The Roundtable strongly supports adoption of the regulation for three reasons. First, permitting financial holding companies and national bank subsidiaries to enter the real estate brokerage business is good for consumers. Second, it is good for the financial services industry. The Roundtable strongly believes that consumers will be the real winners if the regulation is adopted. Adoption of the rule will increase competition in the brokerage industry.
More competition means more consumer choice, lower prices, and better customer service.
Adoption of the rule is necessary to meet consumer demand for one-stop shopping for all their home buying needs. The NAR study concluded that 77 percent would consider using a bank for those one-stop shopping services in future transactions. The consumer's life will be simplified and services will be expedited. Many traditional real estate brokers have already responded to consumer demand for one-stop shopping and are offering mortgage and insurance services in addition to real estate brokerage services. Opponents of the regulation contend that consumers are worried about their privacy when purchasing a home.