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Miami homeowner sues eXp for fraud over renovation

Housing Wire

The legal department at eXp Realty and parent company eXp World Holdings is not getting any rest over the holidays. In his filing, Ammann claims that eXp publicly advertises that its agent s may not act as contractors providing home repair or renovation services on properties they represent, as doing so would be a conflict of interest.

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Anywhere faces racketeering charges in Minnesota lawsuit

Housing Wire

Despite having long ago settled the commission lawsuits , legal challenges continue to mount for real estate industry giant Anywhere. The lawsuit, which alleges claims of false advertising, was filed in a U.S. district court in Minnesota by plaintiffs Michael and Lauren Campoli.

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CFPB warns consumers about home equity contracts, comparing their features to reverse mortgages

Housing Wire

The Consumer Financial Protection Bureau (CFPB) this month published an issue spotlight that takes a closer look at home equity contracts, or what the industry refers to as home equity investments (HEIs) that offer a lump sum payment to clients in exchange for a stake in their home equity.

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Thinking of joining a real estate team? Here’s everything you should know

Housing Wire

However, most teams are built with the same objectives playing to each individuals strengths to provide top-tier service to their clients. This can sometimes take the focus off client service, though it doesnt have to. This enables the team to handle more clients and close more deals than any individual agent could do alone.

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‘Real Estate Insiders’ discuss commission sharing risks and alternate practices

Housing Wire

Co-hosts James Dwiggins and Keith Robinson urge agents to stop sharing commissions and discuss ways that listing agents can put their seller’s needs first while avoiding legal trouble and creating an excellent experience for their clients in an uncertain market. Dwiggins ties his example into real estate with a pointed statement. “I

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Loan officers are dramatically cutting their pay to win clients. It’s often illegal. 

Housing Wire

So he did what a lot of retail loan officers in the industry were doing — 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. It’s the ultimate in legalized fraud.

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Australia, New Zealand-based reverse pros share insights

Housing Wire

The company also requires clients to seek out independent legal advice to ensure full comprehension of the products requirements, aiming to fulfill a similar function to the stateside counseling requirement. industry takes with marketing reverse mortgages to potential clients. [R]everse counterpart.

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