Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Top real estate company to launch mortgage business

Notify me of new replies via email
Mortgage Professional America | 25 Oct 2016, 04:35 PM Agree 0
One of the world’s biggest real estate companies is entering the mortgage space, it announced today
  • Griff | | 25 Oct 2016, 04:51 PM Agree 0
    I'm just going to say "good luck with that". I hope they are prepared for all the in depth compliance they have to do. A local Re/Max office had a mortgage company but threw in the towel when all the changes started coming down.

    And on another note, herding folks to their company owned mortgage company may be god for business, but not good for consumers. Good thing the cfpb doesn't care to protect consumers.
  • Ben | | 25 Oct 2016, 04:57 PM Agree 0
    Sense when did CFPB allow mortgage "franchises" ??? Sounds like a net branch operation. This will be interesting.
  • Dray | | 25 Oct 2016, 04:59 PM Agree 0
    My first thoughts too.......Real Estate entities not realizing the RESPA / CFPB liabilities. Didn't they learn from the "All in one shops" in 2003 through 2007? Where the real estate company had shared ownership of Title/Appraisal/Lending/Real Estate. How well did that work out?
  • | | 25 Oct 2016, 05:04 PM Agree 0
    Those are all great points. My thoughts are since it is an affiliated company getting paid. Wouldn't the real estate commission have to come out of the originators comp plan?
  • Scott | | 25 Oct 2016, 05:08 PM Agree 0
    Their self described "core competency" is franchising, not real estate or mortgages. That speaks volumes.
  • poster | | 25 Oct 2016, 05:14 PM Agree 0
    Had to laugh at the comment claiming REMAX has the best agents in the industry .. BWAHAHAHAAAA!!!

    Will be interesting if they have their mortgage reps sitting in the REMAX RE officeS .. according to CFPB they have to also allow a second and separate mortgage lender being represented .. you know they will not have any of that

    Remax promotes the propaganda that they are the top of the food chain.. another pathetically ridiculous concept

  • JR | | 25 Oct 2016, 05:31 PM Agree 0
    You should make room in your new office for the CFPB!
  • | | 25 Oct 2016, 07:17 PM Agree 0
    Sounds like disclosures to me. Conflict of interest.
  • Mike Skinner | | 25 Oct 2016, 08:42 PM Agree 0
    What makes this a better option for consumers? Sounds like a lot of fluff.
  • Yikes! | | 25 Oct 2016, 09:03 PM Agree 0
    A huge conflict of interest and mortgage originators throughout the country will stop referring customers to Remax agents based on them now being a competitor...
  • | | 25 Oct 2016, 09:12 PM Agree 0
    Best point made right there!!!
  • Michele | | 25 Oct 2016, 09:28 PM Agree 0
    Does RESPA even ring a bell?
  • Michele | | 25 Oct 2016, 09:28 PM Agree 0
    Does RESPA even ring a bell?
  • Tim | | 26 Oct 2016, 10:05 AM Agree 0
    Amazing how some real estate companies want there hand in every affiliate business pockets.
  • IKnowRight | | 26 Oct 2016, 04:02 PM Agree 0
    It takes about a decade to forget crashes - Well, now we know with this announcement we're very close to a new one.
  • gh | | 26 Oct 2016, 05:27 PM Agree 0
    We own and operate a mortgage company and are also part of the Re/ Max network. WE DO NOT REQUIRE OUR AGENTS TO USE OUR SERVICE AND NO ONE IS PAID TO GIVE US BUSINESS . HUD was fine with this as long as the originator did not sell the home. I see that DR Horton and RYAN and everyone else on earth basically says the SELLER can offer extra incentives if through their "preferred lender". Guess the CFPB will have to after everyone for violations of RESPA.

    If you have enough money you can get away with all sorts of things. After all Barney Frank OWNS an AMC (the sponsor of the Dodd Frank Bill).
  • Chris | | 27 Oct 2016, 12:14 PM Agree 0
    I'm afraid this may just be where the business is headed. Integration and mergers are a global phenomenon and the feds are all but forcing the hands of the real estate companies to integrate revenue streams into their business. The fact is that most real estate brokerage business models are built on vendor support. It has come to the point that it is less risky to run a mortgage brokerage (not a lender) and disclose an ABA than it is to have several MSAs in place. This might just grow legs especially since the dust from Dodd-Frank and CFPB is starting to settle and some clarity is coming back to the business.
  • Davethemortaggeman | | 08 Nov 2016, 11:24 AM Agree 0
    When will CFPB stop this nonsense? Another version of hiding profit centers and pushing another document in front of an emotional buyer, who would sign their name to anything. The CFPB must get serious and prevent these non transparent entities from taking an extra swing at the consumer. Things will improve tremendously.
Post a reply