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JulieH
Joined: 13 Nov 2005
Posts: 6
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 Posted: Fri Nov 04, 2005 11:41 pm Post subject: I give my mortgage broker good leads, how much should I char |
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| I am a new investor and giving the mortgage broker I am using lots of leads every day and now think I should charge him for these. How much should I charge him? I don't know what the standard is for giving these brokers leads. Thanks. |
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Olyvia
Joined: 13 Feb 2007
Posts: 3
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| Posted: Fri Nov 11, 2005 7:33 pm Post subject: I give my mortgage broker good leads, how much should I char |
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| $100 finders fee for every one he sells a mortgage to. |
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dogghouse
Joined: 15 Jan 2007
Posts: 3
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| Posted: Fri Nov 18, 2005 3:25 pm Post subject: I give my mortgage broker good leads, how much should I char |
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| it usually is sold in cents ....it all depends on what information ur leads have...i got leads with complete client info and i bought them for 5dollar a lead ane believe me that was a good investment ...if ur leads have complete info regarding the persons current mortgage then u shud sell it for that much i thinkoh and if u want to buy some leads from me email me at r3dcomm@gmail.comgood luck |
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researchingthings1409
Joined: 23 Dec 2003
Posts: 2
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| Posted: Fri Nov 25, 2005 11:17 am Post subject: I give my mortgage broker good leads, how much should I char |
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| Under RESPA, you cannot charge him for the leads. He is already paying you by closing the deals for you that allow you to sell the property. If you don't sell the property, you don't make any money, right?As a former broker, I would tell some investor to go fly a kite that tried to charge me for leads...any good broker never puts their eggs in one basket and never rely on one source for leads. I fail to see how that will benefit you unless you like destroying business relationships. |
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jeanniep5299
Joined: 21 Jul 2005
Posts: 7
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| Posted: Fri Dec 02, 2005 7:10 am Post subject: I give my mortgage broker good leads, how much should I char |
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| You cannot charge him. As Mary said, under RESPA, this is illegal.Why do you think you should charge him for leads? If he is your broker, I would think you would want to refer your friends to a competent lender. If you think you deserve some sort of compensation for this, let them find their own lender.Since you are sending the broker business, I suspect you will get a nice Christmas gift or something. |
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JohnZ
Joined: 14 Aug 2003
Posts: 3
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| Posted: Fri Dec 09, 2005 3:02 am Post subject: I give my mortgage broker good leads, how much should I char |
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| Wrong - you can charge for leads under RESPA...but, the charge must be for leads, not for just closed transactions, and you may need a license as a lead provider to do so.It may easily become a RESPA violation if you charge more than what he could pay for similar quality leads elsewhere. For instance, if you can show that your leads close an average of every 1 out of 2 - that's a more valuable lead than leads that close on average of 5% of the time. Check with your state banking and finance department and licensing bureaus |
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