| If you are a commercial loan originator | | | | Or if you're working on a deal and not |
| you know how vital it is to protect your | | | | expecting to get any YSP from the bank |
| fee and your livelihood. Commercial | | | | and you're depending on the borrower |
| broker fee agreements are vital to your | | | | to finally sign that fee agreement, |
| ongoing success.  Nothing hurts quite | | | | after they know who the bank is and what |
| like going through the entire process of | | | | they are offering, is also a seriously |
| underwriting a commercial mortgage all | | | | weak position to be. You're basically |
| to not get paid the fee you deserve.  | | | | asking them to screw you. In all |
| Â | | | | seriousness you're putting them in a |
| We have learned this lesson the hard | | | | position of real trust and if your |
| way. And have had loans where we | | | | relationship isn't rock solid they will |
| didn't get paid a dime, only a portion | | | | be asking themselves "why do I need |
| or had to get a lawyer involved and go | | | | broker Joe? I've heard of xyz bank. |
| through a long and painful process to | | | | I just didn't bother to call them. I'm |
| get paid. | | | | paying him how much?" |
| Have you heard a lender or bank say | | | | Your commercial broker fee agreement is |
| something like "well we don't really | | | | basically your shield and armor (if that |
| have a formal fee agreements with | | | | isn't too corny). It will protect your |
| brokers, but we'll pay you a point | | | | time and assure that you will make it in |
| outside of escrow"?  If the hairs on | | | | this business. By presenting your |
| the back of your neck don't stand up, | | | | agreement it will also set you apart as |
| than you haven't been screwed yet and | | | | a professional and clients will |
| are probably are just getting started as | | | | recognize that you know what you are |
| a commercial loan broker. | | | | doing. You will earn their respect. |