In a November post for Forbes, Matthew VanFossen, chief executive officer of Absolute Home Mortgage Corp., said consumers may decide that listing agent marketing services are less important – partly due to the rise of digital homebuying, and partly because housing supply has fallen sharply.
With the buyer agent role diminished, that could see real estate agents veer towards “dual representation” according to VanFossen – acting both as the seller and buyer agent in a transaction. “This offers a window of opportunity for loan officers who have experience navigating the preapproval process for buyers,” he said.
Loan officers may choose to pair with listing agents to assist in that process as buyers submit offers – and buyer agents could also consider becoming licensed loan originators, VanFossen added, “[teaming] up with loan officers and [becoming] employees of lenders, thus collaborating to handle applications, collect documentation, prequalify buyers and structure deals.”
Could the changes complicate matters for homebuyers?
Mike Rankin (pictured, top right), president at Clearpath Mortgage Solutions, said he’s been having conversations “nonstop” with agents about the upcoming changes – and noted that they could create some additional hurdles for buyers.
“I think it makes things more complicated for the buyer. It’s a struggle, because mortgages and buying a home are already complicated and now that buyer has to potentially navigate some additional complexities: ‘How am I going to pay my agent? Is my agent worth having? If I go to the listing agent directly, do I lose representation?’
