BrokerageIndustry News

Brokers jump on affiliate partnership bandwagon

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Instead of riding the A train, more and more real estate brokers are jumping on the ABA bandwagon, beefing up their bottom lines with affiliated business arrangements. A part of the industry for more than 10 years, ABAs, which are partnerships between real estate brokers and ancillary services such as title companies and lenders, today are catching fire. "They are absolutely on the upswing. The trend has a lot of momentum behind it," said Steve Ozonian, national home-ownership services executive for Bank of America. "We've been doing these arrangements a couple of years now and have well over 100 in place now. Probably double that number is in the pipeline," Ozonian said. Metrocities Mortgage, a national home loan lender based in Southern California, saw a 44 percent increase in the number of ABAs at the company between 2003 and 2004, Arthur Ringwald, president of Metrocities' loan production said. ABAs are "our main business driver," he added. "We're signing about one and a half new...