Real estate credit mediation. The convenience of not looking for a mortgage

Real estate credit mediation is back. On July 26, an amendment was approved by the House of Representatives, contained in the DDL competition, aimed at restoring compatibility between the activities of real estate agents and credit mediation. Compatibility that had been broken only a few months ago with the law 238 of 2021.

Compatibility between real estate agent and credit brokerage returns. Real estate credit mediation is back. Yet, the law sanctioning its incompatibility is not from the 1970s. This is European Law 2019-2020 (Law No. 238/2021, published in Official Gazette No. 12 of January 17, 2022). And in this law, Article 5 paragraph 3 Law 39/89 stipulated the incompatibility between the practice of real estate brokerage with financial services activities.

In other words, banks and credit agents could no longer sell houses.
On the opposite side, a real estate agent could no longer offer mortgages.

The measure passed this summer once again makes the activity of a real estate agent compatible with that of a credit broker. Or rather we should say with that of an associate of credit brokerage firms. Yes because, as pointed out in this article, a real estate agent may work for a credit brokerage firm (as an employee or as an agent), and may broker mortgages and policies but only in the name and on behalf of a credit brokerage firm.

House&Loft offers its clients comprehensive assistance and advice in financial credit services.
Real estate brokerage is closely linked to the provision of a bank loan or mortgage, and House&Loft is now able to follow up with its clients even at this particular moment in the business negotiation.
Yes … the customer finds the mortgage that suits him or her without the trouble of having to search for it.

Contact us . Together we will find the form of financing that best suits your financial situation and real estate goals.

Real estate credit mediation: what does this return to the past mean for the professionals involved?

Regarding the regulations on credit brokers, the Competition Decree rewrote a nodal point of Legislative Decree 141/2010, expressly providing that the activity of a credit broker is compatible with that of a real estate agent.
This means that credit brokerage firms will also be able to do real estate brokerage.

In other words, banks will be able to sell houses.

While, on the real estate agent discipline side, the Competition Decree changed the prohibition for real estate agents to also be credit brokers. In fact, the law provides that the real estate agent may also be an employee or associate of a credit brokerage firm.

In a nutshell, the real estate agent goes back to offering mortgages. A mortgage broker.

But he will only be able to do so as an agent or as an employee of a credit broker. Indeed, he himself will not be able to become a credit broker.

However, the issue for the purposes of the end client is really of little consequence: the real estate agent will be able to go back to helping his or her client find the mortgage that best suits his or her purposes. In fact, the real estate agent once again has the ability to fully accompany the buyer from the time of the inspection to the time of the mortgage signing.

A rather common case is the proposed purchase contingent on obtaining a mortgage. If hitherto the real estate agent, in order to aspire to get his or her just compensation, had to hope that the bank would grant a mortgage to his or her client now he or she becomes an active part of the process by supporting the client in finding a lending institution.

You then allow the client to return to having a financial reference throughout the process in facing one of the most important choices of his or her life.

Contact us. Together we can help you both in identifying the property that best meets your needs and also in the delicate stages that often precede the deed.

Who stands to gain? Banks or real estate agencies?

In our opinion only the customer.
Following the reintroduction of the law, dozens of reactions were seen. Often opposed: from those who toasted the return of the ability to make margin on credit mediation to those who harshly criticized the government for presenting yet another gift to the banks.

Our opinion is very clear: the one who gains is the customer. In fact, not all (our) clients are frequent visitors to banks and financial institutions. And having a trusted person to accompany them on this journey is a relief.

Here we say to all of them that we are there. Looking for a mortgage through a credit broker? Contact us. Or discover our brand new mortgage counseling service

House&Loft offers its clients comprehensive assistance and advice in financial credit services. Real estate brokerage is closely linked to the provision of a bank loan or mortgage, and House&Loft is now able to follow up with its clients even at this particular moment in the business negotiation.

Contact us . Together we can help you both in identifying the property that best meets your needs and also in the delicate stages that often precede the deed.

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