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Mortgage lenders with co-marketing or referral ties to real estate platforms like Zillow may want to review their RESPA exposure, after two Democratic senators asked the Federal Trade Commission to probe platforms that steer homebuyers to affiliated lenders and don’t disclose referral fees.
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Agency securitization issuances are predicted to decline by 16% in 2027 on weaker home sales and more all-cash transactions due to persistently high mortgage rates, the latest Bank of America Securities weekly report said.
Servicers of Fannie Mae and Freddie Mac loans may want to add loss mitigation capacity now: inflation is pushing affordability problems into the middle-income borrower base.
I’ve witnessed this probably a THOUSAND times in my career: Real estate agents steering buyers toward their “preferred” lender. How in the hell do they know that’s the BEST lender for that buyer? Best rates? Lowest fees? Best programs, mortgage insurance, or options for their financial situation? Often, they don’t. Yet somehow, the same lender keeps getting the referrals. Let’s not pretend financial incentives, co-marketing deals, and business relationships don’t influence some recommendations. Not every agent does this. I work with plenty of outstanding Realtors who put clients first. But after nearly two decades in real estate, I’ve seen it far too often. What bothers me most? The homebuyer may be paying the price for a relationship that benefits everyone BUT them. Referrals should be EARNED by being the best fit for the buyer, not by spending the most on an agents marketing or sending business back. National Mortgage News reports lawmakers are scrutinizing platforms steering buyers to affiliated lenders without adequately disclosing financial arrangements. GOOD. It’s about time. Real estate agents owe their loyalty to their clients, not their preferred lenders. Consumers deserve to know the difference.
Hmmm?
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