article thumbnail

Real Estate Referral Fees: The Ultimate Guide for 2024

Housing Wire

The receiving agent becomes the buyer or seller’s primary point of contact and representative, and the referring agent receives a referral fee if a transaction closes. Instead of giving up the business, the referring agent introduces the potential client to another real estate agent who is better positioned to help them.

article thumbnail

Opendoor announces partnership with My State MLS

Housing Wire

In the release, Opendoor states that My State MLS agents will have the option to refer or represent their seller in the transaction. Additionally, My State MLS agents are eligible to receive a commission on successfully closed transactions in which they refer or represent sellers.

Sellers 487
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Fannie Mae clarifies ARM interest rate, ups cash-out refi term on manufactured homes

Housing Wire

The Fannie Mae February Selling Guide has a series of updates , including the expansion of value acceptance and property data appraisal waivers to condominiums, cash-out refinance allowances for manufactured homes, and updates to credit references and certain definitions.

Retail 473
article thumbnail

Agencies aim to standardize ‘first-generation homebuyer mortgage’ definition

Housing Wire

Intergenerational wealth refers to the financial assets passed by one generation of a family to another. Freddie Mac also composed a fact sheet for the new definition, including frequently asked questions on the topic that lenders can reference.

Mortgage 459
article thumbnail

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

Housing Wire

In that case, they can refer that individual to an agent in exchange for a portion of the commission. Agents are incentivized to refer clients to the highest bidder rather than acting purely in the consumer’s best interest. The referral fee conundrum Referral fees are a familiar practice in real estate.

article thumbnail

Brooke Anderson-Tompkins on the ‘lifescape’ of AI

Housing Wire

And the real possibility of creating efficiencies and reducing costs and maintaining what I refer to as the ‘heart of human’ definitely had my attention. And I refer to it as “from the boardroom to the break room.” SW: How does your background inform how you approach clients of BridgeAIvisory?

Design 460
article thumbnail

Opinion: Broker-to-broker referral exemption does not apply to agent-matching platforms

Housing Wire

. “No person shall give, and no person shall accept any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise, that business incident to or a part of a real estate settlement service involving a federally related mortgage loan shall be referred to any person.” ” 12 U.S.C.

Agents 435