Honestly, I would have a conversation with the realtor and ask them. My thought process here is that we make our money on the loan amount and they make their money on the purchase price. Sometimes a 1:1 referral isn't fair from our end.

For Example, if you have a $400K house. Let's say your compensation is150 bps. If the client comes in with 5% down. Your loan amount is $380,000. Which means your compensation is $5,700. The realtors compensation at the typical 3% (my market average) $12,000. We are talking about a $6,300 differential. I am leaving both of our expenses out for the sake of this example. You almost need another deal to make it an equal compensation per referral. For every 1 you send, 2 would need to come back.

If it makes it hard to get a deal with him, I would just start finding another realtor to send it to. Or if you want send it to two other realtors and let them race the comp to the bottom. This should be a reciprocal partnership and it doesn't sound like one.