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PennyMac pays $158M to Black Knight in servicing platform dispute

Housing Wire

million to Black Knight Servicing Technologies , concluding a five-year legal battle over allegations of trade secret theft involving two of the biggest companies in the housing industry. million plus interest, granted as an interim award in November 2023, to $150.2 million in net income in 2023, down from $475.5

Legal 339
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Loan officers are dramatically cutting their pay to win clients. It’s often illegal. 

Housing Wire

So he did what a lot of retail loan officers in the industry were doing — Mike would reclassify a self-generated lead as a corporate-generated lead, thus slashing his compensation from 125 basis points down to as low as 50 bps, giving him a low enough rate to win the client and eventually close the deal. It’s the ultimate in legalized fraud.

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Consumer advocacy group: Buyer agency agreements often contain “unfair” terms

Housing Wire

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.

Buyers 355
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Supreme Court denies HomeServices’ petition in commission suit

Housing Wire

In a writ of certiorari filed in early February, HomeServices told the Supreme Court that each of its client contracts state that the “signatories can arbitrate any claim or dispute arising out of the contract.” There is no dispute that the plaintiffs agreed to contracts that include mandatory arbitration provisions.

Contracts 369
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HomeServices asks Supreme Court to apply arbitration to Sitzer suit

Housing Wire

In late October 2023, a Missouri jury found HomeServices of America, as well as Keller Williams and the National Association of Realtors , liable for colluding to artificially inflate real estate agent commissions. There is no dispute that the plaintiffs agreed to contracts that include mandatory arbitration provisions.

Contracts 379
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NAR board votes to leave dues unchanged in 2025

Housing Wire

In 2023, NAR announced a policy change that allows the finance committee to use the Consumer Price Index (CPI) “as a guide” to help it recommend an annual dues amount to the board of directors. In 2023, NAR raised dues from $150 to $156. million for the first time since May 2021. represent themselves 2. represent themselves 2.

Realtors 317
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Moehrl trial not likely until January 2025

Housing Wire

In November 2023, Wood indicated that the trial would take place in the fourth quarter of 2024 , but the status report findings appear to change the timeline. The suit obtained class certification in March 2023. The appeals court said that this was because the contracts signed by the sellers were not directly signed by HomeServices.