Fri.Feb 02, 2024

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Redfin launches new homebuyer refund program

Housing Wire

Redfin is back to offering refunds to homebuyers but this time under a new name. Launched on Thursday, the brokerage’s Sign & Save program provides buyers who sign up to work with a Redfin agent before their second home tour — and who purchase a property with that agent within 180 days of signing the agreement — a refund of 0.25% to 0.5% of the purchase price of the house.

Agents 493
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HAR leaders on earning trust and competing with Zillow

Real Estate News

“We’re trying to be an example of what an association can do,” says René Galvan, who will take over for Bob Hale as CEO in 2026.

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Jobs data sends mortgage rates higher

Housing Wire

Today we got a jobs Friday hat trick! Better headline jobs were reported, with positive revisions and more robust wage growth, which caught bond traders off guard and sent bond yields and mortgage rates higher today. Now, we do have some quirky seasonality issues with this report, but as I have often stressed, don’t look at one to two positive or negative job reports; take the longer-term trend.

Mortgage 473
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Redfin sweetens the deal for buyers who sign agreements

Real Estate News

The new “Sign & Save” program offers buyers a rebate if they sign a buyer agreement with Redfin and go under contract on a home within six months.

Buyers 306
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FHA removes mandatory mortgage branch registration requirement

Housing Wire

The Federal Housing Administration (FHA) on Friday announced that it has published a new final rule that eliminates a current requirement for lenders to register the branch offices where they conduct FHA Title I or Title II mortgage loan originations. By removing these requirements, FHA hopes to involve more community-based entities in its Title I and II programs, including smaller loan originators and credit unions, the agency explained.

Mortgage 468
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Profits on home sales took a dip in 2023

Real Estate News

Sellers are still seeing near-record-high profits, but this was the first year-over-year decline in 12 years.

Sellers 290

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Tech Bytes: News from Zillow, Perchwell, CoreLogic, Lofty

Real Estate News

Zillow unveils app for Apple's Vision Pro; Perchwell offers REBNY RESO-compliant data solution; CoreLogic launches security platform; Lofty adds AI assistant.

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U.S jobs report surprises to the upside

Housing Wire

The U.S. economy added significantly more jobs than expected during the first month of the year. Jobs increased by 353,000 in January, up from a revised rate of 333,000 in December , according to data released by the Bureau of Labor Statis tics on Friday. January’s reading far exceeded the monthly average of 255,000 new jobs per month in 2023. Meanwhile, the national unemployment rate remained unchanged for the third month in a row at 3.7% while the number of unemployed Americans also showed lit

Retail 447
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Homes.com earns top 100 finish on global SEO ranking list

Inman

German search engine optimization (SEO) platform SISTRIX ranked portal Homes.com No. 43 on a list of fastest-growing domains in the U.S. The company has been ranking domains for 15 years.

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Top-producing Draper and Kramer LOs spurn NAF

Housing Wire

Most of last year’s top-producing loan officers at Draper and Kramer Mortgage Corp. (DKMC) are not transitioning to the company’s acquirer, New American Funding (NAF), according to multiple sources and available public data. During their departure, DKMC sales staff who are not joining NAF were informed by leadership that they will have to wait a few months before receiving all of their compensation tied to any loans closed before the M&A deal, per documents reviewed by HousingWire.

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Luxury prices and cash buyers hit a new high to close out 2023

Inman

Strategic migration, low inventory and a demand for larger spaces have also contributed to rising luxury prices, agents told Inman, depending on the specific market.

Buyers 193
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Reverse mortgage volume, HMBS issuance fall slightly in January

Housing Wire

With ongoing liquidity challenges and a continuing lag in Home Equity Conversion Mortgage (HECM) case numbers, reverse mortgage business in 2024 started off with a bit of a whimper. Both HECM endorsements and HECM-backed securities (HMBS) issuance saw modest declines in January, although four of the top 10 HECM lenders managed to post slight gains for the month.

Mortgage 435
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Zillow’s Immerse app promises ‘jaw dropping’ 3D home tours

Inman

Zillow Immerse is the latest in a series of software releases from the home search leader as it moves toward an agent services model, collectively referred to as its “super app.

Agents 192
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Pennymac delivers $145M profit in 2023 

Housing Wire

In a high-rate environment, Pennymac Financial Services delivered profits in 2023, mainly due to the performance of its servicing portfolio. That’s despite a net loss in the last quarter of the year attributable to the resolution of a long-standing arbitration process with Black Knight regarding its servicing technology and losses in mortgage servicing rights (MSR) fair value. “2023 was one of the more challenging origination markets in recent history, with industry volumes down appr

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Blowout January jobs report has mortgage rates surging again

Inman

Employers added 353,000 workers to their payrolls in January, a "head scratching" jobs report from the Labor Department that kills prospects for a March rate cut "stone dead," economist says

Mortgage 188
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eXp enters affiliated business agreement with Citrus Closing Group

Housing Wire

Real estate brokerage eXp Realty has entered into an affiliated business agreement with Orlando, Florida -based title fi r m Citrus Closing Group , according to an announcement on Thursday. “We are thrilled about the prospects of our exciting new partnership with eXp Realty, anticipating a wealth of opportunities and collaborative success ahead,” Jeremy Webb, the president of Citrus Closing Group, said in a statement.

Business 424
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Greystar pens deal with Wood Partners on property management

Inman

Under the newly created agreement, all properties owned by Wood will see their management duties transferred to Greystar.

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Job Growth Surges in January

Eyes on Housing

The U.S. economy entered the new year with a strong gain in payroll employment and an unchanged unemployment rate. Job gains in November and December were much stronger than initially estimated, according to revisions of the establishment survey data. January’s jobs report shows that the job market remains unexpectedly strong despite the impact of the highest interest rates in two.

Marketing 173
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KW settles, Team moves on, NAR video reappears: Inman’s Top 5

Inman

Looking for a quick catch-up on the buzziest stories of the week? Here’s Inman Top 5, the most essential stories, according to Inman readers.

Brokerage 179
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$2 Trillion in Commercial Debt is Coming Due—What Does That Mean for the Industry?

BiggerPockets

Over the next four years, commercial debt bills will total a whopping $2.8 trillion many of which are balloon payments. It's led to the steepest drop in commercial asset valuations in recent history and created tremendous anxiety amongst investors. Where does the market go from here?

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Rate drop leads to 3rd consecutive month of listing gains

Inman

Active and new listings experienced single-digit increases for the third consecutive month in January, according to Realtor.com's latest market report. The boost in listings also brought buyers out, leading to a four-day decrease in the median days on market.

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Budgeting Is Dead—Do This Instead and Watch Your Wealth Grow

BiggerPockets

A recent poll showed 60% of Americans are scared of the word "budget," so they wind up doing nothing at all. You don't have to budget, but you do have to track. Here's how.

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Redfin offers refund in exchange for buyer agency agreement

Inman

The new "Sign and Save" program promises homebuyers a refund of 0.25 percent to 0.5 percent for signing a buyer agency agreement.

Buyers 174
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Implementing GoFormz to Achieve Your 2024 Business Goals

GoForrmz

In 2024, the need for faster and simpler work methods is more important than ever. And that’s where GoFormz comes in. We offer powerful digital forms that revolutionize traditional paperwork and empower you to focus on more important tasks. Learn how GoFormz can help you improve your work processes, save money, and create an agile work environment. Say Goodbye to Paper Costs Paper, ink, storage cabinets, you name it.

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AI-backed Roofer nails down $7.5M seed round

Inman

A roofing technology company called Roofer has landed a $7.5 million seed investment to advance its computer vision-based roof analysis solution.

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Mortgage professionals unite against cancer in Woodbridge

Mortgagebroker News

Inaugural bowling event shatters fundraising target, with plans already afoot for 2025

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Let TikTok’s favorite debt expert help skyrocket your credit score

Inman

Trainer Bernice Ross talks to popular TikTok credit expert Alisa Glutz to find out how you and your clients can optimize the potential of a credit profile for lower interest rates and better scores.

Clients 174
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W for the win: Westboro Mortgage's new solution a powerful tool in brokers’ private lending toolbox

Mortgagebroker News

Simple solution provides 'clear line of sight on expected outcome,' said president Derek Serra

Tools 74
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How Nathan Brennan is creating an AI real estate revolution

Inman

In his latest Snapshot profile, Brandon Doyle looks at Nathan Brennan's impact on the real estate industry through AI and computer vision and how technological innovation can revolutionize industries.

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2024 Updated UAD and URAR – What does It Mean for You?

Appraisal Today

2024 Updated UAD and URAR – What does It Mean for You? The Appraisal World Is Changing January 25, 2024 Excerpts: There has been a lot of talk about the Uniform Appraisal Dataset (UAD) and Uniform Residential Appraisal Report (URAR) redesign initiative, and how it will make life easier for appraisers. What exactly does this mean? In this post, we’re providing an overview of the UAD and URAR, what’s changing, and what benefits these changes will bring.

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Versatile Oppy is your newest AI pal: Tech Review

Inman

Oppy is software that anyone can use to build an AI assistant to pick up the pieces of a busy workday, from scheduling meetings with integrated drive times to ensuring that last lead received the information they needed.

Business 172
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Brokers and MICs, Westboro, Charity event, Macklem on housing, More

Mortgagebroker News

He emphasizes the key difference between the two nations

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Wholesaler Crescent Mortgage closing up shop at end of March

Inman

Sixty-five employees are slated to lose jobs when the Atlanta-based lender, licensed in 48 states, ceases operations on March 29, the company confirmed in a WARN Act filing with Georgia officials.

Mortgage 171
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Retired couples might need $400,000 in savings to cover medical expenses

Housing Wire

Retired couples who are Medicare beneficiaries could need as much as $413,000 saved to cover medical expenses in the latter stages of life, an increase over the previous year’s estimate of $383,000. This is according to new findings from the Employee Benefit Research Institute (EBRI). The figure is the “predicted savings target for Medicare beneficiaries to cover premiums, deductibles, and prescription drugs in retirement,” EBRI explained.

Insurance 448