Dear Igor and Irina,

Although some may not realize, I know from my personal experience the information you two shared with the class saved them years on their learning curve.
The ones that will venture in to the real estate investing will soon understand and appreciate your expertise and know why you two are playing the game at the top level.

Once again thank you for your willingness to share your knowledge, it's greatly appreciated.

Guenadi Moltchanov

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If you know or represent a person or a business entity (client, developer, realtor, or even another mortgage broker) that needs a commercial mortgage, simply call 877 IGOR NOBLE (877 446 7662) or complete a referral form and give us the name and number of the prospective borrower. That's it.  When the deal closes, we'll pay you 20% of our loan fee.

Referral fees are entirely voluntary on your part and should be requested at the time of the referral.

YOU will have an option to receive the referral fees yourself, pass them to your client, ask us to send the fees to any organization of your choice, or not to claim the referral fees at all. The choice is yours.

Our referral fee is 20% of the commission paid to Great Northern Mortgage, Corp. So for example, on a million dollar loan a one point fee will be $10,000.  Your referral fee is 20% of $10,000 or $2,000.

This is how it works. Your potential borrower or broker must have a true need for a reasonable commercial mortgage loan. In addition, the commercial mortgage request has to be timely and reasonable.  It can't be someone trying to buy a commercial property with 100% financing, or trying to build a gas station out of the country, or trying to get a loan secured by C.D.'s, or trying to build a commercial project with no money into the deal, or looking for a business loan with little or no commercial real estate involved.  The deal must be real. If the commercial mortgage deal is remotely reasonable, you'll get paid.

Are refferal fees legal?


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Borrower’s Email Address*
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Are referral fees on commercial real estate transaction legal?  Yes, they are.
Are referral fees on residential (one to four unit residential dwelling) real estate transaction legal?  Yes, if the referral fees are passed to the consumer.
The Federal government, in passing major revisions to RESPA, has made the payment of referral fees and finder’s fees on residential deals of one-to-four families illegal (unless they are passed directly to the consumer.However, they deliberately and conspicuously did not prohibit the payment of referral fees on commercial deals. 

Great Northern Mortgage, Corp. pays referral fees on deals other than one-to-four family dwellings.  Why would Great Northern Mortgage, Corp. pay a referral fee in the first place?  We consider it a marketing cost.  We also believe that those marketing dollars are better utilized in the hands of our clients than to a newspaper, periodical or direct mail vendor.

Should you desire to substitute a referral fee and instead have Great Northern Mortgage, Corp. reimburse your client by either paying some closing costs (up to the 20% referral fee) or cash back, we are willing to entertain that arrangement.  Additionally, if you want to get really creative, Great Northern Mortgage, Corp. will entertain a substitution of the referral fee and provide a sponsorship to an organization of your choice, provide a contribution to a charity of your choice or contribute to a co-marketing campaign.     

To read an overview of RESPA's referral fee prohibition please click here.

For the full text on Real Estate Settlement Procedures Act please click on the following link http://www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm


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