Opportunities for Dual Licensing in the Post-Settlement Landscape

Last Updated on March 21, 2024 by Robert C. Hoopes

The National Association of Realtors (NAR) recently settled a lawsuit that could have a significant impact on the mortgage industry. The settlement, which includes a $418 million payment for damages, opens up new opportunities for dual licensing in the mortgage industry.

Mortgage Bankers Association (MBA) CEO Bob Broeksmit weighed in on the potential market reactions and business models that could emerge as a result of the NAR settlement. Broeksmit also discussed the criticism surrounding President Joe Biden’s housing plan, which includes a $10,000 tax credit for first-time homebuyers. Broeksmit suggested that raising the capital gain exemption may be a more effective solution than the proposed tax credit.

One company already testing out the dual-licensing structure is Absolute Home Mortgage. By allowing their employees to hold licenses in both real estate and mortgage lending, Absolute Home Mortgage is paving the way for a new way of doing business in the industry.

In addition to these developments, the Consumer Financial Protection Bureau (CFPB) has also come under scrutiny for their investigation into “junk fees” in mortgage closings. The outcome of this investigation could have widespread implications for the mortgage industry as a whole.

Furthermore, there have been comments on the recent resignation of HUD Secretary Marcia Fudge and expectations for future cabinet members. The mortgage industry is eagerly anticipating how these changes in leadership could impact housing policies moving forward.

Overall, these recent events are sure to have a lasting impact on the mortgage industry, and industry leaders are closely monitoring the situation as it continues to unfold.