Mortgage brokers and loan officers hope to convince the Consumer Financial Protection Bureau that flat fee compensation is a bad idea – for both them and consumers. (Depositories would take over the mortgage industry and then price gouge mortgagors, or so the brokerage sector believes.) But what if flat fee compensation prevails? Would the CFPB then tell Realtors they can only make $5,000 per home sale transaction instead of 6% of the sales prices? Can you imagine what that would do to both Realtors’ income and membership dues at the National Association of Realtors? (Realtors would be driving Honda Civics instead of Mercedes Benz coupes.) Or would NAR’s very powerful army of lobbyists prevail? It could get interesting this summer.
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