Industry NewsMortgage

Real estate bundling a hard sell

Mortgage brokers, Realtors, consumers need to buy into concept

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SAN FRANCISCO–Mortgage brokers have resisted the concept of "bundled services" because it was presented to them as something that would be forced upon them by regulators. "What it essentially did was give them something to fight against," said Joe Tyrrell, SVP of settlement service partner relationships with Ellie Mae. Tyrrell's comments were part of a Thursday afternoon panel on "Bundled services: Working with lenders, data providers, title companies and Realtors," at Inman News' Real Estate Connect 2004. Tyrrell said his views – representing those of mortgage brokers – came from discussions Ellie Mae has had with its clients. Ellie Mae is a technology company that provides tools to mortgage brokers. Bundled services, or combining fees for services such as credit reports, title reports and other items needed to close a mortgage, can reduce the cost of a loan to consumer and streamline the process, the panelists said. At least one lender is having success w...