Housing Wire

APRIL 26, 2024

HomeServices of America , the last remaining brokerage defendant in the landmark Sitzer/Burnett antitrust commission case , has agreed to pay $250 million in damages to settle lawsuits that will change agent compensation across America. The New York Times first reported the story.

Brokerage 447

Brokerage Agents Real Estate Buyers 447

Housing Wire

APRIL 15, 2024

In the past few weeks, 11 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 and Jack Levine — took legal action against the real estate brokerage by filing seven separate class-action lawsuits.

Brokerage 373

Brokerage Legal Agents Real Estate 373

Housing Wire

MARCH 26, 2024

Hill — have taken legal action against the real estate brokerage by filing three separate class-action lawsuits, Inman first reported on Tuesday. It stated that associates who joined the brokerage on or after April 1, 2020, and subsequently jumped to a competitor would lose their revenues from the company’s lifelong revenue program.

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Brokerage Legal Agents Realty 496

Housing Wire

APRIL 10, 2024

The current supervisory highlights summarize the overall results of supervised institutions in 2023, when the FDIC conducted about 900 consumer compliance examinations. The FDIC recognizes that technology now has a role in the brokerage firm services provided and can impact its value.

Brokerage 367

Brokerage Mortgage Development Insurance 367

Housing Wire

APRIL 9, 2024

In the past few weeks, seven agents formerly affiliated with Keller Williams — Jerri Moulder, David Bueker, Robert Hill, Kevin Ortiz, Edward Fordyce, Paul Davis, and Penny Alper — took legal action against the real estate brokerage by filing seven separate class-action lawsuits. An incentive to go back to Keller Williams remained.

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Brokerage Agents Legal Real Estate 423

Housing Wire

APRIL 4, 2024

Davis — took legal action against the real estate brokerage by filing six separate class-action lawsuits. It stated that associates who joined the brokerage on or after April 1, 2020, and subsequently jumped to a competitor would lose their revenues from the company’s lifelong revenue program. Moulder, David L. Bueker, Robert E.

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Brokerage Legal Agents Contracts 340

Housing Wire

AUGUST 4, 2022

Tech-focused real estate brokerage Radius , flush with $14 million in venture capital raised this past April, has launched a mortgage lending arm in California that it plans to roll out to additional markets sometime next year. Presented by: Axis Technical Group.

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Brokerage Real Estate Lending Mortgage 395

Housing Wire

JANUARY 29, 2024

The Kays join John and Nancy Moratis in the suit that was originally filed in early December 2023 in the U.S. As for the defendants, real estate brokerages River Point Realty , Bovard-Anderson , Priority Realty , Rubinoff Realty Services and Found It PA were added in the amended complaint.

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Brokerage Realty Real Estate Real Estate Agent 333

Housing Wire

FEBRUARY 15, 2024

United Wholesale Mortgage (UWM) has accused California-based brokerage and correspondent lender Mortgage Solutions FCS, dba Client Direct Mortgage, of breaching its early payoff (EPO) provision and its owner, Ramon Walker, of trademark infringement. as of December 1, 2023. UWM filed a lawsuit in a U.S. UWM is the largest U.S.

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Mortgage Legal Advertising Loan Officers 304

Housing Wire

AUGUST 3, 2023

This move comes as @properties aims to expand its business and enhance legal support across its portfolio of enterprises. Lopez, who joined @properties in November 2022 as Director of Legal, has proven herself as a key member of the leadership team for @properties and Christie’s International Real Estate.

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Legal Law Real Estate Brokerage 326

Housing Wire

MARCH 19, 2024

Florida-based brokerage Atlantic Trust Mortgage has asked a Michigan federal court to dismiss a lawsuit filed by United Wholesale Mortgage (UWM) that alleges a violation of an amended agreement. UWM settled with Mid Valley Funding in June 2023. Atlantic Trust entered into a wholesale broker agreement with UWM in 2018.

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Mortgage Law Brokerage Legal 333

Housing Wire

FEBRUARY 28, 2024

The trade group’s legal woes have brought it back to California, where is already facing other commission lawsuits. While this is certainly not the only lawsuit Redfin has been named a defendant in, it is the first suit in which it is named as the sole real estate brokerage defendant. Filed on Tuesday in U.S. 2, 2019, and Oct.

Realtors 386

Realtors Legal Agents Brokerage 386

Inman

JULY 5, 2023

Intel takes a look back at the market trends, brokerage strategies, Wall Street happenings and legal controversies that shook the past six months and could well define the remainder of 2023.

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Housing Wire

JANUARY 2, 2024

For many real estate professionals, 2023 was the year of the commission lawsuit , and the year could not end without one last copycat suit. 2023, Umpa is a resident of Maryland and the lawsuit is in regards to the sale of two homes, one in Maryland and one in Ohio. The lawsuit is seeking class action status for everyone in the U.S.

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Sellers Brokerage Real Estate Realtors 399

Housing Wire

APRIL 1, 2024

” “In November 2023, Mr. Grella requested and agreed with NEXA to a buyout of his membership interest in NEXA and its subsidiary companies, which include the ongoing aviation business that Mr. Grella was also approved of which NEXA currently leases an aircraft hangar ,” Kortas said. The lawsuit states that Kortas had 50.5%

Brokerage 362

Brokerage Business Loan Officers Legal 362

Housing Wire

OCTOBER 16, 2023

Regardless of the outcome, real estate brokers are doing all they can to prepare their brokerages and their agents for more transparency, education on the value real estate agents bring to the transaction, and more, according to the 2023 Q4 BrokerPulse survey , a forward-looking housing market sentiment survey by HousingWire.

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Real Estate Brokerage Training Agents 362

Housing Wire

JULY 21, 2023

Maggie Wu has returned to Compass , and she’s bringing her four-person The W Team to the New York brokerage. In December 2021, she had left Compass to join the young brokerage SERHANT. With the move, Wu returns to where she began her career as junior partner on the Jing Chen Team in 2019. where she launched her own team.

Brokerage 303

Brokerage Legal Clients Real Estate 303

Housing Wire

JANUARY 3, 2024

His 2023 salary has not been made public yet. In Q3 2023 , Anywhere reported $1.6 billion in revenue and a net loss of $39 million in Q3 2023. Since going public in April 2021, Compass has yet to turn a profit, however, it did manage to achieve its goal of becoming free cash flow positive by the second quarter of 2023.

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Legal Fees Legal Marketing Finance 410

Housing Wire

JANUARY 3, 2023

In February 2022, UWM filed a lawsuit in Michigan federal court against AML, a high-volume brokerage firm based in Southern California, for breaching their amended wholesale broker agreement imposing the ultimatum. A spokesperson for UWM said the company does not “comment on legal matters that are currently pending.”

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Legal Law Brokerage Mortgage 481

Housing Wire

APRIL 24, 2024

The Gibson suit was filed in late October 2023 by Michael Ketchmark, just after a Missouri jury ruled in favor of his clients in the Sitzer/Burnett suit that found real estate industry players liable for colluding to artificially inflate agent commissions. The Umpa suit was filed in late December 2023 by a Maryland home seller.

Realtors 267

Realtors Real Estate Brokerage Law 267

Housing Wire

AUGUST 17, 2023

Though the National Association of Realtors is not out of the legal woods yet, the trade group does have reason to celebrate. Zilly also pointed out the unlike other brokerage, Zillow continued to display REX’s listings. In mid-May 2022, REX ceased its brokerage operations.

Advertising 367

Advertising Legal Brokerage Realtors 367

Housing Wire

NOVEMBER 30, 2023

19, 2023, deadline for submitting things like motions for summary judgment. “We Braun argued that legal issues still playing out in the Sitzer/Burnett suit was not a reason to delay the trial in the Moehrl case. The suit received class-action status in March 2023.

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Legal Sellers Realtors Law 408

Housing Wire

APRIL 23, 2024

CoStar Group reported a strong first quarter of 2024, with its revenue of $656 million marking a 12% increase from the $584 million figure it posted in first-quarter 2023. He believes in the success of Homes.com because it focuses on selling homes and building brands for both agents and brokerage firms.

Real Estate 310

Real Estate Advertising Legal Brokerage 310

Housing Wire

APRIL 17, 2024

The plaintiffs who signed the contract, however, sued a non-signatory parent company of the signatory brokerages, which “asserted liability based on the non-signatory’s relationship with its subsidiary.” Since it was not, HomeServices is unable to compel arbitration, the brokerage argued.

Contracts 386

Contracts Brokerage Law Real Estate Agent 386

Housing Wire

OCTOBER 6, 2023

Both brokerages also said they will not provide agents with any software that filters or restricts MLS listings based on the level of compensation being offered. As for the end of Q2/2023 , RE/MAX had $96.76 They had $179 million at the end of Q2/2023 so about 45% of the cash on hand. million in cash and cash equivalents. $55

Brokerage 379

Brokerage Agents Realtors Real Estate 379

Housing Wire

JUNE 6, 2023

The settlement, reached on June 5, dismissed the lawsuit with prejudice, requiring Mid Valley to pay $40,000 to UWM, as the brokerage firm acknowledges that it sent loans to Rocket and/or Fairway after the ultimatum was in effect. The lender also sued Californian brokerage shop Kevron Investments Inc.

Brokerage 341

Brokerage Contracts Legal Business 341

Housing Wire

NOVEMBER 20, 2023

The two corporate brokerages have received preliminary approval of their settlement agreements in the Sitzer/Burnett, Moehrl and Nosalek commission lawsuits. 22, 2023, to schedule final approval hearing. RE/MAX and Anywhere Real Estate can breathe a sigh of relief.

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Legal Real Estate Agents Realtors 393

Housing Wire

MARCH 8, 2024

Peiffer, a prominent lawyer in the Big Easy, accuses local brokerage firm Latter & Blum of colluding to artificially inflate agent commissions. The brokerage is part of the LeadingRE network. In 2023, it ranked as the No. In a lawsuit filed on Tuesday in U.S. District Court in New Orleans, home seller plaintiff Joseph C.

Brokerage 380

Brokerage Sellers Realtors Agents 380

Housing Wire

NOVEMBER 7, 2023

Compass surprised positively in the third quarter of 2023 by posting a number of strong results. The brokerage’s national quarterly market share grew by 26 basis points year over year, reaching 4.4% million after the brokerage paid its commissions and related expenses. Revenue decreased by 10% year over year to $1.34

Agents 359

Agents Real Estate Agent Realtors Brokerage 359

Housing Wire

SEPTEMBER 28, 2023

After nearly 10 days of trial proceedings, Zillow is ready for its years-long legal battle with REX Real Estate to be over. A judgement as a matter of the law is permissible if there is no legally sufficient basis for a reasonable jury to find for the nonmoving party (in this instance, REX) on that issue.

Advertising 395

Advertising Legal Law Real Estate 395

Housing Wire

APRIL 16, 2024

billion in damages awarded by a jury in late October 2023, which is allowed in federal antitrust suits and then subtracting the $626.5 1, 2023) at the rate of 5.4% In their motion filed in mid-March, the plaintiffs asked the court to order HomeServices to pay $4.7 billion in damages this fall. per year, compounded annually.

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Law Realtors Brokerage Legal 388

Housing Wire

APRIL 3, 2024

Homebuyers are legally and morally entitled to receive honest, unconflicted assistance from the brokers they hire to help them secure the lowest prices for a loan. In an interview with HousingWire in June 2023, Ishbia was asked about a loan originator who sends almost of their loans to UWM. He’s sending 98% because we are the best.

Loan Officers 454

Loan Officers Mortgage Business Retail 454

Housing Wire

NOVEMBER 1, 2023

Zillow’s financial results Despite a slower residential housing market environment caused by rising mortgage rates and low housing inventory, Zillow Group still managed to record an annual increase in revenue in the third quarter of 2023. You’ve heard me say many times that 2023 is crucial for Zillow.

Real Estate 444

Real Estate Advertising Agents Realtors 444

Housing Wire

JANUARY 9, 2024

2023, the Masiello suit is seeking class action status for all persons who used any brokerage defendant to list and sell a home on an Arizona MLS and paid a buyer broker commission between Jan. Similar to all of the other copycat suits filed after the Sitzer/Burnett jury verdict in late Oct. 5, 2020, and the present.

Realty 461

Realty Realtors Real Estate Real Estate Agent 461

Housing Wire

MARCH 1, 2024

California-based mortgage brokerage Loan Factory was sued by a class of loan originators, who allege that the company used their personal and professional information, without their authorization, on its website in an attempt to drive business.

Loan Officers 409

Loan Officers Law Brokerage Business 409

Housing Wire

NOVEMBER 7, 2023

For industry analyst Rob Hahn, this would mean that an independent brokerage who becomes a RE/MAX or Anywhere franchisee prior to the settlement being approved would gain immunity from commission lawsuits. Even if they were independent brokerages before that doesn’t free then from additional lawsuits down the road.”

Brokerage 379

Brokerage Law Agents Realtors 379

Housing Wire

FEBRUARY 28, 2024

As brokerages across the country have begun implementing buyer agency contracts into their business practices in the wake of the Sitzer/Burnett commission lawsuit verdict, the Consumer Federation of America is warning consumers that they may be filled with “unfair provisions” that primarily protect agents and brokers.

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Buyers Contracts Agents Realtors 373