{"id":438075,"date":"2024-01-11T08:00:00","date_gmt":"2024-01-11T13:00:00","guid":{"rendered":"https:\/\/www.housingwire.com\/?p=438075"},"modified":"2024-01-08T16:07:51","modified_gmt":"2024-01-08T21:07:51","slug":"heres-why-well-see-more-affiliated-arrangements-being-built-in-2024","status":"publish","type":"post","link":"https:\/\/www.housingwire.com\/articles\/heres-why-well-see-more-affiliated-arrangements-being-built-in-2024\/","title":{"rendered":"Here\u2019s why we\u2019ll see more affiliated arrangements being built in 2024"},"content":{"rendered":"\n

Although what lies ahead in the world of real estate<\/a> and mortgage<\/a> services in 2024 remains a bit uncertain, it\u2019s now crystal clear that, beyond the already-tired suggestion that we \u201csurvive until \u201925,\u201d quite a few businesses will be seeking to find additional sources of revenue.<\/p>\n\n\n\n

One potential stream that quickly comes to mind is the potential of capturing title<\/a> and closing<\/a> business. Accordingly, we\u2019ve already seen any number of builders<\/a>, mortgage lenders and real estate firms building new affiliated business arrangements (ABAs) or entering into partnerships that put them into the game for settlement services revenue.<\/p>\n\n\n\n

That activity will only increase as we move through the year. Here\u2019s why.<\/p>\n\n\n\n

The full impact of the Burnett verdict has yet to be seen<\/strong><\/h2>\n\n\n\n

The final disposition of the Burnett vs. NAR<\/a> decision likely won\u2019t be seen for years as the result works its way through the courts. For the most part, many brokerages<\/a> and real estate agents on the buyer\u2019s side of the transaction have continued on with a \u201cbusiness as usual\u201d approach until we have certainty as to the true impact. And yet, in combination with what remains an uncertain market, more and more teams and brokerages will likely have the incentive to increase revenue and remove the uncertainty from the buying side well before they have to.<\/p>\n\n\n\n

It’s entirely possible we\u2019ll see the continuation of the trend towards team selling in the wake of Burnett. <\/em>It\u2019s not hard to imagine an approach where the listing agents take the lead on the front end of a transaction while a team of buyer agents works with them in the background. Such an approach would likely tend toward a transactional, brokerage-focused revenue model.<\/p>\n\n\n\n

In these cases, it would be logical for teams and brokerages not only to seek out additional revenue, but to retain greater control over a transaction from start to finish, which affiliated title operations can bring. In building such arrangements, the real estate firm would have greater control over the experience, hopefully speeding the process from start to finish and delivering a smoother overall customer experience. It won\u2019t be the first time this industry loudly extols the virtues of one-stop shopping.<\/p>\n\n\n\n

Here\u2019s who will be seeking to build and grow ABAs\u2026and who shouldn\u2019t<\/strong><\/h2>\n\n\n\n

Naturally, until we see a significant upturn in overall origination volume, it won\u2019t just be brokerages and teams seeking to build ABAs or enter into title partnerships. Lenders and builders have also shown a heightened interest at a time when construction materials remain costly, labor costs and pay rates are elevated and interest rates<\/a> remain high.<\/p>\n\n\n\n

At the same time, a more controlled closing experience could help address closing delays arising from the lender\u2019s side or the construction process. While it\u2019s easy for a third-party closing firm to point fingers and shift the blame in such instances, an affiliated operation is \u201cpart of the team.\u201d No one will be thrown under the bus in such situations. Accordingly, there are multiple compelling reasons for lenders and builders to consider an affiliated title operation.<\/p>\n\n\n\n

Far too often, however, a non-title business will focus on the potential for new revenue without fully considering the cost and the burden that comes with building any new business. <\/p>\n\n\n\n

To slightly oversimplify it, a true affiliated arrangement likely won\u2019t pass regulatory scrutiny if the arrangement isn\u2019t being run like a viable business, with any and all partners not fully engaged. Businesses hoping to simply refer their customers to an affiliated arrangement in exchange for a cut of the settlement fees have learned this the hard way.<\/p>\n\n\n\n

So when should a builder, real estate firm or lender consider other alternatives to an ABA, such as partnering with an existing title agency? For starters, if there\u2019s no long term strategy (IPO, build to sell in five years) in place, the arrangement is off to a bad start. \u201cLet\u2019s see how we do\u201d is not a strategy for starting most businesses and it won\u2019t work for an ABA, either.<\/p>\n\n\n\n

Other offshoots of this philosophy (or lack thereof) include the parent business not having some way of actively being involved in the day-to-day operation of the ABA. Or perhaps the venture is woefully undercapitalized because of mistakes in building out a pro forma and business strategy.<\/p>\n\n\n\n

Do you have a plan for how the affiliated operation will capture new business \u2014 and not just from your own operation? For many reasons, this can get overlooked as well, and it\u2019s seen often in affiliated arrangements that fail quickly.<\/p>\n\n\n\n

Finally, geography \u2014 often the impetus for building an ABA or entering a partnership with a title agency \u2014 is a major factor in planning an affiliated title operation. Where will the business come from? State by state and sometimes, even county by county, the new operation will have to undergo the same licensing (and compliance processes) any other new title business would. This takes time, expertise and funding. You might even be required to have a brick-and-mortar operation in that state or county. <\/p>\n\n\n\n

If you\u2019re not planning to invest sufficiently in such requirements, chances are that some other form of true partnership with a  title or escrow firm might be a better alternative.<\/p>\n\n\n\n

When is an affiliated arrangement the best option for real estate firms, lenders and builders?<\/strong><\/h2>\n\n\n\n

For those considering the process of building an ABA, the answer should be \u201cyes\u201d to each of the following questions if an ABA is truly right for you.<\/p>\n\n\n\n

    \n
  • Are you planning and willing to treat the ABA like a new business with a long term strategy and exit plan?<\/li>\n\n\n\n
  • Are you truly aware, either from your own experience or with the help of an experienced, successful title professional who has actually built a successful title operation in the real world, of all of the expenses that come with a start-up title operation?<\/li>\n\n\n\n
  • Do you have a viable sales model, beyond expecting all new business from the parent company of the ABA?<\/li>\n\n\n\n
  • Have you arranged for sufficient capitalization?<\/li>\n\n\n\n
  • Finally, do you have qualified people and effective, sustainable systems in place?<\/li>\n<\/ul>\n\n\n\n

    Building an affiliated title operation can be a fantastic means of capturing new revenue, which is why ABA activity generally spikes during slower market conditions. But it\u2019s critical to understand that it\u2019s anything but simply agreeing to send the new operation most or all of your clientele in return for a percentage of the fees. You don\u2019t have to be an attorney to know that\u2019s the biggest no-no RESPA provides. <\/p>\n\n\n\n

    Building a truly successful ABA requires strategy, experience, planning and above all, commitment. While many real estate brokerages and professionals will very likely look to ABAs in the uncertain aftermath of the Burnett decision, it\u2019s important they realize that there\u2019s much more to it than that.<\/p>\n\n\n\n

    Aaron Davis is the CEO of AMD Enterprises<\/strong>, a conglomerate of eClosing, technology, settlement services and consulting services which includes Florida Agency Network<\/strong>, Closingsuite.com<\/strong>, Premier Data Services <\/strong>and Network Transaction Solutions.<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

    We\u2019ve seen any number of builders, mortgage lenders and real estate firms building new affiliated business arrangements or entering into partnerships that put them into the game for settlement services revenue.That activity will only increase as we move through the year. Here\u2019s why.<\/p>\n","protected":false},"author":661,"featured_media":391545,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1692,219954],"tags":[],"coauthors":[237178],"acf":[],"yoast_head":"\nHere\u2019s why we\u2019ll see more affiliated arrangements being built in 2024 - HousingWire<\/title>\n<meta name=\"description\" content=\"An affiliated title operation can be a fantastic means of capturing new revenue, which is why ABA activity generally spikes during slower market conditions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.housingwire.com\/articles\/heres-why-well-see-more-affiliated-arrangements-being-built-in-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Here\u2019s why we\u2019ll see more affiliated arrangements being built in 2024 - 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