An insurance referral program for mortgage loan officers gets borrowers a homeowners insurance quote before closing, so the binder never holds up the loan, and pays the loan officer for each referral. The best programs fit your closing workflow, quote fast enough for a closing date, respect RESPA, and pay a fixed fee per qualified lead. Here is what to look for, and how Truvo's program works.
When mortgage loan officers customers need insurance
Every purchase loan requires homeowners insurance before closing. The borrower who waits until the week of closing to shop is the one whose binder arrives late. A referral program that gets the quote started at application, or at least at clear-to-close, keeps the date.
What a referral program has to do for mortgage loan officers
- Fit the loan file: a link in your application checklist, a line in the processor's email, or a widget in the borrower portal.
- Get a binder to the closer fast. Truvo quotes and binds in minutes.
- Respect RESPA. A fixed referral fee that does not depend on the sale is the shape that keeps a loan officer clear of a settlement-service kickback question. Confirm the arrangement with your compliance team.
- Quote every state you lend in, and quote auto for borrowers who ask.