Here is my take on the banks in real estate issues. I recall when the Comptroller of the Currency floated this idea it got shot down. I for one endorse it strongly. My rationale is simply this, if banks get into real estate as a form of financial endeavor, they will need to hire on licensed real estate brokers and agents. This would be a boom for the small business folks. Secondly, competition is always good for the market place. Personally I do not see a lot of banks venturing into this area due to start up cost etc. Beside what is the big difference between a bank and a national company that is corporate owned (C21, CB etc) getting into real estate?
National banks can engage in real estate brokerage and management activities with respect to properties they own (notably, properties acquired through foreclosure) and properties in trust that they administer for the beneficiaries.
I just cut and pasted that excerpt from the article on NAR's site.
So how does this effect "Loan Servicers" I keep hearing that Ocwen is opening brokerages in Ca. and other States. The Ca. Business and Professions Code says that TRUSTEES do not need Real Estate Licences. There seems to be a tug of war going on here but I can not see who is holding on to either end of the rope.
Ocwen has to see that they are not Trustees and bringing Property to the Retail Market is not something done by any trustee company I know and I am hearing they are making a business plan change with Brokerage Licences.
Change .. Change.. Change you have to love it because it happens every day.
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Can you please link the quote you got? I'm sure there's more to that.
I just cut and pasted that excerpt from the article on NAR's site.
Ocwen has to see that they are not Trustees and bringing Property to the Retail Market is not something done by any trustee company I know and I am hearing they are making a business plan change with Brokerage Licences.
Change .. Change.. Change you have to love it because it happens every day.