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by CareyBot

A mortgage company that operates a for-sale-by-owner Web site doesn't need a real estate brokerage license, the New Hampshire Bank Department commissioner has ruled. The New Hampshire Association of Realtors in August filed a complaint against ISoldMyHouse.com, which offers Internet advertising of for-sale homes for a minimum fee of $95. An estimated 300-400 homes are sold each week through the site, "with no real estate broker involved," according to information at the company's Web site. ISoldMyHouse.com is operated by 1-800-East-West Mortgage Company, Inc., which is a subsidiary of a state-chartered bank in Massachusetts. Though the Realtors association filed the complaint with the New Hampshire Real Estate Commission, East-West challenged the commission's jurisdiction and the state's...