Tim Wilson: Nobody wants to give away business … or to reduce the fees that are a necessary part of providing basic core services. If this bill passes, as Gerry indicated, it will go a long way toward leveling the playing field so that we can continue doing the best job for our buyers without giving up revenue or scrambling to get under that arbitrary 3 percent cap
Steve A. Brown: So what can we do to get some steam behind that bill?
Bill Plattos: Talk to your reps in Congress, if you haven’t already, on both sides of the aisle…and keep after them to get it passed. This is a good bill—a fair bill for everyone involved, backed by NAR, the Mortgage Bankers Association, and almost everyone else in the industry. When you explain the ramifications, you’ll find that they get it—and they agree it’s something that needs to get done.
Steve A. Brown: Of course, NAR is keeping a close watch on the latest developments with the new mortgage rules. For more on how this rule will impact your business, visit www.REALTOR.org/topics/qualified-mortgage.