Reply to I think my buyers agent hustled me and did not act in my best interest.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Honestly, it's nearly impossible to decipher all that paperwork and fees and taxes and everything else you're forced to sign at closing. It's very common for a realtor to push you toward a certain title insurance company, home inspector, etc. and even try to lead you to a specific lender and homeowners insurance company. [b]They may get commissions (kickbacks) from those companies for leading customers to them[/b]. It's all a racket but remember that the homebuyer is the only real source of money in the transaction so they are the ones who get jerked around the most.[/quote]

No, they don't. That's a baldfaced lie.

They will steer clients to people they have experience with to ensure the deal closes without any hiccups.[/quote]

DP here. Realtors DO get kickbacks! Quit trying to cover for your corrupt practices.[/quote]

No they don't, you stupid dumbass. And, I'm not an agent.

Jesus, you stupid people with your rabid imaginations.[/quote]

+ 1.  I was an agent for 10 years on a top team.  The only kickback I got was lunch at Matchbox.  We had fancy dinners from lenders and "classes" from title companies.  No home inspector is giving a kickback.  [/quote]

[b]So, you admit to receiving "kickbacks", just not from home inspectors. And yes, what you describe are kickbacks - favors granted with the expectation of a return, unless you believe there is such thing as a free lunch, free "fancy" dinners, free education... Nothing is free but nobody needs to be reminded of this.

And, bizarrely, you "+1" the statement that people who say agents get kickbacks are "stupid people". 
Really? 
Your response amounts to calling yourself stupid. [/b]

[/quote]
I'm new to the thread and would like to add my perspective.
Having spent two decades in various roles within a lending corporation, I can affirm that you clearly have no idea what you're talking about.

Lenders recommend agents with whom we have strong, knowledgeable, effortless relationships with, and they reciprocate. 
This is to ensure that your deal will close without any hiccups or surprises.

However, there is definitely not a  systematic kickback arrangement within the industry, lol.

Since you seem to know much more than we do, please do enlighten us...

- What code should we instruct accounting to use when issuing these "bribes"?

- What should be recorded in the system ledger for this kickback that won't trigger red flags?

- How do we determine the amount of kickback? 
Is it factored in to our loan-to-value ratio calculations?

Remember, whatever you suggest would have to evade detection by our stringent internal processes, because such unlawful activities would undoubtedly raise red flags within our tightly controlled operations, and no doubt attract unwanted scrutiny from regulatory bodies like the IRS and SEC.

I just don't think you have any concept of how heavily scrutinized our industry is.  
We must adhere to underwriting guidelines -- that is paramount above all else, as mortgage lending undergoes extensive oversight to ensure compliance within the regulatory framework.  
This safeguards transparency and security for all parties involved.

This is the year 2024, it's not like we're still living in the heyday of the 90's, when agents and lenders would share a bag of coke on top of a mirrored table in a strip club, lol.

Maybe unethical relationships of this sort were prevalent before the crash of 2008, but they are definitely not reflective of widespread practices within lending institutions today.  
That's a fact.

Do smaller, sleazier lenders or agents still utilize these kinds of relationships? 
Maybe?  I have no idea.

If you're implying that individual  lenders/agents are participating in this kind of unlawful kickback relationship behind their employers back... you're insane.

This industry is small.  
Everyone knows everyone else.
Thus, your reputation preceeds you everytime you go for a new job within the industry. 
I certainly don't know anyone who would risk their career, their reputation & future within the industry, just to engage in this kind of thing, lol.

I can't even begin to imagine how someone who works for a reputable corporation would try to start that kind of conversation with someone that they want to engage in this relationship with, because if it were me, I would be terrified of the other person turning me in for even suggesting it.

[u]That's[/u] how strictly regulated we are.

If this were occurring today, as you [u]continue[/u] to imply, word of it would undoubtedly spread like wildfire, and those involved would be fired.  
No lender would risk scrutiny from the SEC in order to give a kickback to an agent for a referral, lol.

So again, please try explaining to us how entire industries of lenders and agents are getting away with this without anyone else knowing?
To imply this is occurring on a grand scale is absolutely absurd.

You really need to stop believing everything you see in movies and on tv, because you just sound silly. 
[/quote]

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