More Wells layoffs, LoanDepot cuts, Better’s SEC probe and more mortgage news you may have missed – National Mortgage News - 24line

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الاثنين، 18 يوليو 2022

More Wells layoffs, LoanDepot cuts, Better’s SEC probe and more mortgage news you may have missed – National Mortgage News

While currently, real estate commissions are paid from the sellers’ proceeds at the closing, with the buyer’s agent and the listing agent splitting the money, some groups have argued that this has led to an outsized commission. They say that the buy and sell sides should each pay their share separately in order to drive down those costs. However, a paper funded by HomeServices of America said that this kind of change would have a detrimental effect on Black, Hispanic, first-time, and low- and middle-income buyers. 

“Requiring buyers to pay their agent’s fee directly would result in reduced homeownership opportunities for cash-constrained families and lower net proceeds for many sellers. These outcomes would create negative ripple effects across the entire housing market,” Ann Schnare, the author of the report, said in a press release. 

Read the full story here.



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