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Loan officers are dramatically cutting their pay to win clients. It’s often illegal. 

Housing Wire

Mortgage rates had climbed close to the 7% range and he was determined to remain competitive on pricing with rival loan officers in North Carolina. After Mike paid his loan officer assistant, he was clearing just 40 bps. The lower comp rate stung. Still, it was better than nothing.

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Opinion: Sitzer/Burnett decision presents an uncertain future for buyer agents

Housing Wire

Real estate agents are facing a contracting issue that could seriously upend the traditional housing landscape. In order to survive, buyer agents will need to show this value to buyers and be willing to have clients pay a set fee or a pre-negotiated percentage of the sale price to secure the business.

Agents 442
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How the buyer commission lawsuits could upend the relationship between agents and LOs

Housing Wire

Probably about 60 to 70% of our business comes from referrals from our previous clients,” Chris Gallo, a top producing LO in New Jersey, said. Attorneys, Realtors and clients are a big part of our repeat business.” There will likely be fewer Realtors, the sales volume will be handled by fewer Realtors.

Buyers 393
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Anxiety grips LOs as layoffs sweep the industry

Housing Wire

If you take the temperature of how loan officers are feeling ahead of the holiday season, the scale would likely read “uneasy.” According to Fahad Janvekar, a loan officer at Fairway Independent Mortgage , “there is definitely some concern” about layoffs in the industry.

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Buydowns become key for buyers to beat the market

Housing Wire

With the mortgage market rapidly shrinking – some experts believe it might contract to just $1.3 Temporary rate buydowns are a great tool for brokers and realtors to have in a rising rate environment,” a spokesperson at UWM said. ” Trudy Kelly, senior loan officer at Churchill Mortgage.

Buyers 464
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‘Find buyers before agents!’ Mortgage industry reacts to the NAR settlement

Housing Wire

Loan officers and mortgage executives expect home sellers and homebuyers to negotiate more aggressively on commission paid to buyer agents, potentially bringing costs down. He has been focused on getting referrals from prior clients and online.

Buyers 498
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3 Types Of Appraisals Realtors Should Be Aware Of

Birmingham Appraisal

Not really, and today I’m going to explain the differences between several different types of appraisals that could mean the difference between a home appraising for contract price or not. If you were buying a home and the loan officer told you that they needed to get an appraisal this is what they were talking about.