Progress on the 3% Cap

NAR President Steve Brown talks about a positive development on NAR’s concerns over how the 3% cap on points and fees in the qualified mortgage (QM) rule has been interpreted.

  1. While this is wonderful news and as soon as we get this in writing …We need to work hard with the consumers protection agency on these 3rd party web sites …That hurt consumers… by giving inacurate information and for allowing homes to look like they are for sale when that are not… flase information about pre forclosures when some one may be going through a mortgage modification or a hamp loan ….and also for feeding to the web site after an owner opts out of IDX This needs to stop immediately …
    The other issue they need to address is the Short Sale and this Hubzu ..the banks need to stop …A short sale is all over the internet for months…there is no need for it to be forced on Hubzu after a contract is accepted by a bank ……It has absolutely no benefit to the consumer.. The only benefit I see is to the web site..for the extravagant fees they charge.. and how this company operates… Since it is not operated in the usa……

  2. Steve Routt

    I didn’t hear you say whether you were for or against a 3% ceiling on fees. If you go for this then the next logical step would be to put a ceiling on commissions we charge on these sales. Hardly a benefit for Realtors.