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So you submitted your referrals through our Referral Program Platform, and are excited to start earning $500 for each successful referral. But then you wait and wait some more, and nothing happens. What is going on? Do not panic. Our average turn time from first contact to a loan is 120 days, so be patient. In the meantime, you can check the status of your referrals at any time on the “My Account” Page. Here is a look at the different statuses and what they mean:
This status is mostly used for the “Suggest a Lead” method and indicates that we have received your referral and are in contact. Do not stress if your referrals remain in the stage for long periods of time. You never know when someone is going to buy a new rental property and need financing.
This status means that we have been in direct contact with your referrals or they have filled out a form on our website to show they are interested in doing business with us. Again, it is common for a lead to sit in this status for quite some time until they are ready to buy or refinance a rental property.
This status means that your referral has started on a loan with us! Our average closing time is 21 business days, but loans can take shorter or longer depending on each specific loan situation. Learn more about our loan process and what could be happening during this status.
Congratulations! This means that your referral has closed on a loan, and you will be receiving your $500. Keep in mind, we cannot pay you unless we receive your tax forms and bank information, which can be completed in the platform.
This means that your referral was not a good fit for Visio. But do not give up hope! Learn more about who to refer to Visio and keep sending referrals our way.
We hope this gives you a clearer picture of what is happening internally with your referrals. Remember, this is a number’s game, so one of the best ways to make more money is to submit more referrals. For all tools and tips for Referral Partner success, visit our Referral Partner Resources page.
Editor's Note: Our Referral Program is currently under construction. Sign up for our Referral Program Updates.
Topics: Referral Program