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‘Real Estate Insiders’ discuss commission sharing risks and alternate practices

Housing Wire

Co-hosts James Dwiggins and Keith Robinson urge agents to stop sharing commissions and discuss ways that listing agents can put their seller’s needs first while avoiding legal trouble and creating an excellent experience for their clients in an uncertain market. Dwiggins ties his example into real estate with a pointed statement. “I

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Miami homeowner sues eXp for fraud over renovation

Housing Wire

The legal department at eXp Realty and parent company eXp World Holdings is not getting any rest over the holidays. In his filing, Ammann claims that eXp publicly advertises that its agent s may not act as contractors providing home repair or renovation services on properties they represent, as doing so would be a conflict of interest.

Insiders

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

Housing Wire

So he did what a lot of retail loan officers in the industry were doing — Mike would reclassify a self-generated lead as a corporate-generated lead, thus slashing his compensation from 125 basis points down to as low as 50 bps, giving him a low enough rate to win the client and eventually close the deal. It’s the ultimate in legalized fraud.

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UWM sues Mortgage Solutions and its owner over EPOs, trademark infringement

Housing Wire

United Wholesale Mortgage (UWM) has accused California-based brokerage and correspondent lender Mortgage Solutions FCS, dba Client Direct Mortgage, of breaching its early payoff (EPO) provision and its owner, Ramon Walker, of trademark infringement. UWM filed a lawsuit in a U.S. district court in Michigan on Wednesday. UWM is the largest U.S.

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How will listing agents share seller offers of buyer broker compensation off the MLS?

Housing Wire

While brokers across the country agree that they and their agents will no longer be advertising an offer of buyer broker compensation for any listing on the MLS, that is where the similarities end, as it seems each broker is taking a slightly different tact. Dwiggins said.

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‘Don’t panic:’ KW executives address agent questions on NAR commission settlement

Housing Wire

Cooperative compensation The vast majority of questions addressed on the call dealt with whether or not buyer’s representation was going away, and how agents will get paid for the services they provide to clients. Cooperative compensation is still legal,” Papasan stressed.

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Opinion: Referral fees: The golden goose or rotten egg of real estate?

Housing Wire

Agents are incentivized to refer clients to the highest bidder rather than acting purely in the consumer’s best interest. Ethical dilemmas The Real Estate Settlement Procedures Act (RESPA) prohibits agents from accepting kickbacks for referring clients to lenders or home inspectors.