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Here's a summary of what you need to remember: 

1. Compensation remains fully negotiable by buyers and sellers and their agents. 
2. Buyers must sign a written agreement (Form 41 - Buyer Brokerage Service Agreement) with their chosen broker before touring a home whether in person or live virtually. The agreement will reflect the terms they have negotiated with their agent including what services will be provided for how much and how the agent will be compensated. 
3. If sellers have not offered compensation, buyers can request in their offer that sellers compensate the buyer broker. 
4. If the seller is not paying buyer broker compensation, the buyer will be responsible for paying their agent if agreed to in the written agreement.  For this reason, buyers will either negotiate, shop around, go with discount services or go straight with the listing agent - each option will require serious discussion prior to committing to paying of up to 3% commission if seller refuses to pay for buyer's agent commission.

Buyers do not need a written agreement when just speaking to a listing agent at an open house or asking them about their services.  Current regulation does not allow agent commission payments to be financed as part of a mortgage. 

Here's what NAR settlement means for homebuyers: 

1.  You will sign a written agreement with your agent before touring a home. 
2. The agreement must include four components concerning compensation. 

• A specific and conscious disclosure of the amount or rate of compensation the real estate agent will receive or how this amount will be determined. 
• Compensation that is objective such as $0, Flat Fee, X %, X hourly rate and not open-ended such as "buyer broker compensation shall be whatever the amount the seller is offering to the buyer."
• A term that prohibits the agent from receiving compensation for brokerage services from any source that exceeds the amount or rate agreed to in the agreement with the buyer.
• A conscious statement that broker fees and commissions are fully negotiable and not set by law. 

In current market situations, I believe it’s imperative that you work with a local mortgage broker who can assist and navigate with your clients and our lenders considering the recent NAR settlement. This settlement has introduced new dynamics in the real estate market, making it crucial to have a knowledgeable partner by your side. Let us help you and your clients find the right mortgage solutions during these changing times.

Here's more information on the Settlement.