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Consumer advocacy group: Buyer agency agreements often contain “unfair” terms

Housing Wire

As brokerages across the country have begun implementing buyer agency contracts into their business practices in the wake of the Sitzer/Burnett commission lawsuit verdict, the Consumer Federation of America is warning consumers that they may be filled with “unfair provisions” that primarily protect agents and brokers.

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FSBO Sellers Regret Not Having an Agent

Empire Appraisal Group

Lusky, DigitalVision, Getty Images Source: [link] FSBO Sellers Regret Not Having an Agent By Melissa Dittmann Tracey Survey: Sellers who go-it alone are twice as likely to be unsatisfied with the experience – and more likely to say their earlier opinion, “agents are overpaid,” was wrong.

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DOJ advocates for prohibition of cooperative compensation in Nosalek commission lawsuit

Housing Wire

The modified rule still gives sellers and their listing brokers a role in setting compensation for buyers’ brokers,” the filing states. According to the DOJ, when a seller makes an offer of compensation to the buyer broker, the buyer broker does not need to compete on their compensation price in order to attract clients.

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Judge denies HomeServices’ motion to decertify the class in Sitzer/Burnett suit

Housing Wire

The court initially certified the class in April of 2022, as it found that the class satisfied all the requirements of Federal Rule of Civil Procedure 23. The appeals court said that this was because the contracts signed by the sellers were not directly signed by HomeServices.

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Pennymac delivers $145M profit in 2023 

Housing Wire

. “2023 was one of the more challenging origination markets in recent history, with industry volumes down approximately 40% from 2022 and unit originations at their lowest level since 1990,” David Spector, chairman and CEO, told analysts during a call on Thursday afternoon. million in the same quarter of 2022.

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How the buyer commission lawsuits could upend the relationship between agents and LOs

Housing Wire

That partnership is everything,” Amy Breach, a Seattle-based Keller Williams agent, told HousingWire in late 2022. Sellers want their listing broker to pay the buyer broker’s compensation because it will result in the most buyers being able to afford their house.” The lender and LO can make or break the transaction.”

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Loan-repurchase risk threatens future M&A deals

Housing Wire

In other words, independent mortgage banks (IMBs) acting as buyers in M&A deals are being asked to assume the future R&W liabilities for past loans sold to Fannie Mae by the seller should the seller, at some point, be unable to honor the terms of the contracts.

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