NAR Update and Lending Info

Happy Friday. Hope you all have great weekend plans coming along. Just wanted to touch base and share what I have seen with the NAR updates and how it has impacted the industry in regards to a lending standpoint over the past couple of weeks. So we're a couple of weeks in. Honestly, there really hasn't been much of an impact. I think, for the majority of everything, it's kind of business as usual. So that's the good news. Just a couple of notices on our side for lending.
We do need a copy of the buyer agencies and the comp agreements along with the contracts. You know, we just need to make sure that the borrower has enough funds for closing if they are paying any sort of commission. So if you could please send it over on the front end, that would make it super helpful for me to let the buyers know how much they're gonna anticipate needing for closing. And, the underwriter's gonna need it, and the closing attorney's gonna need it. Everybody's gonna need it. So I just make sure that all parties have it, so that would be great. And, and then also check your dates on the buyer's agencies. Make sure they align with the, the showing of the properties.
I know that, logistically, you're not always going to, even though you should, get a buyer's agency signed before showing a property. But, but just make sure kind of if it aligns because I have heard the MLS may be pulling them or asking you to pull them and send them over and look at Showing Time and see what lines up. So just kind of a heads up there just to be cognizant of the dates and the the, the time frame. And let's see. What else? What else? State housing. State housing will not allow the, any of the down payment assistance funds to be used towards the commissions if the buyer is paying any part of commissions. So heads up there on that one. And then also a recommendation suggestion, however you wanna utilize it in your business, you may just may wanna take it into consideration with, any listings that you have.
When you receive a showing time request, maybe you want to go ahead and send over the comp agreement. Have a preliminary filled out and send it to that buyer's agent. That way, they know right off the bat how much to expect regarding the seller paying comp on that property. So that might save you some time and energy. And then, also, what are you doing to set yourself apart from other real estate agents, other buyers' agents, and other listing agents? So, what are you doing to define you and your business and who you are? So if you don't have a bio prepared, I would recommend putting that together for your buyer's package and listing package, as well as maybe an outline of the process for buyers and sellers. I know that would be super helpful for them. What do you do in regards to marketing or through the process? A list of your preferred relationships for a lender, attorney, insurance, home inspectors, repairs, whatever the case may be. Or if somebody's coming in from out of state, maybe you want to share doctor recommendations, dentists, hairstylists, or other helpful information that would be useful for buyers and sellers.
What are you doing to set yourself apart? If you need any suggestions or recommendations, please reach out. I'm here to help you, your clients, and your business. I want to make it a smooth process. So, just let me know what I can do to help you along the way. Have a beautiful day, and have a great weekend.
Kelly Phillips, Branch Manager/Sr. Loan Officer | NMLS# 552587 | Licensed in SC, NC, GA, FL, VA, KY, IN & OH | Fairway Independent Mortgage Corporation | 901 Island Park Drive, Suite 201, Daniel Island, SC 29492 | 843.209.8805 | YourFairwayLender.com
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