Why Agents give Referrals
When you work with a Real Estate Agent, likely, they will give you referrals (aka real estate professionals they recommend). Even if you are friends, you may suspect something is up. Do they really recommend these people? Are they secretly getting kick backs? In this edition of Mortgage Mythbusting, I’m pulling back the curtain to let you know the real reason agents refer specific lenders.
First, a little background, back in the 1970s, the Real Estate Settlement Procedures Act (commonly known as RESPA) was passed. Its main objectives are to make the home purchase process easier to understand and eliminate unnecessary costs to consumers. RESPA, while updated since then, kept one of its central features: prohibiting kick backs. A person may not give nor receive anything of value for a referral of a settlement service business (i.e: mortgage loans). Seriously, nothing, nada, zilch.
The Most Referrals
Agents generally recommend lenders for a simple reason: their clients had positive purchases with them previously. Most of all, agents know their recommendations will reflect on them, so they only want to share great professionals. This is one of the many reasons, we, HomeBridge Financial Services and the Jeff Stempler Team, go out of our way to ensure every client we work with has a great experience. We aim to be the most recommended mortgage company. We can only earn that honor with consistent excellent customer service. Therefore, a referral is a badge of honor to us.
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Contact me, I want to speak with you personally and share with you the HomeBridge difference. Let’s start a conversation about your home purchase goals and dreams. Experience for yourself the exceptional customer service provided by HomeBridge.
“Awesome Lender! Clarity of expectations. Regular feedback. Easy collaboration . Professional respect from lender team. Listening to our story, history and needs. Timely processing. Willingness to answer questions and provide assistance.” -TS, Boyds, MD
“I had an exceptional experience working with Jeff Stempler and his team. I asked Jeff to make the process as easy as possible and he and his team did that and more! Highly recommend Jeff Stempler and his team.” WH, Derwood, MD
**Any opinions expressed are the opinions of the author and may not be the opinion of HomeBridge Financial Services, Inc.
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