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DataDigest: Yes, buyer agents steer clients, new study claims

Housing Wire

” Unnamed agent in recorded call with REX Not showing clients properties because they have below-market commission rates is an example of “steering,” a practice that is often alleged about buyer agents and just as often denied by broker firms and associations. So I’m not going to show properties that do that.”

Clients 432
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Homebot home education portal acquires mobile app firm Quo FinanceĀ 

Housing Wire

Homebot , a home education portal that keeps people connected to their loan officers and real estate agents, acquired Quo Finance , a mobile app for first-time homebuyers. Sandfox Advisors served as financial advisor and Goodwin Procter LLP acted as legal counsel to Quo. Quo raised $7.2

Finance 376
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Loan officers are dramatically cutting their pay to win clients. Itā€™s often illegal.Ā 

Housing Wire

So he did what a lot of retail loan officers in the industry were doing ā€” 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. Itā€™s the ultimate in legalized fraud.

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UWM sues Mortgage Solutions and its owner over EPOs, trademark infringement

Housing Wire

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. UWM filed a lawsuit in a U.S. district court in Michigan on Wednesday. 28, 2023.

Mortgage 359
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ā€œGreetings from Missouri!ā€ Millions are finding commission lawsuit postcards in the mail. Agents say itā€™s an opportunity

Housing Wire

It was mid-February when clients, family and friends began asking Jason Posnick about strange postcards appearing in their mailboxes. JND Legal Administration is in charge of distributing the mailers, emails and press releases. Thanks to Lisa Chinatti, the broker-owner at Chinatti Realty Group , he was not completely caught off guard.

Agents 431
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Kind Lending hires Tammy Richards as COO

Housing Wire

Kind Lending, a California-based lender founded by industry veteran Glenn Stearns, is a client of LendArch , a mortgage consulting firm that Richards founded in 2021. billion in mortgages from January to March, more than double (+104%) its volume during the same period in 2023, according to Inside Mortgage Finance.

Lending 349
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Maggie Wuā€™s top performing team makes the jump back to Compass

Housing Wire

. “We have an unwavering commitment to our clients to provide the utmost client service experience,” said Wu. “Compass is where we feel we need to be to fulfill that promise.”

Brokerage 355