A second home seller in Nevada has filed a lawsuit alleging that real estate industry players in the state have colluded to artificially inflate real estate agent commissions. The copycat commission lawsuit was filed on Friday in U.S. District Court in Las Vegas by Nevada home seller Angela Boykin. The complaint claims that the National […]
A bill introduced in the New Jersey Senate would require face-to-face counseling for the state’s reverse mortgage transactions and would nullify any loans originated without proof of such counseling having taken place. The bill is currently awaiting deliberation in the state Senate’s commerce committee. The bill, S2520, would also offer a seven-day right of rescission […]
Finance of America Companies (FOA), parent company of reverse mortgage industry-leading lender Finance of America Reverse (FAR), was notified for the second time on Feb. 12 by the New York Stock Exchange (NYSE) that it was not in compliance with the exchange’s continued listing standard. This is according to an announcement from FOA issued on […]
Three sources, who have asked to remain anonymous, have confirmed to HousingWire that the National Association of Realtors (NAR) has run out of liability insurance funds. The news about NAR’s insurance predicament began circulating late Wednesday, with industry analyst Rob Hahn highlighting the news in the Thursday edition of his email newsletter NotoriousROB. “NAR’s insurance […]
A judge in the U.S. District Court for the Central District of California has ordered that the operators of Home Matters USA — described as a “mortgage relief scam” by the Federal Trade Commission (FTC) and the California Department of Financial Protection and Innovation (DFPI) — be banned from the telemarketing and debt relief businesses, […]
Path & Post Real Estate appointed Bekki Shae Smith to the role of managing broker, the Georgia-based boutique brokerage announced on Thursday. Before joining Path & Post, Smith was a Realtor, broker and partner at LOCAL Realty North ATL for three years. Additionally, Smith is serving as the 2024-25 Region 1 director for the Georgia […]
On average, members of the baby boomer generation saved approximately $4,060 over the course of 2023, lagging behind the average savings levels of every other surveyed generation. This is according to the newest edition of the “Wealth Watch” survey conducted by New York Life Insurance Co. By comparison, millennials (ages 28 to 43 last year) […]
For most of its history, New American Funding (NAF) has focused on organic growth, but earlier this month, the company acquired Draper and Kramer Mortgage Corp. to enhance its presence in the Midwest and along the East Coast. HousingWire Editor in Chief Sarah Wheeler sat down with New American Funding CEO and Co-founder Rick Arvielo […]
The Department of Justice (DOJ) is asking the real estate industry to consider a world without the practice of cooperative compensation. In its statement of interest relating to MLS Property Information Network’s (MLS PIN) settlement agreement with the Nosalek commission lawsuit plaintiffs, filed Thursday evening, the DOJ recommended that Judge Patti D. Saris deny preliminary […]
California Regional MLS (CRMLS), the largest MLS in the country, has teamed up with technology provider Immobel to roll out two new products, MLS Match and Xomio, the company announced on Wednesday. MLS Match is an agent referral network program, while Xomio is internet data exchange (IDX) software that helps agents create websites in 19 different […]
Opportunity in the current mortgage market may be challenging to find — and that could arguably be truer for those who offer reverse mortgage products for clients. Still, reverse mortgage professionals are always keeping their eyes peeled, and a group of them shared what they’re looking out for in 2024 for their businesses. To get […]
The nation’s top loan officer, Guaranteed Rate’s Shant Banosian, joined the board of directors at Healing Realty Trust, a healthcare-focused real estate investment company. Established in 2022, the real estate venture carved out a niche focusing on healthcare properties in the $1 million to $15 million price range – including those for behavioral, physical and […]
Anywhere Real Estate felt the brunt of slow home sales during the fourth quarter of 2023 as the company reported a loss of $107 million during the three-month period. It generated $1.3 billion in revenue in the fourth quarter, a decrease of 6% year over year. A nearly 20% annualized decline in home sales was the […]
The combination of high home prices and insufficient savings for a down payment makes it challenging for first-time homebuyers to pull the trigger on a property purchase. But the good news is, more buyers have become aware of down payment assistance (DPA) options and are tapping into available resources for help, said Susanne Saller, a […]
For iBuyer Opendoor, 2023 was all about moderation. “We are excited about how we are set up for 2024 and beyond,” CEO Carrie Wheeler told investors and analysts listening to the firm’s Q4 2023 earnings call on Thursday evening. “We’ve done the hard work in 2023 to be leaner, to be more agile, to be […]
United Wholesale Mortgage (UWM) has accused California-based brokerage and correspondent lender Mortgage Solutions FCS, dba Client Direct Mortgage, of breaching its early payoff (EPO) provision and its owner, Ramon Walker, of trademark infringement. UWM filed a lawsuit in a U.S. district court in Michigan on Wednesday. The legal battle follows the creation of a Facebook […]
Among homeowners who have a mortgage escrow account, only 52% fully understand how the account works, according to survey results released Thursday by property tax services provider LERETA. More than 80% of survey respondents said they know what an escrow account is and its primary purpose — to pay property taxes and other expenses, such […]
Government-sponsored enterprise Fannie Mae reported $77.4 billion in net worth at the end of 2023, including $17.4 billion in additional net income for the full year, according to its financial results report released on Thursday. The $77.4 billion figure marks a sharp increase from prior years — $60.3 billion in 2022 and $47.4 billion in […]
In an email to the board of directors on Wednesday, National Association of Realtors (NAR) President Kevin Sears announced that he and the trade organization would not be taking on any presidential initiatives throughout the duration of his term, as first reported by Inman News. Sears stepped into the role of NAR president in January […]
