March, 2024

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Keller Williams faces three lawsuits tied to its profit-sharing program 

Housing Wire

Three agents formerly affiliated with Keller Williams Realty — Jerri L. Moulder, David L. Bueker and Robert E. Hill — have taken legal action against the real estate brokerage by filing three separate class-action lawsuits, Inman first reported on Tuesday. The lawsuits contest alterations made to Keller Williams’ profit-sharing program, with one of them seeking a court order to halt further payouts until the case concludes.

Brokerage 489
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Fannie Mae: Mortgage Rates Likely to Remain ‘Higher for Longer’

Appraisal Buzz

Mortgage rates will likely remain “higher for longer” than previously forecast, according to Fannie Mae’s Economic and Strategic Research (ESR) Group. Because the job market remains strong and inflation continues to rise faster than expected, the number of rate cuts by the Federal Reserve could be curtailed later this year. As a result, Fannie Mae has downgraded its expectations for total home sales and mortgage originations in 2024.

Mortgage 378
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‘NAR’s days are numbered’: Ben Belack of ‘Buying Beverly Hills’

Inman

The Agency's Ben Belack shares his thoughts on NAR settlement news, the current industry landscape and the American Real Estate Association ahead of Season 2 of the popular Netflix real estate reality TV show.

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NAHB Releases What Home Buyers Really Want, Study Shows Buyers Want Smaller Homes

Eyes on Housing

Continuing NAHB’s commitment to be at the forefront of research on home buyer preferences, the 2024 edition of What Home Buyers Really Want was recently released at the International Builders’ Show. The primary objective of the study is to provide builders, manufacturers, architects, and the general residential construction industry with a thorough analysis of what.

Buyers 171
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The “Luxury” Rental Property That Brings in $150K/Year of Pure Profit

BiggerPockets

Making six figures from one rental property is every investor’s dream, but to achieve this, you need to choose the right investing market, buy the right property, and create luxurious […]

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Desjardins on the likelihood of Canada hitting deficit reduction targets

Mortgagebroker News

Projections indicate a budget deficit surpassing government’s aim of $40 billion annually

More Trending

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Climate Change: What it Means for the Mortgage Industry

Appraisal Buzz

In this week’s episode, host Hal Humphreys speaks with Toni Moss, CEO of AmeriCatalyst LLC and Speaker on Climate Change and its effects on the mortgage industry. Moss discusses her experience in the real estate industry, her research and findings on extreme climate conditions, and how these impact home insurance, mortgages, and real estate at large.

Mortgage 359
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Former Keller Williams agents sue over profit share changes

Inman

One of the class-action suits seeks $250 million in damages while the other is asking the court for a preliminary injunction stopping Keller Williams from distributing profit share payments.

Agents 185
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Job Growth Continues to be Strong Across Most States at the Start of 2024

Eyes on Housing

Nonfarm payroll employment increased in 42 states and the District of Columbia in January compared to the previous month, while eight states saw a decrease. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 229,000 in January, following a gain of 290,000 jobs in December. On a month-over-month basis, employment.

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How a Squatter in Oregon “Stole” a Property, and the Rising Tide of Disputes Ending Badly for Landlords

BiggerPockets

“I always thought stealing was wrong,” real estate investor and developer George McCleary remarks at the end of a viral video posted on social media last month, “But turns out, if you steal a […]

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Renowned mortgage industry figure joins IC Savings

Mortgagebroker News

He has over 20 years of experience in residential and commercial mortgage lending in Canada

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NAR addresses ‘incorrect claims’ in Biden’s housing proposal speech

Housing Wire

Although the National Association of Realtors (NAR) is grateful for the White House’s focus on the nation’s affordable housing crisis, the trade group was not thrilled about remarks President Joe Biden made about real estate agent commissions. In a speech given at Stupak Community Center in Las Vegas on Tuesday, Biden pitched his administration’s new housing proposals.

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Truv Verifications Soon to be Available Through Fannie Mae’s Desktop Underwriter

Appraisal Buzz

Truv , a provider of automated employment and income verification technology for mortgage lenders, banks and credit unions, is now a conditionally authorized report supplier for mortgage lenders using Fannie Mae’s Desktop Underwriter (DU) validation service. After final approval, which is expected later this year, Truv’s consumer-permissioned platform will be able to obtain and transmit income and employment data through the DU validation service, the company says in a release.

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Moehrl attorney: Market shift after NAR settlement ‘will take time’

Inman

Robby Braun, partner at Cohen Milstein Sellers & Toll, addresses "misconceptions" about the NAR deal's impact and says Realtors who try to ignore the changes "will get left behind.

Realtors 195
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Mortgage Activity Jumps after Falling for Three Consecutive Weeks

Eyes on Housing

Per the Mortgage Bankers Association’s (MBA) survey through the week ending March 1st, total mortgage activity increased 9.7% from the previous week, and the average 30-year fixed-rate mortgage (FRM) rate fell two basis points to 7.02%. The 30-year FRM has risen 22 basis points over the past month as rates remain right around seven percent.

Mortgage 181
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New Bill in Congress Targets Real Estate Investors—Here’s Why This Could Be a Big Problem

BiggerPockets

Another bill is targeting real estate investors—this time, with a goal to “help Main Street compete with Wall Street.” What's in the bill? And what are the consequences for investors if passed?

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What's the current outlook for first-time homebuyers in Canada?

Mortgagebroker News

Opportunities exist – but advice of seasoned professionals essential, says broker

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Mortgage rates helped by the Fed’s moderate stance

Housing Wire

Mortgage rates had a chance to break to new highs this year, but the Federal Reserve took a moderate tone at the last Fed meeting. We saw the benefit of lower mortgage rates with the last two existing home sales reports, which showed growth. Then mortgage rates rose, facilitating five weeks of negative purchase application data. As rates were hitting year-to-date highs, the fear was that the Fed would go hawkish in their March meeting, which could push mortgage rates toward 8% and tank 2024 dema

Mortgage 507
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Long as the dog likes me…

Appraisal Buzz

The post Long as the dog likes me… appeared first on Appraisal Buzz.

Appraisal 370
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Let’s debunk 7 mainstream media falsehoods, post-NAR settlement

Inman

Premier Sotheby’s International Realty President and CEO Budge Huskey corrects the record on commissions — and the potential impact of the NAR settlement on buyers, sellers and agents.

Realty 185
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Seven Percent of Builders Now Build Barndominiums

Eyes on Housing

Over the past decade, use of the term “barndominium” (indicating a structure that is, in some sense, a combination barn and condominium) has become increasingly widespread in real estate media outlets. In fact, the term has become popular enough for NAHB to include a question about it in its survey for the February 2024 NAHB/Wells Fargo Housing Market Index.

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Buying in a Historic District Can Be a Gold Mine—But Here’s Why You Should Be Careful

BiggerPockets

A recent CNBC survey based on cost per square foot revealed that the United States’ most expensive real estate market is San Francisco’s South of Market, which contains historic Victorian buildings surrounded […]

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Is it time for 'aggressive' rate cuts?

Mortgagebroker News

'I hope they're not tepid,' says expert about BoC's upcoming decisions

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Why is housing inventory growing with higher mortgage rates?

Housing Wire

The mortgage rate lockdown premise says that if rates rise, inventory can’t grow meaningfully. The idea is that nobody will trade their low mortgage rates to buy another home — even though this happened every week last year. Of course, I have a different view. My podcast partner, Editor in Chief Sarah Wheeler, disagrees, along with many others. You can see our debate on this topic here.

Inventory 531
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‘Find buyers before agents!’ Mortgage industry reacts to the NAR settlement

Housing Wire

The National Association of Realtors (NAR) settlement of commission lawsuits nationwide is expected to force mortgage lenders and loan officers to find new ways of approaching listing agents and borrowers, give LOs a more significant role in the home-buying process, and encourage housing professionals to pursue dual-licensing, industry experts told HousingWire.

Agents 495
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FHFA assisted nearly 44,000 troubled homeowners in Q4 2023

Housing Wire

Fannie Mae and Freddie Mac completed 43,903 foreclosure prevention actions in the fourth quarter of 2023, according to a new report published by the Federal Housing Finance Agency ( FHFA ). Over the course of 2023, the government-sponsored enterprises (GSEs) completed 192,897 foreclosure prevention actions. This brought the total to 6.905 million since the start of the GSE conservatorships in September 2008, the FHFA foreclosure prevention and refinance report showed.

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Figure Technology Solutions takes another step to become public

Housing Wire

Figure Technology Solutions (FTS), the parent company of Figure Lending LLC , took another step this week to become a public company, just one week after announcing a reorganization of its enterprise structure. On Wednesday, the company said it “has confidentially submitted a draft registration statement” with the U.S. Securities and Exchange Commission (SEC) regarding the proposed initial public offering of its equity securities.

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State Farm will not renew more than 70K property policies in California

Housing Wire

Illinois-based State Farm General Insurance will not renew 30,000 residential property insurance policies in California , as well as 42,000 commercial apartment policies in the state, the company announced last week. The company is withdrawing completely from offering commercial apartment policies — which impact multifamily property owners, not renters insurance policies — in California.

Insurance 445
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loanDepot settles appraisal bias lawsuit 

Housing Wire

loanDepot has settled a lawsuit filed by a Maryland couple accusing the firm of appraisal bias, ending a case that gained national attention two years ago. Court documents filed on March 22 show that the lender and plaintiffs Nathan Connolly and Shani Mott — the latter a scholar of Black studies at Johns Hopkins University who died March 12 in Baltimore of adrenal cancer — agreed with a voluntary dismissal with prejudice.

Appraisal 422
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Special report: Jacksonville’s brokerage competition visualized

Housing Wire

Pre-pandemic, Jacksonville’s housing market was propelled by strong tailwinds: affordability relative to the rest of the Sunshine State, Florida’s lack of income tax and the quality of life benefits of having a river and oceanfront, to name a few. Those advantages, coupled with cheap land, made the city a favorite for homebuilders like DR Horton and Lennar that brought plenty of new inventory to market.

Brokerage 413
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Buyer agency: a crucial historical shift in real estate

Housing Wire

Those too young to remember the wild west of real estate believe that real estate commissions have always been evenly split between seller’s and buyer’s agents, with each receiving a portion of the sale price. This misconception obscures the reality that, historically, buyers lacked formal representation. Initially, the entire commission percentage was pocketed by the listing agent, who solely represented the seller’s interests.

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Opinion: How did homeowners get into home equity prison?

Housing Wire

Just for a moment, let’s imagine a world in which a person purchases a home shortly before a global pandemic. Even though they have a low mortgage rate on their home loan, the pandemic causes unanticipated financial hardships which lead to a decrease in their annual income as well as the necessity of using credit cards for their basic needs. Then, the housing market takes off like a rocket with home values exceeding all expectations.

Law 420
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VA should expedite regulatory changes for agent commissions: CHLA

Housing Wire

On the heels of the $418 million settlement recently announced by the National Association of Realtors (NAR), mortgage trade group Community Home Lenders of America (CHLA) has called on the U.S. Department of Veteran Affairs (VA) to expedite regulatory change that would allow veterans and active-duty service members to fund buyer’s broker commissions when purchasing a home with a VA mortgage.

Agents 429
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Marcia Fudge talks HUD departure, why it’s time ‘to go home’

Housing Wire

Marcia Fudge is now the former secretary of the U.S. Department of Housing and Urban Development (HUD), having served her final day on Friday, March 22, after announcing her resignation just 11 days earlier. Adrianne Todman now serves as acting HUD secretary. In a recently published interview with NPR, Fudge was asked why now is the time to step away from the job, particularly as President Joe Biden has made housing issues a centerpiece of the administration heading into what is likely to be a h