I agree with the last two replies. Don't focus on trying to run a referral business. Focus on being the best mortgage originator you can be by solving your realtors and their clients property insurance needs by referring it out to an agent who will get it done competitively, fast and correct. It seems a little greedy to want money for a that.
BUSINESS OPPORTUNITY P&c
- Thread starter dionicho
- Start date
- 134
As djs stated in the above, RESPA is no joke and I wouldn't want to risk going to jail over a few bucks here and there for referrals. As others have stated, find some strategic partners to work with (read: realtors and insurance agents).
Do the right thing for the client and the money will follow.
Do the right thing for the client and the money will follow.
Did you find someone for this?
It's brokers like this that make me steer clear of Networking. Although I have a really personable producer who is extremely good at networking and she scoff's at anyone asking for a kick back when she makes on average $75-150 on P&C.
Unless you are doing 3-4 deals a week why the hell would you take the risk asking for under the table kick backs?
Wait, even better why would you care about a small kickback verses losing your license?
I pay for lunches, drinks, happy hours etc. Just that alone is usually more than the kick back.
- 1,581
^ For once I can agree w/ the billionaire visionary. The mortgage people are entirely disillusioned about P&C and you'll sometimes find guys like this who want a kick back. Just move on
However...if you do a good job he'll still come crawling back on a hard loan to help him out.
However...if you do a good job he'll still come crawling back on a hard loan to help him out.
- 1,481
All good Points!
Me thinks He needs an extra $250 a year.
Me thinks He needs an extra $250 a year.
- 648
Your avg. loan is only $120k? How is that possible? Keep that crap off my books! That is way to much work - very low DTI, failed property inspections, loss ratios, questionable customers, more dogs, the list just goes on & on. If you have an insurance partner who will work these well for you, I would keep them happy and stop trying to make an additional $50 off them.... Also & you should know this- RESPA is cracking down on these type of "marketing agreements."
Greedy bast***d...you think your network is better than a pc agent? Lol...remember, you stick the buyer one time....thats it. We maintain relationships w thousands..... you should be buying lunch on a reg. basis for your pc guy.
- 995
I don't understand how these agreements keep growing.
Coldwell Banker....owns an insurance agency.
Regions Bank....owns and insurance agency.
Movement mortgage.....owns an insurance agency.
