The NAR settlement reshaped how buyer-agent compensation works in Chicago. Lenders who understood that shift built referral relationships that no rate sheet could have created.
Dean Vlamis | A&N Mortgage Group | Chicago, IL | 100% women-owned mortgage platform | Leadership accessibility, operational speed, collaboration culture | NMLS No. 19291
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When the new rules took effect in August 2024, buyer agents suddenly needed answers about buyer-broker agreements, seller concessions, and deal structuring. Most lenders treated it as a paperwork problem. A few saw it as an opportunity for partnership. The difference continues to show up in the lenders Chicago Realtors® call first.
The settlement changed how buyer agent compensation is disclosed and paid at closing. Buyers must now sign a buyer-broker agreement before touring homes. Agent compensation is no longer automatically covered under the seller’s listing agreement.
Many first-time buyers in Chicago enter the market with tight reserves. They need to understand how compensation fits into the total cash-to-close picture. That understanding has to come before they write any offer.
This confusion is not theoretical. It shows up in real transactions across the market.
In Chicago, many first-time buyers rely on programs from the Illinois Housing Development Authority. While useful, it could create a math problem that many buyers and agents had not anticipated. A buyer who barely had enough for the down payment was now potentially facing a separate check for their agent’s fee at closing. That changes the entire deal structure.
I’ve seen the impact directly. One buyer described being comfortable with the monthly payment but genuinely nervous about writing a separate check for their agent. That kind of anxiety, left unaddressed, can disrupt deals that otherwise make financial sense.
Seller concessions can absorb buyer agent compensation without creating a new out-of-pocket expense for the buyer. You just need to structure the deal correctly from the start.
That requires a lender who understands how concession limits work across loan types. They also need to know how to frame the request in an offer without weakening the buyer’s position. It’s also important to model the full closing cost picture before signing the contract.
This work happens before the offer goes in. It is not a last-minute fix. And it is exactly where A and N Mortgage built deeper relationships with Chicago agents.
Agents who had once sent deals to national online platforms started calling our team. They needed someone who could actually answer the question in front of them, not route them to a support queue.
Dean Vlamis brings that approach to every pre-offer conversation.
“Buyers were suddenly more aware that they might be responsible for some, if not all, of their agent’s pay. So we walked through the different contract structures, how seller concessions can be used with loan guidelines, and what that meant for the closing cost and cash to close. The best lender-agent relationships in Chicago now look like true partnerships. We sit down together to structure offers that account for agent compensation, closing costs, and rate strategy as one integrated plan, not separate silos.” – Dean Vlamis, Mortgage Professional and Company Leader, A&N Mortgage Group
Most lenders treated the NAR settlement as a compliance matter. They updated their disclosures and moved on.
We took a different approach. Our team started meeting with agents, running through the numbers, and walking both buyer and listing agents through what was possible under loan guidelines. Not in general terms. In deal-specific terms.
Loan originators sit at the bottom of the transaction in terms of visibility, but they hold the information that every other party needs to move forward. That position carries responsibility. A and N Mortgage approached the transition with that responsibility in mind.
The agents who worked closely with our team through the settlement transition did not just get their questions answered. They developed a repeatable approach to having the compensation conversation with buyers before the offer stage. They got a lender who modeled multiple scenarios rather than issuing a rubber-stamp pre-approval and going quiet.
Agents who had been operating in isolation on compensation conversations found a partner who could sit across the table, explain the math, and help them write offers that still won.
Chicago’s market has its own texture. First-time buyers leaning on IHDA programs. Multi-unit properties where rental income changes the qualifying picture. Older condo buildings with association nuances that national lenders do not know how to handle. A property tax environment that adds complexity to every pre-approval conversation.
In this market, an agent’s reputation rides on every deal they bring to a lender. The NAR settlement added a new layer of that exposure.
Agents needed a lending partner who could explain the compensation conversation clearly to their buyers. They also needed someone who could structure offers that still won in competitive situations and make sure the cash-to-close math held up through closing.
Are you a Chicago-area Realtor® still working through how to position buyer compensation in your client conversations? That planning discussion is exactly what A and N Mortgage Services is built for.
Connect with Dean and the A and N Mortgage team before the offer goes in. The earlier the conversation happens, the cleaner the deal.
The settlement accelerated a shift toward more collaborative lender-agent relationships. Agents increasingly need lending partners who can participate in the pre-offer conversation, not just process paperwork after the contract is signed.
“If you’re a buyer confused about how your agent gets paid, or an agent trying to adapt your business model, we’re here to run the numbers, explain the options, and help you write offers that still win. It’s helped us become true partners with agents. We became someone helping them navigate this when they didn’t understand what was happening.” – Dean Vlamis, Mortgage Professional and Company Leader, A&N Mortgage Group
That kind of partnership does not come from a rate comparison. It comes from showing up when the market shifts, with answers that protect someone’s deal and professional reputation.
What is the NAR settlement, and how does it affect Chicago buyers?
The National Association of Realtors® settlement took effect in August 2024. It changed how buyer agent compensation is disclosed and paid. Buyers must now sign a buyer-broker agreement before touring homes. Agent compensation is no longer automatically covered under the seller’s listing agreement.
Can seller concessions cover buyer agent compensation after the NAR settlement?
In many cases, seller concessions can be structured to cover buyer agent compensation without adding out-of-pocket costs for the buyer. The key is understanding how concession limits apply across different loan types.
What should Chicago Realtors® look for in a lending partner after the NAR settlement?
Realtors® should look for a lender who can model the full closing cost picture before an offer is written. You also want a lender partner who can explain compensation structures clearly to buyers. Accessibility matters more than ever. A lender who is reachable during the offer stage and can run numbers in real time is a meaningful competitive advantage for any agent.
Is it possible to win in a competitive Chicago market while including buyer agent compensation in the offer?
Yes, but it requires strategic structuring of the offer. Sellers focus on net proceeds and certainty of close. When a buyer’s agent and lender work together to present a clean offer with a well-explained concession request, it can be received differently than a generic ask. The framing and the numbers both matter, and that preparation starts before the offer goes in.
How has the NAR settlement changed how lenders and Realtors® work together?
The settlement pushed lender-agent relationships toward genuine collaboration. Agents now need lending partners who can participate in the pre-offer conversation, not just process paperwork after the contract is signed. Lenders who understand compensation structures, concession strategy, and Chicago-specific loan program rules are now more valuable to referral partners than those who compete only on rate.
The NAR settlement changed how deals come together in Chicago, and strong partnerships now shape successful outcomes. Realtors® who collaborate early with the right lender can structure cleaner offers and protect their clients’ position.
The team from A and N Mortgage Services partners with Chicago Realtors to build that strategy from the start. Contact our team to walk through your next deal and explore your options.
Dean Vlamis is the founder of A&N Mortgage Group in Chicago. He leads a 100% women-owned Chicago mortgage platform with direct experience structuring complex files including ADU financing, renovation lending, and investment property qualification across Chicago’s diverse neighborhoods.
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