Wed.Feb 21, 2024

article thumbnail

More real estate agents are switching brokerages: Relitix

Housing Wire

With market uncertainty, real estate agents had been sticking with their current brokerage., but that’s all starting to change. While inventory is still low, professionals are seeing light at the end of the tunnel. According to Relitix’s Agent Movement Index continues to rise on a seasonally adjusted basis as agents begin switching brokerages at a faster rate than 2023.

article thumbnail

Homeownership is up, but minorities continue to lag behind

Real Estate News

A new NAR report finds that homeownership has increased over the past decade, but Asian, Hispanic, and especially Black Americans face more hurdles.

276
276
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Keller Williams launches online real estate course

Housing Wire

Keller Williams Realty has partnered exclusively with the online learning platform Coursera to offer a comprehensive introduction to the business of real estate. Dubbed the KW Real Estate Agent Professional certificate, the program will give participants a head start in the real estate industry. “Our goal is to ensure that we’re getting the opportunity of starting a career in real estate in front of people who are actively looking for their next opportunity but may not be sure which path to take

article thumbnail

MLSs ask court to dismiss Zillow, ShowingTime lawsuit

Real Estate News

ARMLS and Metro MLS respond to “monopoly” claims, contending that its showing management platform leads to increased competition, not less.

256
256
article thumbnail

Mortgage applications slump as rates return above 7%

Housing Wire

Mortgage demand continued its downward trajectory last week as interest rates moved back above 7%. Mortgage applications decreased by 10.6% on a seasonally adjusted basis during the week ending Feb. 16, according to the Mortgage Bankers Association ’s (MBA) weekly mortgage applications survey. A stronger-than-expected inflation reading sent mortgage rates back north of 7% and also lowered the possibility of a near-term rate cut by the Federal Reserve, according to Mike Fratantoni, MBA’s senior v

Mortgage 437
article thumbnail

What is Appraisal Modernization? Pt 13

George Dell

The word “modernization” has a meaning different from what I thought. It seems to depend on who is using the word. To me, it just meant “get with it!” To our GSEs (Fannie Mae and Freddie Mac), it means something special. The dictionary definitions and explanations focus on the social and even political aspects of […] The post What is Appraisal Modernization?

More Trending

article thumbnail

Real estate industry awards: Can we be better?

Real Estate News

Celebrating excellence should be about, well, actual excellence — not the size of someone’s wallet.

article thumbnail

As the housing market bottoms out, educating the future mortgage pro becomes paramount

Housing Wire

Many analysts who cover the mortgage industry believe that the worst of the current cycle may be in the rearview mirror. In 2022 and 2023, quickly rising mortgage rates and shrinking volumes sent shockwaves through the industry and prompted massive job cutbacks. But analysts anticipate growth in both purchase and refinance originations this year. According to data from the U.S.

article thumbnail

932 More Banned Words and Why I Don’t Care

The Appraiser Coach

Fannie Continues to send out letters to appraisers warning them about banned words. Dustin explains why he doesn’t feel the same way many appraisers seem to feel about it. Check out this episode!

Appraisal 150
article thumbnail

First Home Mortgage taps former Draper and Kramer executive

Housing Wire

First Home Mortgage Corp. bolstered its presence in the Washington, D.C. , region with the opening of a new branch in Bethesda, Maryland , the company announced on Tuesday. In that context, First Home appointed Chris Channell, a 2022 HousingWire Rising Star , to the position of vice president of business development at the Bethesda location. Previously, Channel worked at Draper and Kramer Mortgage Corp. for more than five years, serving in various executive roles.

Mortgage 427
article thumbnail

NAR: Commission suit insurance coverage ran out ‘some time ago’

Inman

There are no funds under NAR's policy available to pay for the cost of defending the Realtor associations nor their multiple listing services which have been sued, according to the trade group.

Insurance 182
article thumbnail

FHA institutes new payment supplement partial claim

Housing Wire

The U.S. Department of Housing and Urban Development (HUD) on Wednesday issued a mortgagee letter that implements the Federal Housing Administration ’s (FHA) payment supplement partial claim. The new loss-mitigation alternative resulted from the FHA’s acknowledgment that its toolkit wasn’t enough to support struggling borrowers as mortgage rates surged.

article thumbnail

Objection-handling scripts for the buyer representation agreement 

Inman

If you're rethinking your buyer consultation process and implementing a buyer representation agreement, team leader Carl Medford shares what you need to know to explain the change to your clients.

Buyers 174
article thumbnail

Mortgage startup Tomo enters the home portal wars with AI tools

Housing Wire

Mortgage startup Tomo has thrust itself into the “portal wars” arena with the launch of Tomo Real Estate , its new home search site, the company announced this week. “We’re not just another listing portal,” Carey Armstrong, Tomo co-founder and COO, said in a statement. “Tomo Real Estate is here to give home buyers a distinctive advantage with real, actionable insights — not overwhelming them with a buffet of information and ads to decipher alone.

Tools 423
article thumbnail

HomeServices dropped from long-running buyer commission lawsuit

Inman

The court dismissed a federal antitrust claim in the case known as Batton 1, but allowed state-law claims to proceed, partially due to the argument that commissions are baked into home prices.

Buyers 174
article thumbnail

AI startup BEN adds Chris Heller as adviser to board of directors

Housing Wire

Artificial intelligence (AI) startup Brand Engagement Network (BEN) onboarded industry veteran Chris Heller as an adviser to its board of directors. Heller’s addition to the board comes at a time when BEN prepares to go public through a merger with DHC Acquisition Corp. — a special purpose acquisition company (SPAC) focused on technology — in a deal that values the combined company at $358 million.

article thumbnail

Keller Williams expands education empire with Coursera partnership

Inman

Texas-based franchisor Keller Williams has launched a new certification course with Coursera, the U.S.'s biggest open online course provider. The KW Real Estate Agent Professional Certificate course prepares users to build or improve their real estate skills in two to four months, based on how fast they complete the 124-hour curriculum.

article thumbnail

HUD Inspector General discusses NYC corruption investigation

Housing Wire

Earlier this month, the U.S. Attorney’s Office for the Southern District of New York (SDNY) announced that it had made a series of 70 charges against current and former officials from the New York City Housing Authority (NYCHA), alleging bribes and kickbacks and charging them with bribery and extortion. The investigation involved more than a year of collaboration between the office of SDNY attorney Damian Williams, the U.S.

Law 415
article thumbnail

Rising mortgage rates taking a big bite out of homebuyer demand

Inman

Applications for purchase loans plummeted by a seasonally adjusted 10 percent last week, according to a survey of lenders by the Mortgage Bankers Association.

Mortgage 182
article thumbnail

Jeff Nelson returns to Guaranteed Rate after a two-year absence 

Housing Wire

Guaranteed Rate has reappointed Jeff Nelson to the position of Southeast divisional manager, the company announced on Tuesday. In his new role, Nelson will oversee sales operations and partnerships. He will also lead teams across North Carolina , South Carolina , Georgia , Florida , Tennessee , Alabama , Mississippi , Virginia and West Virginia. He will be based in the company’s Charlotte office.

Retail 407
article thumbnail

Tomorrow’s problem? Not for these Sitzer-spooked brokerages: Triple-I

Inman

More than 1 in 4 agents say their brokerage has changed its policy on buyer agency agreements, and fallout from commission suits has already taken a toll, according to Inman Intel Index results.

Brokerage 170
article thumbnail

NAR adds home improvement contractor’s app to Realtor benefits

Housing Wire

The National Association of Realtors (NAR) announced on Wednesday the addition of a home repair estimate app to its package of NAR Realtor Benefits for members. Curbio , a provider of pre-sale home improvement services that requires payment at closing, will provide its “Build Your Own Estimate” mobile app to NAR members, which offers free repair estimates for home inspections upon the upload of a PDF document.

article thumbnail

The Power of Professionalism: The Essentials of Building a Professional Reputation and Business in Real Estate

Inman

Are you ready to take your real estate entrepreneurship to the next level? Join us for an engaging webinar where we delve into the crucial aspect of professionalism and its impact on your success in the real estate industry.

article thumbnail

Broker Action Coalition forms board of directors, specialized leadership councils

Housing Wire

The Broker Action Coalition (BAC) — a grassroots network operated by the Association of Independent Mortgage Experts (AIME) that initiates communications between mortgage brokers and their legislators — formed its first board of directors and leadership council as it kickstarts its work as an independent nonprofit organization. The newly formed board has 10 voting member seats consisting of four lenders, four brokers, BAC chief advocacy officer and co-founder Brendan McKay , and CEO and co-found

Lending 406
article thumbnail

Mobile app builder HomeStack partners with MoxiCloud

Inman

MoxiCloud was formed to officially recommend unique technologies that can better a user’s use of the many business solutions MoxiWorks offers.

article thumbnail

Tane Cabe joins C2 Financial’s reverse mortgage division

Housing Wire

Longtime reverse mortgage industry professional Tane Cabe has joined C2 Financial ’s reverse mortgage division as a “retirement mortgage expert,” according to an announcement issued by the company this week. Cabe, who most recently served as president of reverse mortgage lending at Fairway Independent Mortgage Corp. , helped grow that company’s division after a series of changes and a reorganization of its leadership structure in 2023.

Mortgage 406
article thumbnail

Here’s how to avoid the most-dreaded new agent question

Inman

How long have you been an agent? Follow these simple steps on listing appointments to answer the question and turn seller leads into signed listings, writes author and trainer Bernice Ross.

Agents 165
article thumbnail

Texas Capital Bank objects to DOJ motion to halt discovery in Ginnie Mae case

Housing Wire

Texas Capital Bank (TCB), a warehouse lender that is suing Ginnie Mae over loans made by TCB to now-bankrupt lender Reverse Mortgage Funding (RMF), has objected to a motion by U.S. Department of Justice (DOJ) attorneys seeking to stop the evidence gathering process, saying its requests are reasonable. Late last month, DOJ attorneys initially filed the motion , contending that TCB’s discovery targets are overly broad and would also be burdensome in terms of gathering documents and information.

article thumbnail

Ransomware group claims it was behind loanDepot cyberattack

Inman

The FBI has developed a decryption tool to combat the ALPHV/Blackcat ransomware variant, and authorities are offering $15 million in rewards to stop the group.

Tools 174
article thumbnail

Premier Lending Inc. adopts FICO Score 10 T 

Housing Wire

North Carolina-based mortgage lender Premier Lending Inc. has adopted the FICO Score 10 T credit-scoring model for its nonconforming loan originations and whole loan acquisitions. Premier Lending is adopting FICO’s updated credit-scoring model “to continue to drive the company’s innovation strategy forward and help make more homeownership dreams a reality,” the company stated in a release.

Lending 403
article thumbnail

Arrest warrant issued for Real agent accused of romance fraud

Inman

Police are seeking to arrest Rob Harris for allegedly swindling his ex-girlfriend out of $70,000 through theft and credit card fraud.

Agents 174
article thumbnail

HomeServices of America dismissed from Batton 1 commission case

Housing Wire

HomeServices of America can preserve some of its legal war chest — for now, at least. The residential brokerage was dismissed this week from one of the early real estate commission lawsuits , known as “Batton 1” after its lead plaintiff, a homebuyer named Mya Batton. Judge Andrea Wood of the U.S. District Court for the Northern District of Illinois dismissed a claim made by the plaintiffs under a federal antitrust law.

Brokerage 401
article thumbnail

What’s the hardest lesson you learned as a new agent? Pulse

Inman

As a newbie, did you find managing clients hard or chasing down leads? What was your hardest lesson when you started out in real estate? We want to know.

Agents 160
article thumbnail

Paceline Equity Partners backs Constellation Software’s Optimal Blue

Housing Wire

An affiliate of Paceline Equity Partners LLC , a private equity manager based in Texas, completed a debt investment in a subsidiary of Constellation Software Inc. The investment stems from a merger agreement between Intercontinental Exchange (ICE) and Black Knight , which included the divestiture of Optimal Blue. ICE and Black Knight agreed to sell Optimal Blue to secure regulatory clearance of ICE’s proposed acquisition of Black Knight , a $13.1 billion megadeal announced in May 2022.

Investing 383