Broker Forcing In House Lender

[Florida Realtor]

What is the name of your state? florida


I am a Florida Licensed Realtor and a Florida Licensed Mortgage Broker. I had recently starting working for a new Broker. I am being told that I must push an in house lender, whom is related to the broker. Since I had just started with this new broker, I really tried to do as I was told. However, after meeting the lender, and referring clients to the lender, I feel the lender is not experienced enough to provide the proper programs for clients. Since I hold a Mortgage Broker License, I must provide a least two or three lender referals to clients. My broker is receiving kick backs from the lender and several other referal services which we provide to clients. There are no disclosures provided to clients that our company is receiving money for these services. After referring one of the clients to the lender yesterday, the lender could not put the client in a program they needed. I suggested to the client I would get the loan through another lender. I was fired for this last night. Do I have any legal rights or can a broker make a Realtor use an in house lender? it is not in any of the contracts I signed when I was hired. Any legal advice you can provide would be greatly appreciated.

 

[HomeGuru]

What is the name of your state? florida


I am a Florida Licensed Realtor and a Florida Licensed Mortgage Broker. I had recently starting working for a new Broker. I am being told that I must push an in house lender, whom is related to the broker. Since I had just started with this new broker, I really tried to do as I was told. However, after meeting the lender, and referring clients to the lender, I feel the lender is not experienced enough to provide the proper programs for clients. Since I hold a Mortgage Broker License, I must provide a least two or three lender referals to clients. My broker is receiving kick backs from the lender and several other referal services which we provide to clients. There are no disclosures provided to clients that our company is receiving money for these services. After referring one of the clients to the lender yesterday, the lender could not put the client in a program they needed. I suggested to the client I would get the loan through another lender. I was fired for this last night. Do I have any legal rights or can a broker make a Realtor use an in house lender? it is not in any of the contracts I signed when I was hired. Any legal advice you can provide would be greatly appreciated.

**A: simply READ your REALTOR Standards of Practice and Code of Ethics and the state licensing laws for both RE and Mortgage brokers. And the BIG ONE;RESPA. How I would love to represent you in a case like this. Slam dunk.

 

[nextwife]

Sounds a whole lot like a RESPA violation to me.

And buyers have the right to finance their purchase wherever they wish. After all, THEY are paying the mortgage, NOT your broker. In WI, at least, Brokers gave up long ago trying to force buyers to do anything. They usually come to the deal with their own lending relationships.

 

[ice5146]

I am a Branch Manager for the 2nd largest Mortgage Brokerage in the Country and companies like this make me want to vomit.

Since you're a Broker I assume you are familiar with Section 8 but just in case you're not, check it out.

http://www.hud.gov/offices/hsg/sfh/res/respamor.cfm

 

[HomeGuru]

As well as other sections.