claim they have been agents for over 10yrs but still have never heard of 100% financing or seller contributions to closing costs!!! HELLO!
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02-04-2007, 07:43 PM #12
Condominium
- Join Date
- Dec 2006
- Posts
- 325
Referral fees!!!! watchout you might not get caught, but if the broker giving you the cash gets busted it all comes down - don't lose your license for a few pennies!
That said there are legal structures and ways for real estate agents to benefit monetarily from the loan side through, ABAs and other agreements that are not in violation of RESPA.
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