GENERAL SESSION: Realtor Litigation and the Implications for IMBs
A recent court decision and related litigation concerning the National Association of Realtors’ Multiple Listing Service rules regarding how buyer real estate agent compensation is set could take years to resolve. But in the meantime, the market can be expected to develop and test new approaches to the negotiation and payment of buyer agent commissions. These changes could have significant implications for homebuyers and buy-side real estate agents, the primary source of referral business for most IMBs. Find out what is currently at play from speakers with a front row seat to the change.
Speakers
Moderator
Pete Mills is Senior Vice President of Residential Policy and Member Engagement at the Mortgage Bankers Association (MBA). In this position, he leads the MBA's residential policy team and state and local advocacy program and directs the MBA's residential member engagement efforts across the MBA value platform. Mills is an experienced financial services industry executive with more than 30 years of expertise in public affairs, government relations, public policy, and research, all in the housing and mortgage finance arena. Prior to joining MBA, he served as Managing Director and co-founder of the Community Mortgage Banking Project, a public policy organization that represented the interests of companies and coalitions involved in the housing and mortgage finance industries. During his career, Mills led corporate public affairs for Countrywide Financial, managed trade association policy advocacy for the California Mortgage Bankers Association and the California Association of Realtors, and conducted housing policy research at the Federal Reserve Board. He has a BA in Economics from the University of California at Berkeley, where he graduated with distinction in 1982.
Speakers
As Vice President of Industry Development at Zillow, Curt is engaged with the company’s MLS and association-focused industry relations strategy and outreach. After a brief retirement to pursue other interests, Curt returned to Zillow in November 2022. Previously, Curt joined Zillow in March 2014. Curt has spent almost 30 years working in technology and telecommunications focused on the real estate industry. He is a frequent speaker on technology trends and the future of the real estate industry.
Matthew VanFossen is a successful entrepreneur and the CEO of the Absolute Home Mortgage Corporation, a mid-size Independent Mortgage Banker located in Fairfield, NJ. He is also the CEO of Mortgage Automation Technologies, a financial technology provider specializing in consumer mortgage technology. Matthew has been a driving force in the Mortgage industry and is a respected figure in the community. He is the president of the New Jersey Mortgage Bankers Association and the Vice President and board member of directors for the Community Home Lenders of America. Before founding Mortgage Automation Technologies, VanFossen had already established himself as an accomplished Mortgage Banker, having taken on a executive role of several successful mortgage companies. He has a wealth of experience in the tech and finance industry, and has also worked as a consultant for various fintech startups and mortgage lenders nationwide. VanFossen's passion for innovation and technology is evidenced by his numerous achievements. He has been named a "Top mortgage professionals Under 40 " by National Mortgage Press and has been featured in various publications, including Scotsman’s guide and Housing wire. In 2023 Matthew was awarded the ICE Mortgage Technology Innovators award for best us of Next Generation Mortgage Technology by Encompass. Under VanFossen's leadership, Mortgage Automation Technologies has become a major player in the financial technology space, offering web-based pint of sale solutions to some of the biggest mortgage companies in the industry. VanFossen's technology enables efficient and speedy consumer mortgage transactions, eliminating consumer communication complaints and reducing costs for users. VanFosse also serves as Vice President of the Community Home Lenders of America. A national non-profit association of small and mid-sized community-based mortgage lenders that promotes federal mortgage programs, rules, and regulations which treat community mortgage lenders fairly.
Justin Wiseman is Vice President and Managing Regulatory Counsel in the Public Policy and Industry Relations department at the Mortgage Bankers Association. Justin manages MBA’s Regulatory Policy team that covers legal issues, trends in litigation, regulatory compliance matters, and servicing as well as provides strategic direction to advance MBA member priorities on regulatory and legal matters. This team also analyzes pending rules and legislation, provides comments on behalf of MBA members on pending rules or regulations and helps develops MBA’s posture towards innovation and innovation policy. Prior to this, he staffed MBA’s Loan Administration committee, providing policy development insights and working with stakeholders to advocate on behalf of the industry.
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