Considered one of the largest independent U.S. real estate companies, Keyes has signed a servicing agreement with OnePipeLine Inc., a Salt Lake City software company that developed an automated, loan origination and compliance application linking the real estate and mortgage finance industries. Neither company disclosed terms of the servicing agreement.
The Miami-based firm becomes the first brokerage in Florida to use this embedded software technology, OnePipeLine spokesman Mark Boos Benhard tells GlobeSt.com. By linking lenders with real estate brokers, the company is creating a one-stop real estate shopping experience for prospective homebuyers, Boos says.
Although Keyes is the first brokerage to use the service, OnePipeLine recently signed a similar servicing agreement with the Florida Association of Realtors. The contract enables nearly 65,000 real estate agents in Florida to earn a fee each time they originate a mortgage.
By adhering to strict rules and regulations, Benhard says, the Salt Lake City essentially becomes a temporary part-time employer each time a Realtor refers a customer to a lender of choice. In the case of Keyes, the servicing agreement with OnePipeLine encourages Keyes' agents to refer homebuyers to HomePartners Mortgage. The agent then would receive a share of the 1% mortgage origination fee normally charged on any home loan.
"Now (Keyes) can operate in a way to compensate the Realtor so that their customers work with their lender," Benhard says. "What's at sake is the origination fee, which is shared. The fee is a current fee; so it's just redistributed."
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