VA officials said they would temporarily allow veterans buyers to pay agents directly, though the comments were not an official release.
WASHINGTON — The Department of Veterans Affairs will temporarily lift a ban on buyers making payments directly to professional real estate agents until officials determine they need to enter a formal rulemaking process, VA officials said Tuesday at a Mortgage Bankers Association conference in New York.
While not an official announcement, comments from VA Deputy Director for Policy Michelle Corydon drew relief from the real estate industry because the VA’s mortgage guarantee is the only loan program with this explicit prohibition. If sellers don’t offer compensation to buyer’s agents, veteran buyers’ options could be limited, potentially forcing veterans to go without professional representation or switch to less favorable loan products.
“NAR has launched an all-hands-on-deck advocacy effort on this issue, meeting with VA officials, negotiating with lawmakers and rallying our industry partners together to get this ban lifted,” said Shannon McGurn, chief advocacy officer for the National Association of Realtors. “It’s also a testament to the thousands of real estate agents who came to Washington a few weeks ago with a unified message.
Without this change, thousands of veteran buyers may lack access to expert representation in achieving the American dream of homeownership. This additional step will ensure that veterans have the same competitive opportunity as other veterans in a tough housing market. We applaud the VA for recognizing this danger and acting swiftly to protect veterans.”
© 2024 National Association of Realtors® (NAR)
