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NAR president vows to continue to fight commission lawsuits

Housing Wire

They’re going to struggle to come up with closing costs in addition to that, and what we don’t want to see is the marginalization of those buyers … our first-time homebuyers, our first-generation homebuyers and even our middle and low-income buyers. However, Kasper said these is no way replace the MLS.

MLS 488
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‘Find buyers before agents!’ Mortgage industry reacts to the NAR settlement

Housing Wire

Mortgage pros have closely monitored the commission lawsuit developments since a Kansas City, Missouri jury determined that NAR, HomeServices of America , and Keller Williams conspired to inflate or maintain high commission rates through NAR’s so-called Participation Rule. You should be finding buyers before real estate agents anyway.”

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NAR, MBA ask for clarification on underwriting rules

Housing Wire

At the moment, IPCs “include concessions from the seller to the buyer for items that are traditionally paid by the buyer such as loan closing costs or rate buy-downs,” but as buyer agents are customarily paid by the listing agent, their fees are excluded from caps on the IPCs. Sellers or buyers can pay the buyer’s agent’s fees.

VA loan 476
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GSEs will not count buyer agent commissions as IPCs

Housing Wire

Based on the selling guides in use by the GSEs, property sellers are allowed to make financing concessions toward the borrower’s closing costs at a maximum amount of 2% to 9% of the property value. Department of Veterans Affairs seeking similar guidance on VA loans, but Sears said that letter remains unanswered.

Agents 532
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Mortgage rates inched up ahead of inflation reading

Housing Wire

HousingWire’s Mortgage Rates Center showed Optimal Blue’s average 30-year fixed rate on conventional loans at 6.66% on Thursday, down from 6.68% recorded at the same time last week. The 15-year fixed-rate mortgage averaged 5.87% this week, down from 5.89% the prior week.

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

Housing Wire

The three class action suits Moehrl , Sitzer/Burnett , and Nosalek , named after their lead plaintiffs, take aim at NAR’s Participation Rule , which requires listing agents to make a blanket offer of compensation to buyers’ agents in order to list the property on a Realtor-affiliated multiple listing service (MLS).

Agents 418
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Borrowers exiting forbearance may choose to sell their homes – What role do servicers play?

Housing Wire

According to Black Knight , 96% of homeowners have at least 10% equity – meaning they may be able to pay off their loan, closing costs, and agent commissions without paying out of pocket or a short payoff. At the same time, loan advances continue to increase, putting additional financial pressure on servicers.

MLS 448