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NAR rival, MLSs reach a settlement agreement over pocket listings ban

Housing Wire

The PLS.com and three of the nation’s largest multiple listing services have reached a settlement agreement in their ongoing legal battle. The PLS.com was founded in 2017 by Mauricio Umansky, David Barnes, James Harris and Christopher Dyson. Originally filed in May 2020, the lawsuit takes aim at NAR’s ban on pocket listings.

Legal 388
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NAR dismissed from pocket listing ban lawsuit

Housing Wire

Two days after The PLS.com and three of the nation’s largest multiple listing services notified the court they had reached a settlement in their ongoing legal battle, the listing site filed a motion to dismiss the only remaining defendant, the National Association of Realtors , without prejudice. The original lawsuit was dismissed in Feb.

Legal 360
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Former agents continue to file lawsuits against Keller Williams

Housing Wire

In the past few weeks, 12 agents formerly affiliated with Keller Williams — Jerri Moulder, David Bueker, Robert Hill, Kevin Ortiz, Edward Fordyce, Paul Davis, Penny Alper, Jana and Dennis Caudill, Eric Mendoza, Jack Levine and John Exnicios — took legal action against the real estate brokerage by filing a host of class-action lawsuits.

Agents 349
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Nonbank lender job cuts could shorten the market downturn

Housing Wire

The current market downturn for mortgage lenders may be shorter than the previous cycles, mainly due to the recent rounds of workforce layoffs imposed by nonbanks. Nonbanks have more than 60% market share of mortgage industry production — and they are more likely than banks to move quickly to reduce capacity.

Marketing 332
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Guaranteed Rate Affinity sues former originators over advanced compensation

Housing Wire

Guaranteed Rate Affinity has initiated legal action against former loan originators, accusing them of breaching contracts by failing to pay back advanced signing bonuses and commissions after they left the company. Guaranteed Rate Affinity is a joint venture established in 2017 by Guaranteed Rate and Anywhere Real Estate (former Realogy ).

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CFPB fines Freedom Mortgage and Realty Connect nearly $2 million for illegal kickbacks

Housing Wire

The CFPB claims that Freedom entered into marketing services agreements with more than 40 real estate brokerages, with monthly payments to brokerages totaling approximately $90,000. Agents and brokers with access to subscription services made more than 1,000 mortgage referrals to Freedom since 2017, according to the CFPB.

Realty 369
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Lawsuit pits PLS industry against CFPB

Housing Wire

District Court judge in Wilmington, Delaware, put the structured-finance industry on high alert because of the serious legal and financial implications it poses for the private-label securities (PLS) market. Mortgage securitizations in the PLS market have a similar structure. A ruling late last year by a U.S.

Legal 378