We get it, the option to cosponsor with an agent or lender can bring up a lot of questions. Once you get through this article, you’ll better understand how cosponsorship works and what a cobranded report looks like.
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. For more on the benefits of working with a lender, check out this article.
Lenders can cosponsor an unlimited number of agents, each for an additional cost. We offer tiered pricing when cosponsoring 5 or more.
Cost of cosponsorship:
The lender pays a cosponsorship fee of $25/month per agent (unless otherwise stated). That price won't change regardless of how many clients the agent has.
To be on Homebot, the agent pays $25/month for 500 clients with or without a lender. After that, it’s an additional $10/month per 500 clients.
Does the lender’s cosponsorship fee allow them to view the agent's database?
No, databases are completely separate. The lender will, however, be able to see the agent's 30-day performance as shown in the image below. They'll see how many clients an agent has loaded in their account and how well the email is performing each month.
What happens if the lender and agent add the same client to their separate accounts? Will that person 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 will be paused coming from the lender and only be sent from the agent since the lender's contact information is displayed in the reports. We’re able to 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?
The images below are examples of an agent report with the lender featured throughout.
This first image shows the agent's branding at the top of the report:
The next two images show an example of the refinance module where the lender is mentioned and where their contact information is displayed:
Below is an example of a cobranded pre-qualification section of the buyer's report:
What happens when 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, both 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 will need to communicate that to the lender outside of the platform.
Is the agent featured on lender reports?
No, agents are not featured on the reports sent by a lender.
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 quickly and easily without the other knowing. Simply send customer support a direct message to accomplish this. Once unpaired, the agent can invite the new lender they choose to work with through their "cosponsor" tab.