I think referral fees are great and we use them in the legal profession all the time. But you are clearly limited by statute as to what referral fees you can get.
However, you would have to be a licensed mortgage broker or licensed real estate agent/broker (pursuant to state law) AND such would have to be listed on a HUD1 pursuant to RESPA (federal law) to be able to get a referral fee.
So, unless those companies also have such working for them - they can't collect or be paid a referral fee.
In the legal profession - we are not legally allowed to fee split or pay anyone a finder's fee unless they are also a licensed attorney.
I'm not saying that some in the legal or other professions don't give "something" but it certainly can't be advertised or promoted.
So you could do this within your business practice
for people referring customers to you for loans - but you would be limited to that legally.
If you have any further questions, please feel free to let me know…
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