This week, Mark is joined by Greg Schatzke of Servion to discuss the new real estate agency rules and how they impact credit unions. Greg also gives us a state of the world and discusses untapped options for credit unions.
IN THIS EPISODE:
- [2:33]Mark and Ashley introduce themselves
- [4:02] Servion Group has five businesses under its umbrella
- [7:00] Rules have changed for real estate contracts
- [11:14] Greg explains how the NAR changes have created additional paperwork, and there are no standardized documents across the nation
- [17:06] Ashley explains how this could open the door to discrimination
- [21:28] What sets mortgage lenders apart?
- [26:40] Ashley recommends that credit unions take assessments of their performance metrics in all phases of their business
- [28:27] Ashley reveals the key to success for a real estate agency partnering with a credit union
- [30:11] The guests make their predictions for the coming years for credit unions, real estate commission structures, and interest rates
KEY TAKEAWAYS:
- Servion has five business units under the Servion Group: Servion Mortgage, Servion Realty, Servion Residential Title, Servion Financial Advisors and Servion Commercial Loan Resources. All of these businesses work with credit unions across the country.
- The NAR settlement has reshaped the real estate market, increasing buyers' responsibility to understand and negotiate agent commissions. Nationwide, buyers now need to sign a representation agreement before viewing homes, pushing for greater commission transparency. States like Minnesota, already familiar with buyer representation, will reinforce these practices as buyers adjust to these new requirements.
- The NAR settlement means that casual home visits are more restricted—buyers can’t simply call the listing agent to see a property unless they've signed a buyer representation agreement. This adds transparency but makes the process more complex. The exception is open houses, where buyers can still look without needing an agreement, but that could lead to additional costs for the buyer down the road.
RESOURCE LINKS
Mark Ritter - Website
Mark Ritter - LinkedIn
Servion - Website
Ashley Rabamahefa - LinkedIn
Greg Schatzky - LinkedIn
Contact Servion at 800-631-3111
BIOGRAPHY:
Greg Schatzke is the VP of Mortgage for the CUSO Servion based in Minnesota. In his role, Greg is responsible for overseeing the daily operations of Servion Mortgage and their 500+ retail, correspondent and wholesale partnerships.
Ashley is a dedicated professional in the real estate industry, currently serving as an Agent Coordinator and Realtor at Servion Realty. With a background as a Property Manager overseeing portfolios of over 500 units and leading multi-million dollar remodeling projects, Ashley's expertise extends across various facets of real estate.
Driven by a passion for helping people, Ashley transitioned to residential real estate as a Realtor, where she finds fulfillment in guiding clients through the home buying and selling process. Her commitment to making life-changing decisions more accessible for others is the cornerstone of her approach.
Beyond her work in real estate, Ashley...
