November, 2023

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Newrez launches mortgage JV with $4B Keller Williams group in New Jersey

Housing Wire

Newrez has launched a new joint venture mortgage company, Carnegie Mortgage Partners , in collaboration with a top Keller Williams franchise network in Bergen County, New Jersey, the lender announced on Monday. The joint venture mortgage company is led by Margaret Bernabei, a former branch manager at a CrossCountry Mortgage outpost.

Realty 403
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NAR’s Lawrence Yun predicts lower rates, 15% jump in existing-home sales in 2024

Housing Wire

Although high mortgage rates, elevated home prices and limited housing inventory have crippled the 2023 housing market, the outlook for 2024 is brighter, according to Lawrence Yun, chief economist with the National Association of Realtors (NAR). ” According to Yun’s forecast, mortgage rates will fall to between 6% and 7% by spring 2024.

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Citizens Bank to exit the wholesale channel

Housing Wire

mortgage lender, has decided to close its wholesale channel, which produced over $1 billion in volume in the first half of this year. Citizens was among the few large depository banks operating in retail, wholesale and correspondent in the mortgage space. In 2018, it acquired Franklin American Mortgage. billion, down 42.6%

Retail 417
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People on the Move: RE/MAX Holdings names new CEO

Real Estate News

Erik Carlson replaces interim CEO Steve Joyce as the leader of the company's real estate brokerage and mortgage divisions.

Brokerage 144
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Experts weigh impact of commission lawsuit verdict on future of NAR membership

Housing Wire

Chip Stella, a LandVest broker, is in the camp that believes brokerage provisions no longer requiring NAR membership will have an impact on membership numbers, but he isn’t sure how large it will be. Well, last I checked, Colorado still has a record number of Realtor members and last I checked, California still has 162,000 Realtor members.”

Realtors 413
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Are you prepping for worst-case commission lawsuit outcomes?

Housing Wire

Because the larger brokerage firms, historically, tend to represent more buy side than sell side, they “may be looking at a big loss of revenue,” says Murray. “We may eventually have it where buyer commissions can be rolled into the mortgage. I mean, they kind of are today,” says Hahn.

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eXP’s Glenn Sanford is “concerned” about the commission lawsuit’s impact on buyers

Housing Wire

This new case targets the National Association of Realtors and brokerages Compass , eXp World Holdings , Redfin , Weichert Realtors , United Real Estate , Howard Hanna and Douglas Elliman. Sanford spoke about the immense affordability challenges in the current market, with mortgage rates touching 8% and home prices increasing.

Buyers 363