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CLOSING COST CUTS
Biden’s aim to eliminate ‘junk fees’
#26
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Big news for Estate Media’s own Josh Flagg!
Top-performing agents need a top-ranking brokerage—and for Josh, now that’s Compass. With this major move from Douglas Elliman, Josh brings with him over $400M in listings, including the former estate of Judy Garland, listed at $11.495M.
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Tracy Tutor has spent nearly 24 years mastering the high-end industry in California, closing multi-million-dollar deals in every market cycle. Listen to the latest episode of Glennda’s Guru to learn how she did it, and why she believes agents aren’t going anywhere.
TRACK THE TRENDS
MARKETS
Good news for buyers
Aiming to trim rising closing costs, President Biden’s housing plan—unveiled in last week’s State of the Union address—takes a swift swing at ‘junk fees’ charged by lenders during the closing process. Biden’s proposal, which includes closing cost cuts and a $10,000 tax credit for first-time buyers and starter-home sellers, was met with mixed reviews, especially from the mortgage industry.
The ‘junk fees’ spotlighted by the Consumer Financial Protection Bureau (CFPB) include costs like title insurance, appraisal fees, credit report fees, and loan origination fees.
While these services are necessary for securing a mortgage and transferring property ownership, the CFPB believes some of these fixed fees are unnecessarily high—jumping 21.8% from 2021 to 2022, to nearly $6,000 per sale.
The Mortgage Bankers Association is already pushing back on the proposal, calling the focus on these fees “illogical,” and arguing that these services keep the market fair and transparent.
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