Tue.Jun 11, 2024

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VA issues temporary fix to allow buyer-paid broker fees

Housing Wire

The U.S. Department of Veterans Affairs (VA) on Tuesday issued a temporary fix that will allow homebuyers using VA loans to pay for their real estate agent’s commission — i.e., the buyer-broker fee. The change, a result of the National Association of Realtors’ (NAR) commission lawsuit settlement agreement , was anticipated late last month and commented on by Michelle Corridon, the deputy policy director at the VA.

Buyers 521
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VA Shifts Policy to Address NAR Compensation Settlement

Appraisal Buzz

The U.S. Department of Veterans Affairs (VA) has announced in Circular 26-24-14 that eligible veterans, active-duty servicemembers, and surviving spouses who use VA-guaranteed home loan benefits can pay for certain real estate buyer-broker fees when purchasing a home. The VA home loan program, which celebrates its 80th anniversary later this month, has provided more than 28 million loans to veterans to date.

Realtors 418
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Offerpad and Realtor.com team up to make cash offers available to portal users

Housing Wire

The iBuying platform Offerpad and Realtor.com are teaming up. In an announcement on Tuesday, the firms said that Offerpad was integrating with Realtor.com. According to the release, the integration will allow Offerpad to provide a cash offer to more sellers and will extend Offerpad’s reach to a larger audience of potential sellers. “Over the past year, with all of the adversity happening for buyers and sellers and the industry in general, we have really been focused on trying to find buyers and

Sellers 475
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Continuing Monthly Rent Declines Suggest Lingering Inflation 

Appraisal Buzz

Rents declined in May for the tenth consecutive month, and the speed of the decline has slowed since earlier this year, suggesting potential challenges for additional reductions in total inflation. This is according to the Realtor.com Rental Report for May. The report suggests that this could possibly complicate the Fed’s policy decisions and also underlines the need for increased home construction, particularly in those locations where a lack of rental supply is leading to rising costs.

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70% of agents oppose NAR settlement: Clever Real Estate

Housing Wire

There is a large gap between how the American public feels about the business practice changes outlined in the National Association of Realtors’ nationwide commission lawsuit settlement agreement and how real estate professionals feel about them. According to a survey published by Clever Real Estate , 67% of the general public supports the changes, while 70% of real estate agents oppose them.

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Which Florida Region Is Cooling Faster Than the Rest of the Country?

Appraisal Buzz

In a strange turn of events, one part of the East Coast real estate market is cooling faster than the rest of the country, while markets such as Rochester and Buffalo, New York are heating up by attracting buyers with relatively low prices. The part of the East Coast that is cooling down is the West Coast of Florida, rife with natural disasters that are only intensifying driving people away as the new construction and pandemic-era homebuying boom fade into the distance.

Insurance 370

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FHFA Seeks Public Input on the GSEs’ Underserved Markets Plans

Appraisal Buzz

The Federal Housing Finance Agency (FHFA) is seeking public feedback on the proposed 2025-2027 Underserved Markets Plans submitted by Fannie Mae and Freddie Mac under the Duty to Serve (DTS) program. The proposed Plans cover the period from January 1, 2025, to December 31, 2027. “Providing sustainable liquidity for affordable housing preservation, rural housing, and manufactured housing in a safe and sound manner is a key component of the enterprises’ statutory responsibility to serve underserv

Marketing 369
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NAR addresses steering in latest settlement agreement update

Housing Wire

The National Association of Realtors addressed concerns of agent steering in its latest update to its commission lawsuit settlement FAQs. The topic of steering — when a buyer’s agent or broker prevents buyers from seeing homes that offer commissions lower than is typical for a market or discourages buyers from considering homes that offer lower commissions, as well as when a listing agent makes sellers fearful that if they don’t offer competitive compensation, buyers and their agents will avoid

Realtors 430
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Zillow Intros Tool to Mitigate Bias in AI-Powered Conversations

Appraisal Buzz

Because many AI tools disregard fair housing requirements and, when deployed, can perpetuate bias, Zillow is releasing a Fair Housing Classifier that establishes guardrails to promote responsible and unbiased behavior in real estate conversations powered by large language model (LLM) technology. This tool focuses on mitigating the risk of illegal steering — the practice of influencing a buyer’s choice of communities based upon the buyer’s legally protected characteristics under federal law, Zil

Tools 221
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MLS PIN urges Nosalek judge to approve settlement agreement

Housing Wire

In a legal brief filed on Monday, MLS Property Information Network (MLS PIN) made it clear that it does not agree with the Department of Justice ‘s position on the banning of cooperative compensation, as outlined in the DOJ’s statement of interest in the Nosalek commission lawsuit. The DOJ became involved in the Nosalek suit in late September 2023 , intervening over what it described as “significant concerns” about the terms of the settlement agreement that MLS PIN and the Nosalek pl

Legal 441
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Rent. Names New Prez

Appraisal Buzz

Rent. President Damon Joshua Rent. , a marketing platform for the multifamily rental industry, has announced that Damon Joshua has joined the company as President. With more than 25 years of sales leadership experience, Joshua will bring his strategic vision to guide Rent.’s roadmap as it continues to meet the needs of the rapidly changing multifamily industry.

Business 221
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Under stress, loanDepot ‘buys time’ with plan to extend $500M debt

Housing Wire

California-based loanDepot plans to extend its $497.8 million in senior notes due in the fourth quarter of 2025 at a lower maturity and a higher interest rate. The transaction reflects a business under stress but brings temporary relief to the company’s financials, analysts told HousingWire. loanDepot subsidiary LD Holdings Group LLC announced on June 4 that it amended the terms of its previously commenced offer to exchange senior notes of 6.5% due in 2025 for newly senior secured notes due on

Mortgage 474
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The state of mortgage rates depends on which state you're in

Real Estate News

A new survey of lenders reveals a 38 basis point difference between mortgage rates by state, which can mean hundreds of dollars a year for borrowers.

Mortgage 287
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Flyhomes acquires ZeroDown, launches AI-powered home search portal

Housing Wire

Seattle -based proptech company Flyhomes announced Tuesday that it has acquired the assets of startup ZeroDown and is launching an artificial intelligence (AI)-powered home search portal to bring “conversational real estate search and research to the market.“ Developed over the past two years, the newly rebranded Flyhomes portal is proprietary technology that was designed under the guidance of ZeroDown co-founders Laks Srini and Abhijeet Dwivedi, who have joined Flyhomes as chief technology offi

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ATTOM: Foreclosure Rates Increased Month-Over-Month in May But Are Down From a Year Ago

Appraisal Buzz

A total of 32,621 U.S. properties saw foreclosure filings — default notices, scheduled auctions or bank repossessions — in May, an increase of 3% compared with April but down 7% compared with May 2023, according to ATTOM. “May’s foreclosure activity highlights nuanced shifts in the housing market,” says Rob Barber, CEO at ATTOM, in a statement. “While we observed a slight increase in foreclosure starts, the decline in completed foreclosures indicates resilience in certain areas.

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Reverse mortgage consumer complaints decline on a yearly basis: CFPB

Housing Wire

There were a total of 131 consumer complaints submitted to the Consumer Financial Protection Bureau (CFPB) between Jan. 1 and June 10 of this year that were related to the reverse mortgage industry, according to a database maintained by the bureau. This was 52 fewer complaints compared to the same period in 2023. Of these complaints, 42% were related to “trouble during the payment process,” which primarily had to do with customers seeking to contact their lender or servicer to fix an issue with

Mortgage 430
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Poll: A Majority of Americans Say Government Officials Are Failing to Address Affordability

Appraisal Buzz

A majority of Americans agree the U.S. is in a housing affordability crisis and that government officials at all levels aren’t doing enough to address it, a poll conducted on behalf of the National Association of Home Builders (NAHB) shows. Seventy-seven percent of poll respondents reported a housing affordability crisis in the communities where they live, while 80% said their city and county officials were not doing enough to encourage the production of affordable housing.

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What’s new in QC and Compliance

Housing Wire

In a market where every dollar matters, revenue retention areas like quality control and compliance are more critical than ever. Thus, keeping abreast of regulatory and investor updates and trends is vital to maintaining loan quality and compliance. Trevor Gauthier, chief executive officer at ACES Quality Management provides us with an update on the latest in QC and compliance.

Lending 428
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VA makes mortgage rule change official

Real Estate News

A temporary policy revision allows military borrowers to pay their agents, something that was previously prohibited under VA lending rules.

Lending 264
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Sotheby’s International Realty gains new affiliate in Michigan

Housing Wire

Sotheby’s International Realty is launching its eighth office in Michigan as the firm announced the affiliation of the The Home Seekers Real Estate Group on Tuesday. Home Seekers, which is based in Okemos, Michigan, will now operate as White Pine Sotheby’s International Realty. The firm, which is owned and operated by Rob Buffington, serves the Greater Lansing area — including Ingham County, Eaton County and Clinton County. “ Homebuyers migrate to Central Michigan to enjoy its proximity to numer

Realty 438
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Flyhomes takes on portal giants with ‘incomparable’ tech

Real Estate News

The company is launching a new AI-backed home search that CEO Tushar Garg claims is “far ahead of everybody else” in terms of data and tech.

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Rithm Capital closes deal with Great Ajax

Housing Wire

Rithm Capital , the parent company of multichannel lender Newrez , announced on Tuesday that it has closed a transaction with Great Ajax Corp. , which resulted in the purchase of 2.9 million shares of its peer’s common stock. Rithm, a New York-based real estate investment trust, has invested in becoming a global asset management firm focused on real estate, credit and financial services.

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Offerpad partners with Realtor.com to expand cash offers

Real Estate News

The search portal integration is the iBuyer’s latest move as it focuses on growing market share through partnerships and agent incentives.

Agents 204
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VA officially unveils rules to allow vets to pay broker commissions

Inman

The temporary rules were first announced in May ahead of Memorial Day and came in response to calls from Realtors who feared veterans would become less competitive in the new landscape.

Realtors 181
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Slower Gains for Consumer Credit

Eyes on Housing

Total outstanding US debt stood at $5.05 trillion for the first quarter of 2024, increasing at an annualized rate of 1.86% (SA), according to the Federal Reserve’s G.19 Consumer Credit Report. From the first quarter of 2023 to the first quarter of 2024, the total increased by 2.09%. This is lower than the 6.67% year-over-year.

Finance 124
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Newrez laying off nearly 500 workers after Rithm acquisitions

Inman

Pending layoffs of 420 Newrez employees in Colorado and 53 workers in Florida follow $1.4 billion in acquisitions as parent company Rithm seeks to diversify beyond mortgage lending.

Lending 166
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Beyond Buying and Refinancing: A Look at Alternative Types of Appraisals

Birmingham Appraisal

My Appraisal Business Has Shifted, Has Yours? When most people think about real estate appraisals, they often associate them solely with buying or refinancing a home. However, real estate appraisals serve many other essential purposes that extend far beyond these conventional uses. With the recent slowdown in home purchases, my appraisal business has shifted towards private work, catering to a diverse array of needs outside traditional transactions.

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5 coaches on how to show your value to get the commission

Inman

There are several ways in which agents can prove just how much they're worth — and why anyone would want to sign a buyer-broker agreement and pay their commission.

Buyers 172
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5 Mistakes to Avoid When You Start Investing in Real Estate

BiggerPockets

Before you start investing in real estate, make sure you hear this episode. Almost every beginner ends up making these five big real estate investing mistakes.

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Seller who balked at inadequate payout appeals commission deal

Inman

Pennsylvania homeseller Spring Way Center is seeking to overturn the court approval of deals reached with Anywhere, Keller Williams and RE/MAX to resolve antitrust commission suits.

Sellers 162
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Strategic Renovations to Sell Your 20 to 25-Year-Old Home Quickly

Eppraisal

Selling a home that's 20 to 25 years old requires a focused strategy to make the property appealing to modern buyers while ensuring that every dollar spent yields a high return on investment (ROI). Prioritizing the right renovations can transform your home into a market-ready gem that attracts buyers and maximizes your home's value. Here’s a fresh guide to prioritizing renovations for a quick and profitable sale. 1.

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National rents hit highest level since 2022 despite more inventory

Inman

The median United States asking rent rose 0.8 percent year over year in May to $1,653, the highest it's been since October 2022.

Inventory 172
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Prospective homebuyers still sitting on sidelines despite rate move

Mortgagebroker News

Poll found Canadians still discouraged by high mortgage costs and housing affordability

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Take the temperature of office culture by starting at the top

Inman

Whether you're a broker-owner, managing broker or team leader, you may be surprised to find out how much your vibe affects your organization, Joseph Santini writes.

Brokerage 146