Updates On The Recent NAR Settlement
BAR and the Greater Alabama MLS have prepared for this situation, and we are ready to comply entirely with the settlement if the courts approve it.
We understand the importance of keeping you informed every step of the way. As plans are finalized, we will keep open lines of communication to give you quick updates on the implementation of changes, including details on when and how they will be executed.
Your trust is paramount to us, and we are dedicated to ensuring a smooth transition while upholding the integrity of our operations. Thank you for your ongoing support and patience as we navigate this process together.
News from the National Association of REALTORS® and More!
Update from NAR President Kevin Sears from The Road at Broker Summit
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Industry Letter on Commissions from Freddie Mac
There have been recent inquiries concerning a proposed settlement agreement, subject to court approval, entered into by the National Association of Realtors® (NAR) in the Burnett et al and Moehrl et al cases. This Industry Letter addresses the current treatment of property seller-paid buyer agent fees under our interested party contribution requirements.
Selling Notice – Real Estate Commissions and Interested Party Contributions from Fannie Mae
We are aware of the proposed settlement agreement, subject to court approval, announced by the National Association of REALTORS® (NAR) in the Burnett et al and Moehrl et al cases. While there are no immediate changes to our Selling Guide policies, we are clarifying the current treatment of seller-paid real estate agent fees under our interested party contributions (IPCs) policy.
Settlement Supplement from REALTOR® Magazine
“As an association, we will help you adapt to coming practice changes. As a skilled professional, you’ll play a vital role in communicating the truth about these changes to consumers.”
Letter from the Mortgage Banker Association and NAR
The Mortgage Bankers Association and the National Association of Realtors are seeking clarity that sellers can pay compensation to buyer agents without running afoul of interested party contribution limits. Already, FHA has signaled relief, and we expect FHFA, Fannie and Freddie will follow suit. That should ensure this does not become an obstacle to home sales.
The Truth About the NAR Settlement Agreement
“Misinformation has been pervasive in the media over real estate commissions. Here are the facts you should know.”
NAR Highlights Dire Lack of Housing Affordability and Inventory in Congressional Testimony
“WASHINGTON (March 20, 2024) – Dr. Jessica Lautz, deputy chief economist and vice president of research at the National Association of REALTORS®, today testified(link is external) before the House Committee on Financial Services Subcommittee on Housing and Insurance.”
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NAR and MBA Urge GSEs and Regulators to Confirm Support for Buyer Financing
“The National Association of REALTORS® (NAR) along with the Mortgage Bankers Association (MBA) sent a letter(link is external) to the Federal Housing Finance Agency, Federal Housing Authority, Fannie Mae, and Freddie Mac seeking confirmation that homebuyers will continue to have access to mortgage credit after the proposed settlement in the Burnett et al and Moehrl et al cases is complete.”
NAR Submits Comments to Department of Veterans Affairs on Allowable Fees
“The National Association of REALTORS® (NAR) submitted a letter to the Department of Veterans Affairs (VA), urging them to revise its policies pertaining to fees veterans cannot pay when using their VA home loan benefit. Under VA policies, veterans using the home loan benefit are prohibited from compensating their professional representative directly. This puts VA buyers at a disadvantage in situations where offers of compensation are not offered from a seller, potentially forcing them to forego professional representation, choose a different loan product, or exit the market entirely.”
Resources About the Settlement
Get the latest information from NAR and us on the recent Settlement to help make you the most informed REALTOR® you can be.
More Resources from the Alabama Association of REALTORS®
View Resources to Share With Consumers
Watch Our Settlement Update Webinar From 3/22/2024
NAR Surrogate Program
NAR Surrogates will contribute to and shape the discussions surrounding the NAR Settlement and amplify our collective voice on social media to ensure that our perspective as REALTORS® is heard loud and clear during this crucial conversation.
If you are interested in being an NAR Surrogate, please get in touch with Amanda Creel at amanda@birminghamrealtors.com for more information on how to lend your voice to this conversation.