BrokerageIndustry News

Industry vet banks on lender-branded property sites

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A feed of multiple listing service-based property information to lender-branded Web sites may appear to be a direct conflict with the National Association of Realtors' battle to keep national banks out of the real estate brokerage business. But Steve Kropper, the founder of Bank on Real Estate, is banking that this business model will be a win-win for lenders, real estate brokers and consumers. Real estate brokers who partner with Bank on Real Estate agree to share real estate information with lender-branded sites through MLS-based broker information exchange (IDX) agreements. Brokerage companies that receive contacts from prospective home buyers who partner with Bank on Real Estate agree not to promote competing loan products to those prospective buyers. The goal of the company is to boost lead-generation for lenders and real estate brokers while offering new MLS-based online venues for consumers to search for homes, said Kropper. "Almost every home buyer is a mortgage-loan prospect a...