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There are just five days to go until the business practice changes outlined in the National Association of Realtors’ (NAR) nationwide commission lawsuit settlement agreement , but the trade association is not out of the lawsuit woods just yet. In a lawsuit filed on Monday by Douglas Hardy, Glenn Champion and Dylan Tent in U.S. District Court for the Eastern District of Michigan , the plaintiffs claim the requirement that all Realtors and brokers in Michigan be member of NAR, their state Realtor
Numerous financial experts advise that you should not pay rent above thirty percent of your gross income, according to a new study from BadCredit.org. But can that still be possible in 2024 with rental rates rising almost every day? BadCredit.org examined two important variables—the median yearly salary for singles and the average monthly rental costs in 100 major American cities—to determine the amount of money the typical American spends on rent in the country.
Piggyback mortgages — those involving a first and second lien at origination — are on the rise among first-time and low- to moderate-income borrowers who face affordability challenges. This is according to a CoreLogic report published on Monday. The share of piggybacked Federal Housing Administration (FHA) home purchase loans rose by more than seven percentage points from June 2022 to June 2024, going from 10.8% to 18%.
Deciding on a place to call home can be a tough process. You’ll need to balance things like the cost of living with job opportunities, quality of education and safety. Personal preference also comes into the equation, as you’ll want to live somewhere with the types of attractions, recreational opportunities and weather that suit you. Fortunately, there are 50 states to choose from, from frigid Alaska to sunny Florida.
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.
More evidence is emerging that the recent decline in mortgage rates is prompting more borrowers to refinance. In its July 2024 Market Advantage report released on Monday, mortgage technology firm Optimal Blue reported that refinance demand, measured by the level of locked loans, grew to its highest point since September 2022. Data from HousingWire ‘s Mortgage Rates Center shows that rates were in the midst of an upswing in September 2022, with the average rate for 30-year conventional loan
This is the final article in Ernie Durbin’s three-part series on the new UAD. The first article on April 15, 2024, was “ From Forms to Reports: A Look at the UAD Overhaul. ” The second article on July 15, 2024, was “ The New UAD: Don’t Borrow Trouble. “ In my articles “From Forms to Reports: A Look at the UAD Overhaul” and “The New UAD: Don’t Borrow Trouble,” we explored the fundamental changes brought about by the new UAD standards and addressed c
This is the final article in Ernie Durbin’s three-part series on the new UAD. The first article on April 15, 2024, was “ From Forms to Reports: A Look at the UAD Overhaul. ” The second article on July 15, 2024, was “ The New UAD: Don’t Borrow Trouble. “ In my articles “From Forms to Reports: A Look at the UAD Overhaul” and “The New UAD: Don’t Borrow Trouble,” we explored the fundamental changes brought about by the new UAD standards and addressed c
Rural parts of the U.S. have roughly 35% fewer home health aides to assist their aging populations than urban areas do. This is according to research from the University of Minnesota as cited by the Population Reference Bureau (PRB), a private nonprofit research organization that receives funding from the U.S. Census Bureau. Researchers found that rural areas average 32.8 home health aides per 1,000 older adults, while urban areas average 50.4 of these workers per 1,000 older adults.
Gen Z homebuyers are paving a unique and cooperative route to homeownership as they face a difficult financial environment characterized by large student loan debt, expensive down payments, and rising real estate costs. This is according to new CoreLogic research , with additional insight from business executive Praveen Chandramohan. An increasing number of individuals in this age bracket are choosing to pool their money and purchase residences with friends rather than facing these financial obs
Open Mortgage on Friday shut down its distributed retail channel and laid off more than two dozen employees. The divisional closure comes 1.5 years after the Texas-based lender changed ownership and nine months after it exited the reverse mortgage business. The company will focus on the third-party origination (TPO) space going forward. Employees told HousingWire, anonymously out of fear of retaliation, that leadership announced the closure of its branches during an “all-hands” call on Friday.
The plaintiffs say they shouldn’t have to join NAR and other associations to access the MLS, especially if buyer-broker compensation is no longer guaranteed.
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.
California -based HighTechLending , a top-10 lender in the reverse mortgage industry, recently announced that it was rebranding its wholesale channel to American Senior Lending Wholesale Division in an effort to better align its identity with key business lines designed to serve older borrowers. One of the ways the company aims to continue making a name for itself in the space is by taking a “boutique” approach to its customer service and partner relationships.
Saturday is the first day consumers can get details about their settlement options — and is a critical day for agents who want to be covered by NAR’s deal.
Many brokerage firms are trepidatiously moving to a model with no cooperative compensation in light of the impending business practice changes outlined in the National Association of Realtors’ (NAR) nationwide commission lawsuit settlement agreement. Peter Voss at 3% Listing Co. is wondering what took them all so long to make the switch. Voss founded the Iowa-based 3% Listing Co. in 2023.
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.
Realty ONE Group is making moves in Florida. The firm announced on Friday the affiliation of Florida-based MVP Realty Associates. Derek Carlson, the founder, CEO and broker of MVP Realty Associates, has been named CEO and broker of the new Realty ONE Group MVP. The firm has 10 offices and more than 1,200 agents throughout the state. “Joining Realty ONE Group MVP is not just a career milestone — it’s a strategic move towards empowering Realtors in a dynamic and forward-thinking enviro
A real estate watchdog supplemented recent recommendations from the Consumer Federation of America with additional do’s and don’ts for buyers and sellers.
While a U.S. district court judge in Pennsylvania may have denied its motion to stay the Moratis copycat commission lawsuit, defendant West Penn MLS is not backing down without a fight. In addition to filing a motion in June to stay the suit , West Penn MLS also filed a motion for dismissal, as the MLS defendant had opted into the nationwide commission lawsuit settlement agreement reached by the National Association of Realtors (NAR).
We are quickly approaching the Five Star Conference 2024 , set for September 24-26 at the OMNI Hotel in Dallas, and the list of guest speakers and educational offerings continues to grow. This year, The MTech Forum will feature a host of tech and subject-matter experts taking a deep dive into how technology is driving our industry forward, but also creating hazards that must be addressed and accounted for as we move forward.
Mortgage refinance demand surged in July to levels not seen since September 2022 amid softening interest rates, Optimal Blue reports. The lower interest rates seen in July also coaxed increased purchase activity, which, combined with greater refi activity, drove a 3.5% month-over-month (MoM) increase in mortgage rate lock volumes. “The July report shows a notable uptick in refinance activity, particularly rate-and-term refinances, which jumped 12% as borrowers responded to declining interest rat
As the mortgage industry increasingly embraces technology to streamline the homebuying process, a recent survey reveals a significant opportunity for broader adoption of digital verification tools. Despite the efficiency and simplicity these tools offer, many homebuyers remain unaware or hesitant to use them, indicating a need for greater industry outreach and education.
A survey of hundreds of real estate agents suggests that "steering" based on commissions used to be rare. After the Aug. 17 deadline, it may become ubiquitous — but with buyers in the driver's seat.
The total value of U.S homes gained $3.1 trillion over the past 12 months to reach a record $49.6 trillion, according to a report from Redfin. In percentage terms, the total value of the U.S. housing market grew 6.6% year over year. The total value of U.S. homes has more than doubled in the past decade, climbing nearly 120% from $22.7 trillion in June 2014.
A 50-year high in multifamily building starts and completions has led to cooling rent growth and better leases for renters. In July, 33.2 percent of rentals on Zillow included concessions — a 23 percent increase from 2023.
Freddie Mac reports that its Single-Family Credit Risk Transfer (CRT) Program has closed its 100th ACIS (Agency Credit Insurance Structure) transaction. Since the first transaction in 2013, Freddie Mac has credit protected more than $2.5 trillion unpaid principal balance (UPB) of mortgage loans via $35 billion of ACIS coverage with (re)insurers. “For over a decade, the ACIS program has helped reduce Freddie Mac’s credit risk while offering (re)insurers worldwide an opportunity to invest in and s
After growing its agent count by 12 percent to 12,224, the flat-fee brokerage says it's poised for continued growth with new commission plans that pay agents a percentage of revenue generated by the agents they recruit.
The majority of NAHB builder members are small businesses, according to the annual census of its members NAHB has been conducting since 2008. The most recent installment of the census was conducted at the end of 2023 and covered business activity through 2023. The census shows that, on average, NAHB builders started 59.2 homes in.
In the same week that the investment firm lost the Waldorf Astoria in Washington, D.C., to a foreclosure auction, CGI Merchant also had to let go of the Gabriel Miami Downtown in a foreclosure auction to an affiliate of Madison Realty Capital.
Coaching platform provider 90-Day Sales Manager has launched an activity-based CRM system with built-in coaching and accountability for mortgage teams at credit unions and community banks. The 3-in-1 platform provides mortgage departments an affordable solution to help loan officers stay productive during challenging times, the company says in a release.
A new report in "The Wall Street Journal" found that baby boomers had an easier time navigating real estate market challenges in the 1980s than millennials do today.
Wood framing remains the most dominant construction method for completed single-family homes in the U.S., according to NAHB analysis of 2023 Census Bureau data. For 2023 completions, 93% of new homes were wood-framed, another 7% were concrete-framed homes, and less than half a percent were steel-framed. On a count basis, there were 930,000 wood-framed homes.
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