Thu.Nov 02, 2023

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Bob Goldberg out as NAR CEO

Housing Wire

The National Association of Realtors’ longtime CEO Bob Goldberg is leaving the trade association, multiple sources with knowledge of the situation have confirmed to HousingWire Thursday morning. “We are immensely grateful for Bob’s leadership and decades-long service to NAR,” Tracy Kasper, current NAR president, said in a statement. “It has been a privilege to work with him in expanding and strengthening our organization, and we congratulate him on his well-deserved retirement.

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Bob Goldberg out at NAR, Chicago media exec in

Real Estate News

Nykia Wright, previously CEO of the Chicago Sun-Times, will be interim CEO. Goldberg had previously announced plans to depart in 2024.

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Mortgage rates stabilize after Fed meeting

Housing Wire

Mortgage rates stabilized this week as the Federal Reserve decided to keep its rates unchanged Wednesday. However, mortgage rates still remain at a 23-year high. The 30-year fixed-rate mortgage averaged 7.76% as of Nov. 2, according to Freddie Mac ‘s Primary Mortgage Market Survey. That’s was down slightly from last week ’s 7.79% and up from 6.95% the same week one year ago.

Mortgage 479
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Mortgage rates level off after rising for 7 weeks

Real Estate News

After steadily climbing this fall, average rates — which have been hovering near 8% — inched down this week, but continued fluctuations are likely.

Mortgage 276
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Unlock The Blueprint: How To Construct A Better Payment Workflow

Speaker: Timothy Allsopp

Payment challenges often lead to delayed projects, financial bottlenecks, and strained relationships. With construction projects becoming more complex, outdated processes are no longer sustainable. By refining financial workflow, companies can improve cash flow, reduce error, and foster trust between stakeholders. Discover practical strategies for redesigning payment systems to overcome workflow challenges while creating a smoother, more reliable process for contractors and subcontractors alike.

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Smart Rate, Michael Strauss no longer authorized to do business in Illinois

Housing Wire

Smart Rate Mortgage, LLC is no longer licensed as a residential mortgage company in Illinois. Meanwhile, Michael Strauss , its only loan officer, now has an inactive status on his license, according to the Illinois Department of Financial and Professional Regulation (IDFPR). In addition, the Nationwide Multistate Licensing System (NMLS) shows that Jacksonville, Florida-based Smart Rate is no longer authorized to conduct business as of Oct. 3, indicating a voluntary surrender.

Business 441

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How to master the art of listening

Housing Wire

In the fast-paced world of real estate , success hinges on the ability to connect with clients. Recently, I dedicated some time to listening in on phone conversations between real estate agents and prospective homebuyers during their initial interactions. From this experience, one overarching and fundamental theme emerged: the importance of listening.

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As revenue plummets, Opendoor aims for a turnaround in 2024

Real Estate News

During the company's Q3 earnings call, CEO Carrie Wheeler said she anticipates a quiet fourth quarter but an uptick in home acquisitions next year.

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With new CEO, Rocket increases margins, remains profitable in Q3

Housing Wire

Amid the most challenging mortgage market in decades, Rocket Companies , the parent of Rocket Mortgage , remained profitable in the third quarter of 2023, showing higher margins in the direct-to-consumer and wholesale channels. This was the first earnings delivered by Rocket’s new CEO, Varun Krishna , who focused his conversation with analysts on the potential of artificial intelligence (AI) and other technologies to transform the business.

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RE/MAX losses soar following payout in commissions cases

Real Estate News

While revenue dipped slightly, net losses totaled more than $59 million, but CEO Steve Joyce said the company continued to make progress in a tough market.

Marketing 228
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Need Curated Pre-foreclosure Lists to Generate New Real Estate Leads? Trellis Has the Data!

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.

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Glenn Kelman says Redfin has ‘very good defenses’ for commission lawsuit

Housing Wire

Redfin executives were happy to discuss commission lawsuits during their firm’s third-quarter 2023 earnings call with investors and analysts Thursday evening, just not the one their firm was recently named as a defendant in. “Let’s talk about the copycat lawsuit first, mostly to say that we are not going to talk about it,” Glenn Kelman , Redfin’s CEO said in response to an analyst’s question.

Agents 429
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Vrbo parent company Expedia reports ‘best-ever’ quarter

Inman

Despite Vrbo itself struggling, Expedia, the travel booking company that owns the short-term rentals platform, recorded $425 million in profits during the third quarter.

Marketing 170
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What’s in store for non-QM in 2024?

Housing Wire

HousingWire recently spoke with Mack Walker, SVP of capital markets at Deephaven Mortgage , about how the year went for the non-QM sector and what’s in store for the industry in 2024. HousingWire: How did the non-QM sector fare this year among rate increases, slow purchase volumes and the difficulties in the banking sector? Mack Walker: The non-QM sector is similar to other sectors in the mortgage space that endured headwinds throughout 2023 relative to volume in past years.

Investors 415
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New Single-Family Home Foundation in 2022: Geographic Shifts

Eyes on Housing

NAHB analysis of the Survey of Construction (SOC) shows that 70% of all new single-family homes started in 2022 were built on slab foundations, followed by 19% of homes built with a full/partial basement and 10% of homes built with a crawl space. As home building shifts towards the southern geographic divisions, slab adoption rates are growing higher.

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What an appeal of the $1.8B Sitzer/Burnett commission lawsuit verdict will look like

Housing Wire

While much remains unknown in the wake of the verdict in the Sitzer/Burnett commission lawsuit case, the one certainty is that all three defendants — National Association of Realtors , HomeServices of America and Keller Williams — all plan to appeal. “This matter is not close to being final. We will appeal the liability finding because we stand by the fact that NAR rules serve the best interests of consumers, support market-driven pricing and advance business competition,” Tracy Kasper , NAR’

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Better launches digital home insurance product with partners

Inman

Available in Arizona, Oregon and Illinois at launch, Better Insurance will expand into Oklahoma, Tennessee and Wisconsin in the next four weeks. The goal is to be in all 50 states in a year.

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Lone Wolf Technologies announces new platform

Housing Wire

Lone Wolf Technologies announced a new online platform, Lone Wolf Foundation, on Wednesday, designed to support a new generation of Lone Wolf solutions to be released in 2024. The platform will bring “key software from every milestone in the real estate process,” the press release states. Along with Foundation, the first phase of the initiative will include new versions of the Lone Wolf Back Office, Transact Workflow, and BrokerMetrics.

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RE/MAX sees revenue decline for 5th consecutive quarter

Inman

Amidst challenging market conditions, the real estate franchisor's total revenue was down 8.7 percent year over year to $81.2 million, coming just shy of analysts' expectations. The company also suffered a net loss of $59.5 million.

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Trustar Bank sells mortgage subsidiary to Archer

Housing Wire

Virginia-based community bank Trustar Bank sold its mortgage subsidiary to Archer Mortgage Holding Company, the companies announced on Thursday. The financials of the deal were not disclosed. “This strategic move allows Trustar Bank to focus on our core services while still providing portfolio mortgages to our valued customers,” Shaza Andersen, CEO of Trustar Bank, said in a statement.

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Redfin posts profitable Q3 despite another quarter of falling revenue

Inman

The company posted profits of $98.3 million, up 8 percent from the third quarter of 2022, while tallying $269 million in revenue, a decrease of 12 percent from a year ago, according to third-quarter earnings Thursday.

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8 best places to buy real estate leads in 2023

Housing Wire

Real estate agents are always looking for vetted, high-quality leads — and especially so during 2023 market conditions. One of the most efficient ways to acquire leads is to buy them through lead generation providers. These providers offer a rapid and cost-effective means for real estate agents to gather a list of potential clients and ultimately boost sales.

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Rocket stays profitable in Q3 but still in the red for the year

Inman

Cost-cutting helped the mortgage lending giant rack up its second consecutive profitable quarter, but at $61.45 billion, mortgage originations for the year to date are down 46 percent from a year ago.

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Better Insurance is Better’s latest move to become a leading digital homeownership company

Housing Wire

New York-based digital lender Better Home & Finance Holding Company launched Better Insurance to allow customers to shop for homeowners insurance through a fully digital platform. Better Insurance is the latest innovation available through the company’s insurance arm, Better Cover, which partners with more than 20 different insurance providers, according to the firm.

Insurance 381
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EXp maintains profitability as revenue declines 2% to $1.2B

Inman

EXp World Holdings' revenue declined 2 percent annually to $1.2 billion in the third quarter, according to a call on Thursday. The company held onto its profitability, with net income reaching $1.4 million.

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loanDepot accuses ex-COO Tammy Richards of stealing customers’ information

Housing Wire

California-based nonbank lender loanDepot is suing former chief operations officer Tammy Richards for breach of contract and fiduciary duty, accusing her of stealing confidential information concerning the lender’s customers. The move is part of a legal battle that started in September 2021 when Richards filed a lawsuit alleging the lender closed thousands of loans without proper documentation to boost its performance ahead of its initial public offering (IPO) on the New York Stock Ex

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Opendoor can’t hang on to profitability as Q3 revenue craters

Inman

The iBuyer saw revenue fall 71 percent year over year in the third quarter of 2023. The company also lost $106 million — a reversal from Q2's net profit.

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How proptechs are adapting in a changing market

Housing Wire

My, how things have changed. Just a couple years ago there was incredible momentum building around alternative ways to purchase, sell and extract value from residential properties. iBuyers led the way on reshaping the options available to sellers through direct, instant cash offers at scale. The highly competitive purchase market and bidding wars gave rise to power buyer models to help non cash buyers compete.

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Broker Spotlight: Joy Vance of The Agency Bozeman | Big Sky

Inman

Find out how this Big Sky brokerage leader prioritizes her team, collaboration and pursuing new development opportunities in her beloved Montana.

Brokerage 139
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MISMO president on getting control of your AI

Housing Wire

HousingWire Editor in Chief Sarah Wheeler sat down with David Coleman, president of MISMO , to talk about what’s changed in technology over the last 15 years, and what still needs to change. This interview has been edited for length and clarity. Sarah Wheeler: The cost to originate is still high when you consider all the tech being deployed. On the other hand, the tech itself costs money.

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In 2024, Lone Wolf customers to experience next-generation products

Inman

Prominent proptech company Lone Wolf Technologies used the stage at an industry conference to present a revamped product line set to roll out to real estate brokerages in phases starting in 2024, a Nov. 1 press release said.

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ICE’s mortgage business outperforms in Q3 despite industry tailwinds

Housing Wire

Intercontinental Exchange (ICE) Mortgage Technology reported an adjusted operating income of $131 million in the third quarter of 2023, up from Q3 2022’s $126 million — despite the headwinds the mortgage industry is facing. ICE attributed “an analog to digital conversion occurring in the U.S. residential mortgage industry” for its mortgage business outperforming in Q3 even as the industry experienced a nearly 20% decline in origination volumes.

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Mortgage software provider Vesta powering Upstart’s HELOC launch

Inman

Since announcing a $30 million Series A funding round last year, Vesta has added partners and integrations at a rapid clip, including integration with Willow Servicing.

Mortgage 115
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Finance Friday: Should I Double Down on Real Estate or Start a Side Hustle?

BiggerPockets

When people hear the term “passive income,” their minds usually flash to real estate investing.