We get it—co-sponsorship can raise a few questions. This article answers the most frequently asked ones to help you move forward with confidence.
The most common question we hear is: Will the agent be automatically featured on the reports sent to the lender’s database? The answer is no. Only the lender appears in the financial sections of the reports sent to the agent’s database, not the other way around.
If a loan officer would like to feature a real estate agent on a report sent to an individual client, they can do so by added them as preferred. Find instructions for that in this help article.
Continue reading to learn how co-sponsorship works or watch the short explainer video below!
Brief video overview
Can agents and lenders cosponsor more than one person?
Agents can be cosponsored by one lender at a time. They can join Homebot without a lender, but some features will be inaccessible and their monthly cost is doubled. Check out this article for info on the benefits of working with a lender.
Lenders can cosponsor an unlimited number of agents, each for an additional cost. Check out this article to learn why lenders should consider co-sponsoring agents.
Cost of cosponsorship
The lender pays a co-sponsorship fee of $25/month per agent (unless otherwise stated). That fee will stay the same regardless of the agent's total number of clients. For most loan officers on Homebot, the first agent co-sponsor is included. Please contact support to confirm what's included in your plan.
Agents joining Homebot with a lender pay $25 per month for up to 250 clients. Beyond that, the cost is $10 per month for each additional 100 clients.
Agents may choose the freemium option (available through a lender only), which allows 25 clients and is free for the lender and agent. This option also waives the set-up fee. More info on the freemium plan can be found here.
Can a lender view the agent's database?
No, databases are entirely separate. The lender will, however, be able to see the agent's 30-day performance, as shown in the image below.
From the CO-SPONSOR tab, Lenders can view the following:
How many clients in an agent's database
How well the email performs each month
Which plan they're on
What happens if the lender and agent add the same person to their separate accounts?
A common question we get is, will the client receive two reports?
If the agent and lender have the same person in their account, we automatically consider them a shared client. In this case, the reports coming from the lender will be paused and only sent from the agent since the lender's contact information is displayed within the reports. We can automatically make the connection based on the client’s email and home address, so there's nothing for either party to do.
What does a cobranded report look like?
When a lender and agent are connected on Homebot, the lender is featured in the refinance and equity explorer modules of the Home Digest and the pre-qualification section of the Home Search experience. The agent is not featured on the reports sent to the lenders database.
The images below are examples of an agent report featuring the lender throughout.
The following two images show an example of the refinance module in the Home Digest where the lender is mentioned and where their contact information is displayed:
Below are examples of where the lender is featured in home search:
What happens if an agent’s client asks a financially focused question through a co-branded Homebot report?
If an agent's client clicks on the pink chat bubbles (see above image) in the refinance, equity explorer, or pre-qualification modules, the agent and the lender will receive an email notification. Either can respond to the client by simply replying to the email. If the client is working with a different lender, the agent must communicate that to the lender outside the platform.
Is the agent featured on lender reports?
No, agents are not featured on the reports sent by a lender in a co-sponsored relationship.
If a loan officer would like to feature a real estate agent on a report sent to an individual client, it can be done by adding them as preferred. Find instructions in this help article.
How do agents and lenders connect on Homebot?
The Lender can invite the agent from the “Agents” tab within their account OR vice-versa-- the agent can invite their prospective lender through the "Cosponsor" tab. Once the receiving party accepts, they’ll be connected!
What happens if an agent or lender wants to end the cosponsored relationship?
If either party wants to remove the other, this can be done easily by sending customer support a direct message. Once unpaired, the agent can find and invite a new lender they choose to work with from "cosponsor" tab in their account.
When a lender disconnects from a real estate agent, the agent is promptly notified, allowing them time to secure a new lender before the start of the next billing cycle.
Have questions?
Send customer support a direct message using the pink icon located at the bottom right corner of your account.