Recent research shows that the mortgage meltdown has complicated things even further. From the survey:
“The dramatic turmoil in the mortgage market in recent months has prompted a significant number of real estate agents to rethink which lenders they recommend to home buyers. And increasingly, agents appear to favor lenders owned by their own brokerage firm over large national lenders....
Significantly, realty agents reported that more than one-third of home purchase transactions over the last three months have either been postponed or failed. A hefty 13 percent failed for mortgage-related reasons, according to respondents.
According to the survey results, about 40 percent of respondents indicated they have modified their mortgage recommendation practices in light of the ongoing shakeup in the mortgage industry. Among those altering their practices, the most common change was to more frequently recommend a company’s “preferred mortgage provider.”
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