Is it rude to ask for referral commision for mortgage refinancing?

[EmilyHicks]

I just done refinancing my mortgage loan. I also referred two friends to my loan broker and they locked in today. Can I ask for some referral commission? The loan broker is an acquantance of my family.
Gracias.

[sdrealtor]

Legally its not allowed to give you a referral if you arent licensed. Perhaps they could give you a nice gift (a couple hundred dollar gift certificate for a nice dinner).

[ljinvestor]

You shouldn’t have to ask. The broker either “gets it” or is clueless.

If your friends end up closing and he does nothing then just don’t recommend him anymore if that bothers you.

[EmilyHicks]

Oh, I didn’t know it is illegal to give referral fee. The loan broker gave me a $100 starbucks gift card after closing. I think she will give me a few of those after my friends close. Any way, I am happy that my friends got good rates (3.875% with over $1000 rebates).

Thanks 🙂

[quote=sdrealtor]Legally its not allowed to give you a referral if you arent licensed. Perhaps they could give you a nice gift (a couple hundred dollar gift certificate for a nice dinner).[/quote]

[EVSDCA]

[quote=EmilyHicks]Oh, I didn’t know it is illegal to give referral fee. The loan broker gave me a $100 starbucks gift card after closing. I think she will give me a few of those after my friends close. Any way, I am happy that my friends got good rates (3.875% with over $1000 rebates).

Thanks 🙂

If you don’t mind a question. What is the loan amount for 3.875% with rebate? Is it the 30 year fixed rate?
Thanks!

[desmond]

Did you recommend the service to your friends because you thought it would help them or help you?

[EmilyHicks]

$360,000 30 yr fixed, 3.875% and $1800 rebate, minus the appraisal cost of $420, I had $1380 left going to the second payment of my tax bill.

[quote=evsdca][quote=EmilyHicks]Oh, I didn’t know it is illegal to give referral fee. The loan broker gave me a $100 starbucks gift card after closing. I think she will give me a few of those after my friends close. Any way, I am happy that my friends got good rates (3.875% with over $1000 rebates).

Thanks 🙂

If you don’t mind a question. What is the loan amount for 3.875% with rebate? Is it the 30 year fixed rate?
Thanks![/quote]

[EmilyHicks]

I told my friends I was refinancing and they were interested. Then I also thought if I would get something then it would be nice. Hehe. I went with this broker, so she can’t be too bad huh?[quote=desmond]Did you recommend the service to your friends because you thought it would help them or help you?[/quote]

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