Kickbacks are fees or rebates paid to an agent or other participant in a transaction as an incentive to refer customers to a particular vendor, without any actual service provided to the customer besides the referral. These practices are often illegal and can jeopardize the integrity of the real estate transaction.
A lender is a party that originates or holds loans. They can include entities such as commercial banks, thrifts, credit unions, mortgage bankers, and mortgage brokers.
A piggyback loan combines a construction loan with a permanent loan commitment or refers to a mortgage held by more than one lender, often used to avoid private mortgage insurance.
