Mortgage leads for bird dog fee???

Question

I have 2-3 leads per month - mainly first time home buyers with credit scores from 580-620. I would like to send them somewhere they get taken care of as well as rewarding me with a bird dog fee. Most of these referrals are located in Texas.

Send me details and offers. Thanks in advance!

Chris Mason · Answer

Kickbacks and MSAs are some combination of unlawful or only lawful if you do a bunch of compliance crap, and even if they weren't - who would pay for a 580 FICO score lead?

Let's be very real about one thing: 580 FICO score? That's a loan I do as a favor to a referral source, not something I'm hungry for.

620-675 is the range where FICO's algorithm might not be accurately picking up someone's creditworthiness & I'm happy to help, but 580 means someone's life is a total mess, but they have delusions of homeownership. They aren't going to fix whatever I tell them to fix anyways, so it's a complete waste of everyone's time - but I'll tell them what they need to fix if it's a favor for someone that matters to my business, knowing they will not do it (but hey by all means prove me wrong! Recovering alcoholic type scenario being the only time I've seen it actually happen).

If it were 2006, some of the subprime boys might be hungry for that. Not many of those characters around any more, however.