The next wave of servicing regulation is coming – Are you ready?

Join this webinar to learn what servicers need to know about recent and upcoming servicing compliance regulations and strategies experts are implementing to prepare for servicing regulatory audits.

In a purchase market, rookie LOs may struggle

Rookie LOs in 2020 could ride the refi wave and rack up a hefty monthly paycheck without Herculean effort. But these days, they'll have to sing for their supper.

Logan Mohtashami on trends in forbearance exits

In this episode of HousingWire Daily, Logan Mohtashami discusses several hot topics in the housing market, including recent trends in forbearance exits and future homebuyer demand in the midst of inventory shortages.

Natural disasters and forbearance: What borrowers and mortgage servicers need to know

With a rise in natural disasters, including wildfires, hurricanes, floods, tornadoes and mudslides. The mortgage industry needs to be proactive in examining programs to help borrowers recover.

MortgageReal Estate

The DOJ vs. NAR: What’s the impact to real estate agents?

Senior Real Estate Reporter Matthew Blake answers questions on the battle between NAR and the DOJ

HW-DOJ-1

The following Q&A comes from the HW+ exclusive Slack channel, where HousingWire Senior Real Estate Reporter Matthew Blake answered questions about his latest coverage on the impact of the DOJ’s decision and how the industry is gearing up to respond. During the Q&A, Blake discussed the ramifications of previous DOJ investigations into NAR and conversations he has had with top-level agents on how they’re feeling about this news.

The following Q&A has been lightly edited for length and clarity.

HousingWire: To start, the Department of Justice allowing itself to pursue a broader investigation into the NAR is a high-level, brewing conflict. How, if at all, does it practically affect agents?

Mathew Blake: This is not an obscure, legal matter. The DOJ repeatedly said in withdrawing from its consent decree with the Realtor’s trade group that it is looking at commissions. Many scholars and antitrust lawyers, but not many agents, say U.S. real estate commissions are artificially inflated by an illegal horizontal conspiracy between NAR and brokerages. So, if DOJ were to believe that, they would be pursuing ways to lower commissions for consumers.

In other words, it could affect the very economic model we know for agents — which is that they are independent contractors who make a living on commissions that can be 3% each of a total home purchase price

HousingWire: Interesting insight. To build on that, would you consider NAR to be a monopoly?

Mathew Blake: I’m not a lawyer so I don’t know, but the lay understanding of monopoly is dominance of one field, and NAR is certainly the dominant trade group for agents. But more than just representing labor, they also represent management (brokerages) and claim to work in the best interests of consumers. So, they have an outsized role in the American real estate market, and, I would say, a unique one among trade groups. The question, though, for antitrust purposes is whether they are a monopoly causing harm to consumers and that’s where you get into full-throated arguments

This content is exclusively for HW+ members.

Start an HW+ Membership now for less than $1 a day.

Your HW+ Membership includes:

  • Unlimited access to HW+ articles and analysis
  • Exclusive access to the HW+ Slack community and virtual events
  • HousingWire Magazine delivered to your home or office
  • Become a member today

    Already a member? log in

    Most Popular Articles

    These are the hottest housing markets in America

    A housing market report from RE/MAX found that 36 of 51 metro areas had double-digit year over year sale price increases in August. Boise led the way.

    Sep 17, 2021 By

    Latest Articles

    Forbearance numbers fall as borrower exits remain high

    Servicers’ forbearance portfolio volume fell once again last week, as exits remained elevated compared to requests or re-entries. It fell 8 bps to 3.00%.

    Sep 20, 2021 By
    3d rendering of a row of luxury townhouses along a street

    Log In

    Forgot Password?

    Don't have an account? Please