Inman News (02/05/08) ; Roberts Jr., Glenn
Opposed to national banks entering the real estate brokerage business, the National Association of Realtors is keeping a close watch on Bank on Real Estate, which is partnering with property brokers to share property data with lender-branded sites via MLS-based broker information exchange (IDX) agreements. Brokerages that receive contacts from prospective home buyers who partner with Bank on Real Estate agree not to tout rival loan products to those buyers. The company's chief objective is to increase lead-generation for property lenders and brokers while offering new MLS-based Internet venues for consumers to conduct home searches. Bank on Real Estate founder Steve Kropper notes that his company is paid by lenders "in a RESPA-compliant way" and that it charges brokers upfront lead fees and additional fees for leads that result in closed property deals.
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