Absolutely, yes! Final answer. Remember, I`m a lawyer, and my private commercial mortgage company – Blackburne & Sons – has been paying referral fees for commercial loans for almost forty years. Note: Our referral fee links don`t work in emails. Please call Tom Blackburne at 574-210-6686 if you have a regular newsletter. It will create a particular type of link for you. Remember the $21,250 referral fee I mentioned above? We paid this huge amount to Alan Dunn, and Alan was asleep when he sent us this lead. Therefore, in states that need a commercial loan license, you should never talk to the borrower about interest rates, points, loan term, or prepayment indemnity. In these nine states, you cannot collect tax returns or financial reports for the lender. While it is not illegal to pay a banker a referral fee for a commercial mortgage recommendation, the loan officer may still be in trouble, as it is contrary to the policy of most banks that their loan officers receive a referral fee.
It is generally accepted that while each recommendation may be unique, the referral partner expects to earn 0.75% to 1.0% on any recommendation that closes and makes money, but both parties may agree to earn less for certain transactions such as larger credit amounts. It is recognized that during project discussions, information about the transaction, the parties to the transaction, including but not limited to existing and potential customer relationships, financial data, financial forecasts, inventions, proprietary information and intellectual property may be exchanged between the parties. Each Party agrees that such information, customer relations, financial data, ownership information, financial forecasts and intellectual property, collectively referred to as “proprietary information”, may be considered protected by copyright and that this Agreement is intended to protect the rights of each party with respect to such information, customer relations, financial data and forecasts, and intellectual property. The brokerage and supplier relationships that the parties have with their respective suppliers and candidates are confidential. All parties are prohibited from circumventing these relationships and entering into direct agreements outside of this Agreement. Yes, for all types of credit, with the exception of residential mortgages. Under the Real Estate Settlement Procedures Act (RESPA), specifically section 1024.14(b), our hypertext intermediation fee is 12.5 basis points. For example, with a $4 million loan, your game fee would be 0.125% of US$4 million – which equates to $5,000….