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More executive changes are afoot at franchise real estate brokerage RE/MAX. Serene Smith, the chief of staff and chief operating officer at RE/MAX Holdings , has transitioned to a non-executive, part-time role at the brokerage. RE/MAX will no longer have a principal operating officer and Smith’s responsibilities will be absorbed by other executives, the company disclosed Friday in a filing with the Securities and Exchange Commission ( SEC ).
The Consumer Financial Protection Bureau (CFPB) has issued “ CFPB Circular 2024-03: Unlawful and Unenforceable Contract Terms and Conditions ,” warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. According to CFPB Circular 2024-03 , companies use fine print tactics to try to trick consumers into believing they have given up certain legal rights or protections.
Seller impersonation fraud has reportedly risen significantly over the years, and one such fraudster attempted to cash in by facilitating a fraudulent sale of Graceland, the famous Memphis, Tennessee , home owned by the late Elvis Presley. But while a fraud attempt targeting such a famous structure and family would easily make national news, the vast majority of title theft and mortgage fraud schemes do not.
According to Realtor.com May housing data , median list prices have grown 37.5% from May 2019, yet inventory has decreased 34.2% compared to normal 2017 to 2019 levels, indicating that the market remains seller-friendly. “In addition to higher median list prices and fewer homes for sale versus 2019, the increase in median price-per-square foot suggests that the typical home on the market today is worth 52.7% more than before the pandemic, more than double the roughly 23% increase in consumer pri
Finance teams find Trellis to be particularly effective in conducting comprehensive due diligence on both individuals and businesses. With our court data solution, financial experts can access critical litigation insights, making it an invaluable resource for informed decision-making in the financial sector.
Even after dropping considerably over the past month, mortgage rates remain well above 7% ahead of the next U.S. jobs report and the next meeting of Federal Reserve policymakers. Mortgage rates were nearly flat on weekly basis as HousingWire ’s Mortgage Rates Center showed that the average 30-year rate for conforming loans was 7.23% on Tuesday, down only 2 basis points from one week ago.
Realoq , a real estate portal with a “multi-sided marketplace“ that connects consumers and service providers, has expanded its services to Florida , Georgia and North Carolina. “Unlike industry stalwarts, Realoq’s free-to-use service offers a hand-picked and custom-vetted pool of local agents to provide home buyers and sellers with peace of mind, full transparency, and top quality,” Anvesh Chakravartula, founder and CEO of Realoq, said in a statement.
The recent announcement of Homie’s decision to strip its brokerage services and end employment for its real estate agents has once again brought the discussion of alternative models in real estate to the forefront. As someone who is invested in this industry, I see this development not as a failure of one company, but as a testament to the ongoing evolution and diversification within the real estate industry.
Serene Smith had been chief operating officer since 2017, a position RE/MAX will now sunset. The company has also hired an EVP for HR and administration.
Construction projects are high-stakes operations where even minor inefficiencies can lead to costly delays, safety concerns, and budget overruns. Managing risk in construction has always been a challenge, but as projects grow in complexity, traditional methods no longer cut it. Enter Digital Transformation - a game changer approach that replaces inefficiency with AI-powered analytics, real-time monitoring, and automated workflows to proactively manage risk.
Building on momentum seen in April, reverse mortgage volume and securities issuance each posted gains in May, with a caveat in place about the runway ahead from case number assignments in April. Home Equity Conversion Mortgage (HECM) endorsements increased by 16.9% to 2,460, while HECM case numbers remained relatively flat compared to April, which could result in a scenario that interrupts a recent streak of consecutive monthly increases.
Some believe more buyers will come to the table without agents. That could lead to fertile breeding grounds for the polarizing practice sometimes known as "double ending.
Shopping around for a mortgage could prove beneficial for borrowers looking to save money, particularly in a high interest rate environment, according to a new report from LendingTree. The potential savings breaks down to roughly $212 a month, or $2,547 per year on average, according to the report. But in states with higher home prices — particularly California , New Jersey and Hawaii — shopping around could provide even more substantial savings of $131,190, $127,125 and $115,947, respectively,
Industry watchers are sounding the alarm about Microsoft's Bing Real Estate, a site that for several months has been reposting listings from Zillow, Realtor.com and Redfin without explanation.
Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.
With flood insurance premiums commanding ever-higher prices, a U.S. senator recently described a hardship faced by a constituent who endured challenges with higher flood insurance costs while keeping a reverse mortgage in good standing. The Federal Emergency Management Agency (FEMA) implemented a new flood insurance pricing methodology in late 2021 called “Risk Rating 2.0,” which was designed to price each home individually as opposed to lumping them together in “flood zones.
United Real Estate is growing in Dallas. The nation’s eighth-largest brokerage today announced a merger between existing affiliate United Real Estate I DFW Properties and Fort Worth-based Stryve Realty. Financial terms of the deal were not disclosed. The combined operations include two offices in Fort Worth and one in Grapevine under the United flag and gives United | DFW Properties more than 200 agents servicing the region.
BLOG VIEW: Natural disasters are inevitable in the homeowners’ insurance and mortgage loan servicing industries. Moreover, as disasters increase in severity and frequency, property loss claims will also increase. In November 2023, the National Center for Environmental Information reported that the U.S. experienced 25 weather-related disasters in the first 10 months of the year, more than any other year on record.
On an enforcement streak since the U.S. Supreme Court rejected a challenge to its funding mechanism in mid-May, the Consumer Financial Protection Bureau (CFPB) is now targeting the use of what it deemed ”unlawful or unenforceable” terms and conditions in contracts. On Tuesday, the U.S. consumer financial watchdog released a circular warning companies that use ”fine-print tactics to trick consumers” about the risk of violating the Consumer Financial Protection Act.
The U.S. Department of Housing and Urban Development (HUD) has announced $44 million in Fiscal Year (FY) 2023 funding for the Family Self Sufficiency (FSS) Program and the Resident Opportunity and Self-Sufficiency (ROS) Service Coordinator Program. The funds from both initiatives will be utilized to provide citizens with the tools and resources they need to achieve financial independence, realize family goals, and generate generational wealth and economic mobility.
NAF Cash , a subsidiary of multichannel mortgage lender New American Funding (NAF), announced on Tuesday the availability of a tool called NAF Cash Maps that aims to offer data on trends related to all-cash home purchases. “The data is derived from information collected by real estate data provider MMI, MLS data, and public records, enhanced with NAF Cash data engineers’ detailed work and analysis,” the company explained.
Joseph M. Otting has been appointed to the additional role of executive chairman of the board of New York Community Bancorp , parent company of Flagstar Bank. Otting’s appointment will better facilitate his ability, alongside the new senior executive leadership team, to continue to improve all aspects of the company’s operations and execute on its strategic initiatives.
Hometown Lenders has filed for Chapter 11 bankruptcy protection in Alabama, blaming the Federal Reserve’s policy to curb inflation for its debacle. In court filings, the Huntsville, Alabama-based company stated that as of April 30, 2023, it owed approximately $107.1 million to taxing authorities, former employees, warehouse lenders , and general unsecured creditors.
Truework , which offers income and employment verification for mortgage lenders, is now integrated with the Exchange network of mortgage-specific service providers available to customers of the Empower loan origination system (LOS) by Dark Matter Technologies. With this integration, mortgage lenders can access the Truework platform and verify U.S. employees’ income and employment directly within the Empower LOS.
Real estate compliance expert Summer Goralik looks at the projected prevelance of dual agency and offers a prescription for determining whether it's the best option for agents and their clients.
U.S. home prices continued to increase in April, rising 1.1% compared with March and up 5.3% compared with April 2023, according to CoreLogic. All states posted annual home price appreciation in April, led by New Hampshire at 12%, New Jersey at 11% and South Dakota at 10.8%. San Diego posted the highest year-over-year home price increase of the country’s 10 highlighted metro areas, at 9.9%.
American Pacific Mortgage is using LenderLogix ‘ Fee Chaser solution to efficiently and compliantly collect initial mortgage-related fees from borrowers. The seamless integration of Fee Chaser with American Pacific Mortgage’s loan origination software (LOS) allows its loan officers and support personnel to effortlessly send a unique payment link to borrowers with a single click, LenderLogix says in a release.
While awards and honors are geared toward high volume, it's high profitability that offers the rewards you're really looking for, coach Verl Workman writes.
Fueled by a lack of existing inventory and pent-up demand, single-family permit growth is occurring across all tracked geographic regions of the nation. The opposite holds true for the multifamily sector, according to the latest findings from the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) for the first quarter of 2024.
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