While referral fees are not allowed to be paid on residential transactions, the Real Estate Settlement Procedures Act does not apply to commercial loans. A poster on the Mortgage Grapevine is looking for a new Small Business Administration program lender to hook up with and one of the things she is asking about is if they pay referral fees.
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Her previous loan officer at the bank she dealt with (who paid referral fees, by the way) left the institution and she said the others “are not as competent.” The poster wants to build a lasting relationship with someone who does SBA in California.
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