I am a License Loan Originator in Houston, TX and I am coming across situations where I have clients that are distressed sellers. The usual situation that arises are borrowers that have entered into a new contract with the contingency of first selling their current home. Most of the time they are just looking to get out of their current home either because they are moving for work or they have found a another home that they simply do not want to miss out on. My question is, Can I receive a finders fee or referral fee if I refer them to my clients without invoking RESPA section 8 penalties, Thank you.
I meant to say refer them to "a wholesaler" not "my clients".
Finders fees for a RE sale for non licensed individuals is illegal in most states. This is a RE licensing law issue, not a RMLO issue.
Thank you for your response Wayne.