At an office meeting yesterday, the owner of our company told us about some legislation that is currently being discussed at the white house. I haven't had the time to research it further, but basically it's trying to wipe out mortgage brokers. Leaving only banks to give loans. A piece of this legislation is also going to allow Banks to have their own "in house Realtors". Could you imagine? Has anyone else heard about this?

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Dylan Darling
Search for Bend Oregon real estate. | Bend real estate blog |Bend OR homes for sale.

Hmm, I think there would be quite an issue with this since it clearly violates the separation between real estate and finance - a line that a lot of people are trying to keep drawn for the public's best interest.

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Eric Rogers - REALTOR
Century 21 Pro-Team
Aurora IL Real Estate | Batavia Real Estate
Yorkville Real Estate

NAR has been lobbying for years in our behalf against permitting national banks to broker real estate (maybe since year 2000?).

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Welcome to your guide to Orange County, Ca Real Estate and MLS Search, and the home to the world's best climate at San Clemente Real Estate where you can enjoy luxury coastal living with a beach close lifestyle.

Did anyone here about Wamu closing down their home loan centers. Crazy.

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Alex G.
Portland Real Estate

FREE LIST OF BPO COMPANIES and REO COMPANIES.

Has anyone else noticed credit unions in their area setting up a separate real estate company?

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Michael Paul

Eau Claire Homes for sale | Eau Claire Real Estate | Discount Realty Works

Exactly!

I did not hear about that, but I just confirmed it. That is crazy!

No

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Ryan A. Martin - Windermere Real Estate / Whatcom Inc.

Your Bellingham real estate professional specializing in the listing and sales of Bellingham condos. Also check out my Anacortes real estate website for information about Fidalgo Island and Anacortes, WA

With everything that is going on, it doesnt surprise me that all sorts of stuff is being discussed...discussed does not mean implemented

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Tampa Real Estate | Tampa Foreclosures | Tampa Real Estate Blog

Team Masse services the Tampa Bay Real Estate market as well as the following areas: Apollo Beach, Riverview, Ruskin, Brandon, Lithia, Valrico, Gibsonton, South Tampa, and Channelside District along with St Petersburg and Clearwater. Referals are always welcomed and given.

Many banks already have Real Estate licenses. The Lending Tree comes to mind and Coldwell Banker (aka Century 21, ERA, Southerbys...) had their own mortgage company, granted it was buried under the cloak of its parent company Cendant.

NAR has been fighting for a long time to stop this, but as long as we are in bed together, it won't stop. I have mortgage Brokers that also hold a Real Estate license and they collect referral fees. I know numerous Real Estate agents that have mortgage broker licenses so they can get referrals back.

I believe Prudential also has a Mortgage Company, but I have not checked out that fact in depth.

As long as we have HUGE corporations owning Real Estate companies, this will continue so I really don't see the difference between Chase having a real Estate division and Coldwell Banker owning a Mortgage Company.

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Larry Jensen, Principal Broker
St. Lawrence Properties, llc
www.StLawrenceProperties.net

What's My Mileage?

Maybe I am wrong, but mortgage companies don't fall under the same umbrellas as banks.

Banks are backed and regulated by the feds. If banks had real estate agents they would be obligated to follow any federally imposed banking regulations over state laws. Banks have an obligation to make money for their depositors rather than what is in the best interest of the buyer/seller clients.

Real estate is commercial enterprise and regulated by the state.

I foresee what happens to the mom and pop shops in small towns when Walmart moves in... would happen to small real estate agencies.

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Randy Watson Texas Real Estate Agent
Mission Realty-San Antonio Real Estate
San Antonio Real Estate

Nah Mortgage companies def. dont fall in the same category as banks IMO. State vs Fed is the biggest difference here.

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Recent homeowner in looking for credit counseling assistance.