Thu.Nov 16, 2023

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Freddie Mac to roll out fee-based repurchase pilot program in 2024

Housing Wire

Freddie Mac will launch a new fee-based repurchase alternative pilot program for performing loans in 2024, designed to improve the quality of performing loans through a potential replacement of its current repurchase policy for defective performing loans. “The pilot will use a fee-based structure that is more efficient, transparent and rewards lenders that deliver high-quality loans,” the GSE said.

Design 452
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Mortgage rates dip to lowest level since September

Real Estate News

As rates decline for a third straight week, mortgage applications have risen, suggesting the possibility of a jump in year-end home sales.

Mortgage 256
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Mortgage rates trend down for the third straight week

Housing Wire

Mortgage rates fell this week as the October inflation report drove down the yield on the 10-year Treasury. On Thursday, investors priced in a 99.7% chance that the Fed will hold interest rates steady in December, according to the CME Group’s FedWatch tool. The 30-year, fixed mortgage averaged at 7.44% as of Nov. 16, according to Freddie Mac ‘s Primary Mortgage Market Survey.

Mortgage 448
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AI 'more disruptive' than lawsuits, Sanford tells eXp agents

Real Estate News

New buyer agency agreements are coming in light of the Sitzer/Burnett verdict, but the focus should be on relationships, eXp’s CEO said in a YouTube broadcast.

Agents 225
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As commission lawsuits mount, personal injury lawyers see an opportunity

Housing Wire

As copycat commission lawsuits spread across the country in the wake of the Sitzer/Burnett jury verdict, a new demographic of plaintiffs’ attorneys are getting in on the action: so-called “ambulance chasers.” While the plaintiffs in the Moehrl , Sitzer/Burnett and Nosalek lawsuits are all represented by large law firms with class-action experience, the plaintiff in the relatively small Burton suit in South Carolina is represented by attorneys at Knie & Shealy Law Offices in Spar

Law 443
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Dear Coach: How to find your mojo and juggle tasks

Real Estate News

Tom Ferry offers advice on "choosing your hard" and building in time to work on your business.

Business 271

More Trending

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NAR won’t use lobbying chops for ‘legislative fix’ to commission suits

Inman

At a forum for reps of 50 large brokerage firms, The Realty Alliance CEO Craig Cheatham asked why the nearly 1.6 million-member trade group can't use its political influence for an "existential threat.

Realty 191
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CoStar CEO: ‘We had zero involvement’ with commission lawsuits

Housing Wire

ANAHEIM, Calif. — Andy Florance, founder and CEO of CoStar Group , wants to set one thing straight: his company had nothing to do with the commission lawsuits now rocking the real estate world. “We had zero involvement with that lawsuit. We learned about it from NAR long after it started,” Florance said in an interview with HousingWire at the National Association of Realtors NXT convention in Anaheim on Wednesday.

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Adam Contos reflects on leadership, embracing technology

Inman

As part of his Snapshot series, Brandon Doyle peers into the mind of a distinguished leader who's helped shape the real estate landscape on a global scale: Adam Contos, the former CEO of RE/MAX.

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CUSO Home Lending rolls out Dark Matter Technologies’ loan origination system 

Housing Wire

CUSO Home Lending rolled out Dark Matter Technologies ’ Empower loan origination system (LOS) for its credit union owners. CUSO Home Lending — a lender owned by Maine credit unions — became the first credit union service organization to leverage Empower’s newly developed joint-venture feature that allows credit unions to offer individualized branding, products and pricing while saving costs under CUSO’s shared services model.

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Software provider for MLSs latest to partner with Local Logic

Inman

Local Logic’s tool set for turning granular community data into marketing advantages for real estate agents is now part of a prominent MLS software provider’s value proposition, according to a November 14 press release.

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3 Real estate lessons learned from the dance floor of “Dancing with the Stars” 

Housing Wire

William Shakespeare said it well: “All the world’s a stage, And all the men and women merely players.” I relate, as much of my life and career has been spent in the public eye. From working as a high-profile real estate agent and founding my company The Agency to writing my book “The Dealmaker” and having my own show “Buying Beverly Hills” — as well as having my personal life in the headlines — I’ve had the unique experience of embracing life’s great stage.

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The agent migration from legacy brokerages continues

Inman

As we approach the final weeks of 2023, agents are continuing to migrate from legacy brands to low-fee, cloud-based brokerages. Mike DelPrete looks at the numbers and trends.

Brokerage 174
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Change Lending and US Treasury settle lawsuit over CDFI certification

Housing Wire

Nonbank originator Change Lending and the U.S. Department of the Treasury have agreed to settle a lawsuit in which the lender claims “flawed analysis and mathematical errors” led to its decertification as a Community Development Financial Institution (CDFI). The parties announced on Thursday that Change will remain a certified CDFI until the lender’s next application related to the fiscal year 2025 is determined.

Lending 394
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Feeling a little nervous? Here’s how to recession-proof your business

Inman

If a recession comes, writes Jimmy Burgess, keep in mind that it is not just a time of challenges but also of opportunities. Here he lays out ways to lead gen and lead nurture now.

Business 169
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Significant shifts in real estate team performance: Streamlined

Housing Wire

The third quarter of 2023 shows significant shifts in the performance of teams reflecting both the decline in housing sales activity and the pressure on margins occurring throughout the brokerage business, according to the Streamlined Quarterly Team Benchmarking Report , which looked at the financial performance of more than 200 teams across the nation.

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Mark McLaughlin: Client trust is all that matters — all else is ‘noise’

Inman

Compass' chief real estate strategist is speaking this week at the brokerage's annual RETREAT on "The Future of the Industry and Client Representation." In a recent conversation with Inman, he shared insights and predictions.

Clients 166
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Fitch: Title revenue to rise 3% annually in 2024

Housing Wire

Despite ongoing uncertainty and a variety of economic headwinds, Fitch Ratings is maintaining a neutral outlook on the title insurance market for 2024, according to a report released Thursday. Fitch said its neutral outlook is underpinned by Fitch’s view that mortgage rates are near peak levels. Although Fitch said it is expecting another 25-basis-point hike to the Federal Funds rate in the coming months, it did say that it’s expecting the first interest rate cut in May 2024.

Insurance 382
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RLTY co and Sell It Like Serhant launch pre-licensing program

Inman

Through the program, soon-to-be agents will be able to obtain their real estate license while simultaneously learning how to sell in some of the world's most competitive real estate markets.

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Multifamily Developer Confidence Comes in Weak in Third Quarter on Financing Concerns

Eyes on Housing

Confidence in the market for new multifamily housing was in negative territory for the third quarter, according to results from the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index (MPI) had a reading of 38 – well below the break-even point of 50 –.

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First-timers ‘significantly’ less satisfied with mortgage lenders

Inman

Homebuyers don't just want good rates. They want lenders to solve problems that will keep them from getting to the closing table, J.D. Power finds.

Mortgage 176
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Common Fears of Home Buying

Lamacchia Realty

COMMON FEARS OF HOME BUYING For many people, despite the benefits of owning a home , all of the responsibilities of buying a house for the first time can potentially bring about many fears. From the stress of finding just the right home to navigating your finances, to closing, and finally becoming a new homeowner, there’s a lot to consider. While the home-buying process can be overwhelming, it doesn’t need to be scary!

Buyers 71
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Up your game with these hot tips from NAR’s buyer and seller data

Inman

NAR’s 2023 Profile of Home Buyers and Sellers has just been released, and it’s packed with insights that can help you take your business to the next level in 2024. According to trainer Bernice Ross, the most important insights concern your lead generation and lead conversion.

Sellers 151
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WeWork Goes Bankrupt, Home Buyers Give Up, and Zillow Stock Plunges

BiggerPockets

WeWork goes bankrupt, buying a house is deemed a “bad” idea, and Zillow stock has a fire sale thanks to the recent NAR lawsuit verdict.

Buyers 76
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Broker Spotlight: Molly Jones, Joey Sutorius, The Agency Salt Lake City

Inman

Find out how the MOJO Group founders made the transition to The Agency Salt Lake City and how they're looking to redefine luxury real estate.

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Group calls on OSFI to pause increases on banks' capital buffer requirements

Mortgagebroker News

Canada's largest banks are already labouring under economic volatility and mounting expenses, advisory group says

73
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LA City Council votes to end 3-year freeze on rent hikes

Inman

The council decided to base the increase on inflation data from October 2022 through September 2023 rather than the prior year, which would have resulted in a steeper rent hike, according to the "Los Angeles Daily News.

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LendHub's niche products saving time and money for brokers and clients: CEO

Mortgagebroker News

An in-house process helps avoid the costly and time-consuming step of dealing with lawyers for smaller loans, executive says

Clients 68
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3 new ways to cultivate an attitude of gratitude in your business

Inman

Melanie Klein and Emily Bossert share an actionable plan to help you get in touch with a spirit of gratitude and cultivate it in your everyday life and in your real estate business.

Business 144
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BC housing market: Is a rise in listings expected to continue?

Mortgagebroker News

Active listings have increased in five consecutive months – but remain historically low

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What teams are looking for in a brokerage — and why they switch

Inman

The needs of real estate teams are unique and varied, according to Troy Palmquist. Find out how brokers can better serve those needs and how team leaders can make choices that work for everyone.

Brokerage 136
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Housing affordability remains a big concern for Canadians: poll

Mortgagebroker News

Nearly half of Canadians are spending 50% or more of their incomes on housing costs

77
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Why I quit cold calling cold turkey

Inman

After spending years as a faithful cold caller, find out why Realtor Jonathan Pressman decided the return on investment was no longer worthwhile.

Realtors 151
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What are economic trends telling us about the mortgage market's future?

Mortgagebroker News

Economist spells out what's in store on the mortgage and housing fronts