Insurance Junkie
Expert
- 35
I am seeing 2-4 referrals from my smaller brokers and 5-8 from my heavy hitters. $1000 is a bit high probably, but $500-$700 is doable for the guys who close 6-8 loans a month. However, with the incentive I am curious to see if the smaller shops give me more than the 2-4 a month. I am an ex mortgage broker so I understand their side of the business and they value that.
It just seems like a natural fit for the broker to make additional cash and me to build my agency. He looks like a hero b/c he saved them money on a refi and I saved them on the insurance. He gets more referrals out of it, which come back to me. In a perfect world of course...
Also, it isn't a violation of RESPA as long as my company is listed as an affiliated business, anti-cohersion in place, and they aren't forcing the clients to use me.
It just seems like a natural fit for the broker to make additional cash and me to build my agency. He looks like a hero b/c he saved them money on a refi and I saved them on the insurance. He gets more referrals out of it, which come back to me. In a perfect world of course...
Also, it isn't a violation of RESPA as long as my company is listed as an affiliated business, anti-cohersion in place, and they aren't forcing the clients to use me.