Housing Wire

AD Mortgage released a new broker technology survey this week, which shows mortgage professionals are increasingly using artificial intelligence and digital tools but still face gaps in training, integration and adoption decisions.

Based on responses from more than 250 mortgage brokers nationwide, the “Technology in the Mortgage Industry: 2026 Broker Survey” offers a snapshot of how originators are incorporating new technology into their workflows, according to the company’s announcement.

The report found that brokers rate their current technology level at an average of 7.22 out of 10, suggesting a largely tech-enabled market that has not yet reached full maturity. More than half of respondents (54%) said they have not yet decided which new technologies to implement next, indicating that many firms are still in a transition phase.

The survey comes as originators face a prolonged volume slowdown, margin compression and higher operational costs. Many lenders and brokers are turning to automation, AI and integrated platforms to reduce manual tasks, manage compliance and improve borrower experience.

AD Mortgage’s findings show that while willingness to adopt new tools is high, enablement is lagging. A total of 83% of respondents said they are ready to adopt new technology, but satisfaction with training averaged just 6.49 out of 10. In addition, 57% of brokers said they need additional training and support to fully leverage the tools available to them.

“Our survey makes it clear that the industry is ready to embrace technology, but adoption alone isn’t enough,” Max Slyusarchuk, CEO of AD Mortgage, said in a statement. “The next phase is about making these tools more accessible, better integrated, and easier to use so brokers can fully realize their benefits.”

Artificial intelligence is already part of the daily toolkit for many respondents. The survey found that 55% of brokers use AI daily or regularly, and 72% expect significant growth in AI use over the next three years.

Integration emerged as a central concern. More than 82% of brokers said integration across systems is highly important, and 33.5% specifically look to lenders for support in implementing new technology.

Rather than standalone point solutions, brokers signaled a preference for connected ecosystems that tie together loan origination systems, pricing engines, CRM platforms, document management and communication tools.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

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Realty of America has expanded into Tennessee with the launch of its first office in the state, marking another step in the company’s national growth strategy.

The new operation will be led by veteran broker Kyle Felts and will initially serve the middle Tennessee region, with plans to expand further statewide.

The Tennessee launch comes less than two years after Realty of America began operations. The company has grown to more than 3,100 agents nationwide during that time and reported more than $3.8 billion in volume on last year’s RealTrends Verified rankings.

That total was good enough for a No. 62 national rank for volume and No. 42 rank or sides.

Felts brings two decades of experience in real estate, having entered the industry in 2004.

He later founded Bradford Real Estate, building the firm into a regional brokerage with about 150 agents and roughly $500 million in annual sales volume.

At Realty of America, Felts is expected to apply a similar model focused on agent independence and business growth.

The company said agents in Tennessee will have access to shared resources and opportunities tied to the firm’s national platform while continuing to operate their individual businesses.

Realty of America operates with a structure that emphasizes agent ownership and revenue sharing. The company said it has distributed more than $5.5 million in revenue share to agents while maintaining a model without corporate debt or outside funding.

Officials said the middle Tennessee launch is expected to serve as a foundation for continued growth across the state as the brokerage builds out its presence in the Southeast.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

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Here’s a truth that’s going to sting a little: if you’re still walking into listing appointments armed with the same pricing presentation you used in 2021 (or earlier!), you’re bringing a butter knife to a sword fight. The housing market has fundamentally shifted, and the agents who haven’t shifted with it are watching listings expire, price reductions pile up and sellers walk out the door to the agent who “believes in their price.”

Let me be clear — I’m not talking to new agents here. If you’ve been in this business for a decade or more, you’ve seen markets turn before. You survived 2008. You adapted post-COVID. But this current moment has a unique wrinkle that makes the pricing conversation harder than it’s ever been: sellers are armed with a lot of misinformation, but they believe every word with religious conviction.

The Zillow effect on steroids

Every seller in America now has a Ph.D. in Real Estate from the University of Zillow. They’ve watched their neighbor’s home sell for $50,000 over asking in 2021, and they’ve decided that’s the baseline — not the anomaly. They’ve refreshed their Zestimate so many times they could recite it in their sleep. And when you walk in with a CMA that tells a different story, you’re not just delivering data — you’re attacking their intelligence, and even their identity.

Think about that for a moment. When a seller says, “My home is worth $600,000,” they’re not making a market analysis based on data. They’re making a statement about their life, their neighborhood, their taste, their investment savvy. And when you say, “Actually, the data supports $535,000,” you’re not correcting a number — you’re challenging who they are.

This is why the old pricing scripts don’t work anymore. “The market determines the price” sounds logical, but it bounces off an emotional wall. “We need to be competitive” gets translated as “You don’t believe in my house.” And the classic, “We can always come down later” — well, every experienced agent knows that’s the most expensive sentence in real estate.

The doctor analogy

Here’s how I reframe it for sellers, and I’d encourage you to try this approach: Imagine you go to the doctor because you’ve been having chest pains. The doctor runs tests, looks at the results, and says, “You need to make some changes — diet, exercise, medication.” Now, you could say, “I don’t like that diagnosis. I’m going to find a doctor who tells me I’m fine.” You could absolutely do that. You’ll find one, too. But that doesn’t change the reality of what’s happening inside your body.

That’s the overpricing trap that sellers tumble into. It’s finding the agent who tells you what you want to hear instead of what you need to hear. And the agents who do that — who take overpriced listings just to get the sign in the yard — they’re not doing the seller a favor. They’re using the seller’s home as a billboard for their own business while the property sits, gets stale and eventually sells for less than it would have if it had been priced right from the start.

The shift from presentation to diagnosis

Veteran agents need to stop presenting and start diagnosing. The old model was: pull comps, put them in a fancy booklet, show up with a laptop, click through slides and deliver the number at the end like a grand reveal. That model, however, assumed the seller was a blank slate waiting to be educated. Today’s seller is anything but a blank slate. They’ve already done their research (as good or incorrect as it might be). They already have a number in mind. Your job isn’t to educate — it’s to earn enough trust that they’ll let you challenge their assumptions.

How do you do that? You lead with questions, not answers. Before you ever open your CMA, ask: “What do you think your home is worth, and how did you arrive at that number?” Let them talk. Listen. Understand the emotional architecture behind their price. Then — and only then — can you walk them through the data in a way that meets them where they are, rather than where you wish they were.

The three-price strategy

One framework I’ve seen work exceptionally well for experienced agents is what I call the Three-Price Strategy. You present three scenarios: the aspirational price (what they want), the competitive price (what the data supports) and the aggressive price (what would generate immediate activity). You’re not telling them they’re wrong — you’re showing them a spectrum of outcomes and letting them choose how they want to price their home.

Here’s the key: for each price point, you attach a timeline and a probability. “At $600,000, based on current absorption rates, we’re likely looking at 90-plus days on market with a probability of price reductions. At $550,000, the data suggests 30-45 days with strong showing activity. At $525,000, we’d likely generate multiple offers within the first two weeks.”

Now, you’re not arguing — you’re forecasting, and forecasting feels collaborative rather than confrontational. Your seller is still in the driver’s seat, but now they have a roadmap to choose the path they like best while being informed to what it means.

The courage to walk away

Here’s the part nobody wants to talk about: sometimes the best thing an agent can do is walk away from a listing. If a seller insists on a price that you know — based on decades of experience — will result in a stale listing, a price reduction, and an eventual sale well below market value, taking that listing isn’t a win. It’s a liability, and will create more headaches for you than by just walking away.

Your reputation is your business. Every overpriced listing with your name on it is a public advertisement that you either don’t know the market or don’t have the backbone to have hard conversations. Neither message serves you.

The pricing conversation has changed. The question is whether you’re willing to change with it — or whether you’ll keep using scripts from a market that no longer exists, wondering why the results have dried up. The agents who thrive in this next chapter won’t be the ones who tell sellers what they want to hear. They’ll be the ones who earn the right to tell them the truth.

Darryl Davis, CSP, has spoken to, trained, and coached more than 600,000 real estate professionals around the globe. He is a bestselling author for McGraw-Hill Publishing, and his book, How to Become a Power Agent in Real Estate, tops Amazon’s charts for most sold book to real estate agents.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the editor responsible for this piece: tracey@hwmedia.com

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Real estate agents may lawfully discuss neighborhood crime rates and school quality with clients without violating the Fair Housing Act’s prohibition on racial steering, the U.S. Department of Housing and Urban Development (HUD) announced April 24.  

The move reverses guidance that’s led major industry players to remove or restrict such information.

New guidance, issued in a letter by HUD’s Office of Fair Housing and Equal Opportunity, directly contradicts years of industry practice during the Biden administration.  

The letter names Realtor.com, Redfin and Trulia as having removed crime data from their platforms, citing concerns of racial bias.

It also accuses the National Association of Realtors (NAR) of imposing a “professional gag order” on its members.

“Contrary to publicly available materials from industry leaders on steering, real estate agents and brokers do not violate the Fair Housing Act merely by discussing with prospective homebuyers or renters the prevalence of crime or the quality of schools in neighborhoods,” HUD assistant secretary Craig Trainor wrote.

The guidance was prompted by President Donald Trump’s recent executive order, “Restoring Equality of Opportunity and Meritocracy,” which Trainor said superseded Biden-era policies.

“Removing crime data does not help Americans make ‘informed decisions’ about where to buy a home. It achieves the opposite effect,” he wrote.

Under the Fair Housing Act, racial steering is defined as “directing prospective homebuyers interested in equivalent properties to different areas according to their race,” the letter stated.

Trainor emphasized that intent is key.

“Statements made without the intent to direct a client based on his race or the prevailing racial characteristics of a neighborhood do not constitute unlawful racial steering,” he wrote.

The letter explicitly warns that state and local fair housing agencies receiving federal funds “should not issue findings of discrimination based on real estate professionals providing school and crime data to customers in an equal and consistent manner.”

Language also cited 2023 advice from NAR telling members they could be “inadvertently steering clients” by answering questions about schools — and that “implicit bias might inadvertently lead to fair housing violations.”

Trainor called those statements “misguided.”

“Industry guidance instructing Realtors not to answer client questions related to crime or schools does a disservice to purchasers, renters, real estate agents and fair housing principles,” he wrote.

HUD is now urging real estate organizations to “revisit ethics training materials” and reconsider statements that perceived to “stifle agent speech.”

NAR did not immediately respond to HousingWire‘s request for comment.

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A federal judge in Texas dismissed with prejudice a high-profile discrimination lawsuit against Colony Ridge Development while sharply criticizing a proposed settlement agreement that would have directed millions of dollars toward infrastructure and immigration enforcement rather than compensating alleged victims.

In an order filed on April 28 in the U.S. District Court for the Southern District of Texas, Judge Alfred H. Bennett said the proposed settlement between the Consumer Financial Protection Bureau (CFPB), the Department of Justice (DOJ) and Colony Ridge “bears little relationship to the claims asserted in the complaint.”

The CFPB and DOJ sued Colony Ridge in 2023, alleging the developer violated the Equal Credit Opportunity Act and Fair Housing Act by targeting Hispanic consumers with predatory seller-financing practices. The case was the first predatory mortgage lending case brought by the DOJ and was the CFPB’s first federal court lawsuit related to the Interstate Land Sales Full Disclosure Act.

Actions led to widespread defaults and foreclosures, per lawsuit

The lawsuit alleged borrowers were funneled into high-cost loans without meaningful assessments of their ability to repay, contributing to widespread defaults and foreclosures.

Federal regulators alleged Colony Ridge issued high-interest seller-financed loans without verifying borrowers’ income, debts or other financial obligations, while marketing the loans as requiring no credit checks and promoting that “everyone qualifies.”

According to the complaint, roughly 91% of nearly 28,500 transactions recorded between 2017 and 2022 involved at least one Hispanic consumer, even though Hispanic residents accounted for about 38% of the Houston metropolitan area’s population.

The government also alleged Colony Ridge misrepresented whether lots included access to water, sewer and electrical infrastructure, while failing to disclose flooding risks and the substantial costs buyers could face to prepare the land for residential construction.

The lawsuit further alleged that Colony Ridge initiated foreclosures on at least 30% of its seller-financed lots within three years of purchase and routinely resold foreclosed properties at higher prices.

No direct compensation to borrowers allegedly harmed

In the April 28 order, Bennett wrote that the proposed agreement, which was presented at an April 10 hearing, would have allocated $48 million for infrastructure improvements and $20 million to “increase law enforcement presence and effectiveness,” including support for immigration enforcement. Bennett wrote that the settlement failed to provide direct compensation to borrowers allegedly harmed by the company’s practices.

“Remedies should be tailored to the injury and address the wrongs alleged,” Bennett wrote, adding that the agreement addressed issues “not pled and provides relief not sought.”

Bennett also expressed concern that increased immigration enforcement could further marginalize the Hispanic consumers the lawsuit was intended to protect. He said the settlement “risks exacerbating harm to the very consumers the complaint purported to protect.”

Following the April 10 hearing, the parties filed a joint stipulation dismissing the case with prejudice and withdrew their request for the court to retain jurisdiction over the settlement agreement. Bennett said the dismissal was effective upon filing and denied the earlier joint motion for dismissal as moot.

The order noted that the parties remain free to resolve the matter privately, but Bennett declined to “put its imprimatur on a Settlement Agreement that does not meaningfully resolve the claims presented.”

Back in February 2026, Colony Ridge agreed to pay $68 million to settle allegations of predatory practices against Hispanic borrowers, with part of the funds to be used to support immigration-related law enforcement.

Neither Colony Ridge nor the CFPB and DOJ responded to HousingWire’s requests for comment at the time of publication.

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America has a housing problem – we seem to agree on that – but little else.

We don’t have a shortage of ideas about how to fix it – we have a shortage of political will to act on the ones that actually work.

I was reminded of this recently when I testified before two state housing subcommittees. Two bills had been submitted to legalize small lots and lot splits across the state – modest, proven reforms. I gave my three minutes and then, along with the other speakers, fielded questions from the committee. What followed was a masterclass in how not to think about housing policy.

“You can’t intend for this to apply to my district? We have half-acre lots, and my constituents already are short of parks and amenities.” This legislator’s district sits within a reasonable commute of several job centers.

Apparently, we don’t want to put housing on underutilized land close to where people work.

“If you allow small houses next to ‘regular’ houses, won’t that crush the values of the existing homes? We can’t allow that.”

Leaving aside the lack of academic evidence to support the idea that attractive new small homes hurt the value of nearby older homes, this objection pairs perfectly with the next one.

“I see nothing here that would prevent these from being small luxury homes too expensive to be affordable.”

So, if I understand this correctly, we can’t use underutilized land, and the small homes can’t be expensive but also can’t be affordable.

A Venn diagram with no overlap.

I don’t mean to ridicule these legislators, and I’m not impugning their motives – I don’t know them and won’t speculate. But taken together, the logic of the conversation is simply incoherent.

Unfortunately, this subcommittee did not have a monopoly on muddled thinking. Across the country, housing policy is paralyzed by a set of completely incompatible goals:

New housing can’t be built near anyone (no “character change” allowed), but it also can’t be far from work (due to climate change).

It can’t be priced so low as to affect nearby existing home values, but it must be affordable for households earning at or below the median income. Oh, and we should commit to a price before knowing our costs.

We can’t waste water, but we have to have big yards.

We absolutely support homeownership, but not construction-defect reform or single-family homes.

We need more housing! But not if a builder is going to make money from an upzoning.

We need more housing! But not enough to bring prices down. Yet how does anyone expect housing to become more affordable if home values must keep rising?

Property tax increases will force our constituents out of their homes! But we want their prices to rise! I guess the goal is higher prices but lower property taxes?

We’re happy if we build lots of apartments and rent falls! We’re sad if home prices fall!

We can’t change the character of neighborhoods (never mind that they changed in the past to become what they are today), but we can’t sprawl either. And we won’t define sprawl as low density – we’ll just label anything that isn’t infill as sprawl, even when it’s denser than the city it sits next to.

For years, whenever the argument has been made that large institutional funds drove up home prices, I’ve countered: “Then you must believe they’ve also driven down rents.”

Fewer homes available to buy means higher prices. More homes available to rent means lower rents. The economic illiteracy embedded in our housing debate is staggering.

I would argue that the big funds did put a floor under prices when they began buying. In Atlanta, when prices were in free fall after the Global Financial Crisis, institutional buying made a real difference. Consider what that actually accomplished.

First, did we want home prices to fall further? I thought we were trying to protect home equity? Second, the funds snapping up short sales and foreclosures pushed buyers toward new construction, which finally started to pencil out, since new-build costs had been well in excess of existing home values before that. I thought we wanted more homes?

I could go on, but all of you live this. There is no realism in our housing discussions about choices and consequences. Until that changes, we will continue on the path we’re on –homeownership rates drifting down, prices drifting up – at least until demographics catch up with us.

It’s not complicated, mysterious, or in need of “new ideas.” You want to solve our housing problem? Do the following:

1. Allow higher density near job centers and transportation networks
2. Allow flexible styles of units – boarding houses, SROs, etc. The reflexive objection that SROs aren’t good enough ignores the alternative: a tent on the sidewalk.
3. Allow ADUs by right everywhere and allow lot splits so they can be for-sale or for-rent.
4. Allow small lots by right everywhere. There is a proven template: Houston’s Chapter 42 is the single most successful housing reform I’ve seen.

We know what works because we’ve done it before.

America once had affordable housing. When it did, we allowed a wide variety of housing types and let entrepreneurs risk their own capital to meet the housing needs they saw in the market. No grand government program. No years of “piloting.” Just the freedom to build. We could have that again. The solutions are sitting right in front of us. All we have to do is choose them.

P.S. Both bills made it out of committee but died later. We can’t preempt local control!

Except that’s how we got into this mess.

This post was originally published on here. 

UWM Holdings Corp. is pressing its campaign to acquire Two Harbors Investment Corp. (TWO), issuing an open letter to the seller shareholders Thursday evening that details a sweetened proposal that valued the real estate investment trust (REIT) at $12 per share, positioning the bid as superior to the pending sale to CrossCountry Intermediate Holdco.

UWM said it has delivered a revised offer that allows Two Harbors investors to elect either $12 in cash per share or 2.3328 shares of UWM Class A common stock, with no cap or proration on the cash election. 

The new cash option is 70 cents per share, or just over 6%, higher than the $11.30 per share cash consideration under Two Harbors’ amended merger agreement with CCM announced on Tuesday.

CCM had to increase its offering from $10.80 after an UWM’s unsolicited proposal on April 20. CCM founder Ron Leonhardt said the firm is “pot committed” to the deal on stage during HousingWire’s The Gathering in Austin on Wednesday. 

UWM also said it increased a committed unsecured bridge facility from Mizuho Bank to $1.3 billion, up from $1.2 billion in its proposal, to support the higher cash component. The bridge financing has “no ratings trigger, no borrowing-base test, and no market contingency,” it says.

The lender urged Two Harbors shareholders to press the REIT’s board to declare the UWM proposal a “superior offer” and to negotiate a merger agreement ahead of Two Harbors’ May 19 special meeting to vote on the CCM transaction.

UWM’s letter is the latest step in a months-long contest for Two Harbors’ mortgage servicing rights (MSR) platform and origination business. 

Two Harbors originally agreed to an all-stock transaction with UWM in December 2025 at the same 2.3328 exchange ratio now back on the table, implying roughly $11.94 per share based on UWM’s stock price at the time, according to the letter. That deal was later terminated when UWM stock fell strongly and Two Harbors pivoted to an all-cash sale to CCM.

“Since that time, UWMC stock has been impacted by short selling, arbitrage activity, global events and, in our view, the actions of your own Board,”the letter states. “The intrinsic value of UWMC, however, has not changed; if anything, it has improved. Our 2026 results have tracked the projections we shared with your Board and your financial advisor in connection with the December agreement, and our most recent quarter, the results of which will be made public next week, was better than our expectations.”

In its letter, UWM accuses Two Harbors’ board of “entrenchment” for increasing deal protections and the termination fee payable to CCM after receiving UWM’s competing offer — from $25.4 million to $50 million — while only requiring CCM to match the $11.30-per-share cash election UWM had proposed.

“They did not negotiate on your behalf with us. Instead, they just had CrossCountry raise the bare minimum to match what is essentially the floor value of our prior offer and then made it harder for UWMC to offer you more value by agreeing to a higher termination fee with CrossCountry,” the letter states. 

UWM also questioned the structure of CCM’s financing. Based on “scant public information,” the letter says, UWM believes CCM is relying on an MSR-backed borrowing base facility whose availability at closing would be subject to collateral-value tests and advance-rate volatility. By contrast, UWM argued, its unsecured bridge facility from Mizuho is not tied to MSR collateral and is fully committed for the entire cash election.

The company said it plans to file a Form 8-K with the Securities and Exchange Commission (SEC) to disclose the full terms of its April 30 proposal and prior April 20 offer, arguing that shareholders “should not have to rely on the Board’s characterization” of its bid.

In a note to clients, analysts at Keefe, Bruyette & Woods framed UWM’s amended proposal as a “pressure on the TWO board,” which likely increases the probability that CCM matches or improves its offer, particularly given the strategic value of TWO’s MSR platform and the fact that CCM has already raised its bid once. 

“While we continue to see this transaction as a positive for UWMC, accretion is likely to be fairly neutral given the interest expense related to the deal if 100% of shareholders chose cash (if we assume a roughly 6% cost of funds),” the analysts said.

CCM declined to comment on this development.

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Realtracs, Tennessee’s largest multiple listing service, is expanding beyond its regional base with new national brokerage participation that will bring listings from Compass International Holdings, the parent company of Compass, the six Anywhere Real Estate brands and @properties Christie’s International Real Estate, and United Real Estate onto its platform.

The Nashville-based MLS said in an announcement on Thursday that Compass has agreed to provide a data feed of all its active listings to Realtracs and to subsidize membership costs for its real estate professionals who choose to join Realtracs as full members. United Real Estate has also committed to contributing its listings, with additional brokerages in talks to participate, according to the MLS.

Realtracs currently supports more than 19,000 real estate professionals across six states. By adding listings from large national brokerages, the MLS said it aims to create a broader, more comprehensive listing environment that increases access and choice for brokers and agents nationwide.

“We support broker, agent and client choice. Our role is not to dictate a single model. It is to provide the infrastructure that allows those strategies to coexist within one connected system, without breaking cooperation or limiting opportunity,” Stuart White, president and CEO of Realtracs, said in the announcement.

The move comes as MLSs and brokerages adapt to new listing and compensation models in the wake of regulatory scrutiny and commission litigation. Many brokerages and MLSs are rethinking how cooperation is structured, how data is shared and how to support multiple approaches to listing, buyer representation and compensation.

Realtracs framed the expansion as part of a broader shift toward MLS platforms that can accommodate a range of business strategies while maintaining a single, connected system for cooperation and data integrity. Bringing multiple regional and national brokerages into one ecosystem can reduce data fragmentation and help agents avoid juggling multiple partial listing sources.

For brokers and agents, broader listing participation in a single MLS can simplify search, improve market coverage and reduce the need to join overlapping systems, while also creating more options for how they structure listings and client relationships. For sellers, more connected listing distribution can mean greater exposure across markets.

Realtracs’ announcement comes less than a week after Midwest Real Estate Data (MRED) announced that it was opening its MLS, including its Private Listing Network (PLN), to any licensed real estate agent nationwide and has secured a nationwide listing feed and membership subsidies from CIH.

In April, Realtracs announced that it had replaced its traditional MLS participation agreement with a new Brokerage Services Agreement that explicitly affirms brokers own their listings and the associated data.

This article was written by Brooklee Han and generated with the assistance of HousingWire Automation. It was reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

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Tanya Reu-Narvaez, a 24-year veteran of Anywhere Real Estate, has been named chief people officer of Compass International Holdings (CIH), parent company of Compass, Anywhere Real Estate and @properties Christie’s International Real Estate, according to an announcement on Friday.

Reu-Narvaez will lead the People Enablement Team for CIH. She’ll oversee enterprise talent strategy, including total rewards, talent acquisition, professional and organizational development, engagement and culture enablement. The role spans nine brands and four business lines that support roughly 340,000 real estate professionals and broker-owners in every major U.S. city and roughly 120 countries and territories, according to the company announcement.

In the announcement, CIH said that centralizing people operations under a single executive is a key integration lever as brokerages and real estate services firms look for cost efficiencies, improved recruiting and consistent culture across brands in a slower housing market marked by compressed margins.

“I could not be more excited to have Tanya lead our people enablement team,” Robert Reffkin, the chairman and CEO of CIH, said in a statement. “She knows that real estate is a people business, and she has the vision and experience to make every employee feel empowered. That energy will ripple through the entire company and help our real estate professionals be more successful.”

At Anywhere, Reu-Narvaez focused on executive talent attraction, internal talent mobility and fostering a people-first culture to support business and strategic transformation, the company said. She also led initiatives to support broker-owner development and succession, creating new growth paths for real estate professionals across brands.

The company said her work contributed to high engagement and retention, outcomes that are increasingly important for brokerage operators trying to stabilize agent count and productivity while managing elevated turnover and competitive recruiting from national brands and large teams.

In her new role, Reu-Narvaez is expected to focus on building a more connected, in-office culture at CIH and on leveraging talent expertise globally to support agents and broker-owners. The company said her experience in building scalable organizations is intended to accelerate growth across its combined footprint.

For large brokerage platforms, a unified people strategy can affect core business metrics, including agent recruitment and retention, broker-owner succession planning, and the adoption of shared technology and operating systems. A centralized chief people officer is increasingly common among multibrand real estate companies that want to align compensation, benefits and leadership development with longer-term growth and M&A plans.

The company said Reu-Narvaez’s philosophy centers on a people-first culture as a driver of business results, with an emphasis on clear career paths, executive and manager coaching, cross-enterprise collaboration and building industry expertise. She prioritizes potential over pedigree and views culture as a competitive advantage.

“I believe every person at this company matters,” Reu-Narvaez said in a statement. “As our real estate professionals come together on one platform, it’s the people they interact with — those who help them learn, greet them in the office, and answer their questions — who make this company truly special and agent-centric. We’re ultimately investing in the success of every agent and broker we serve.”

Reu-Narvaez is active in the broader housing industry. She has served on the national boards of the National Association of Hispanic Real Estate Professionals (NAHREP) and the Asian Real Estate Association of America (AREAA).

Her community and industry recognition includes NAHREP’s inaugural Ernest J. Reyes Founders Award for advancing Hispanic homeownership. She has been named one of HousingWire‘s Women of Influence and was recognized by Business Insider as one of 25 HR leaders who build innovative, inclusive workplaces.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

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Nearly four years ago, Colorado voters approved a special fund to address the affordable housing crisis following Covid-19.

Meeting the fund’s objectives, however, proved harder for participating cities than expected. State legislators are now scrambling to fix that.

The Senate passed House Bill 1313 on Thursday with amendments. It is headed back to the House, which passed the bill in early April.

Without the fixes, many cities risk losing those funds because they can’t increase the affordable housing stock by 3% annually as the law requires. It’s particularly challenging for cities where naturally occurring affordable housing already exists.

Colorado’s experience with Proposition 123 shows that ballot-box housing fixes require the same revisions as any legislation.

Solving housing affordability is complex, especially when dealing with recalcitrant local governments.

Florida’s 2023 Live Local Act is a prime example. The law created funding sources for workforce housing and zoning reforms that pre-empt local authority. Lawmakers have revised it three times, each time closing avenues local governments used to sidestep it.

Updates locked in height, floor area and density rules after cities quietly downzoned commercial areas to limit development. They added definitions for “commercial,” “industrial,” and “mixed-use” after municipalities argued ambiguity gave them cover to deny projects. They banned local moratoriums on Live Local applications.

The 2026 version added attorney’s fees for prevailing parties in Live Local lawsuits, penalizing governments that lose. It still hasn’t been enough. Even now, Sarasota County is in a legal standoff after commissioners unanimously voted to block rural projects, citing legislative gaps.

For Colorado, several legislative housing reform efforts joined with the initiative and pre-empted local zoning authority. Cities have fought back against Gov. Jared Polis on those laws through lawsuits.

How Prop 123 spreads the money

 In addition to the 3% annual growth requirement, Prop 123 splits its revenue allocations between two state housing and financing agencies. One agency uses its share to provide land banking, equity investments, and low-cost loans for rental development.

Down payment assistance, homelessness prevention and local planning grants flow through the second agency’s share. Participating local governments must also streamline permitting and submit formal affordable housing growth plans to qualify for funds.

The program has shown progress. Gary Community Ventures, the advocacy group behind the initiative, says roughly 10,000 units have been built or are under construction.

A Colorado Sun review found $500 million of the $568 million awarded through last year went to preserving and building affordable housing. Of the $500 million, $403 million covered building ground-up affordable housing, while the rest went to preserving existing housing.

Prop 123’s math problem

While it was working for some cities, the 3% annual-growth minimum became a bigger challenge for others.

City officials and housing advocates began warning that even aggressive building programs could not clear the bar. Higher interest rates, labor shortages and rising construction costs slowed projects across the state.

Cities with large existing stocks of income-restricted housing faced an even steeper climb. Under the original rules, many cities that signed up early risked losing fund access for three years when their growth rates fell short.

“It set goals that certain jurisdictions were never, never going to be able to hit,” state Rep. Rebekah Stewart said during a late March hearing.

Stewart noted affordable housing goals exceeded the number of building permits some cities issue annually, calling the targets unrealistic.

Zach Martinez, Gary Community’s policy director, said in the hearing that “back-of-the-envelope math” served as the basis for structuring the ballot initiative.

Fixing the math

The fix now moving through the Capitol would change how that test works. Rather than a flat 3% requirement, the bill would tie local revenue allocation targets to recent permitting history and job growth. Expectations then would match what the market can reasonably deliver.

Cities would earn extra credit for the hardest projects: deeply affordable units, donated-land homes and high-opportunity neighborhood developments. Preserving existing affordable units would also count toward compliance, rather than penalizing cities that already have existing stock of affordable housing options.

Lawmakers are trying to turn Proposition 123 from a rigid checklist into a performance framework that cities can realistically meet. The measure that looked like a quick ballot win is now getting the slow, technical rewrite it probably needed from the start.

“The concept here is not to let local governments off the hook, but to create a system that actually is grounded in reality that will change with economic conditions and the reality of Colorado,” Martinez said.

This post was originally published on here. 

In a weaker-than-expected demand environment, declining new-home sales prices, rising incentives, and geopolitical uncertainty, select homebuilders have tapped the brakes on new deliveries and deliberately slowed their sales pace to secure margins. 

Not all builders are following this blueprint, including M/I Homes and Ashton Woods. 

Smith Dougas Homes stands as another exception to a broader rule. 

Earlier this year, when Smith Douglas Homes reported its Q4 2025 earnings, the Georgia-based builder affirmed its commitment to a contrarian strategy of prioritizing pace over margins. As many competitors scaled back, Smith Douglas Homes delivered a record 2,908 home deliveries last year.

During Q1 2026, Smith Douglas Homes continued to prioritize pace over price. Year over year, home closings decreased 7%, and revenue fell by 8%, but net new orders jumped 28%, active community count increased 24% and backlog orders increased 10%.

Built-to-order homes remain about 40% of deliveries, with specs accounting for 60%.

Maintaining a strong pace

Gregory Bennett, Vice Chairman, CEO and President of Smith Douglas Homes, said on a Q1 2026 earnings call on Wednesday that demand has been relatively strong over the past couple of months despite economic and global political volatility. 

“We’re seeing seasonal traffic. We had good, strong traffic through March. April has been a slight decline, but still seasonally good,” Bennett said. 

Smith Douglas Homes prioritizes pace over price largely on the back of its efficient, first-time-right build time of just 57 business days. On prior earnings calls, executives likened the team’s production model to that of an assembly line that relies on a consistent flow of starts, quick completions and rapid turnover.

This, business leaders say, is a key differentiator. 

“We continue to view our ability to deliver homes quickly and reliably, with an offering of home choice and personalization, as a key competitive advantage,” said Russell Devendorf, Smith Douglas Homes’ CFO and Executive VP. 

However, this strong sales pace came at the expense of margins, which fell to 19.6% last quarter, down from 23.8% a year prior. Average sales prices also fell 1.2% year over year, and incentives and price reductions continued to erode margins by 730 basis points last quarter, relatively flat with Q4 2025. 

“We had a really good beat and exceeded our internal expectations on sales. That’s a reflection of us doing, you know, some additional price discovery in our communities, really driving our sales,” Devendorf said. 

Incentives, particularly mortgage rate buydowns, continue to drive both sales and margin degradation. 

The builder shifted late in the quarter from broadly marketing a 4.99% 30-year fixed rate to promoting a 3.99% 5/1 adjustable rate mortgage (ARM), while still offering both options. The 3.99% ARM appears to be the most effective incentive in driving traffic and sales.

For Smith Douglas Homes’ entry-level buyers, a focus on lower monthly payments is crucial for affordability. 

Funding growth through increased SG&A spending

Last quarter, SG&A spending was 17.4% of revenue, up from 14.7% a year prior, another contributor to shrinking margins. Part of this was because overall revenue fell, but the bulk of the increase in SG&A spending came from funding new divisions and expansions within existing markets. 

The builder operates in Georgia, Alabama, North Carolina, South Carolina, Tennessee and Texas, and launched a new division in Dallas in 2025 and another new division in Gulf Shores, Alabama, earlier this year.

As these divisions build out and existing divisions grow organically, executives expect SG&A spending to tick down. 

“The increase is actually not that bad, from our perspective,” Devendorf said. “Dallas was a new division last year. We divisionalized Chattanooga [in 2024]. We’re opening up the Gulf Coast, where we hope to have some sales in the next few months. We’ve got a lot of fresh G&A that’s hitting the books without any volume. That again just reflects our continued growth and scale.”

There are other divisions where Smith Douglas Homes plans to expand operations, including the Greenville division, created in 2024, and Central Georgia, a spin-off from the Atlanta division. 

The company is also eyeing growth opportunities in established divisions that haven’t yet reached the desired scale. The builder relies on an R team philosophy and targets a minimum of two R teams per division, with roughly 200 starts each, or at least 400 starts per division. 

Given this goal, executives believe that they can grow further in some major markets where they already have established operations. 

“We’re not quite there in a couple of our legacy divisions, like Charlotte. In Nashville, we’re not there yet. At a minimum, we wanna get [to two R teams]. That’s just the minimum, but we really feel like in some of those legacy divisions, we should be closer to three R teams, or 600 closings, specifically Raleigh,” Devendorf said. 

Given the rapid expansion, executives believe that their increased G&A investment has been well worth it. 

“When you look at the G&A relative to the community count increase, our community count was up 24%, but our G&A was only up $2.9 million on a gross dollar basis. To me, that’s pretty efficient,” Devendorf said. 

Construction costs are down, lot costs are up

Construction costs, which ticked down slightly over the last year, were a positive. Even if the war in Iran pushes up material costs later in the year, executives said they will strive mightily to keep those increases from being passed on to their consumers, who are already stretched thin. 

“That message is going through to our trade and our suppliers to say, ‘Look, you know, we don’t have the ability to take price [increases], we can’t pass that through.’ We’re holding a pretty tough line on that,” Bennet said. 

However, assuming construction costs don’t inch up, higher land prices remain a concern.

“The big, the big driver still for us in margin degradation is the lot cost. Lot costs, as a percentage of revenue, were up about 300 basis points versus last year. That’s just the impact of the higher basis for land deals that we entered into in the last couple of years,” Devendorf explained. 

About 30% of controlled lots are under option with land bankers, 40% are under option with developers, and 30% are with the underlying land seller. 

Playing the long game

On the earnings call, executives emphasized that their operational model is designed to navigate cycles, both peaks and valleys, rather than depending on favorable market conditions. 

Smith Douglas Homes takes a long-term view of the market and believes that keeping a strong pace during down cycles better prepares them for success when conditions improve. 

“We believe maintaining sales pace allows us to preserve market share, generate cash flow and continue investing in our community pipelines, which ultimately drives scale and strong returns over the full housing cycle,” Devendorf said.

This post was originally published on here. 

ONE Sotheby’s International Realty has recruited a veteran luxury real estate adviser as the brokerage continues expanding its new development business across South Florida.

Angel Gonzalez has joined the firm after more than a decade working in luxury residential sales and development projects. The move comes as demand for high-end and branded residences remains strong across the region.

Gonzalez has closed more than $700 million in transactions and has worked on large-scale developments across multiple markets.

He is licensed in Florida, New York and California and has focused on advising developers from initial project launch through final sales.

He reported just under $50 million in annual volume on last year’s RealTrends Verified rankings — then working at Douglas Elliman as part of the Eklund Gomes Team, with activity spanning south Florida and Beverly Hills.

“ONE Sotheby’s International Realty has built a powerhouse new development team with a reputation for successfully representing some of the area’s most prestigious projects,” said Gonzalez. “There’s a clear vision for growth and their platform allows you to operate across multiple markets with a caliber of service and global reach that truly stands apart. I’m excited to step into this next phase and be part of what they’re building.”

Daniel de la Vega, president and CEO of ONE Sotheby’s International Realty, said Gonzalez’s background aligns with the brokerage’s growth strategy.

“Angel understands how to position and sell luxury product at the highest level,” he said. “He brings a combination of market intelligence, developer relationships, and execution that aligns perfectly with our strategic direction, and we look forward to seeing him build upon his exceptional success.”

At ONE Sotheby’s, Gonzalez will join the sales team for an upcoming luxury hotel-branded tower in Miami.

His experience includes involvement in several major developments, including Five Park Miami Beach — a project valued at nearly $1 billion developed by Terra Group and Crescent Heights — as well as The Well Bay Harbor Islands, a $200 million project also led by Terra Group.

Gonzalez also worked on sales tied to The Ritz-Carlton Residences South Beach, a branded development by Flag Luxury Group led by Dayssi Olarte de Kanavos.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

It’s difficult to understate the impact that artificial intelligence is having on all aspects of the mortgage industry. From lead generation and borrower qualification to loan servicing and customer retention, companies must find ways to streamline processes to bring more customers in the door and keep their bottom line healthy.

At HousingWire’s The Gathering in Austin this week, AI was a central theme. Here are some of the ways executives and front-line personnel can look to effectively deploy AI tools on an internal or external basis.

Pennymac debuts rebranded servicing tech

David Spector, chairman and CEO of California-based PennyMac Financial Services, on Wednesday introduced the audience to the company’s proprietary, cloud-based AI servicing technology. The system has been rebranded as “Plaisse,” a French phrase that means “to please.”

“Plaisse was developed ‘by servicers, for servicers’ to address the unique challenges of our industry with the goal of enabling efficiencies in the mortgage loan servicing journey with a best-in-class experience for homeowners,” Pennymac explained in a social media post.

The top five U.S. mortgage lender is also growing its AI presence in the originations space. In October 2025, Pennymac announced its purchase of an equity stake in Vesta and became the first major lender to join the Vesta loan origination system platform.

Spector said the move was designed to give Pennymac a legacy-free, state-of-the-art LOS run by experts. The partnership was fully deployed as of February, he said, and is already producing benefits through faster speeds and lower costs to close.

While Vesta and Plaisse aren’t merging, having two modern AI-based platforms will enable better internal communication and customer service. “The production and servicing worlds are just moving closer and closer together. These worlds are colliding,” Spector said.

Fairway’s massive AI deployment

Leaders at Fairway Home Mortgage discussed their company’s two-year enterprise AI journey with TRUE, a loan decisioning software provider. TRUE CEO Steve Butler was the moderator for the session.

Fairway’s Caleb Ondrusek and Deedra Massey Bosworth said their company made a deliberate decision about three years ago to build a strong data foundation, rather than focusing on AI solutions for mid-process or post-closing tasks.

They told the audience that AI has great potential to transform the mortgage process, but doing it successfully hinges on having an intuitive user experience and a willingness to take measured risks.

“We kind of realized we have to start at the beginning … make sure that we have solid data at the beginning that matches all the documentation that the borrower provides, and then we can carry that forward throughout the process,” said Bosworth, Fairway’s senior vice president of technical product management.

Fairway leaders said they went all in on enterprise AI solutions rather than isolated pilot-use cases. They’ve deployed these across more than 600 branch locations and are being used by more than 2,000 loan officers. The larger scale reveals key dynamics that smaller deployments cannot, they said.

“That enterprise level really allows us to develop a process,” Bosworth said. “Our idea is to eliminate steps in the process, not add steps.”

Ondrusek, the company’s executive vice president of technology and innovation, said that change management is at the heart of a successful AI deployment since the industry generally has a poor track record of technology adoption. The message from lending executives should be to set intent while affirming they want to augment human tasks rather than replacing people.

“If I had some advice for people just starting out on this journey, it’s really going to come down to having a workforce plan before you start,” Ondrusek said.

CreditXpert: Can LOs compete with chatbots?

Mike Darne, vice president of marketing at CreditXpert, led a session where he argued that AI-powered chatbots like ChatGPT and Claude have become de facto agents for prospective borrowers.

These tools can often coach consumers on credit scores, loan-level price adjustments, mortgage rate impacts and the mechanics of a transaction before they ever speak to a loan officer. Darne said this is not a passing fad but a structural shift in how consumers enter the mortgage funnel. Lenders should respond with better execution, not just better marketing.

Darne said LOs should meet clients with a holistic financial plan rather than a prequalification letter, which he said often serves as “an invitation to go out and shop.”

“This guy I talked to last week, he said, ‘Any time I get a lead, my assumption is that this person is aggressively shopping out there. And I’ve got to respond. I’ve got to build trust,’” Darne said.

He went on to explain that credit repair is a human-driven process that often achieves lower-quality results as more borrowers leave the sales funnel and don’t return.

Conversely, he argued that credit optimization can help 60% to 70% of borrowers achieve a better score within 30 days, per CreditXpert data. The company uses predictive analytics and machine learning built with 25 years of data to generate precise improvement plans and communicate the likely outcome to the borrower upfront.

“We’re not talking about a niche part of the market,” Darne said. “Over the past couple months, I’ve been spending a lot of time just going out and speaking to our clients at the end-user level. And the ones that are winning are doing just this.”

This post was originally published on here. 

A tale of two Spring Selling housing markets set the scene for LGI Homes’ Q1 2026 earnings release this week.

Structurally, it’s not a market short on demand.

Behaviorally and psychologically, though, it’s got homebuilders struggling to convert it.

Team LGI’s performance – and every other public homebuilder in the current earnings cycle, for that matter – holds a high-resolution lens up to that split personality.

Across the homebuilding landscape this spring, the pattern is increasingly clear: traffic is holding, interest is real, but conversion – from contract to closing – has become the friction point. LGI’s Q1 results do not merely describe that condition.

They put it into laser focus.

Few public homebuilders have built their model as rigorously and intentionally around affordability as LGI. For years, the company has focused on helping renters become homeowners through a highly controlled system: standardized floor plans, disciplined land acquisition, and a sales process centered on offering attainable monthly payments as a household solution.

That system is still intact, but the environment in which it operates has narrowed.

In Q1, LGI generated $319.7 million in revenue from 881 closings, with the average sales price up 2.9% year-over-year to $362,924. At the same time, the company delivered an adjusted gross margin of 23.4%, exceeding expectations and prompting an increase in its full-year guidance to 22%–24%. 

That performance points to an organization that manages its internal levers – price, cost, and pace – with discipline across every operational workflow. LGI is not simply relying on incentives to move product. It is preserving margin while maintaining volume, a balance many peers have struggled to maintain.

Chairman and CEO Eric Lipar attributed that performance to structural consistency:

“We continue to benefit from the structural advantages of our self-developed land pipeline and our disciplined approach to pricing and inventory management.”

That discipline extends beyond gross margin.

CFO Charles Merdian emphasized the operational side of the equation:

“We remain focused on leveraging our SG&A through disciplined cost control and efficient execution across our markets.”

Those internal controls – the financial and operational performance data shows – have been doing more work than usual. Because, for LGI’s strategic configuration of price-product-and-location offerings, the external constraint hasn’t been a lack of demand.

Rather, it has been the buyers’ ability to qualify.

Where the friction rears Up

LGI reported 1,221 net orders during the quarter, alongside a 45.6% cancellation rate.

At the same time, backlog expanded to 1,699 homes, up 63% year-over-year and 22% sequentially.

Those figures, taken together, describe a market that is active but unstable. Buyers are stepping forward. Contracts are being signed. But a meaningful share of those contracts never make it to the closing table.

Lipar noted that:

“Affordability and consumer confidence remain important considerations for our buyers, particularly in a volatile interest rate environment.”

That is not a statement about weak demand. It is a statement about constrained conversion.

And it aligns closely with what broader affordability data shows.

Entry-level constraint continues to be the math

At a 6% mortgage rate and a $413,595 median new home price, approximately 65% of U.S. households – about 88.2 million – are priced out of the market.

That reality establishes the baseline. From there, the price-attainability equation becomes tricky. Because so many households sit right at the edge of mortgage qualification, even a $1,000 increase in home price – which raises required income by roughly $300 – can push more than 156,000 buyers out of the market.

This is not minor pressure. It is a structural constraint, and few strategists in homebuilding appreciate the nuances of buyer qualify-ability as do LGI’s Eric Lipar and team.

It also explains LGI’s operating results more clearly than any single company metric.

LGI’s customer base sits within the narrow band of households clustered around mortgage qualification thresholds. When monthly payments shift – even modestly – large numbers of potential buyers move in or out of eligibility.

Mortgage rates carry similar weight. NAHB analysis shows that a 25-basis-point decline – from 6.25% to 6% – would bring approximately 1.42 million additional households into the market.

That is the elasticity LGI is exposed to, and has been so since the company forged its strategy and operational skillsets amid the Global Financial Crisis.

And it works in both directions.

From affordability data to operating reality

LGI’s quarter reflects that strategic elasticity in real time. Backlog growth shows that the demand funnel is filling. The elevated cancellation rate shows that the funnel is also leaking.

Those are not conflicting signals. They are sequential outcomes of the same condition.

Buyers are entering the process, often drawn by LGI’s value proposition – a clear path from renting to ownership based on monthly payment. But many are encountering qualification limits before closing. Income thresholds, debt-to-income ratios and payment ceilings are acting as hard “nos” in the buyer’s journey.

When those limits clock in, contracts fall out.

That dynamic is not unique to LGI. But it is more visible here because of the company’s positioning.

LGI operates closer to the margin than most builders. Its customer is not insulated from rate movements or price changes. Its customer is defined by them.

That is why the cancellation rate is so revealing.

It is not simply an operational metric. It is a real-time indicator of how tight the financial qualification band has become, and a pre-indicator of how a few economic or policy points here or there could make a fast, big difference in LGI outcomes.

A narrower operating window

Affordability constraints are not confined to high-cost coastal markets. NAHB’s geographic analysis shows that in a majority of U.S. states, more than 65% of households cannot afford a median-priced new home. In higher-cost states and metros, that share rises significantly higher.

Even in lower-cost regions, affordability gaps persist because incomes do not scale proportionally with home prices and borrowing costs.

For LGI, this changes the nature of its competitive advantage.

Historically, the company has relied on geographic and operational arbitrage – heat-seeking markets where its standardized product and disciplined land strategy could deliver a compelling monthly payment relative to renting.

That advantage continues to apply for LGI, but it is stingier.

Affordability is no longer primarily a function of home price. It is a function of the relationship among price, interest rates, and household income. That relationship has tightened across markets, narrowing the margin for error.

Why LGI still functions as a bellwether

Wolfe Research’s Trevor Allinson recently observed that LGI “likely has the most torque to improving market conditions.”

Torque, in this context, refers to responsiveness.

LGI’s model is built to convert incremental –  subtle but meaningful – improvements in affordability into volume. When rates decline, when monthly payments ease, when qualification thresholds shift downward – even slightly – the company is positioned to respond quickly. Orders convert. Cancellations decline. Backlog turns into closings.

But the same structure amplifies downside when conditions move in the opposite direction.

That dual sensitivity is what makes LGI a useful proxy for the critical entry-level segment of buyer demand. It doesn’t merely participate in the entry-level housing market; rather, it lays bare the underlying mechanics of affordable market-rate homeownership. And those mechanics are currently defined by a gap between qualification and disqualification.

The brief

LGI’s Q1 results do not point to a market that is breaking down. They point to one that is finely balanced.

Execution remains critical – on land, on cost, and on SG&A. LGI’s ability to exceed margin expectations while maintaining volume reflects this. But beyond internal discipline, outcomes are increasingly dictated by math in the domain of externalities.

• Small changes in rates.
• Small changes in prices.
• Small changes in monthly payments.

Each has an outsized effect on who can buy – and who’s consigned to the sidelines.

NAHB’s data lays out the numbers that characterize that qualification and hesitation sensitivity. LGI’s results show it in real-world action.

LGI Homes is not signaling a collapse in demand. It is signaling hard constraints on conversion. The buyer is still there. The intent is still there. So, too, is the closing table with its unbendable measures of who qualifies and who doesn’t. The margin for qualification is tight – and, for now, that margin determines the market’s pace.

This post was originally published on here. 

Intercontinental Exchange Inc., the operator of the New York Stock Exchange (NYSE) and parent company of ICE Mortgage Technology, on Thursday reported first-quarter 2026 net income attributable to shareholders of $1.4 billion. That figure was up 77% from $797 million in the same period last year, as higher trading activity and growth across its exchanges, fixed income and mortgage technology businesses boosted results.

Diluted earnings per share rose 80% year over year to $2.48, while adjusted diluted earnings per share increased 37% to $2.35 for the quarter ended March 31.

The company reported record net revenue of $3 billion for the quarter, up 20% from a year earlier. Operating income increased 36% to a record $1.7 billion, while adjusted operating income climbed 29% to $1.9 billion.

During the company’s Thursday morning earnings call, chief financial officer Warren Gardiner shared that the first-quarter results represent the strongest quarter in ICE’s history.

ICE chair and CEO Jeff Sprecher said customers increasingly turned to the company’s markets, data and technology platforms amid “significant macroeconomic and geopolitical uncertainty.”

Its exchanges segment generated $1.8 billion in net revenue during the quarter, a 30% increase from a year earlier. Energy trading revenue rose 46% to $814 million, while financial segment revenue increased 65% to $256 million.

Fixed income and data services revenue increased 10% year over year to $657 million. Mortgage technology revenue rose 6% to $539 million, driven by gains in origination technology and closing solutions. Origination technology revenue increased 10% to $192 million, while closing solutions revenue climbed 20% to $57 million.

The mortgage technology segment reported a GAAP operating loss of $13 million, compared with a $27 million loss a year earlier. On an adjusted basis, the segment posted operating income of $212 million and a 39% operating margin.

Gardiner said that the mortgage technology segment delivered its “strongest quarterly performance since Q4 2022,” despite a mortgage origination market that remains below normalized levels.

“The broader mortgage origination market remains well below its long-run normalized potential, and yet we are growing, which speaks to the strategic value of what we have built,” he said.

Gardiner added that the company returned $848 million to shareholders during the quarter, including more than $550 million in share repurchases and $297 million in dividends.

ICE said unrestricted cash totaled $863 million as of March 31, while outstanding debt stood at $20.4 billion. The company generated $1.3 billion in operating cash flow during the quarter.

For the second quarter, the company forecast GAAP operating expenses of $1.28 billion to $1.29 billion, along with adjusted operating expenses of $1.03 billion to $1.04 billion.

ICE also said it expects Q2 2026 GAAP non-operating expenses to range from $160 million to $165 million, while adjusted non-operating expenses are projected at $180 million to $185 million.

This post was originally published on here. 

Highlands Residential Mortgage has acquired The Equitable Mortgage Corp., giving the Texas-based lender an immediate footprint in central Ohio’s competitive home purchase market.

Founded in 1995, Columbus-based Equitable Mortgage has funded more than $6 billion in residential loans over the past three decades, serving borrowers and real estate agents in central Ohio and parts of Florida, according a the company announcement.

Terms of the acquisition were not disclosed.

The M&A deal brings Highlands Residential into a key Midwestern market at a time when lenders are looking to grow mostly through acquisitions and branch roll-ins rather than de novo expansion, given higher mortgages rates, thin margins and limited refinance volume.

“Equitable Mortgage has created something special over the past three decades,” Brian Bennett, president of Highlands Residential Mortgage, said in a statement. “It is rare in our business to find a quality group of people with such a long tenure together and an outstanding reputation of delivering for their customers. We are excited to welcome the Equitable team to the Highlands family and look forward to
helping them build on the strong foundation they have established.”

Corey Caster, executive vice president and chief production officer at Highlands Residential, said the Equitable team has operated a “strong, relationship-driven business,” which Highlands views as a foundation for future growth.

Bruce Calabrese, CEO of Equitable Mortgage, framed the deal as a way to gain scale and technology while retaining the company’s local operating model. “Highlands provides the scale, tools, and platform to take what we’ve created to the next level, while staying true to the way we’ve always done business,” he said.

Highlands Residential Mortgage, headquartered in Allen, Texas, was founded in 2010 and operates branches in 17 states. It is licensed in 44 states and positions itself as a retail-focused, nationally distributed lender.

Per Modex data, Highlands Residential has 193 producing loan officers and posted a volume of $2.26 billion in 2025. Year to date, the company’s volume is $755.98 million.

Equitable Mortgage has 18 producing LOs and a year-to-date volume of $72.03 million. In 2025, the company produced $245.67 million in volume, Modex reported.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

North Carolina House Democrats will take another shot at sweeping housing reform. Several cycles of defeat on similar legislation loom in their rearview mirror.

Undaunted by a string of previously unsuccessful efforts and banking on a redoubled surge of political will to address housing affordability, lawmakers introduced House Bill 1056, titled “Relieving Housing Bottlenecks,” on Monday.

The measure anchors a broader Democratic-backed cost-of-living package. It would ban corporations from owning large portfolios of single-family homes, eliminate minimum parking requirements for new developments and allow residential construction in all commercially-zoned areas.

“For too many North Carolinians, the basic necessities have become too hard to afford,” Rep. Vernetta Alston, one of the bill sponsors, said in a press conference.

Tar Heel State lawmakers have tried for years to pass state-level legislation. The measures pre-empt local zoning authority to address a housing affordability crisis. Last year’s bid yielded only a minor change, one that prevents cities from setting building codes more stringent than state minimums.

Still, North Carolina has seen little traction in efforts for major housing legislation. Neighboring Virginia passed reforms this year. Those included a “yes in God’s backyard” bill. It allows faith-based organizations to build affordable housing “by right” on properties they own.

North Carolina’s housing reform measure faces long odds in a Republican-controlled General Assembly. Leaders referred it to the House Appropriations Committee. That group has shown no intention of taking it up. The measure lists 29 Democratic sponsors and no Republican co-sponsors.

Lawmakers could split out different parts, as they did last year, and potentially reach a goal or two.

Affordability crisis

In recent years, North Carolina has attracted a blue-chip array of business relocations. The state also wins on population growth, but both trends carry a cost.

Demand outstripped housing supply during and after the COVID-19 pandemic. The bill states that median home prices have risen by more than 50% statewide since 2015. More than one in three renter households is considered cost-burdened, paying over 30% of their income on housing.

Rent prices rose significantly but then flattened and trended downward amid the apartment construction boom in Charlotte and Raleigh. CoStar analyst Chuck McShane wrote that 2026 year-over-year asking rents in Charlotte fell at their steepest pace in more than a decade in the first quarter.

Home prices also rose significantly. Although they have eased, homes remain largely unaffordable for first-time buyers.

Corporate ownership cap

The legislation takes an aggressive approach. It borrows from proposed federal ideas, including a cap on single-family rentals by corporations.

The bill’s boldest provision bars corporations, investment trusts or other entities from owning more than 25 single-family homes. The cap applies to rentals, speculation or other non-owner-occupancy uses.

Officials would aggregate holdings of affiliated entities. Violations count as unfair or deceptive trade practices. Courts could order divestiture and $10,000 civil penalties per home.

Exemptions cover nonprofits, community land trusts, builders selling to owner-occupants and lenders on foreclosed homes. Lenders could not hold those for rental or speculation beyond 24 months.

Democrats filed a milder 2023 bill capping urban-county ownership at 100 homes. It died in committee.

Zoning and parking reforms

With the legislation, local governments must permit residential development by right in all commercially zoned areas. Densities match the jurisdiction’s least restrictive residential zone. Industrial zones stay excluded.

It bans minimum parking requirements on new development. Experts say the change cuts costs and frees land for housing. Both take effect July 1, 2027.

New programs

The bill creates a Municipal Housing Approval Acceleration Program the North Carolina Housing Finance Agency would administer. Under the program, local governments would be reimbursed up to 125% of costs to speed residential permitting.

A Workforce Housing Preconstruction Revolving Loan Program offers up to $1 million loans. Developers target housing for 60% to 120% of area median income. Eighty percent of loans go to Tier 1 and Tier 2 counties with economic distress.

Funding outlook

The bill appropriates $120 million from the General Fund. It shifts $40 million from the Economic Development Project Reserve. Funds support the programs in fiscal 2026-2027.

Possible path to success

Republicans have so far shown little appetite for sweeping state intervention in local land-use decisions. But with housing costs emerging as a top election-year concern for voters in both parties, even GOP leaders may find it harder to ignore pieces of the Democrats’ plan that promise quicker permitting, more construction and modest relief for middle-income households.

This post was originally published on here. 

In Corina Lessa’s view, “real estate is the most powerful force shaping human civilization.” 

“Behind the real estate industry, there are leaders that are making the decisions that are shaping his industry,” Lessa, the broker-owner of Tampa Bay Key Real Estate told attendees on Thursday at the Women of Influence Forum during HousingWire’s The Gathering in Austin.

According to Lessa, many leaders in the industry are “completely invisible,” creating a void that is being filled by voices, many of whom are not even industry practitioners. 

“The story is being told by someone, and that someone is not just describing the story, they are actually defining it, defining our entire industry,” she said. “So we have a problem and the problem is the visibility gap. And we are missing so many of the great voices — a lot of the voices that are in this room, a lot of voices of women.” 

This lack of visibility leads to an erosion of trust with consumers, who ultimately will just listen to the noisiest voice they find, she said. 

“It can be a social media influencer or a commentator. It can be anyone that is being loud, and the consumer is then watching and listening to this information that they are then using to make the most important financial decision of their lives,” Lessa said.

“They are leaving a lot of the established leaders on the sidelines, and then you see a lot of those leaders with their heads down, looking at their phones, watching and reading the comments and being pissed about it just because they did not speak up.” 

‘Trust is the currency of leadership’

Throughout her career — first with a travel agency before transitioning into real estate over a decade ago — Lessa said she has learned that trust is not only built through relationships but through “visibility and voice.” 

“I realized that trust is the currency of leadership,” Lessa said. “And here’s the uncomfortable truth: People are making a lot of life-changing decisions and they are sometimes looking at leaders that are not the most qualified — they’re the noisiest and that makes them visible.” 

This realization led Lessa to build upon the “ABCs of leadership” framework she learned during her time at Harvard University. According to the existing framework, leaders are architects that build structures, organizations and systems; bridges that connect people, systems and communities; and catalysts that move people into action. 

“Harvard doesn’t name another one and that is ‘D’ for decoder,” Lessa said. “Modern leaders must be interpreting the complexities of our industry. Why? Because real estate is not the first language of the consumer. I think we can all agree that our industry is so complicated.” 

In today’s housing environment, Lessa said it is not enough for leaders to be architects, bridges and catalysts, they must also translate the complexities of the industry.

“A leader today must interpret regulations, must simplify decisions for investors. And if no one is seeing you, no one is hearing what you’re saying, if they don’t listen to your perspective, they are in the dark and you can’t make any impact,” Lessa said.

“The story of our companies, of our industry, it’s being written not only in boardrooms, not only in small spaces, it’s being written out there in the minds of the consumers. And consumers are desperately looking for trust.” 

Setting ego aside

With consumers on the hunt for trustworthy sources, Lessa said being invisible is no longer an option. Leaders need that foundation of trust if they hope to have any influence over consumers and impact their lives or the housing industry. 

“If you call yourself a leader, but you are not making an impact, can you really call yourself a leader? It is all about the impact,” Lessa said. 

But she noted that even the most capable leaders have a hard time shaping the narrative and therefore shaping the future. In her mind, visibility is a starting point. 

“Visibility is about responsibility, Visibility is not about ego, or about how many followers you have or attention,” she said. “It’s the responsibility and courage to put a face to leadership, to be in the conversations, to be leading the conversations, to shape the narrative, to earn the trust before someone else does.” 

For Lessa, housing will remain one of the most powerful forces shaping modern life. The future is not going to be decided only by institutions and companies, she said, but by human leaders.

“Every industry has a story, has a narrative and the question is not anymore what the story is, but who is telling it,” Lessa said. “And if it is not you, then who? Because if we don’t fill the gap, if we don’t shape the narrative, someone else will.” 

This post was originally published on here. 

Valuation and mortgage solutions company Atlas VMS on Thursday announced the launch of Atlas LoanShield, an insurance-backed appraisal warranty designed to protect mortgage lenders from financial losses tied to appraisal defects that lead to loan repurchase demands.

Loan repurchase risk remains a key concern for originators and aggregators as agencies and investors continue to scrutinize underwriting and collateral quality. Industry research cited by Atlas shows the average loan repurchase costs lenders $32,288, with appraisal-related issues contributing to more than half of all repurchase cases.

Atlas LoanShield is structured to guarantee the accuracy and reliability of appraisal reports issued by Atlas VMS. If a defect in an Atlas appraisal triggers a buyback demand, the warranty is intended to shield lenders from related financial loss, according to the company.

Atlas said the program is available at no cost to lenders that opt in, carries no deductible and applies across all loan products except U.S. Department of Agriculture (USDA) loans. The warranty is positioned as a tool to reduce repurchase exposure, increase lender confidence in collateral valuations and support additional compliance assurances, which can contribute to faster underwriting and loan closings.

“Appraisals sit at the center of every mortgage transaction, yet lenders have historically carried the risk when something goes wrong,” Erik Morin, CEO of Atlas VMS, said in a statement. “By standing behind the work we deliver with a true appraisal warranty, we’re giving lenders added protection, greater confidence in valuation quality, and one less obstacle standing between them and a smooth, compliant closing.”

The launch comes as buyback concerns have resurfaced across the industry. In recent years, some lenders have reported heightened repurchase activity from the government-sponsored enterprises (GSEs) and secondary market investors, particularly on loans originated during periods of elevated volume and compressed turn times. Collateral and valuation defects are frequent drivers of these demands.

For capital markets and risk managers, products like Atlas LoanShield are part of a broader trend to transfer or mitigate specific sources of loan-level risk, whether through insurance structures, representations and warranties frameworks, or tighter quality control and pre-funding reviews.

For production teams, an insurance-backed warranty on appraisals may influence which appraisal management companies (AMCs) make a lender’s approved panel, especially in higher-risk channels or products.

Atlas framed LoanShield as part of a strategic shift in its positioning. The company said “VMS” now stands for Valuation & Mortgage Solutions, signaling an expanded remit beyond traditional AMC services and deeper integration across the lending life cycle.

The rollout follows a year of rapid growth for Atlas. The company now operates in 43 states and reports more than 400% year-over-year growth as it approaches its three-year anniversary. In July 2025, Atlas acquired AIM-Port, an order management platform, to accelerate its move into valuation technology while bringing more automation and workflow tools to lender appraisal processes.

Atlas described LoanShield as the next step in that strategy, combining its valuation capabilities with insurance-backed financial protection. The program underscores how AMCs and valuation providers are looking to differentiate in a crowded market by addressing lender pain points around repurchase risk, audit findings and post-closing defect remediation.

“We are committed to driving innovation across the valuation and mortgage solutions space — leaning into technology and finding new ways to elevate the lending experience for every stakeholder across the mortgage lifecycle,” Morin said.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

NorthstarMLS and California Real Estate Brokers, Inc. (CREB), which is the majority shareholder of MetroList MLS, have both entered strategic partnerships with Broker Public Portal (BPP) that will expand the reach of Cribio.com, the industry-owned consumer home search platform, the organizations announced this week.

NorthstarMLS said it will use BPP technology to power a new consumer-facing search experience, while CREB will send MetroList listings to Cribio and has taken an ownership stake in BPP as a Unit Holder. The moves deepen industry backing for MLS- and broker-controlled alternatives to third-party listing portals.

NorthstarMLS taps BPP to power “next-generation” search

NorthstarMLS, which serves brokers and agents across Minnesota and parts of neighboring states, is partnering with BPP to deliver what it describes as a “next-generation” MLS consumer platform built around data accuracy, transparency and direct broker connections.

“We are keeping real estate professionals front and center to the consumer home search experience,” Tim Dain, the NorthstarMLS CEO, said in a statement. “This partnership reflects a deliberate strategy to invest in a consumer search platform built on accurate MLS listing data, fair display principles and direct connections between buyers and listing brokers.”

NorthstarMLS will use BPP’s technology stack to upgrade its public-facing search site, while also pushing listings to Cribio.com, BPP’s national home search platform. That expansion gives participating brokers and sellers additional consumer reach within an industry-led network that does not rely on advertising, paid placement or lead resale models.

“Broker Public Portal keeps the relationships brokers and agents have with their clients at the forefront,” said NorthstarMLS board chair Claire Shaw. “It positions them to compete more effectively while reinforcing the value of the MLS in an increasingly digital marketplace.”

BPP CEO Dan Troup framed the move as an example of how MLSs can deploy AI tools in a controlled way.

“NorthstarMLS is setting the pace for AI innovation in real estate, taking decisive action rather than waiting for others to move,” Troup said in the announcement. “As more MLSs look to modernize their digital presence, partnerships like this help define the future of home search. One where accurate listing data, fair display and direct broker connections are foundational, not optional.”

CREB sends MetroList data to Cribio, becomes BPP Unit Holder

In a separate but related move, CREB, the majority shareholder of Northern California’s MetroList MLS, has partnered with BPP to place MetroList listings on Cribio.com and has invested in BPP as a Unit Holder.

“As brokers, we have a responsibility to ensure our listings are showcased in environments that align with our values and preserve the integrity of our data,” Isom Coleman, the president of CREB, said in a statement. “Partnering with Broker Public Portal gives us the opportunity to regain control, placing our listings on a platform that prioritizes transparency, data accuracy and direct connections between the consumer and the professionals who represent those properties.”

With CREB’s investment, MetroList’s data will be integrated into Cribio’s national footprint, according to the announcement. MetroList is a key MLS for the greater Sacramento region and parts of Northern California, making its participation an important addition to BPP’s coverage.

“Providing brokers with a trusted, industry-aligned consumer search experience is central to the role we play in supporting the marketplace,” said Dave Howe, CEO and president of MetroList MLS. “This partnership reflects a shared commitment to ensuring the listing data is presented accurately, broker contributions are properly represented and that the consumers are connected directly to the professionals best positioned to serve them.”

Troup said CREB’s decision to become a Unit Holder underscores growing broker interest in how and where listings appear online.

“California Real Estate Brokers, Inc. is making a clear statement about the importance of where and how listings are displayed,” Troup said. “By choosing an industry-owned platform, they are reinforcing a model that puts accuracy, transparency and broker connection at the center of the consumer experience.”

CREB’s Unit Holder status places it among a growing group of MLSs and brokerages that have taken an equity stake in BPP. Those members share governance over the platform’s direction and economics, with an explicit focus on data integrity, broker representation and consumer trust.

Why this matters for MLSs and brokers

The dual announcements highlight a broader trend of MLSs and brokerages investing directly in industry-owned consumer platforms as they recalibrate relationships with major portals. By aligning with BPP and Cribio, NorthstarMLS and CREB/MetroList are betting on models that:

• Keep listing brokers and agents as the primary consumer contact
• Apply Fair Display Guidelines rather than pay-to-play placement
• Use MLS-sourced data and AI tools in a governed, attribution-focused environment

For brokers, participation in BPP-backed platforms can add another distribution channel that emphasizes direct lead flow and accurate data, rather than advertising-based or referral-fee structures. For MLSs, it offers a path to modernize consumer-facing technology while maintaining more control over how listing data is used.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

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Housing and mortgage professionals should prepare for a coming wave of intergenerational wealth transfers driven largely by real estate assets, according to Cody Barbo, co-founder and CEO of Trust & Will.

Speaking with HousingWire CEO Clayton Collins at The Gathering in Austin this week, Barbo said the next two decades are expected to bring an estimated $124 trillion in wealth transfers, with much of that wealth tied to housing assets. He argued that mortgage lenders, servicers and real estate agents have an opportunity to strengthen long-term customer relationships by helping clients navigate estate planning.

“We’ve just failed as a country on financial literacy and estate planning,” Barbo said during the session.

Trust & Will, which Barbo described as “TurboTax for estate planning,” offers online wills and trusts in all 50 states. The company says it has helped more than 1 million families create estate plans through its digital platform.

Barbo said the company was predicated in part by his own experience after his wife’s father died without a trust in place. The family spent roughly two years navigating probate before they could sell his Texas home.

“Even if it’s called out in a will, the will still goes through probate,” Barbo said. “It just creates a really uncomfortable time and a lot of friction for loved ones.”

The discussion focused heavily on the role housing professionals can play as trusted advisers beyond the initial transaction. Collins said lenders and agents increasingly aim to become “clients for life” businesses by maintaining relationships with homeowners long after a purchase closes.

Barbo said top-performing agents often build relationships with entire families, not just the homebuyer, positioning themselves to assist during future property transfers or inheritance situations.

“The power of an agent’s relationship with the family, if they make the investment and continue that relationship post-transaction, can really be meaningful,” he said.

Barbo also pointed to demographic trends that could reshape servicing portfolios and customer retention strategies, citing the roughly 3.5 million deaths per year in the U.S. Barbo projected that number could rise significantly over the next decade as baby boomers age, putting wealth transfers front and center.

He urged lenders and servicers to examine how much business is lost when borrowers die, and whether firms have relationships with heirs who inherit homes or other assets.

Barbo also touched on the company’s partnerships with banks, financial advisers and insurance firms. He cited Fifth Third Bank as an example, saying the bank offers free wills to retail banking customers as part of its customer retention strategy.

According to Barbo, the program has also helped banks identify broader customer wealth holdings, including second homes and investment properties that were previously unknown to the institution.

Today, estate planning documents still generally require paper signatures and notarization in many states, although Barbo said fully digital estate planning is expanding and could become more common over the next several years.

The ultimate goal, he said, is to create a continuously updated digital platform that reflects life events such as marriage, children, divorce or illness, rather than static documents that often go untouched for decades.

“The power that you can have doing it for yourself, but what you can do for your customers, empowering them with education, call to action and an incentive, is incredible,” Barbo said.

This post was originally published on here. 

William Raveis Real Estate has partnered with Cloze to power its new Raveis365+ technology platform, adding AI-driven relationship intelligence to the brokerage’s existing Microsoft-based communication and tech stack for more than 4,500 agents along the East Coast, the companies announced Wednesday.

The Raveis365+ platform uses Cloze as its relationship intelligence layer, connecting sales, marketing, CRM and lead management tools across the brokerage’s technology ecosystem into a single, unified agent experience, according to the announcement from Cloze.

Cloze consolidates current activity, client data and communication history into one view for each contact and client journey, aiming to keep relationship-building at the center of the transaction. Days after launch, nearly one-third of William Raveis’ 4,500-plus agents had already adopted Raveis365+ powered by Cloze, the companies said.

“As a real estate leader, we empower our agents with AI technology that drives measurable value,” Ryan Raveis, co-president of William Raveis, said in the announcement. “Raveis365+ powered by Cloze is designed to connect, not compete, with the tools our agents rely on, along with AI built around the relationships that are at the heart of everything we do. We’re not deploying this technology to check a box — we are confident that our agents will see significant business results.”

The launch comes as brokerages race to modernize their tech stacks with AI tools that promise productivity gains without eroding the central role of the real estate agent. For firms competing on agent value proposition, the focus has shifted from standalone CRMs to fully integrated, AI-enhanced systems that help agents manage relationships, prioritize outreach and convert leads more efficiently.

Maia AI assistant and workflow automation

At the center of the Cloze experience is Maia, Cloze’s AI assistant, which agents can use via text or voice commands. Through Maia, agents can add contacts, draft emails, schedule follow-ups and transcribe client meetings inside the Cloze platform, according to the company.

Maia also connects to other core real estate tools integrated with Cloze. For example, agents can initiate a new buyer offer in SkySlope or generate branded marketing materials in MAXA through voice commands, reducing the need to jump between systems.

Background intelligence and contact management

Behind the scenes, the Cloze Intelligence Engine runs continuously, updating connections and flagging relationships that may need attention. That includes identifying past clients who may be ready to move, surfacing key milestone dates and keeping automated nurture programs running across email, text and calls.

Agents start with an organized, complete contact database because Cloze automatically ingests relationships from email, phone and existing systems. That approach is intended to shorten the setup period that often limits adoption of traditional CRMs and to help agents quickly see value in the platform.

“AI only earns its place in an agent’s day if it makes that day genuinely better — not more complicated,” Dan Foody, CEO and co-founder of Cloze, said in the announcement. “The brokerages that will thrive are the ones that use AI to deepen relationships, not weaken them. William Raveis has built one of the most respected brokerages in the country on the strength of personal relationships — and Raveis365+ keeps the personal touch at the center of those relationships, expanding the circle of support.”

Why it matters for brokerages

William Raveis previously built its exclusive communication and technology platform with Microsoft. The shift to layering Cloze on top of that stack reflects a broader industry trend: large brokerages are looking to add AI functionality through specialized partners rather than rebuilding core systems from scratch.

For brokerage leaders, integrated AI relationship intelligence can help drive higher agent productivity, more consistent follow-up and better insight into pipeline health across offices. For agents, the value proposition centers on time savings, more targeted outreach and a single system that coordinates CRM, marketing and transaction-related tasks without replacing their existing front-line tools.

William Raveis has begun rolling out Raveis365+ powered by Cloze to its agent base, with additional AI capabilities expected to be added over time, according to the announcement.

This post was originally published on here. 

Indianapolis-based MIBOR Broker Listing Cooperative (BLC) has announced a partnership with Gitcha to incorporate a buyer-focused listing service into its platform — expanding how agents access and share market data.

The collaboration introduces the Buyer Listing Service into the BLC, providing nearly 10,000 members with tools designed to surface real-time buyer demand alongside traditional property listings.

Leaders said the integration is intended to shift buyer activity from informal channels — such as private groups and personal networks — into a centralized system where agents can more easily collaborate.

MIBOR BLC President and CEO Shelley Specchio added that the move reflects an effort to evolve the MLS model by balancing visibility between buyers and sellers.

“MIBOR BLC must continue to evolve by deliberately strengthening the marketplace we are entrusted to facilitate,” she said. “When both sides of the marketplace are visible, cooperative, and respected, the entire industry moves forward together.”

Through the partnership, agents will gain access to structured data on buyer preferences, including desired locations property features budgets and financing timelines.

By centralizing that information, the organizations said the platform will allow members to identify emerging demand patterns and match buyers with available inventory more efficiently.

Gitcha founder and CEO Dan Cooper said the initiative builds on earlier collaboration between the two organizations.

“MIBOR BLC was an early visionary in recognizing how the MLS industry can support the agent community with better cooperation and insights by strengthening buyer representation,” he said. “They helped shape the platform, and they are leading the way for MLSs nationwide.”

Officials said the addition of buyer demand data could also benefit stakeholders beyond agents, including builders investors and local planners who rely on housing trends to inform decisions.

MIBOR BLC provides listing services across 17 counties in central Indiana.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

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Subprime mortgage expert Keri Findley has opened her residential real estate financing opportunities fund to outside investors seeking exposure to mortgage servicing rights (MSRs) and home equity loans, the firm said Wednesday.

The fund, structured as a real estate investment trust (REIT), launched in 2025 but initially relied on internal capital and allocations from a limited number of institutional investors at Tacora Capital Management, Findley’s $1.5 billion asset-based lender.

In the home equity arena, Tacora has already struck a deal to buy up to $300 million of home equity investments from Point, a fintech company focused on the HEI product, Bloomberg reported.

HEIs have drawn scrutiny from state regulators and face legal challenges from homeowners questioning whether the contracts should be treated more like reverse mortgages, with the same consumer protection and disclosure requirements. Findley has served on Point’s board of directors since 2017.

Findley previously built and ran the structured credit business at hedge fund Third Point LLC from 2009 to 2017, focusing on complex mortgage and asset-backed securities in the wake of the subprime crisis.

Earlier in her career, she was an analyst at alternative investment firms EOS Partners and D.B. Zwirn & Co., giving her a background in special situations and nontraditional credit that Tacora is now applying to residential real estate.

Tacora said it’s targeting segments of the mortgage market that remain underserved by traditional bank and securitization channels. This gap has widened as nonbank lenders now originate the majority of U.S. mortgages, while banks have reduced balance-sheet exposure to housing-related assets.

“The proliferation of new ways to structure and service mortgages have increased complexity, precipitating opportunities to identify and capture the mispricing of real estate-linked assets and meaningfully improve servicing,” Findley said in a statement.

“These conditions provide an enduring opportunity to apply our expertise in creative deal construction for innovative companies and hard-to-finance loans.”

The REIT seeks to deliver capital appreciation, stable cash flow and capital preservation in a variable rate environment by combining exposure to MSRs and home equity. MSRs typically benefit from higher rates and slower prepayments, while home equity is more sensitive to home prices and credit performance, giving managers room to balance rate and credit risks across cycles.

Tacora plans to layer in opportunistic investments in bond and loan trading at distressed prices in the secondary market. The strategy targets net returns in the mid to high teens, depending on market conditions, according to the firm.

Demand for the approach may come from university endowments, public pensions, large Registered Investment Advisers (RIAs), family offices and at least one sovereign wealth fund, the company said.

These investors are searching for yield and diversification away from public markets and conventional core fixed income as rate volatility and regulatory capital requirements reshape bank and government-sponsored enterprise participation in the mortgage market.

Tacora, founded in 2021, focuses on deals in the $10 million to $50 million range, targeting companies that do not yet qualify for traditional financing — what it describes as a “bridge to bankability.” An early example was its 2013 financing of student loans to support SoFi’s growth.

This post was originally published on here. 

Class Valuation has introduced a new underwriting and appraisal assurance program designed to streamline mortgage lending workflows and reduce risk tied to property valuations.

The product, the Class Valuation Underwriting Engine (CVUE), combines artificial intelligence analysis with human review to deliver appraisals that lenders can accept without conducting their own internal review, according to the company.

Company data indicates that about one in four appraisals is returned for revisions during underwriting, often delaying closings by one to three days.

The new program is designed to reduce these delays by identifying and validating low-risk appraisals earlier in the process.

Class Valuation CEO John Fraas said the approach shifts responsibility for appraisal risk.

“For the first time, an AMC is stepping in front of the risk and standing behind its appraisals. That’s what CVUE does,” Fraas said in a statement. “After piloting the program, we’ve proven that lenders don’t need to review every appraisal to protect against buyback exposure.

“Class Valuation assumes that risk on qualifying files, giving lenders certainty of execution, a dramatic reduction in underwriting workload and fewer delays caused by appraisal revisions.”

The company said the program can eliminate appraisal revisions on qualifying files and reduce turnaround times by two to three days.

It also estimates that lenders can reduce appraisal review workloads by about 80% and save roughly $100 per file by limiting manual reviews to higher-risk cases.

The program includes repurchase risk protection for eligible appraisals, transferring certain financial risks from lenders to the appraisal management company.

The underwriting engine was tested in a pilot program involving more than 20 lenders, including several large institutions. According to the company, the results showed improved processing speed and reduced operational friction.

The guarantee applies primarily to lower-risk appraisals, which Class Valuation estimates represent about 80% of appraisal volume.

Eligible loans include conforming purchase and refinance mortgages sold to Fannie Mae and Freddie Mac, as well as Federal Housing Administration (FHA)-insured loans backed by Ginnie Mae.

Class Valuation said the program does not require additional technology integration, allowing lenders to adopt the system without significant operational changes.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

Freddie Mac posted a strong start to 2026, reporting $3.6 billion in first-quarter net income as lower mortgage rates boosted refinancing activity and the government-sponsored enterprise (GSE) continued to build capital. Its profit rose from $2.5 billion in the fourth quarter of 2025.

Speaking during the company’s earnings call on Thursday morning, Jim Whitlinger, the company’s executive vice president and chief financial officer, said that net income increased 27% year over year, while Freddie Mac’s total mortgage portfolio grew to $3.7 trillion.

The company provided roughly $116 billion in liquidity to the housing market during the quarter and helped 380,000 families buy, refinance or rent homes.

Freddie Mac also became the first GSE to securitize loans using VantageScore 4.0, Whitlinger said, following a recent move by regulators to expand credit scoring options in the mortgage market.

“These results demonstrate the earnings power of Freddie Mac,” Whitlinger said, citing higher net interest income and continued portfolio growth.

“We delivered strong first quarter results, with net income of $3.6 billion and net revenues of $6.1 billion, Freddie Mac CEO Kenny Smith added.

The rise in net revenue was driven largely by a 10% increase in net interest income to $5.6 billion. Freddie Mac also recorded a $320 million benefit for credit reserves, compared with a $280 million provision expense in Q1 2025. Whitlinger said the reserve release reflected stronger expectations for home-price growth.

Freddie Mac’s net worth climbed to nearly $74 billion at the end of March, up 18% from a year earlier, although the company remains below its regulatory capital requirements. Whitlinger said Freddie Mac’s total required capital stood at $161 billion, including stress and stability buffers.

Its single-family business generated $3 billion in net income during the quarter, up 32% year over year, as refinance activity accelerated amid lower mortgage rates earlier in the year.

Freddie Mac acquired $103 billion in new single-family business during the quarter, with refis accounting for 42% of total volume. That marked its highest quarterly refinance share in four years. New business was up from $78 billion posted in Q1 2025.

Whitlinger said Freddie Mac acquired more than twice as many refinance loans as it did a year earlier, helping nearly 100,000 additional households refinance over the past two quarters compared with the same period a year ago.

“This isn’t just a statistic,” Whitlinger said. “Each of those loans potentially represents a lower mortgage payment, the retirement of higher-cost debt, or improvements to accommodate a growing family in an existing home.”

The GSE financed 281,000 mortgages and enabled 79,000 first-time homebuyers to purchase a home, its press release explained.

Freddie Mac said the majority of homes and rental units it financed during the quarter were affordable to families earning 120% or less of the area median income. Among homebuyers purchasing a primary residence, 52% were first-time buyers.

The company’s single-family credit profile remained strong, with an average credit score of 758 on newly acquired loans and a serious delinquency rate of 0.6%.

In multifamily, Freddie Mac reported $582 million in first-quarter net income, up 9% year over year. New multifamily business volume increased 25% to $13 billion, with roughly two-thirds categorized as mission-driven affordable housing. Net revenue for multifamily was $1 billion.

Whitlinger also highlighted Freddie Mac’s continued shift toward fully guaranteed multifamily securitizations. The company securitized $24 billion in multifamily loans during the quarter, nearly all of which were fully guaranteed transactions.

This post was originally published on here. 

What a difference a year makes. A year into the job and fresh off Stone Point Capital’s strategic investment in Keller Williams, CEO Chris Czarnecki is still taking stock of what sets the residential brokerage business apart.

On stage this week at HousingWire’s The Gathering in Austin, he described an industry defined less by structure and more by the relentless drive of the people in it — a realization that’s shaping how Keller Williams approaches growth, investment, and mergers and acquisitions.

Czarnecki, who stepped into the CEO’s role in March 2025, told the audience, “What I actually have found to be incredibly interesting and that I didn’t fully appreciate is the dynamic nature of this space and the people. They are always focused on expanding their business, looking for opportunities, looking for tech enhancements — any advantage they possibly can to get another deal done.”

That mindset, he added, mirrors the high-performance environments he knew from banking and dealmaking. “When you have people that are passionately invested in their success … life’s just more fun,” he added.

Capital meets culture

Czarnecki said his first year as CEO has been focused on accelerated investment as KW looks to provide and add services to directly help its brokers run more efficient and effective businesses. Rather than altering the company’s identity, he framed Stone Point’s investment as an accelerant.

“With that as sort of a foundation and a clear understanding of who we were, the Stone Point partnership has been one that has allowed us to honestly accelerate our investment on everything that’s around that,” he said.

That includes tens of millions of dollars directed toward marketing, technology and platform innovation. The company has “reimagined our tech stack,” opened its ecosystem to more third-party tools and rolled out financing programs to help franchisees scale, Czarnecki said.

Those are “ just simple examples — everything around the core of KW has had a fresh look and a fresh set of opportunity and a fresh set of capital,” he added.

New M&A mindset

For a company long known for organic growth, Keller Williams is now leaning more deliberately into mergers and acquisitions — although not in a way that changes its core, Czarnecki emphasized.

He described the firm’s M&A strategy as falling into three buckets: adding services for agents, supporting franchisee growth and pursuing selective corporate acquisitions.

“None of which are changing who the core of KW is,” he said. “All of them are simply additive to what we’re already bringing.”

One example is company’s planned integration of a longtime marketing partner, Michael Lewis Marketing. “They’ve supported our franchisees for 20-plus years,” he said.

The move reflects a broader shift toward providing agents with more turnkey services.

“The agents today want more services, and they want more things done quickly and efficiently for them to be able to just focus on their core business,” Czarnecki said.

Local deals, national implications

While headline-grabbing deals such as Compass-Anywhere and Real-REMAX dominate industry chatter, Czarnecki pointed to a different trend — a surge in local and regional consolidation. But that’s not to say that big acquisitions are off the table.

“It hasn’t been the best transaction market for four years now,” he said. “As those folks look at the suite of services being offered elsewhere … you see a natural point where at least a number of the smaller players are stepping back and saying maybe now is the time to make a move.”

Keller Williams is positioning itself to meet that moment, equipping franchisees with financing tools and operational support to pursue acquisitions.

“We’ve built a lending program within KW — who knows our business or who can help finance our business better than the people who know it well,” he said.

Activity is already picking up in certain markets, he added, with “some pretty big opportunities in Florida … and some other markets” as local players reassess their options.

Defining success

Looking ahead, Czarnecki isn’t chasing volume for its own sake. Instead, he outlined a measured vision for the next three to five years.

“If we do a few transactions in those three buckets that I talked about, it’ll be a whole bunch,” he said.

Success, in his view, means adding a handful of meaningful capabilities, helping franchisees scale through acquisitions and executing selectively at the corporate level.

“That’ll be more than a full plate,” he said.

Photo by AJ Canaria Creative Services LLC

This post was originally published on here. 

North Carolina-based Hive MLS has introduced a redesigned website that incorporates artificial intelligence tools aimed at enhancing how buyers interact with property listings online.

The updated platform, HiveMLS.com, includes a new home design and room visualization feature developed through an integration with Roomvo.

The feature allows users to modify elements within listing photos — such as flooring wall colors and finishes — to better understand how a property could look after updates.

The addition of visualization technology reflects a broader effort to make online listings more interactive while maintaining the role of brokers in guiding transactions, leaders said.

Hive MLS CEO Daniel Jones said the platform is designed to support brokers by improving how listings are presented.

“Brokers benefit from a more powerful way to present their listings and help buyers see what’s possible,” he said. “Every technology we offer and build is focused on strengthening the broker’s role: driving more engagement, supporting their conversations with clients, and helping their listings stand out.”

The Roomvo integration allows users to experiment with design changes directly within listing images — offering a preview of potential renovations or updates.

Company officials said the feature is intended to help buyers look beyond cosmetic issues and better evaluate properties that may otherwise be overlooked due to outdated interiors.

Roomvo CEO Pawel Rajszel said the goal is to give users a clearer understanding of a property’s potential.

“At Roomvo, we believe everyone deserves to see the full potential of a home,” he said. “Integrating our technology with the new HiveMLS.com website makes buyers’ imagination a reality, allowing them to experience a space not just as it is today, but as it could be tomorrow.”

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

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Allen Price will quickly correct you if you call home equity investment (HEI) customers “borrowers” or the product a “loan.”

“These are not borrowers because they are not borrowing money. This is not a loan but a contract,” said Price, head of sales at BSI Financial Services, which services HEI portfolios for top originators in the space.

That distinction sits at the center of a growing identity debate for HEIs — one now spilling into lawsuits, regulatory scrutiny and broader questions about where the product fits in the housing finance ecosystem. In some cases, it has led companies to pull back from certain markets or avoid the product altogether.

Under an HEI, a homeowner receives upfront cash in exchange for a share of the home’s future value. They remain in the property, cover taxes, insurance and maintenance, and either settle when the home is sold or buy back the investor’s stake. 

The pitch is simple — no monthly payments. That makes the product appealing to homeowners who can’t or don’t want to take on new debt, particularly those shut out of traditional credit markets.

Data from the Urban Institute on shared equity products (SEPs) helps to explain the demand. In 2024, roughly 35% of applications for cash-out refinances, home improvement loans and home equity lines of credit (HELOCs) were denied, compared to just 9.8% of home purchase loans. About one in four HEI users had credit scores below 600 — levels that typically preclude mortgage financing.

Homeowners who utilize HEIs typically tap about 15% of their home value, and more than 40% of these consumers are 55 or older. While still a niche product, the market has scaled as the three largest providers — Point, Hometap and Unlock — originated roughly 54,000 agreements between 2015 and 2025, according to the research.

“The products are becoming more popular for a lot of homeowners. The market is scaling and, as such, that necessarily is going to raise regulatory attention,” said Cliff Andrews, president of the Coalition for Home Equity Partnership (CHEP), a trade group founded in 2024 by Hometap, Point and Unlock that was later joined by Splitero. “We welcome the regulatory attention.” 

Litigation is also building across states.

In Colorado, a lawsuit filed in April alleges homeowners were “trapped” in contracts that could require up to $278,000 to exit after receiving about $87,000 upfront. The plaintiffs claim the product was marketed as a “simple, debt-free alternative.” And a class-action suit filed in California in March alleges a $97,000 payout in 2017 grew to $375,000 after eight years, implying an effective interest rate near 35%.

As early HEI vintages reach maturity, homeowners are starting to confront the reality of repaying a share of their home’s appreciation. That dynamic is already fueling disputes, although Price said cases remain limited relative to the total number of originations.

“Consumers are now realizing in real time, my house appreciated X percent over the past five, six, seven, eight years, and I need to give the originator 20% or 30% of that,” Price said. “Companies understand that once that redemption period begins, there’s going to be some angst around giving up that share of appreciation. The lawsuits are expected.”

Non-interest-based product?

There’s an ongoing, unsettled debate about whether HEI products carry an implicit rate and could be characterized as a loan. 

“It is absolutely accurate to market and describe shared-equity products as non-interest-based products,” said Jim Riccitelli, CEO at Unlock. “But it is critically important to understand the distinction between an interest rate, which applies to a loan, and an investment rate of return, which applies to a shared-equity product.

“That said, no interest rate doesn’t mean no cost or ‘no payment obligation,’ and shared-equity products are never marketed that way.”

For Andrews, the legal challenges are increasingly less about how HEIs function and more about how they’re disclosed. Some disputes, he said, may stem from earlier vintages or uncapped structures. Today, most originators include homeowner protection caps — typically limiting investor returns to 18% to 20% annually — to mitigate extreme outcomes.

“We’ve heard that this [the product] is going to lead to forced sales and this is equity stripping,” Andrews said. “The present value benefit of these products is almost dismissed.”

Riccitelli said that none of the originator members of the CHEP has ever initiated a foreclosure.

But consumer attorneys take a different view.

Thomas Scott-Railton of Gupta Wessler LLP, who has represented consumers in several recent lawsuits, argues the products fit within the definition of a mortgage. He said some legal challenges center on disclosure rules, but they also raise issues around state interest rate limits and federal prohibitions on mandatory arbitration agreements. Viewed through a mortgage lens, he said, the products are illegal. 

“Courts have said — and this principle goes back hundreds of years — that when you’re evaluating loan products, you have to look at substance over form,” Scott-Railton said. “When it comes to predatory lending, ever since there was the first law capping interest rates, there’s been a product designed to make loans look like something else.”

In one of his cases, a homeowner in New Jersey received just under 44% of her home’s value but was required to repay 70%, with a capped annual return rate of 18%.

“The caps are set so high that they don’t meaningfully protect consumers compared to traditional mortgage products,” he said. “They don’t shield borrowers from the biggest risk, which is a large balloon payment that often forces a home sale to repay it.”

Product under scrutiny

Federal oversight of HEIs remains limited, with the Consumer Financial Protection Bureau (CFPB) largely leaving enforcement to states. 

According to the Urban Institute research, the products fall under a mix of federal and state laws — including the Fair Credit Reporting Act, Federal Trade Commission Act and Fair Housing Act — as well as broader prohibitions on unfair, deceptive or abusive acts and practices. But they are not classified as “credit” under the Truth in Lending Act.

The result is a patchwork of interpretations, with some states moving to regulate HEIs under mortgage frameworks. States including Colorado, Connecticut, Georgia, Illinois, Maryland, North Carolina, Oregon, Washington and Wisconsin have taken steps in that direction, according to the Urban Institute. 

In Washington, a federal appeals court ruled that Unison’s flagship product meets the definition of a reverse mortgage under state law.  The company did not reply to HousingWire‘s request for comment on this story.

The most high-profile case is in Massachusetts, where Attorney General Andrea Joy Campbell sued Hometap, alleging the product functions as an illegal reverse mortgage. The case is now in discovery, with an October 2026 deadline.

Campbell alleges the company “deliberately markets” to “house-rich, cash-poor” homeowners, including older borrowers and those with low credit scores, while Hometap has previously called the lawsuit “unfounded” and “meritless.” Hometap deferred to CHEP for this story.

In Maine, meanwhile, Gov. Janet Mills recently signed legislation to adopt a comprehensive statewide HEI framework, defining the products as “shared appreciation mortgage loans.” The law targets features that advocates like the National Consumer Law Center say can lead to large, unpredictable lump-sum payments and forced home sales.

Andrews said the outcome in Maine was “rushed,” not “evidence-based,” and imposed mortgage-style requirements that the product cannot easily meet. “When you can’t comply, you can’t operate. So, it functionally becomes, unfortunately, a de facto ban.”

CHEP says it is working with states including Maryland, Connecticut, Illinois, Washington and Oregon on legal frameworks. It defends licensing, supervision, enhanced disclosures, counseling, cost caps, rescission periods and foreclosure protections.

Because HEIs are structured as equity investments rather than traditional credit, the lack of a tailored regulatory framework continues to create uncertainty, the Urban Institute said. Unlike mortgages, HEIs have no amortization, stated interest rate or monthly payments (making APR disclosures difficult), and underwriting is based on the amount of home equity rather than income or credit.

“A clearer, standardized regulatory framework designed to fit the unique structure of SEPs would improve consumer protections while lowering the cost of capital and, ultimately, the cost of these products to homeowners,” Urban Institute researchers Laurie Goodman and Katie Visalli wrote.

Capital markets adjust

Regulatory uncertainty is rippling into the secondary market for HEIs. Credit rating agencies are factoring uncertainty into their ratings, which directly affects securitization structure and costs. Because of this risk, lower-risk tranches are smaller than they otherwise might be, raising funding costs.

Securitization in the space is still relatively new. Unlock executed the first deal in 2021 that included HEI assets, while Point completed the first all-SEP securitization that same year. Unlock followed with the first rated SEP securitization in 2023. Today, Unlock, Hometap, Point, Splitero and Unison all have outstanding deals, with most of these companies contributing collateral to 2025 issuances.

“From an investor’s perspective, the appetite for the product is still very strong,” Price said. “It has always been understood and always been expected that as the shared equity product continues to mature, that the regulatory and the compliance landscape would catch up.”

Still, not all players are staying the course. Redwood Trust, which entered the space in early 2025, exited a few months ago as part of a broader shift toward a more capital-efficient model.

“We are actively reallocating both capital and human resources away from more balance sheet-intensive activities and toward our core mortgage banking platforms, where we see stronger near-term growth, more consistent returns, and the ability to better leverage third-party capital at scale,” a Redwood spokesperson said. “We continue to believe in the long-term relevance of HEI as a product.” 

Traditional reverse mortgage players are also watching from the sidelines.

Longbridge Financial said that until the regulatory framework is clearer, broader participation from the reverse mortgage sector is unlikely — even as the product addresses a similar borrower need, according to Tim Wilkinson, the firm’s vice president of capital markets.

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A builder lines up a deal. Land is identified. Plans are drawn. The numbers work. The lender says yes. And then — somewhere between approval and execution — the ground shifts.

The timeline stretches, the draw gets delayed, the capital tightens or worse, disappears altogether. By the time it’s clear what’s happening, it’s already too late. This is the quiet reality shaping construction in 2026.

Because the problem right now isn’t demand, and it’s not even rates. It’s trust.

The data says things should be improving

On paper, the market looks like it’s stabilizing. Builder sentiment has climbed off its 2023 lows, according to the National Association of Home Builders (NAHB). Forecasts suggest single-family construction could rise this year. Rates, while volatile, have come off their peaks.

And yet activity doesn’t match the narrative. Projects are delayed, pipelines are thinning and deals are falling apart late, after time, money and momentum are already committed.

That’s not a demand problem. It’s an execution problem.

Homebuilders aren’t pulling back because buyers disappeared. They’re pulling back because the margin for error has collapsed—and the cost of getting it wrong has gone up.

When financing gets uncertain, timelines stretch or capital partners hesitate mid-project, one bad deal doesn’t just hurt—it wipes out the next three.

So builders hesitate, lenders tighten and the entire system slows down—not because opportunity isn’t there, but because confidence isn’t.

The market is solving for the wrong variable

For years, the industry has treated rate as the primary lever. The math was simple: Lower rates drive volume and higher rates slow it down. But that framework assumes something builders no longer take for granted: that capital performs.

These days, you can’t just ask, “What does it cost?” You have to ask: “Will it show up? Will it move on time? Will it hold through the life of the project?”

Those are different questions. And they’re harder to answer.

Credit is available, but execution is not guaranteed

By traditional definitions, capital hasn’t disappeared, but the conditions behind it have changed. NAHB data show lenders have continued to tighten standards—lower loan-to-cost ratios, higher equity requirements and more scrutiny of deals—for the past 16 quarters.

That shift sounds incremental, but it isn’t, because it changes what builders can actually do once they’re approved.

More cash goes into each deal, so fewer projects can run at once. Timelines stretch, and growth slows. And that’s where the real shift shows up. Not in whether capital exists, but in whether it performs.

Builders aren’t questioning if they can get a construction loan. They’re questioning whether that capital will show up on time, fund consistently and hold steady through the life of the project.

That doubt is the constraint.

Where things actually break

The failure points aren’t abstract; in fact, they’re operational. They show up in places builders can’t afford them:

• Loan structures that demand more upfront cash
• Draw schedules that slip weeks or months
• Lenders whose own capital sources are under pressure

Even when the terms look good, the risk lies beneath the surface. And when something breaks, it rarely happens early. It happens after time, money and momentum are already committed.

One of our builder clients had successfully completed and exited 89 consecutive projects.

Project number 90 was larger — a $24 million deal. The bank approved it. Everything moved forward. Then, just weeks before closing, the bank pulled out.

By that point, the builder had already invested roughly $2 million into feasibility, engineering and pre-development work—capital that couldn’t simply be recovered.

They had to scramble to replace the financing. They eventually did with us. The project moved forward. But the lesson stuck: Even long-standing banking relationships—and a near-perfect track record—don’t guarantee execution.

And when capital fails late in the process, the cost isn’t theoretical; it’s immediate. That’s not a rate problem. That’s a reliability problem.

The compounding effect no one models

This is where the damage accelerates because these aren’t isolated issues. They stack.

NAHB data shows builders are being required to bring more cash to close. At the same time, construction input costs have come off their peaks but remain elevated. Put those together, and the math changes:

• More equity per deal means fewer deals in motion 
• Delayed draws equals cash strain 
• Payment slowdowns equal subcontractor risk 
• Longer cycles equal reduced overall output 

Individually, each is manageable, but together they create a choke point.

Why chasing rate can backfire

In this environment, optimizing for rate can actually make things worse because rate doesn’t fix:

• Delayed draws
• Capital interruptions
• Inconsistent execution

A slightly cheaper loan that doesn’t perform costs considerably more than a slightly more expensive, but dependable, one. That’s the shift happening quietly across the industry. The builders still moving aren’t necessarily getting better pricing. They’re getting more dependable capital.

Financing is no longer a cost, it’s a strategic growth tool

Financing has to move beyond a line item and become part of the operating system. It determines:

• How fast projects move
• How many projects can run at once
• How much risk a builder can absorb

That’s the dividing line emerging in 2026. Builders who treat financing as transactional are feeling the squeeze; where builders who treat it as infrastructure—something that needs to perform consistently—are still growing.

The question that matters now

The question isn’t what capital costs, it’s whether it performs. Because in a market where margins are tighter, timelines matter more and liquidity is under pressure, uncertainty carries a cost of its own.

And right now, that cost is showing up everywhere.

Click Here

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At a time when it seems like most real estate brokers can’t agree on anything, one thing they can agree on is that The Real Brokerage’s acquisition of REMAX, announced on Monday, came as a surprise. 

“To me it came a bit out of left field because I don’t think anybody had talked about Real,” Gary Ashton, the broker-owner of The Ashton Real Estate Group of REMAX Advantage, said. “There has been lots of talk about acquisitions and mergers, but not with Real.”

John Wood, the broker-owner of North Carolina-based REMAX United, shared a similar view. 

“We get that mergers on Wall Street have to happen privately and we, as franchisors, don’t get advance notice, but the initial thought was ‘Wow! This is happening,’” he said.

Despite the initial shock of the news, Wood said he wasn’t too surprised because, in his view, “at some level all brands are for sale.” 

Housing market makes consolidation expected

Given the slower housing market conditions of the past four years, Phillip Cantrell, the broker-owner of Benchmark Realty, said consolidations like the deal between Real and REMAX are to be expected.

“In conditions like these past few years, the margins of the traditional model brokerages have been massively compressed. The response has been for the brokerage to either modify its model or scale, and scale fast. For some, this has been a struggle because both the larger traditional and fee-based models that have already achieved scale and are continuing to grow organically, [nibble] away at market share — further eviscerating the margins of those who have not yet scaled. In that light, what we are seeing is very logical,” Cantrell wrote in an email. 

So while the acquisition itself was not unexpected, the two partners, Real, a cloud-based firm, and REMAX, a legacy brick-and-mortar franchisor, came as a surprise to many who feel like this is an odd coupling. 

“It will be interesting to see how a brand that set up their entire system on desk fees and office space and local leadership is able to merge with a company that has no offices and no desk fees,” Parker Pemberton, the founder and CEO of Pemberton Real Estate, said. “You really have two polar opposite perspectives when it comes to agent recruitment sales pitches.”

Excited about Real’s tech

In the initial announcement, the two firms have expressed excitement regarding the deployment of Real’s technology across REMAX’s network, but some are questioning how that roll out will go.

“I think you are going to see a lot of uncomfortable agents,” Pemberton said. “Thinking about the seasoned agents at REMAX that are used to the systems and processes they have, now having to adopt an online portal — that is going to be a big change for some people.” 

Hoby Hanna, the CEO of Howard Hanna Real Estate Services, agrees.

“REMAX has had a tough time in adopting new technology in the past, so it will be interesting to see how they execute on that,” Hanna said. “Can they get adopted by the sales people in an independent culture? That will be their big lift and I think that is what they are betting on, but it will be a challenge across an international platform of independent minded agents.”

For his part, Wood, a REMAX franchisor, is curious as to what new tools and technology his firm will have access to thanks to this acquisition.

“Real is an up and coming company that has a different platform and a different way of doing business, and we are all going to be very interested to see what those tools and steps are that we can integrate into our business,” Wood said.

Coexist and thrive

In the face of some of this pessimism and uncertainty about the coupling of Real technology and REMAX, Ashton and his business partner Debra Beagle, the CEO and managing broker-owner of The Ashton Real Estate Group of REMAX Advantage, believe that new technology and the REMAX model can not only co-exist, but be extremely successful, as they look to their own firm as an example. 

Despite being based in Tennessee, the firm has teams in Florida and Denver who work off of their platform, despite being based thousands of miles away. 

“We have this hybrid model, which is totally out of the norm for REMAX, but we have been very successful with it and it shows that the two models can live fully together,” Beagle said. “We have found that when you partner the level of professionalism and service our REMAX agents have with that technology, we are proof that this works.” 

Ashton agrees that the combination has a lot to offer both agents and consumers. 

“I think it is actually a good combination because in the public’s view, REMAX is an established brand with a lot of brand equity, but I don’t think the public is really aware of Real,” Ashton said. 

Although the acquisition has generated its fair share of industry chatter, brokers don’t believe this news will change a lot for the day-to-day operations of their agents. 

“The reality for those of us out in the field and those of us who own franchises is that nothing is really going to change anytime soon,” Wood said. “We have to continue doing what we do, which is as a company taking care of our agents and making sure our agents take care of the consumers.” 

In Pemberton’s view, what will determine the future success of Real REMAX Group is local leadership and local agents. 

“At the end of the day, the consumer doesn’t care where you work,” he said. “They care about who you are as an agent, how you show up for them and if your broker helped you do that at a higher level, then that is fantastic.”

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United Wholesale Mortgage announced Wednesday that independent mortgage brokers working with UWM can now access both FICO and VantageScore credit scoring models for conventional loans, a move aimed at giving brokers more flexibility when evaluating borrowers.

In a press release, the Michigan-based lender said brokers using its no-cost credit reports will automatically receive both credit scoring models.

Under the expanded offering, brokers will be able to compare borrower eligibility and pricing using both FICO and VantageScore credit scores and select the option that best fits a borrower’s financial profile.

UWM said VantageScore may provide advantages for borrowers with limited credit histories or those who have recently improved their financial standing. In some cases, borrowers who already qualify under FICO could receive better pricing if their VantageScore is higher, potentially resulting in more favorable loan-level price adjustments (LLPAs)

The announcement comes as mortgage lenders and the broader housing finance industry continue exploring alternatives to traditional credit scoring methods.

Last week, the Federal Housing Finance Agency (FHFA) announced a pilot program to allow the use of VantageScore 4.0 for loans sold to Fannie Mae and Freddie Mac, along with plans to introduce FICO 10T and a new pricing grid tied to the updated credit models.

During the press conference last week, FHFA Director Bill Pulte said Fannie and Freddie are prepared to begin working with approved lenders to accept VantageScore 4.0. Pulte confirmed that lenders have already delivered about $10 million in loans using the model to Freddie Mac as part of an operational test, with securitization of these loans expected soon.

The announcement came in tandem with an announcement from the U.S. Department of Housing and Urban Development to adopt FICO 10T and VantageScore 4.0 for Federal Housing Administration (FHA) loans in the coming months, although officials did not provide a timeline.

The Trump administration has long pushed for changes to mortgage credit scoring, citing industry concerns over rising costs.

In July 2025, Pulte announced that Fannie and Freddie would begin accepting VantageScore 4.0. But the government-sponsored enterprises are continuing to use three-bureau “tri-merge” credit reports for now, despite some industry calls to move to a single-report model.

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The planned acquisition of REMAX Holdings by The Real Brokerage is set to reshape the residential real estate landscape, combining a fast-growing, cloud-based brokerage with one of the industry’s largest global franchise networks.

Valued at roughly $880 million including debt, the deal will create a new holding company — Real REMAX Group — with more than 180,000 agents across over 120 countries.

Industry observers say the transaction reflects a broader push toward scale and efficiency as brokerages navigate a slower housing market and pressure on commissions.

Steve Murray, senior advisor for HousingWire and founder of RealTrends and RTC Consulting, said the real opportunity in the deal lies in how the combined company leverages technology across a massive network.

“One of the things that [Real] brings to the table, which would assist in strengthening REMAX’s franchises and even selling more, is offering their platform to all the REMAX franchises,” he said. “You would assume it’s a very substantial, well-rounded, beginning-to-end platform for operating a brokerage company.”

“It has to function really well for them to be a public company and do all the reporting and all the compliance they have to do.”

Real REMAX Group is expected to generate about $2.3 billion in revenue and $157 million in adjusted EBITDA before synergies — with projected cost savings of $30 million by 2027.

Everything we know about the deal

The transaction is structured as a mix of cash and stock, with REMAX shareholders able to elect cash or shares, subject to limits.

Real shareholders are expected to own 59% of the combined company, with REMAX shareholders holding the remainder, the Wall Street Journal said.

The combined platform will support approximately 1 million transaction sides in North America and 1.8 million globally. REMAX and Motto Mortgage will continue operating under their existing brands, while Real remains the core brokerage.

Real CEO Tamir Poleg will lead the combined entity, which will be headquartered in Miami with ongoing operations in Denver, the companies said.

The deal is expected to close in the second half of 2026, pending approvals.

Strategically, the companies aim to unify brokerage, franchising, fintech and ancillary services — including mortgage and title — while deploying Real’s AI-powered platform across the REMAX network.

At its core, the deal brings together two fundamentally different brokerage models.

Real operates a digital-first, agent-centric platform, emphasizing high commission splits, revenue sharing and equity incentives.

Its model is built for scalability, with minimal physical infrastructure and a focus on recruiting agents and growing transaction volume.

REMAX, by contrast, operates a traditional franchise system, generating revenue through franchise fees, agent dues and brand licensing — with independent broker-owners running local offices.

Cost structure and integration outlook

Much of the integration focus is expected to center on reducing duplicative overhead while maintaining franchise performance.

Murray said the franchise sales and service side of REMAX is likely to remain intact, given its importance to revenue generation, while corporate functions may be consolidated.

He added that areas such as HR, legal, finance and marketing are more likely to be streamlined over time — potentially resulting in some senior-level job reductions as the companies integrate operations.

“My guess is they’ll consolidate as many of those functions as they can into their existing headquarters in Florida,” Murray said. “I imagine that over the period of six months to a year, Real will decide what personnel they need to run REMAX, and in my view, that doesn’t include keeping the whole headquarters staff above franchise sales and service.”

Technology as the unifying layer

A central thesis of the deal is Real’s technology platform — particularly its reZEN system — becoming the backbone of the combined company.

Murray said extending that platform across thousands of REMAX offices could significantly reduce operating costs and simplify brokerage operations.

“If you picture this down the road, you have Real REMAX Group with all of the owned brokerages and all the franchises operating in one platform,” he said. It reduces the cost to operate a franchise, because now you have this really good platform, and it’s one platform that takes care of everything.

“It replaces all kinds of software that these brokers have to have to run their businesses, whatever it might be.”

Beyond cost savings, Murray pointed to the scale of the combined entity as a major advantage — especially in terms of data and analytics.

“It may improve [REMAX’s] ability to sell franchises because they have this platform and the amount of data that Real would have,” he said. “Given the fact that they’re doing about a million transactions in North America, that’s a ton of data about sellers, buyers, agents, markets and everything else.

“Look at it in terms of sticking an AI system on that [data] to develop critical information about the operation of their business.”

By combining Real’s growth engine with REMAX’s global brand and footprint, the companies are betting they can create a more durable, diversified model that balances growth with recurring revenue.

For agents, brokers and franchise owners, key questions now center on execution — how quickly technology is deployed, how costs evolve and whether the combined platform can deliver on its promise of efficiency and scale.

This post was originally published on here. 

The U.S. Department of Housing and Urban Development (HUD) has proposed rolling back protections for gender identity and sexual orientation in nearly 50 housing regulations, a move that is drawing criticism from affordable housing advocates who say the changes could further marginalize vulnerable communities.

The proposed revisions to HUD’s Equal Access Rule were published in the Federal Register on Tuesday. The changes would remove references to “gender” and “gender identity” from HUD regulations and replace them with “sex,” as defined by President Donald Trump’s January 2025 executive order, “Defending Women from Gender Ideology Extremism and Restoring Biological Truth to the Federal Government.”

Per the proposed rule, HUD said the revisions are intended to “harmonize” its regulations with the executive order by ensuring access to certain HUD-funded facilities is determined “based on his or her immutable biological classification as either male or female rather than the ever-shifting concept of self-assessed gender identity.”

The proposal would also allow grant recipients, housing providers and operators of HUD-funded programs with single-sex or sex-specific facilities — including emergency shelters and facilities with shared sleeping quarters or bathrooms — to request “reasonable assurances and evidence” to verify an individual’s sex.

Tai Christensen, co-founder and CEO of Origin & Oak Creative and an affordable and equal opportunity housing advocate, said the proposal moves in the wrong direction at a time when the industry should be focused on expanding housing access.

“I strongly oppose HUD’s proposed changes to its Equal Access regulations,” Christensen said in a statement. “At a time when we should be expanding access to safe, affordable housing, this rule risks further marginalizing the most vulnerable individuals and others already facing housing insecurity.”

Christensen added that housing policy should focus on reducing barriers to homeownership and housing stability.

“From a housing and mortgage industry perspective, our focus should remain on creating opportunities for creditworthy borrowers, including those in disadvantaged communities who are working to achieve homeownership and build intergenerational wealth,” she said.

The public comment period for the proposed rule remains open through June 29, 2026.

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When Nykia Wright was named permanent CEO of the National Association of Realtors (NAR) in August 2024, she was tasked with righting a ship, which in her opinion had “lost its way.”

“What we are trying to do is get that confidence back and the only way to do that is to be transparent,” Wright told attendees of HousingWire’s The Gathering on Wednesday morning. 

A lack of transparency within the organization was a chief complaint among association members and Wright is aiming to use the trade group’s about face regarding transparency to lead one of the largest brand turnarounds in real estate history. 

“We have covered a lot of ground over the past couple of years, but we also want to acknowledge that we have a long way to go,” Wright said. 

Central to the turnaround is NAR’s 2026-2028 Strategic Plan, which the association unveiled and approved in November 2025. One of the main pillars of the strategic plan is the quarterly reports NAR is providing members regarding the association’s progress on the plan. 

“We are making sure that everyone understands where we are at any given moment,” Wright said. “A big piece of that is when people understand exactly what we’ve committed to, then they can come in on top to add other areas that we need to be focusing on. They can say ‘Here is a gap. Have you thought about that?’”

In addition to increasing transparency, Wright said the plan is also focused on getting the industry back on track, getting Realtors successfully to their next transaction and navigating the current affordability challenges faced by consumers. 

Challenges getting consensus

As Wright and her team at NAR have worked to meet with members and find ways to satisfy their needs and demands of the association, she said the lack of consensus among members is often a challenge in more ways than just the obvious. 

“When talking about an association, it is so fragile because you can be doing a lot for a lot of people, but if you go too close to the line, you could be entering the territory of collusion,” Wright said. “Each time you get closer to overall agreement, you have to test the waters to make sure you aren’t entering into antitrust territory.” 

Avoiding antitrust and legal issues in general is a topic that has taken center stage as NAR looks to the future. Wright said that just two months after being named permanent CEO of NAR, she requested that the team meet with top antitrust attorneys across the country to evaluate NAR’s portfolio of rules.

“We needed to derisk the portfolio of rules,” Wright said. “This had not been done in years. I wanted to get a fresh set of eyes on them and see if there were any rules or policies that contradicted each other and also see which rules, in the new world of antitrust, were ripe for more litigation.” 

A direct result of this derisking effort was NAR’s decision to give local MLSs control over things like MLS access and disciplinary action. Due to this decision, Wright said NAR is staying out of the current debate surrounding coming soon listings and private listings.

“If we were talking about this three years ago, the answer would have been different because of antitrust,” Wright said. “As it relates to MLSs today, we are not telling them what to do because if we do, we are walking right back into antitrust issues and we cannot afford to be in that situation ever again.” 

The value of NAR membership

For the real estate professionals who have questioned the value of NAR membership over the past few years, Wright said she doesn’t believe there is anywhere else in America you could get the value NAR provides members for their annual dues fee of $201. Chief among these benefits are the research and data, the education and advocacy NAR provides members. 

“The advocacy alone, what we do on behalf of the entire ecosystem, even for those who are not part of the National Association of Realtors, what [we] do on behalf of consumers who don’t even know that we’re doing that every day is certainly worth more than $201,” Wright said. “What the National Association of Realtors does in exchange for those $201 is get opinions from the local, state, and national level to help move the housing industry forward and protect and preserve that right for homeowners as well as Realtors in the ecosystem.” 

While the task of turning around NAR can be challenging at times, Wright said she sees plenty of reasons to remain optimistic, including from the members themselves. 

“Knowing that we are in this fight with those type of serious-minded, code of ethics-grounded people is really optimistic,” Wright said.

This post was originally published on here. 

The mortgage industry’s rush toward the adoption and use of artificial intelligence could risk the acceleration of inefficient processes unless lenders first modernize the underlying infrastructure powering loan origination and securitization.

That’s according to Figure Technology Solutions CEO Michael Tannenbaum, who spoke to HousingWire President Diego Sanchez at The Gathering in Austin on Wednesday. Tannenbaum argued that blockchain technology, rather than AI alone, will play a central role in reducing fraud, lowering costs and speeding up mortgage transactions.

“AI is going to make lending faster,” Tannenbaum said. “But if you just digitize a bad process, you don’t necessarily do anything. You’re compounding it faster and faster. … Use this phrase, ‘You can’t AI your way into Triple A [securitization ratings].’”

Tannenbaum said Figure’s platform differs from competitors by using blockchain technology to verify loan data and place it on an immutable ledger. That verified data, he said, supports a broader marketplace that includes securitization activity and more than 300 lending partners.

The company has focused much of its growth on home equity lending. Tannenbaum said Figure originated nearly $1.2 billion in volume in March, marking the company’s largest month on record and representing roughly 100% year-over-year growth.

He contrasted Figure’s approach with recent “crypto mortgage” products that allow borrowers to use cryptocurrency holdings such as Bitcoin or Ethereum as qualifying assets without liquidating them.

“That’s a niche solution to a real problem,” Tannenbaum said. “What we’re doing is a systematic solution, whereas I would call the crypto mortgage a point solution or a workaround.”

Tannenbaum explained that Figure positions itself as an alternative infrastructure provider for lenders, comparing the company’s role to that of government-sponsored enterprises Fannie Mae and Freddie Mac. He said lenders use Figure’s origination platform and capital markets network while continuing to originate loans under their own brands.

Of Figure’s 300 partners, Tannenbaum told the audience that 204 of them accounted for roughly 32% of all home equity growth between 2022 and 2025, citing Home Mortgage Disclosure Act data as his source. He added that 93 partners that previously had no home equity business are now originating more than $1 million per month through Figure’s platform.

The company’s blockchain-based registry technology, known as DART (which stands for Digital Asset Registry Technology), functions similarly to the mortgage industry’s existing loan registration systems, he said. But it automates ownership updates and helps prevent fraud such as “double pledging,” where the same loan collateral is pledged multiple times.

Tannenbaum said blockchain-based verification could have mitigated some of the issues that contributed to the 2008 financial crisis, particularly around faulty or misrepresented loan data.

“I don’t think blockchain prevents a crisis,” he said. “But the liar-loan issues we saw during that period could have been prevented.”

As lenders weigh long-term technology investments amid rapid advances in AI, Tannenbaum urged mortgage companies to focus on infrastructure capable of supporting future capital markets.

“The pace of AI is so rapid, it’s hard to plan for six months,” he said. “If I were sitting here writing a 10-year check, I’d be thinking, ‘Do I want to be part of the future and get on board today, or am I going to be playing catch-up down the line?’”

This post was originally published on here. 

CoStar Group delivered its 60th consecutive quarter of double-digit revenue growth in the first three months of 2026, posting results at the high end of guidance and raising its profit outlook for the year.

The online real estate marketplace operator reported $897 million in revenue for the quarter ended March 31 — up 23% from $732 million a year earlier.

Net income reached $3 million compared with a net loss of $15 million in the prior-year period.

Adjusted net income rose 49% to $94 million, while adjusted EBITDA doubled to $132 million, exceeding midpoint of guidance by 26%.

CEO Andrew Florance opened a Q1 earnings call by addressing activist investor efforts that had aimed for leadership change and a pivot away from Homes.com.

“[The activist campaign] over the last year did weigh heavily on Homes.com sales and potential partnerships,” he said. “Real estate leaders were reading a steady drumbeat of negative coverage. Nonetheless, we made durable progress through it.

“With that distraction now behind us, we can now apply even more focused energy to accelerating Homes.com revenue and the revenue in every other business in the portfolio.”

Third Point, the activist investor pushing for change, sold its CoStar shares in early April.

Homes.com shows strong ROI, pricing power

Homes.com revenue grew 58% to $26 million in the first quarter, with agent subscribers surging to 35,175.

Net new bookings for the division reached $11 million, and the March annual revenue run-rate hit $106 million — up 92% year over year.

The company provided new data on member performance, analyzing the first 11,400 Homes.com subscribers.

On average, a subscriber earned $36,400 more in commissions in their first year as a member against an average annual subscription cost of $3,400 — an 11-fold return on investment.

Agents who had earned $50,000 or less in the prior year saw their average commissions jump from $26,000 to $82,000 after joining, the company said.

“Based on these results, we will raise subscription fees for new customers on May 1 and evaluate measured potential renewal increases,” Florance said.

Organic traffic to Homes.com rose 119% in the first quarter compared with the prior-year period.

The company’s new Homes AI application — launched in February — drove user engagement sharply higher, according to Florance. In April, time on-site for AI users reached 18 minutes versus four minutes and 32 seconds for non-AI users.

“Put plainly, when consumers experience Homes AI, they spend roughly four times longer than they do on conventional residential search,” Florance said. “This is precisely the dynamic that precedes meaningful consumer share shift and is exactly the proof point we expected our AI investment to produce.”

Residential segment nears profitability

Total residential revenue reached $425 million in the quarter, up 32% year-over-year, with organic growth of 13%.

The residential segment’s adjusted EBITDA improved by $56 million, and management expects the segment to reach profitability in the second quarter of 2026.

Apartments.com generated $312 million in revenue, up 10% for the 15th consecutive quarter of double-digit growth.

The platform delivered 220 million visits, 370,000 tours, and 300,000 applications submitted directly on the site. The monthly renewal rate held at 99%.

CoStar also launched Smart Search — a natural language feature — and the first AI-powered voice search in multifamily marketplaces on Apartments.com.

Florance said renters who use SmartSearch spend 94% more time on-site and view 63% more listings.

Company raises full-year expectations

For the full year 2026, CoStar reaffirmed revenue guidance of $3.78 billion to $3.82 billion — representing approximately 17% growth at the midpoint.

The company raised adjusted EBITDA guidance to a range of $780 million to $820 million.

“The outperformance in adjusted EBITDA was primarily due to lower personnel costs and cost-saving efforts as we continue to find efficiencies from AI, personnel and other expense initiatives,” said Chief Financial Officer Christian Lown.

The company repurchased 11.4 million shares for $505 million in the quarter and plans $700 million in total repurchases for 2026.

Florance closed the call with an emphatic assessment of the company’s trajectory.

“The data this quarter across [commercial real estate], across [Apartments.com], and especially across Homes.com confirms one thing: the strategy is working,” he said. “I have never been more confident in our plan to deliver double-digit revenue growth and significant earnings expansion through 2030 and beyond.”

This post was originally published on here. 

Real Estate Experts ERA Powered has entered into a strategic partnership with Legacy Real Estate & Associates, which will operate under the name Legacy Real Estate Experts ERA Powered, expanding its presence across the San Francisco Bay area.

The combined California organization includes more than 300 affiliated sales professionals operating across offices in Campbell, Fremont, Pleasanton and Livermore.

Brett Jennings founded Real Estate Experts ERA Powered in 2014 — growing business across residential and commercial segments and earning recognition from RealTrends Verified. The company recently reported nearly $675 million in annual volume.

“While scale was a factor, it ultimately came down to our shared values, common vision and commitment to serving clients and agents at the highest level,” said Jennings. “Legacy has built a remarkable reputation rooted in community and professionalism, which aligns deeply with our philosophy.

“We believe our role is to be trusted advisors, not salespeople, and together we can expand that across the West Coast.”

Legacy Real Estate & Associates, led by Bill Aboumrad, has also maintained a strong regional presence, consistently sitting around $1 billion in annual sales volume, RealTrends Verified data shows.

Aboumrad said the partnership is structured as a strategic collaboration rather than a traditional acquisition.

“This is a strategic, values-aligned partnership — not a traditional real estate acquisition,” he said. “Legacy isn’t changing who we are; we’re changing what’s possible. Most brokerages operate within one ecosystem, but this partnership allows us to bridge the best of multiple platforms.

“The result is a deeply aligned leadership team with a reach that spans well beyond the real estate industry, positioning us favorably for growth in the Bay Area and beyond.”

Beth Lazar joined Real Estate Experts ERA Powered in 2021 and oversees brand strategy and organizational development.

“What makes this partnership so exciting is not just what we’re building, but who we’re building it with,” she said. “We came together around shared values and a common mission – helping people create a better life through real estate — and together, we’re creating greater opportunities for the clients and agents we serve, grounded in true expertise.”

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

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Atlantic Avenue Mortgage remained the top broker and third-party originator of Home Equity Conversion Mortgages (HECMs) in February, according to the newest data published Tuesday by HECMWorld using data from Reverse Market Insight (RMI).

The report tracks endorsements for HECMs, the federally insured reverse mortgage product backed by the Federal Housing Administration (FHA). The rankings reflect total broker and third-party originator endorsements over a rolling 12-month period ending in February 2026.

Atlantic Avenue recorded 901 endorsements over the past 12 months, including 64 in February, far ahead of its closest competitors, according to the report.

California-based loanDepot ranked second with 448 endorsements over the trailing 12-month period, including 35 in February. loanDepot was followed by Maryland-headquartered Caliver Beach Mortgage LLC with 381 endorsements. C2 Financial Corp. (189) and West Capital Lending Inc. (153) rounded out the top five.

Among the largest monthly gains, Barrett Financial Group posted 14 endorsements in February, while Opulence Funding LLC recorded 13. Atlantic Avenue led all companies for the month with 64 endorsements, followed by loanDepot with 35 and Caliver Beach Mortgage with 30.

Carrington Mortgage Services ranked sixth with 151 endorsements over the past year, while NEXA Lending tied for ninth place with 110 endorsements.

Several traditional mortgage and banking companies also appeared on the list, including Better Mortgage, PrimeLending, Guaranteed Rate Affinity and Mutual of Omaha Mortgage, reflecting continued participation in the reverse mortgage market by mainstream lenders.

The report, sponsored by Mutual of Omaha, said the rankings account for ties when companies reported identical endorsement totals.

This post was originally published on here. 

The pending acquisition of Two Harbors Investment Corp. would allow CrossCountry Intermediate Holdco to build the “perfect mortgage company” in the vision of founder Ron Leonhardt.

 “It actually allows us to control the borrower experience from start to finish,” Leonhardt said on stage during HousingWire’s The Gathering in Austin on Wednesday. “We are pot committed.”

The comments came one day after Two Harbors announced it had amended its merger agreement to increase the all-cash price CrossCountry will pay to $11.30 per share, up from $10.80 per share under the original March 27 agreement.

The amendment follows an unsolicited competing proposal submitted on April 20 by UWM Holding Corp. The Two Harbors board unanimously approved the amended merger agreement and scheduled a special meeting for shareholders on May 19.

Leonhardt said the deal “gives us that whole complete customer experience, and there’s a lot of financial synergies on the servicing and subservicing.” CrossCountry Mortgage (CCM) plans to compete with other subservicers once the deal closes.

The proposed acquisition fits into a strategy outlined by Leonhardt in 2024, after two challenging years for the industry, when the company had a “great balance sheet.”

“This is a balance-sheet business; if you don’t have a balance sheet, you can’t play,” he said. “So I made the decision to keep our servicing. I had a big bank offer me $1.3 billion for our servicing at the time, and I thought about taking it. I’m like, ‘Well, they must want it for a reason, so I kept it.’”

In January 2024, Leonhardt decided CrossCountry would look more like PennyMac and Mr. Cooper, as his team was doing all the “hard work” for somebody else to make the money.

What followed was a strategy to acquire mortgage servicing rights (MSRs), with the company taking eight months to build the team. CrossCountry reached a book of about $200 billion in owned MSRs by the fourth quarter of 2025, according to Inside Mortgage Finance. Two Harbors had about $162 billion.

“We are hopeful that we can get the Two Harbors deal closed; it gives us close to $400 billion in servicing. But, more importantly, it gives us control of the service, which also means that we can give a better customer experience,” Leonhardt said.

The deal also fits into the strategy beyond the recapture game. In 2022, CCM bought a nonqualified mortgage (non-QM) platform, which Leonhardt said has reached more than $10.5 billion in securitizations.

“I don’t think you can count on origination income solely to make money,” he said. “So, we have servicing income, we have asset management, and origination is going to feed both of those arms, which means I can get fairly aggressive on pricing to keep driving originations.”

While its focus remains on the retail channel, CCM’s strategy also emphasizes retaining servicing amid a less fragmented industry. But Leonhardt said the previous model of selling MSRs still works for many players.

“When I started my company, you could get a 20-to-one leverage ratio,” Leonhardt said. “It’s significantly harder to enter, especially a retail model, as far as net worth requirements … and it doesn’t matter how big you are. My costs go up every year, so there are significant barriers to make that jump. I started off as a two-man shop and worked all the way up. I don’t really think that opportunity is there.”

This post was originally published on here. 

REMAX Holdings headquarters could shift from Colorado to Florida under an $880 million acquisition by The Real Brokerage announced Monday.

The companies are set to combine under a new entity — Real REMAX Group — bringing together REMAX’s global franchise network and brand with Real’s AI-driven, cloud-based platform.

The transaction calls for integrating REMAX’s Denver Tech Center headquarters into Real’s Florida operations, though some functions may remain in Colorado, the Denver Gazette reported.

“What they are purchasing is what they don’t have and what we are getting is what we don’t have,” Brad Whitehouse, broker-owner of REMAX Professionals, told local reporters. “What we are gaining over time are efficiencies and technologies that we haven’t had access to, and what they are gaining is the world’s most recognizable real estate brand The two are an intriguing fit.”

Potential relocation has also introduced uncertainty for Colorado-based brokers and staff, particularly given REMAX’s longstanding presence in the Denver market, local reporting shows.

The Denver Gazette said it remains unclear whether the company will retain its existing headquarters.

Despite the acquisition’s announcement coming with a tag of $880 million, The Wall Street Journal has suggested an effective valuation closer to $550 million when factoring in debt and ownership structure.

Shareholders are expected to have the option to take cash or equity in the combined entity.

The combined platform is expected to encompass roughly 180,000 agents and more than 8,500 franchisees, including REMAX’s network of about 145,000 agents across 120-plus countries.

REMAX and Motto Mortgage are expected to continue operating under their existing brands, alongside Real.

This article was written by Jonathan Delozier and generated with the assistance of HousingWire Automation. It was reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

Illinois Realtors members can now gain access to Midwest Real Estate Data (MRED). The Realtor association serving the Prairie State exclusively told HousingWire about this new partnership on Wednesday. 

The announcement comes less than a week after MRED announced that it was opening its multiple listing service, including its Private Listing Network (PLN), to any licensed real estate agent nationwide and has secured a nationwide listing feed and membership subsidies from Compass International Holdings (CIH). 

Historically, MRED has worked with state and local Realtor associations within its service area to provide Realtors with access to its MLS, making IL the latest association to join MRED’s roster.

“What this represents is our number one belief that the MLS continues to provide a critical service to Realtors, not just in Illinois, but nationally,” Jeff Baker, the CEO of IL Realtors, told HousingWire. “The MLS creates the best, most efficient and most consumer friendly marketplace for realtors to serve sellers and buyers.” 

With MRED expanding nationally, Baker said this move now provides an opportunity for agents across the country seeking MRED access to become members IL Realtors. 

“Real estate professionals across the country, often for their own business reasons, want to belong to multiple MLS systems in different regions of the country,” he said. “So, Illinois Realtors is simply making itself available to those Realtors, in particular, to the ones outside of Illinois to obtain that service.”

Baker noted that this move was not meant to target non-Realtor association members seeking MRED access. 

“We’re not targeting non-members,” he said. “Our emphasis is if there are Realtors outside the state of Illinois, who for whatever their business reasons are, would like to have access to MRED, then we’re available to help provide that access.”

Baker said IL Realtors members should have access to MRED within the next week or so and that real estate professionals can currently pre-register on the association’s website. 

“Illinois Realtors is about Realtors,” Baker said. “At the end of the day, what we aim is to do is to create the best environment for Realtors here in Illinois and, to the extent that we can, make real estate better for Realtors everywhere.”

This post was originally published on here. 

The Federal Reserve held its benchmark interest rate steady at a target range of 3.5% to 3.75% on Wednesday, marking its third consecutive pause. With higher inflation fueled by geopolitical tensions and a resilient labor market, the central bank left no room for a rate cut — keeping mortgage rates elevated for the foreseeable future.

“Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook,” the Federal Open Market Committee (FOMC) said in a statement. “The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals.”

Voting for the monetary policy action were eight officials. Stephen I. Miran preferred to lower the target range for the federal funds rate by 25 basis points at this meeting.

The decision arrives just as the Department of Justice (DOJ) dropped its investigation into the Fed regarding Chair Jerome Powell’s congressional testimony on a $2 billion headquarters renovation project. The DOJ’s move clears a major political obstacle for Kevin Warsh’s confirmation to succeed Powell, with Warsh advancing to a full Senate confirmation vote after clearing the committee stage on Wednesday.

“This is the Fed’s final meeting before Jerome Powell’s term as Chairman ends in May, closing a chapter that began in 2018 and included the pandemic, the inflation surge, and the fastest tightening cycle in decades,” George Ratiu, vice president of research at the National Apartment Association, said in a statement.

With the 10-year Treasury yield hovering around 4.3%, investors continue to demand compensation for inflation risk. Policymakers will likely “stay cautious in the months ahead, even under new leadership, because the next inflation flare-up is a risk they can’t ignore,” Ratiu added.

Recent economic data justifies the Fed’s caution. The Consumer Price Index jumped 3.3% in March, up from 2.4% annualized growth in February. The all-items index rose 0.9% month over month, marking the largest increase in nearly four years. Meanwhile, theU.S. Bureau of Labor Statistics reported that nonfarm payrolls grew by 178,000 in March and the unemployment rate held steady at 4.3%.

“Overall, the Fed appears poised for a continued ‘wait and see’ approach,” Charles Goodwin, vice president and head of bridge and debt-service-coverage ratio lending at Kiavi, said a statement. “Expect mortgage rates to stay in the current ~6.3% range for the foreseeable future. The inflation or labor narratives would need to change meaningfully to see movement in either direction.”

At HousingWire‘s Mortgage Rates Center, 30-year conforming loan rates averaged 6.39% on Wednesday morning, down 3 basis points from last week. Rates for 30-year Federal Housing Administration (FHA) loans dropped 2 bps to 6.13% and jumbo loan rates fell 3 bps to 6.26%.

Even a surprise rate cut wouldn’t guarantee immediate relief for borrowers due to secondary market dynamics, according to Dave Meyer, chief investment officer at BiggerPockets.

“MBS prices are likely to be very sensitive to inflation numbers in the coming months, and markets will likely want to see several months of geopolitical stability and lower inflation prints before bringing down yield expectations,” Meyer said. “The best path to sustainably lower mortgage rates is winning the fight against inflation.”  

Investors largely expect the Fed to maintain current rates through the end of the year, according to the CME Group‘s FedWatch tool. First American senior economist Sam Williamson noted that markets have already priced in the inflation risk.

“Earlier this year, investors expected at least one rate cut by year-end, potentially as early as April, as tariff-related price pressures eased and disinflation resumed,” Williamson said. “Since then, the market-implied path has moved higher amid firmer inflation and energy-market uncertainty, with no cut now the base case for year-end.”

The rate outlook hinges on two diverging paths, Williamson added.

“Oil-market disruptions could fade, reopening the case for cuts, or the shock could begin to weigh more visibly on real incomes, hiring and output growth. Until that picture becomes clearer, markets are no longer treating easing as the default path.”

Editor’s note: This is a developing story and will be updated.

This post was originally published on here. 

Trump administration officials and housing industry leaders are pushing a deregulatory agenda that’s focused on reducing costs, modernizing financial regulations, and strengthening U.S. dominance in energy, artificial intelligence and digital assets, according to a discussion Wednesday at HousingWire’s The Gathering in Austin.

Speaking with HousingWire Editor in Chief Sarah Wheeler, Courtenay Dunn, senior director of government affairs for Intercontinental Exchange (ICE), said the administration’s housing priorities have remained consistent despite a crowded policy agenda in Washington.

“The two priorities across the administration from day one have been a deregulatory agenda and an overall focus on reducing costs,” Dunn said.

She added that “the elimination of fraud, waste and abuse” has also been a key theme.

Dunn pointed to ongoing efforts around mortgage credit score modernization as part of a broader push to lower costs for homeowners. This traces back to legislation advanced during President Donald Trump’s first administration that was sponsored by Sen. Tim Scott (R-S.C.)

The administration’s broader economic agenda of the present day extends beyond housing, Dunn told the audience. It includes “American energy dominance,” artificial intelligence, cybersecurity and digital assets.

Dunn added that energy policy has direct implications for housing through supply chains, construction costs, electricity pricing and homeownership expenses.

“I mean, data centers, grid issues, anything that involves electricity or just the actual cost of not only building but owning a home, because there’s cost involved in owning a home too,” she said. “We focus so much on the discussion about buying a home, but there’s certainly a litany of costs that are associated with owning a home.

“All of those factor into energy dominance,” Dunn said, adding that the administration also wants the U.S. to control the financial markets tied to commodities and energy pricing rather than relying on foreign competitors such as China.

The conversation also highlighted congressional efforts to establish clearer rules for digital assets through legislation such as the CLARITY Act, a bill that would establish a regulatory framework for digital commodities. Dunn said the administration wants the U.S. to lead globally in financial technology and artificial intelligence while ensuring consistent regulatory standards.

“We want to make sure that there are regulatory rails around the use of digital assets,” she said.

Cybersecurity has emerged as another major focus area for federal agencies, according to Dunn, who said officials from the Department of the Treasury, the White House and financial regulators have been coordinating through a series of roundtables to examine AI innovation, fraud prevention and risk mitigation.

“I can’t actually think of something that’s more important than cybersecurity,” Dunn said, describing the issue as critical to both national security and the financial system.

Dunn also noted bipartisan interest in modernizing older financial laws and parts of the regulatory framework established after the 2008 financial crisis. She said many existing rules were written decades before today’s data-driven financial systems emerged.

At the same time, she cautioned that regulatory overhauls can take years to implement because agencies must conduct formal rulemaking processes and companies need time to operationalize changes.

“Mortgage as an asset class is one of the most complex regulatory classes there is,” Dunn said. “If you pull one string, it does something else.”

The panel also touched on the growing role of prediction markets and alternative data platforms in financial decision-making. Dunn pointed to ICE’s recent $600 million investment in the prediction market platform Polymarket and maintains relationships with firms focused on retail market sentiment.

She said investors are increasingly seeking real-time information to guide hedging strategies, capital allocation and market analysis, including in housing.

“People want as much information as they can to make decisions,” Dunn said. “The more information all of us have to understand what’s going on in the markets, the more transparency I think is really welcomed.”

This post was originally published on here. 

Kevin Warsh, President Donald Trump’s nominee to serve as the 17th Federal Reserve chair, cleared the Senate Banking Committee on Wednesday in a 13-11 vote, moving him closer to confirmation before current Fed Chair Jerome Powell’s term expires May 15.

Warsh’s advancement came just hours before the Federal Open Market Committee (FOMC) finishes its two-day meeting and is expected to keep benchmark rates steady between 3.5% to 3.75%.

The earliest the full Senate could vote on Warsh’s nomination is the week of May 11, according to Reuters.

The Associated Press reported that Sen. Tim Scott (R-S.C.), chair of the Senate Banking Committee, said Warsh is “battle tested” and stressed the importance of breaking “the bind of Bidenomics on households across this nation.”

Sen. Elizabeth Warren (D-Mass.) said that Warsh’s nomination “will bring the president one step closer to completing his illegal attempt to seize control of the Fed and artificially juice the economy.”

The party-line vote came just a week after Warsh faced rounds of questioning from senators at his confirmation hearing. Warsh’s nomination had been delayed by Sen. Thom Tillis (R-N.C.), who pledged to block any nominees until the Department of Justice‘s probe into Powell — tied to alleged cost overruns on renovations at the Fed’s Washington, D.C., headquarters — was thrown out.

Jeanine Pirro, U.S. Attorney for the District of Columbia, announced last Friday that the investigation was being dropped.

Warsh, a former Fed governor and Morgan Stanley banker, is expected to face pressure from Trump on interest rates should he be confirmed. During his confirmation hearing, however, he rejected suggestions that he would bend to political pressure on interest rates, telling lawmakers he would not serve as Trump’s “human sock puppet.”

During the hearing last week, Democrats pointed to Trump’s repeated public calls for lower rates and questioned whether Warsh’s recent views on monetary policy align too closely with the president’s demands.

Lawmakers also scrutinized Warsh’s financial disclosures and his more than $100 million in investments, including stakes held through vehicles such as The Juggernaut Fund LP and THSDFS LLC. Warsh said he has agreed with federal ethics officials to divest “virtually all” of his holdings and move the proceeds into cash or Treasury bills if confirmed.

Republicans largely defended Warsh and focused on inflation, arguing the Fed made major policy mistakes following the COVID-19 pandemic. Warsh called for “fundamental policy reforms,” including shrinking the Fed’s balance sheet, along with relying more heavily on interest rates instead of asset purchases and reducing detailed forward guidance to financial markets.

The hearing underscored the political pressures surrounding the Fed as Trump has publicly demanded lower borrowing costs. Warsh maintained that Trump never sought commitments on future rate decisions and said he would have refused such requests if asked.

This post was originally published on here. 

The housing market is starting to look familiar again.

New listings are back near pre-2020 norms. Price cuts are holding in a typical range. Homes are moving.

On the surface, it looks like 2017.

But the data tells a different story.

In this week’s Housing Market Tracker, Logan Mohtashami pointed to what he called a “chart daddy hat trick”: higher weekly pending sales, higher new listings and higher inventory. He also described it as “clearly an outperforming week” for housing.

Those signals matter. But the more important takeaway is what they say about where we are in the housing cycle.

This is not a market heading into a slowdown.

It’s a market coming out of one.

Same data. Opposite direction.

On the surface, the market looks similar. Underneath, it is doing the opposite.

2017 was late-cycle fragility, 2026 is early-cycle normalization

In 2017, the housing market still looked functional. Supply was steady. Demand had not fully cracked. Price cuts were not flashing broad distress.

But the cycle was moving toward a slowdown. Higher rates and affordability pressure eventually exposed that fragility.

Today’s market is moving from the other direction.

The housing market already went through its reset. The 2022 rate shock froze demand, and by 2023, the data showed a market defined by limited new listings, cautious buyers and reduced transaction volume.

Now, supply is returning. Demand is responding. And the market is beginning to clear.

The cycle completion signal

The path matters:

• 2017: Functional market before the slowdown
• 2018–2022: Rate pressure, pandemic distortion and affordability reset
• 2023: Market trough defined by supply starvation
• 2024–2025: Gradual recovery
• 2026: Return to functional market conditions

The most important shift is that the constraint has changed.

For the past few years, the market’s biggest problem was a lack of available homes and buyers willing or able to transact at prevailing rates. Now, as inventory and new listings rise, the key question is whether demand can absorb that supply without forcing broader price pressure.

Last week’s data suggests the market is absorbing that supply without added price pressure.

There are important structural differences between then and now. Years of underbuilding have limited inventory, and elevated homeowner equity has reduced the risk of forced selling. That helps explain why supply is returning gradually rather than flooding the market.

But those differences reinforce the current trend rather than contradict it. This is what normalization looks like.

The market is clearing, not cooling

Last week’s national data reinforces the shift:

• New listings rose to 83,395, up 7% week over week.
• Inventory climbed to 765,048 homes, continuing its gradual rebuild.
• Weekly pending sales reached 80,258, a multiyear high for this calendar week.
• Price cuts held at 34.22%, continuing a broader trend of stabilization.

That combination is the signal.

More supply came online, and buyers met it. Demand strengthened, but inventory still grew. The market did not seize under additional supply. It processed it.

This is not a hot market. It is not a soft market.

It is a functioning market.

What about new construction?

The next question is whether that normalization is strong enough to pull new supply into the market.

Data from the U.S. Census Bureau, compiled by the National Association of Home Builders, shows housing starts have stabilized after declining from post-pandemic highs but remain below peak levels.

Annual starts peaked above 1.6 million units in 2021 and 2022, fell to 1.42 million in 2023, and have since hovered in the mid-1.3 million range through 2025, with early 2026 data showing modest improvement.

That matters. It suggests this recovery is being driven more by existing homes returning to market than by a full construction rebound.

In past cycles, new construction often led the recovery. This time, it is following it.

Why this matters now

For the past two years, the dominant question has been whether the housing market was heading into another downturn.

The data increasingly suggests a different answer:

We already went through it.

What we are seeing now is not early-stage weakness. It is late-stage recovery.

What to do with this signal

Agents: Pricing discipline matters more than timing. The market will transact, but only at the right price.

Lenders: Volume recovery depends on rate stability. Demand is still rate-sensitive, but it is showing up when conditions allow.

Investors: Look for markets where inventory is rising and price cuts are stabilizing. That combination signals real demand.

Executives: The national story matters less than where the market is clearing efficiently. Strategy is now local, not just cyclical.

The bottom line

This looks like 2017 housing. It isn’t.

In 2017, the market was functional but moving toward fragility. In 2026, the market is functional because it is moving out of fragility.

This isn’t 2017 all over again. It’s what 2017 looks like when you’re coming out of a downturn, not heading into one.

To track real-time pricing, demand and market signals at the national, metro and ZIP-code level, explore HousingWire Intelligence. For deeper context on rates, demand signals and the macro backdrop shaping housing activity, read HousingWire’s Housing Market Tracker weekly analysis.

HousingWire used HousingWire Data to source this story. This article is based on single-family residence data through April 24, 2026. For enterprise clients looking to license the same market data at a larger scale, visit HousingWire Data.

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Keller Williams Realty has acquired Michael Lewis Marketing Suite (MLMS), a longtime marketing services partner that supports more than 130,000 Keller Williams-affiliated real estate agents and brokerages, the company announced Wednesday from the stage at HousingWire’s The Gathering. 

The Austin-based franchisor said the deal will bring MLMS fully in-house as part of its core marketing platform. Financial terms of the deal were not disclosed.

Founded in 2013, MLMS provides a comprehensive offering that includes brand strategy, graphic design, print solutions and consulting. The company has delivered more than 800 custom designs for Keller Williams agents and brokerage leaders, according to the announcement.

“For more than a decade, Michael’s world-class marketing suite has helped our affiliated agents and brokerages thrive, no matter the market,” Chris Czarnecki, CEO and president of Keller Williams, said in a statement. “As a testament to that overwhelming success, we’re excited to bring MLMS fully in-house.”

Czarnecki framed the acquisition as a way to deepen Keller Williams’ systems-and-tools approach for agents operating in a slower housing market and amid rising customer acquisition costs.

“At KW, we know the right models, powered by the right tools, drive powerful results,” Czarnecki said. “This key move strengthens both, giving our entrepreneurs the leverage to build even bigger.

As part of the acquisition, Keller Williams said its affiliated agents and brokerages will gain access to:

• Full-service, list-to-close marketing solutions intended to streamline execution and drive production for agents and teams
• A high-end design and branding division to help brokerages and agents create distinctive visual identities and individualized brand strategies, from consultation through execution
• Marketing support aimed at fueling brokerage growth and retention
• Onboarding and agent activation services to accelerate productivity and consistency
• Expanded design capabilities to deliver fast, consistent, market-ready assets at scale

For real estate broker-owners and team leaders, the move signals Keller Williams’ intent to centralize more of the marketing stack rather than relying solely on third-party vendors. In a market where margins are tightening, franchise systems are increasingly using corporate-level investments in marketing, technology and operations to drive retention and per-agent productivity.

“Keller Williams has always been the place where entrepreneurs can build, expand and own their brand,” said Michael Lewis, CEO and creative director of MLMS. “Now, every KW-affiliated brokerage and agent will have access to a true ‘easy button’ for branding and list-to-close services.”

Effective immediately, Lewis will serve in an advisory role at Keller Williams, focusing on integrating, training and scaling MLMS offerings across the company’s ecosystem, according to the announcement.

“Our affiliated agents and brokerages are the KW brand in local markets,” Sandra Howard, chief marketing officer at Keller Williams, said in a statement. “With this acquisition and full integration in our marketing team, we’re strengthening the foundation of how our affiliated agents build, market and scale their business and their brands inside a system designed for long-term success.”

Keller Williams plans to fully deploy MLMS solutions across its network by the end of the third quarter of 2026.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

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Fannie Mae reported first-quarter 2026 net income of $3.7 billion on Wednesday, extending its streak of quarterly profits to 33 consecutive quarters as the government-sponsored enterprise (GSE) benefited from stable revenues, lower expenses and continued strength in its guaranty business.

Fannie Mae reported that net income rose from $3.5 billion in the fourth quarter of 2025 and slightly exceeded the $3.66 billion it earned in the same period last year. Its net worth increased to $112.7 billion as of March 31, up from $109 billion at the end of last year.

“We opened the year strong,” Peter Akwaboah, the company’s chief operating officer and acting CEO, said during an earnings call on Wednesday. He added that the results reflected “the sustained health of our guaranty business, the discipline of our execution and the strength of our balance sheet.”

Akwaboah said the company is navigating “an already challenging housing market” made more uncertain by the broader macroeconomic environment. But he also said Fannie Mae remains focused on “providing uninterrupted liquidity in all economic cycles to support stability and affordability to the U.S. housing market.”

Bill Pulte, director of the Federal Housing Finance Agency (FHFA) and chairman of Fannie Mae’s board, said in a statement that “Fannie Mae is a far more effective and leaner company than it was a year ago, with solid earnings, lower expenses, and $112.7 billion in net worth.”

The company’s quarterly revenues were essentially flat at $7.3 billion, driven largely by guaranty fees tied to its $4.1 trillion guaranty book of business.

Chryssa C. Halley, Fannie Mae’s chief financial officer, characterized the results as indicative of the GSE’s “durability.”

“Net revenues in the quarter were stable at $7.3 billion, administrative expenses were lower, and our growing net worth put Fannie Mae in a solid position to serve the housing market and fulfill our mission,” she said in a statement.

Administrative expenses fell 19% from the previous quarter to $745 million, which the company attributed to cost-cutting efforts and operational efficiencies.

“We are committed to sustaining a smaller cost base by remaining focused on operational efficiency, including by automating manual processes and increasing productivity with AI,” Halley said on the earnings call.

Fannie Mae said it provided $116 billion in liquidity to the mortgage market during the quarter, supporting about 154,000 home purchases, 121,000 refinances and 110,000 rental units. More than half of its single-family purchase loans went to first-time homebuyers, while more than 80% of multifamily units financed were affordable to renters earning below the area median income.

Executives also highlighted technology and market initiatives during the call, including increased purchases of mortgage-backed securities (MBS) and the rollout of new credit scoring options.

“Since quarter end, we enabled two new credit score models, including immediate use of VantageScore 4.0 to support affordability and access through industry innovation and competition,” Akwaboah said.

Fannie Mae’s single-family business generated $3.17 billion in net income during the quarter, up 19% from the prior quarter, helped by lower credit-loss provisions and reduced expenses. Single-family acquisition volume rose modestly to $98.7 billion as refinance activity increased.

Meanwhile, the multifamily division earned $546 million, down 36% from the prior quarter as credit-loss provisions climbed amid rising delinquencies and weaker property valuations on some troubled loans. The multifamily serious delinquency rate increased to 0.78%, up from 0.74% at the end of 2025.

Halley noted that Fannie Mae’s “net interest margin increased slightly from 2025 levels” and that its “total guarantee book continued to reprice higher in the first quarter as higher average guarantee fees in our larger single-family business outweighed a decline in average guarantee fees in the multifamily business.”

Halley said market volatility late in the quarter did not materially affect first-quarter performance, although the company is “closely monitoring factors that could influence the credit performance of our guaranty book.”

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Castlelake and Redwood Trust have formed a joint venture to purchase up to $8 billion of prime jumbo mortgages, the companies announced Wednesday.

Under the partnership, Minneapolis-based asset manager Castlelake will gain programmatic purchasing power for fully documented prime jumbo loans, while California-based Redwood’s Sequoia platform will source, aggregate and perform due diligence on loans that meet defined eligibility criteria. 

The joint venture may also acquire seasoned jumbo loans from bank balance sheets. Jumbo loans form a segment that relies heavily on private capital and securitization rather than government-backed channels. 

Lucas Jackson, head of North American residential mortgage finance at Castlelake, said the joint venture will provide the company’s investors access to “high-quality, fully documented prime jumbo assets.”

The joint venture signals continued institutional appetite for high-credit, non-agency jumbo mortgages. It could provide a more stable outlet for jumbo originators and aggregators at a time when banks are reevaluating mortgage exposure on their balance sheets.

According to Redwood, Sequoia’s loan acquisition volume more than doubled over the past year as it gained share in the jumbo market. The company framed the joint venture as part of a strategy to scale its platforms alongside institutional capital providers.

Since its founding in 1994, the Sequoia platform has purchased roughly $100 billion in loans and securitized more than $50 billion, according to the announcement.

Meanwhile, Castlelake has acquired or financed more than $10 billion in residential and commercial loans since 2024 and manages about $36 billion in assets. It is a strategic partner of Brookfield Asset Management.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

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Virginia has become the latest state to clear the way for churches and other faith groups to build affordable housing on their land, borrowing a page from a California precedent-setting attainable housing win-win innovation.

Virginia-based faith groups have a four-year window beginning Jan. 1, 2027, to start affordable housing projects after the state legislature approved amendments proposed by Gov. Abigail Spanberger, a set of measures she recently signed into law.

The new state law arrives as church-land housing evolves from a blueprint to test-case to repeatable template. California was the first state to establish a statewide “Yes in God’s Backyard” framework, granting by-right approval and environmental exemptions to 100% affordable housing projects on land owned by religious institutions and nonprofit colleges.

Since the law took effect in 2024, churches in cities such as Inglewood, Culver City, Fresno and Santa Cruz have moved ahead with projects that would hardly have been politically possible a decade ago.

California’s Senate Bill 4 sparked a national attention and widening embrace in other states. By late 2025 and into 2026, at least seven states had enacted similar laws. This year, Florida mandated by-right approval, a year after giving municipalities the option.

Others have considered similar changes but fallen short. Colorado lawmakers passed numerous housing reform bills over several years. However, Colorado legislators could not get a faith-based housing by-right measure across the finish line last year.

Massachusetts folded a YIGBY bill into a broader housing package this year. It is still working through the legislature. Connecticut lawmakers have a standalone bill moving through the legislature.

California faith-based projects proceed

In Culver City, a United Methodist congregation is contributing two-thirds of its campus for a 95-unit affordable development now under construction. A church in Inglewood is turning a former school building into 60 apartments for seniors and low-income renters.

In Fresno, a congregation in one of the city’s poorest neighborhoods recently broke ground on a 21-unit senior complex, billed as the first project in Fresno County to use California’s church-land law.

During the March groundbreaking, Fresno Mayor Jerry Dyer described the 21 units as places where seniors could gather with family, including grandchildren, while living steps from their church.

“That is something we think is very special,” Dyer said.

About 270 miles south of Fresno sits Laguna Beach, an affluent coastal city. Neighborhood Congregational Church spent years working with the city and neighbors on affordable housing plans. After SB 4 took effect in 2024, the church proposed 72 units. Proposed cuts to federal rental assistance programs and neighborhood pushback resulted in two reductions. Current plans call for 28 units.

“However, our commitment to provide affordable housing and a welcoming space for spiritual growth remains unchanged,” the church said on its website.

The Terner Center for Housing Innovation at the University of California, Berkeley, estimates California’s framework could unlock roughly 171,000 acres of developable land.”

What it means for churches

Many congregations see housing as a direct extension of their religious mission, especially in neighborhoods where rising costs are pushing out longtime residents. Others want to stabilize finances and maintain aging buildings as attendance at church services declines, by ground-leasing parking lots or underused parcels to nonprofit developers.

California’s law is tightly drawn. Projects must be 100% affordable, meet state design standards and pay prevailing wages on larger developments. The land must have been in qualifying ownership before Jan. 1, 2024.

With Virginia now on board, these policy experiments are no longer confined to the West Coast. The question for other legislatures is whether they follow California’s affordability-only model, Virginia’s more tailored approach or Florida’s mandatory framework.

The outcome could determine how quickly thousands of acres of church property translate into actual homes.

This post was originally published on here. 

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U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner said the agency is rescinding energy-efficiency requirements tied to loans backed by the Federal Housing Administration (FHA) and U.S. Department of Agriculture (USDA). Turner announced the move Tuesday at HousingWire’s The Gathering in Austin.

A 2024 rule under the Biden administration had made new homes ineligible for FHA or USDA mortgages unless they complied with the 2021 International Energy Conservation Code (IECC), which imposed stricter building standards.

The rollback will initially apply to new construction. The FHA and USDA loan programs will comply with the energy efficiency standards that were in effect prior to the publication of the 2024 rule.

“If a home was to receive an FHA or USDA mortgage, it was deemed ineligible if it did not comply with the IECC,” Turner said. “Today, I am rescinding this onerous rule because it literally can bring an increase of $20,000 to $31,000 per single-family project.” 

Turner added that while proponents argued the upfront costs would be offset over time, the payback period could last decades. According to him, the average price of a home in some areas is $300,000, but the median price is $400,000.

“During the Biden administration, they said: ‘Well, these upfront costs will be able to be recovered. But what they didn’t revise, or didn’t say, is that it is going to take 90 years to do that,” he added.

HousingWire Lead Analyst Logan Mohtashami welcomed the news.

“Deregulation, especially lowering the cost, is a positive in housing. The builders care about their profit margins. Any initiative to help with the cost is a benefit to anybody,” Mohtashami said.

“Things can like this can affect future production faster. And that’s the whole idea of deregulating some things and giving it back to the private sector,” he added. “Again, builders aren’t going to build unless they can make money on it. This is something that helps that process as fast as we can possibly get. There’s no magic touch. There’s no silver bullet in terms of getting construction going fast, but this is one of the things that can happen initially to get projects built out later on when they run the numbers.”

Under the Trump administration, HUD published an extension that delayed the rule deadline for its programs until Dec. 31, 2026. In July 2025, HUD and USDA issued a Request for Information (RFI) seeking additional comment from stakeholders to help inform the agencies’ review of the 2024 standard.

According to the HUD and USDA, the move is in alignment with a recent ruling from the U.S. District Court for the Eastern District of Texas, which found that the Biden-era determination would decrease housing availability. The standard had only been deployed in a few states.

“We are focused on removing all the unnecessary restrictions that artificially drive up new home prices,” Secretary of Agriculture Brooke Rollins said in a statement.

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Keller Williams Realty has hired Christopher Brodhead as chief revenue officer, a new role that will oversee revenue growth strategy across the real estate franchise’s ecosystem, according to an announcement on Tuesday

In this role Brodhead will be responsible for aligning Keller Williams’ revenue-driving functions under a unified growth plan intended to support agents, franchises and affiliated leaders.

“We’re excited to welcome Chris to Keller Williams,” Chris Czarnecki, CEO and president of Keller Williams, said in the announcement. “At the end of the day, KW is a people development business, and he’ll help us continue to build what’s next, so our affiliated agents, franchises, leaders and our culture continue to grow.”

The hire comes as large brokerages and franchise networks focus on scalable revenue models and tighter integration between productivity, ancillary services and profitability. Centralizing revenue leadership under a C-suite role is increasingly common among firms looking to grow share in a slower transaction market and amid heightened pressure on margins.

Brodhead brings more than 20 years of experience in leadership, business development, capital formation and investor relations, according to the company. He has led growth initiatives, scaled sales organizations and guided companies through periods of rapid expansion and transformation.

Most recently, Brodhead was principal and chief growth officer at Alesco Advisors, an SEC-registered investment advisory firm based in Rochester, New York. Before that, he served as a managing director at Benefit Street Partners, Franklin Templeton’s private credit specialist investment manager, following its acquisition of certain assets and personnel from Broadstone Real Estate.

“I’m excited to join Keller Williams because it represents something rare at scale, a company deeply grounded in the success of its people,” Brodhead said. “KW’s agent-centric culture, commitment to education, and clear sense of purpose create a powerful foundation.”

Brodhead said his mandate is to build on Keller Williams’ existing systems rather than overhaul them. 

“The opportunity in front of us is not to reinvent what already works, but to explore additional avenues of growth,” he said. “KW is a company built on models, systems, and values that put people first. I’m honored to be part of the next chapter.”

He added that he views the role as a way to make the company’s growth efforts “aligned, measurable, and built for the long term.”

Czarnecki said adding a chief revenue officer is intended to further connect the company’s growth initiatives around agent performance.

 “Adding Chris to the team will help us further drive what matters most, our agents and their ability to grow and succeed at the highest level,” he said.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

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LPT Realty founder and CEO Robert Palmer took the stage Tuesday at HousingWire’s The Gathering in Austin, Texas — outlining growth strategy built on team empowerment, agent retention and a deliberate separation from mortgage origination.

Palmer, who spent roughly 20 years in the mortgage business, has made a pointed decision not to attach a mortgage company, RP Funding, to LPT Realty. The firm offers only servicing and refis, not origination.

Palmer’s remarks came as LPT Realty continues to build momentum.

The firm climbed from No. 10 to No. 7 in transaction sides on this year’s RealTrends Verified brokerage rankings, increasing its total to 61,041 sides.

He said LPT made a strategic choice not to compete with its own agents and teams on mortgage, instead letting them pick the best local mortgage provider, loan officer or joint venture (JV) partner.

“I think it’s become an excuse for large brokerages that are losing money to say, ‘Oh, we need the ancillaries,’” Palmer said. “I love to say it looks great in the spreadsheet. Every big lender and big real estate brokerage who do a JV — you know, spreadsheet together — they’re going to make all this money because they’re going to underpay the loan officers and expect the Realtors to fall in line and use them. And in reality, that doesn’t happen.”

He pointed to recent pivots from major players, including Compass and Anywhere, away from large-scale joint ventures.

“The problem is if you actually pay loan officers what they’re worth — which I think they should be paid — it doesn’t look as good on the spreadsheet anymore,” Palmer said. “And it’s not all of a sudden this super margin creative play for real estate brokerages.”

LPT has remained profitable for two consecutive years while growing 50% to 70% annually, according to Palmer.

“We run the brokerage like a business instead of running the brokerage as a loss leader,” he said. “I think that irresponsibility is what brought me into the industry and why I was confident to leave mortgage behind.”

“Whoever has that consumer relationship is really appreciated influence — you know, [over] who they’re going to do business with,” Palmer said. “And we don’t have that as a cloud brokerage. But the teams here [do], the agents do.”

A ‘team-first’ model for agents at every level

Palmer rejected the industry’s historical tendency to prune lower-producing agents, noting that a large percentage of the industry falls into that bucket.

He recalled watching his mother struggle as an agent, moving between real estate and mortgage work.

“When the market is down and we’re in a 4 million-home sales market like we’ve been in, that marginal agent or lower-producing agent is going to lose the most,” Palmer said. “They’re very dependent on that activity in the industry. But on the flip side, when we get to the boom — we call it boomsday at LPT — the market turns around and we get back to 4.8 million or 5 million home sales.

“That’s going to feel like a bonanza, even though it’s not a great number by historical standards, and we’re going to need those agents to step up and help serve consumers.”

The firm now counts nine of the top 20 teams in the United States and more thousand-unit-plus teams than any other brokerage, Palmer said.

Unlike many models that impose maximum caps on what teams can pay agents, LPT allows team leaders to set compensation as high as they want.

“If they want to put an agent on a 95/5 [split] because they’ve been with them for five years and they don’t need their leads anymore, we support that as a brokerage without changing their economics, where most brokerages don’t,” Palmer said. “That allows our teams to look more like traditional brokers, traditional franchises — and offer that team-for-life construct so the agents don’t have to look at the team as a stepping stone.”

Organic growth and two strategic acquisitions

Rather than acquiring legacy franchise brokerages, Palmer said LPT has focused on organic growth and two technology purchases; Humaniz, a team recruiting platform; and Reside, a coaching and team efficiency platform that also provides outsourced CFO services for teams.

“The idea of buying a larger legacy franchise brokerage, I worry, do they become a cloud brokerage because we bought them, or do we end up becoming a legacy franchise brokerage?” Palmer said.

He said with more than 500 teams inside LPT, growth feeds itself.

“Even if we didn’t attract any new teams — which we do continue to do — we would still grow as a brokerage as we help those teams grow inside of our network,” said Palmer.

He added that both Humaniz and Reside remain brokerage-agnostic. “It’s not about making teams move to LPT,” Palmer said. “It’s about helping teams grow.”

On private listings and the one thing he’d change

Palmer said LPT’s guiding principle on private listings is agent choice, though he called the concept largely irrelevant for most of the firm’s markets where the average sales price is roughly $390,000 to $400,000.

“I understand the idea of private listing if you’re in Manhattan,” Palmer said. “I’ve got a home out in Montana in a neighborhood where everything was a private listing. Nothing has ever hit the MLS. I understand there are certain areas and neighborhoods and properties where that’s necessary.

“But where I live in Central Florida, it’s irrelevant. With a half-million dollar home that was built by a builder in the last couple years, we would be doing a disservice [to add it to] a private listing network.”

Asked what he would change about the industry with a magic wand, Palmer pointed to the lag between effort and reward in real estate.

“The efforts an agent is putting out today — the open houses they’re holding, the neighbors they’re talking to — is not going to turn into any type of revenue for them for [about] four, five, six months down the road,” he said. “We see too many great entrepreneurs who have the potential and the talent, and they just don’t have the ability to last through that lag.

“I think it’s the absolute hardest part of this industry.”

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The recent Reside Oceanside Mastermind Conference in Florida marked the first major in-person gathering for the brokerage-agnostic coaching platform since it was acquired by Robert Palmer — who leads LPT Realty and its parent LPT Aperture Holdings.

Attendees included team leaders, coaches and brokerage operators from across the U.S. and Canada. Palmer, who announced the acquisition in February, said additional platform developments are in progress but not yet public.

“We’re building infrastructure that most of the industry hasn’t even seen yet,” he said. “And we’re being intentional about how and when we share it.”

Reside co-founders including Jon Cheplak highlighted continuity in leadership and strategy, while pointing to added resources under new ownership.

“What mattered most to me was ensuring Reside ended up in the right hands, he said. “This means aligned values, shared vision, and more resources to take it further. After this event, I can say with certainty: it did.”

Cheplak will continue in a leadership role as coach-in-chief, working with team leaders on performance and coaching initiatives.

Conference organizers emphasized that Reside is brokerage agnostic. Attendees represented companies including eXp Realty, Keller Williams, REMAX, Coldwell Banker and Side, as well as independent brokerages.

Kara Hinshaw, a team leader in attendance, said the platform allows participants to focus on growth rather than affiliation.

“This isn’t about where you hang your license,” she said. “It’s about how far you want to go and being in a room that pushes you there.”

Ross Hardy, a coach and team leader within the Reside platform, said in-person interaction stood out.

“Getting to meet so many of my coaching clients face-to-face was the highlight,” he said. “Being able to pour back into the people who have helped build our business — that’s what matters. The community around Reside is different. The staff, the speakers, the operators in the room, they’re my kind of people.”

Several attendees said insights from the event are applied directly to team management.

“Everything I learn in rooms like this comes back to my team,” said Jamie Seneca, a team leader and one of Reside’s original members “We’re not building a company where only the top 20 percent produce. We’re building a company where producing is the standard.”

The event underscored continued demand for brokerage-agnostic coaching platforms as agents and team leaders seek ways to scale in a changing real estate market.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

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Mortgage industry executives say the shift to new credit score models and lender choice could raise mortgage delinquencies, reshape pricing grids at the government-sponsored enterprises (GSEs) and ultimately push costs back onto borrowers, even if the costs for scores fall on the front end.

U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner and Federal Housing Finance Agency (FHFA) Director Bill Pulte on April 22 announced moves to adopt FICO 10T and VantageScore 4.0 as alternatives to FICO Classic. 

The FHFA signaled loan-level price adjustments (LLPAs) for loans submitted under the new models, which some in the industry believe will be more costly for lenders.

Recent studies suggest that for about $12 trillion in mortgages originated between 2013 and 2023, Fannie Mae and Freddie Mac collected an estimated $110 billion to $119 billion in revenue from LLPAs based on Classic FICO Scores.

“If we move to VantageScore 4.0 — generally their scores are higher, doesn’t necessarily mean the credit is better, a very different algorithm — it (fee income) would drop by about $8 billion. If we move to lender choice for the highest score chosen at all times, the GSE income is at $93 billion,” said Jennifer McGuinness, CEO of Pivot Financial. 

“How many people believe that when this happens, if it ever does, that the GSEs are not going to look to collect the $17 billion? The LLPAs grids will be adjusted to add an extra expense factor to the rest of the grid. And is that what’s in the best interest of our borrower?”

McGuinness and other industry experts spoke on stage Tuesday during a session at HousingWire’s The Gathering in Austin. The debate happens as federal agencies move to modernize credit scores amid increasing prices, a step defended by trade groups. 

“We want many choices, because that keeps markets robust and restraints price increases. And we want modern tools,” said Rob Zimmer, director of external affairs for the Community Home Lenders of America (CHLA). “Now the mortgage industry is culturally conservative because the margins are small.”

According to Zimmer, “it won’t take a genius to guess that Congress and the (Trump) administration” notice a lack of consensus, and “they’re not taking the lead on this.”

Gamification risk

Andrew Davidson, president of Andrew Davidson & Co., added that while the delinquency levels line up pretty well among the various credit scores, the distributions are very different.

“We’re so used to the idea of a credit score being about the borrower. What we don’t realize is that these scores are very different. They group the borrowers in very different ways. There’s no simple mapping between the scores,” Davidson added.

According to him, if people start choosing the higher of the two scores, there’s a potential increase of 40% in delinquency across the entire range.

According to a recent paper published by Davidson’s team, 35% of the 245 million scored consumers in the dataset had at least one bureau score that differed from the traditional tri-merge result by 10 points or more. Another 18% had a variance of at least 20 points, while 7% saw differences of 40 points or more.

“The investors aren’t that interested in whether or not it works. They’re interested in protecting themselves, and their biggest focus is on adverse selection,” Davidson said. “What they need to be assured is that the system is not being gamed — that you’re using this to save money, not to provide the misinformation about the risk.”

One of the main concerns is with gamification — lenders or consumers adopting a “highest score” selection method, which could lead to substantial increases in credit risk, with potential delinquency increases reaching high levels.

Greg Sher, managing director at NFM Lending, believes gamification is a real risk. This could occur if Fannie and Freddie — which were supposed to focus on homeownership and never supposed to be “cash cows,” he said — will try to get back the lost revenues via LLPAs.

“Loan officers are way too slick; they’ll find a way. For instance, you can tell a borrower to pull their credit report prior to you pulling the credit report. In a lot of instances, that’s free, costs nothing,” Sher said. “They can just deliver the highest score for you that’s been gamified. How are we going to police that? It’s not going to happen? Well, it’s impossible to police.” 

But Sher provided a positive outlook too, taking into account the development of artificial intelligence and new technologies.

“We really need to hang on to that,” Sher said. “This conversation right here is just a bridge from all this craziness, all this ratcheting up of the prices, to be in a world where we don’t even potentially need credit scores.”

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A proposal in Congress to eliminate a rule that reduces Social Security benefits for working retirees comes as more Americans rethink what retirement looks like and opt for flexible, phased transitions instead of a hard stop.

The Senior Citizens’ Freedom to Work Act, introduced by Sen. Rick Scott (R-Fla.) and Rep. Greg Murphy (R-N.C.), would repeal the retirement earnings test. That provision reduces benefits for individuals who claim Social Security before reaching full retirement age and continue to work, CNBC reported.

“This bill will get rid of the unfair retirement earnings test so that seniors who want to stay in the workforce can do so without being punished or robbed of their hard-earned benefits,” Scott said during a March 25 Senate aging committee hearing.

CNBC added that under current law, beneficiaries who begin collecting benefits early — typically before ages 66 to 67 — face income limits. In 2026, individuals below full retirement age can earn up to $24,480 annually before penalties apply.

Beyond that, the Social Security Administration withholds $1 in benefits for every $2 earned.

For those reaching full retirement age in 2026, the limit rises to $65,160, with $1 deducted for every $3 earned above the threshold before their birthday. The penalty disappears once full retirement age is reached.

Although withheld benefits are later recalculated and restored, critics say the policy discourages continued employment.

Johnny Taylor Jr., president and CEO of the Society for Human Resource Management, told CNBC the earnings test can be especially burdensome for lower-income workers.

“For people who make a lot of money, it doesn’t matter to them,” Taylor said. “But if you’re in that middle income or lower bracket, where losing dollars in the moment will mean the difference between you being able to pay for your medicine or food, then that is a disincentive (to work), period, full stop.”

Policy debate, financial implications

Supporters of repealing the earnings test argue it reflects outdated policy.

Created in 1935 during the Great Depression, the rule was designed to encourage older workers to leave jobs for younger Americans. Critics say it is now widely misunderstood and counterproductive, CNBC added.

Still, concerns remain about the impact on Social Security’s finances. The program’s trust funds are projected to be depleted by 2034.

The bill has been referred to committees in both chambers, where its prospects remain uncertain as lawmakers weigh its costs against shifting retirement realities.

Retirement becomes more flexible

The legislative push aligns with broader shifts in how Americans approach retirement.

Rising living costs and debt are driving many to remain in the workforce longer or transition gradually, according to Fidelity Investments’ 2026 State of Retirement Planning Study.

The survey found 72% of Americans expect to retire on their own terms, up from 67% a year earlier, while 61% plan to phase into retirement rather than stop working abruptly.

Many anticipate supplementing income through gig work (35%), starting a small business (29%) or consulting part time (26%).

Financial pressures are a major factor shaping these decisions. More than half of respondents (51%) said rising living costs compete with saving for retirement, while 36% cited inflation and 35% pointed to monthly expenses as top concerns.

Health care also looms large, with 81% expecting high costs in retirement.

This post was originally published on here. 

Companies that stay grounded in a clear identity are better positioned to make smart decisions than those that chase every new trend, said Keller Williams executive Sandra Howard — speaking at HousingWire’s The Gathering in Austin, Texas.

Addressing an audience of real estate and mortgage leaders, she argued that most firms operate in the same macro environment but react very differently. Some stay steady and make decisions with clarity, she said, while others respond chaotically by constantly changing products, messaging and priorities.

The difference, she said, is not one big strategic misstep but “drift” — a series of small, seemingly reasonable decisions that gradually pull a company away from its core purpose and value proposition.

Why tough markets reveal brand weaknesses

According to Howard, easy markets “mask” weak strategy. When transaction volume is high and “everyone is printing money,” it’s easy to believe that marketing and product decisions are working. But when conditions tighten, she said, the same habits are exposed.

Under pressure, many firms respond by getting louder and busier: more campaigns, more products, more messages. That instinct can backfire.

“When everything in front of you is an option and you say yes to every opportunity, every project, every idea, then you conclusively have no strategy,” she said.

For housing professionals, this matters because limited budgets and staff capacity in today’s market mean that unfocused marketing can dilute brand relevance, confuse customers and waste spend. Leaders need a clear filter to decide what to do — and what to stop doing.

Conviction as a decision filter

Howard framed brand conviction as a practical operating tool, not a slogan. Companies with a strong point of view, she said, feel it most clearly when they make trade-offs: they know what they must say yes to, and just as importantly, what they will not do.

Without that clarity, teams are more likely to:

• Chase trends or copy competitors
• Say yes to every “reasonable” request
• Make exceptions that feel safe in the moment but erode the brand over time

Those patterns increase the risk that existing customers don’t actually know why they chose the company. If clients can’t articulate what sets a brand apart, Sandra warned, they are vulnerable to switching when a competitor “speaks their language” more clearly.

“Hard markets don’t break you, they reveal you,” she said, arguing that downturns expose whether a company has a coherent identity or just a collection of disconnected initiatives.

Identity as an advantage, not a constraint

Sandra emphasized that clarity about “who you are” should be timeless, but how that identity is expressed must evolve with the market and audience.

She contrasted core truths with changing tactics:

• Timeless: the company’s belief system, value proposition and the kind of customer it serves
• Variable: messaging, channels, formats and specific programs used to reach that audience

She used Keller Williams as an example, saying the company’s core belief is that it is “the company where entrepreneurs thrive.” That shows up in how it treats agents as business owners rather than just producers, emphasizes personal growth as a path to professional growth, shares success with others and relies on models that have been tested across multiple market cycles.

Those elements, she said, provide a framework for deciding what Keller Williams should build and how it should show up, even as specific expression changes over time.

What leaders should ask now

Howard urged leaders to step back from day-to-day noise and ask what is happening inside their business while they are at conferences or reacting to headlines:

• Are teams chasing trends or copying competitors?
• Are they saying yes to initiatives that don’t fit the firm’s core identity?
• Do customers know clearly why they chose the company — and could they explain it?

The goal, she said, is not to avoid change but to avoid changing the wrong things. Companies, teams and individual agents will always feel pressure to drift. The competitive advantage goes to those that define and protect their core identity while updating how they communicate and deliver it.

“The key is that as you think about identity as an advantage, you don’t change who you are. You actually know what not to change,” she said.

For housing professionals navigating extended uncertainty, the message is that disciplined focus on brand truth can serve as a decision-making anchor — helping prioritize limited resources, maintain client loyalty and build momentum while competitors are distracted.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

UWM Holding Corp. may not win the bid to acquire Two Harbors Investment Corp., but an unsolicited proposal for the real estate investment trust just forced CrossCountry Intermediate Holdco to raise its offering.

Two Harbors announced Tuesday that it amended its merger agreement to increase the all-cash price CrossCountry will pay to $11.30 per share. The price is up from $10.80 per share under the original March 27 agreement. Two Harbors’ Series A, B and C preferred stock will still be redeemed after closing at $25 per share plus any accumulated and unpaid dividends, consistent with existing terms.

The amendment follows an unsolicited competing proposal submitted on April 20 by UWM. The details of that proposal were not disclosed.

After reviewing the proposal with its financial and legal advisers, the Two Harbors board determined that the CrossCountry transaction, as amended, remains superior since it offers greater certainty of value through fixed, all-cash consideration that is not subject to a financing condition.

The Two Harbors board unanimously approved the amended merger agreement and scheduled a special meeting for shareholders on May 19. The board recommends the approval of the transaction.

“Our increased bid reflects our continued excitement for this transaction and our strong conviction in the strategic and financial merits of combining CCM and Two Harbors,” Ron Leonhardt, founder and CEO of CrossCountry Mortgage, said in a statement.

He added that CrossCountry’s and Two Harbors’ capital markets teams, along with RoundPoint Mortgage Servicing, are already working on the integration, and that the company has made “significant progress” in securing required federal and state regulatory approvals.

The companies continue to expect the transaction to close in the third quarter of 2026, subject to approval by shareholders and customary regulatory approvals.

Bill Greenberg, TWO’s president and CEO, said in a statement that the deal “pairs the country’s leading retail originator with RoundPoint’s best-in-class servicing platform, creating a fully integrated mortgage company.” 

In the first quarter, Two Harbors generated a comprehensive loss of $24.7 million. The company added $151.8 million in unpaid principal balance (UPB) of mortgage servicing rights (MSRs) through flow-sale acquisitions and recapture. Meanwhile, it funded $92.3 million in UPB in first-lien mortgages and brokered an additional $38.2 million in UPB in second-lien loans.

Upon completion of the transaction, Two Harbors’ common stock will be delisted from the New York Stock Exchange, the real estate investment trust will cease to be publicly traded, and it will become a wholly owned subsidiary of CrossCountry.

Houlihan Lokey Capital Inc. is serving as financial adviser to Two Harbors. Citi is acting as exclusive financial adviser to CrossCountry.

This post was originally published on here. 

As the real estate brokerage space continues to consolidate, creating large national firms with massive scale, critics have claimed this move will lead to a homogenization of formerly disparate brands. 

However, Sue Yannaccone, who was recently promoted to chief operations officer of Compass International Holdings (CIH) the parent company of Compass, @properties, Christie’s International Real Estate and the six Anywhere Real Estate brands, sees scale as a competitive advantage. 

After nearly three decades in the real estate industry, the last decade of which spent at Anywhere Real Estate, Yannaccone knows a thing or two about leveraging a brokerage or a brand’s scale. 

In her first interview as COO of Compass International Holdings, Yannaconne explains to real estate leaders at HousingWire’s The Gathering in Austin, Texas, what integration with the Anywhere brands looks like and why scale is the next iteration of real estate.

“Scale can be a super power if leveraged the right way. We had these six brands, nine business, mortgage, title global relocation, but we need to be able to leverage that scale, so we looked for the areas that we could integrate,” Yannaccone told attendees of HousingWire’s The Gathering on Tuesday morning. “Where did we not need to do something eight or nine different ways, but then where did we need to be hyper differentiated to provide value to our customers, the real estate professionals and to the brands.” 

Differentiation is key

In order to achieve that hyper differentiation in areas where it is needed, Yannaccone said it’s important to remain “fiercely focused on enabling independence in the marketplace.” 

“When we partner with these companies as franchisees, that should be additive,” Yannaccone said. “We have separate leaders for all of those businesses and anyone who knows our brokerage or franchise leaders knows that they have their own culture and what we do is help provide the fuel to get some octane for the growth that I believe is required to move forward.” 

Right now many firms in the industry, including Compass International Holdings, have turned to mergers and acquisitions to fuel growth, and while she believes this is an effective growth strategy, she also feels strongly about the role organic growth should play in a business. 

“I don’t think you can ever stop your organic growth machine,” she said. “That is something that you as a broker-owner have control over, more so than actually doing M&A. You should always have that machine or organic growth and always be looking at the opportunity for agent, mortgage or title talent to join your organization.” 

When it comes to doing acquisitions, Yannaccone believes you need to have a clear reason behind why you want to acquire a company in order to create a successful merger. 

“Growth for growth’s sake doesn’t make any sense,” she said. “If you are not thinking, ‘What value does this bring to me, my agents and the consumers,’ then how are you going to know what synergistic benefits you’ll gain to allow you to then reinvest in your value proposition to help fuel more growth.” 

These are questions CIH has had to dissect as it has navigated the massive merger between Compass and Anywhere. While it is early days, Yannaccone said so far the integration of two firms has gone smoothly. 

“I think a lot of people have questions about how it is going to work for independently owned franchises. Are they going to have to do the three-phased marketing plan? Are they going to use the platform? And what I have to remind everyone is that franchisees are independent, and we cannot tell a broker-owner how to run their business,” Yannaccone said. 

While they are working to bring all agents over to the integrated technology platform, something Yannaccone said there is significant demand for, what CIH is primarily looking to do is provide more options to franchisees, brokers and agents.

“Fundamentally it is about choice. We can’t and we wouldn’t dictate how someone runs their business — and I think that is a lot of the dialogue right now — but we are in the business because of real estate professionals, and it is critical that we continue to lean in and learn what matters and continue to provide those offerings. It is about giving more options to folks for how they want to move their business forward.” 

Looking ahead, Yannaccone said she anticipates seeing further industry consolidation and change. 

“The consolidation is inevitable,” she said. “I think you are going to continue to see a push for change and being open to new and different ways of doing things. I just hope that through all of this we don’t lose sight of who we are ultimately doing this for, which is the homeowner and helping them to realize their dream.”

This post was originally published on here. 

Referral networks and the fees associated with them are under fire in the real estate industry, but referrals are how Jason Mitchell built his business. 

In 2024, Mitchell’s referral network helped his team, the Jason Mitchell Group (JMG), close 10,279 transaction sides totalling $5.1 billion in sales volume, more than any other team in the nation, according to RealTrends Verified Data. According to Mitchell, the success of his team has sprung from his ability to leverage the relationships so much of the real estate industry is built on. 

“Every day it feels like this company is suing that company, but the reality is we all need each other,” Mitchell told attendees of HousingWire’s The Gathering Tuesday morning. “We’re connected — mortgage and real estate are so connected. I like the spirit of competition, but at the same time we do need each other.” 

Mitchell was an early innovator and adopter of the referral network, creating a referral engine that consistently propels his team to the top of rankings. 

“Consumers need trusted real estate agents to work with them,” Mitchell said.

He noted that the majority of agents do very few transactions a year, meaning that consumers have a very high chance of working with someone who does not have a lot of experience.

“Our industry is full of part-time people where this isn’t their full-time career and these great referral companies are helping consumers by connecting them with great real estate professionals and that is a win for consumers,” Mitchell said. 

Ensuring a great consumer experience

For Mitchell, the lawyers and regulators currently trying to pick apart these relationships are working against consumers and part of what he feels is breaking the industry and he has had a front row seat to these lawsuits, with his firm facing legal challenges from state regulators in Arizona and New York, as well as the Consumer Financial Protection Bureau (CFPB). Although JMG ultimately received a clean bill of health from these regulators, who had originally alleged his firm was violating the Real Estate Settlement Procedures Act (RESPA), said the process is “never fun,” even though he knew his firm was doing the right things. 

“It is not about steering as much as it is about ensuring a great consumer experience,” Mitchell said of why capture rates among his referral network partners is so high. “It is about making sure that if you get a referral from any partnership that the consumer has a great transaction with the agents that you have.” 

Over the course of a four year review by the CFPB, Mitchell said his firm never had to change anything about how they do business, leading him to feel that the regulators don’t understand how business across many different industries operates.

Referrals are part of most businesses

“In what business aren’t there referrals?” he posited. “The whole world works on a referral in some way shape or form. If you are not providing consumers with an opportunity to work with a trusted professional by asking them if they are currently working with an agent and providing them with recommendations if they aren’t, you are doing them a disservice. The odds are, if they go find their own agent that isn’t trusted and vetted, they aren’t going to find a good one.” 

As for the critics who claim that referrals drive up the cost to consumer, Mitchell said the math, at least for the agents on his team, does not support these claims. 

“If you have independent contractors receiving a referral that know they have to pay 100 basis points on that deal, if instead of charging 3% or 2.5%, which is what their typical fee would be on a a buyer broker agreement, they’re charging 4%, then they are gouging the consumer,” he said. “But if you look at our group of agents their average co-broke is 2.6% on self-generated leads and 2.6% on a referral.” 

In Mitchell’s view, if the level of commission an agent charges a consumer regardless of where the lead came from stays consistent, then the cost for the referral is coming from the pocket of the real estate professional and not the consumer.

“If a partner is the reason we get to transact, and we give the consumer a great experience, I have no problem in saying the partner deserves a part of the proceeds, as long as that fee doesn’t come from the consumer,” Mitchell said. 

With so much industry noise coming from lawsuits, consolidation and the broker-portal relationship, Mitchell said he feels it is imperative that he remains focused on where he feels JMG excels. 

“I need to stay focused on what we do best and that is [to] make sure we have great agents and that we keep building our relationships with our partners and the cards will fall as they will,” he said. “I think we will always find a way to make it right for the consumer because if you don’t, you lose.”

This post was originally published on here. 

A rapidly aging U.S. population is accelerating demand for smart home technology that allows older adults to remain in their homes longer. Financing options, including the tapping of home equity, are emerging to help pay for it.

Roughly 11,000 Americans turn 65 each day and about one in four U.S. residents is now at least 60 years old — with most people over 50 expressing a preference to stay in their homes, according to AARP.

That is helping fuel the growth of “age tech,” a category that includes smart home systems, health monitoring devices and artificial intelligence tools designed to support independent living, according to a report from The New York Times.

Industry groups told the Times recently that hundreds of companies have entered the space in recent years, raising significant investment as demand grows.

At the same time, housing and health care professionals say that financing these upgrades remains a central challenge — one that could increasingly be addressed through housing wealth.

Experts say that retrofitting a home for aging in place can range from relatively simple modifications to costly installations of connected health systems and monitoring devices. For many homeowners, especially retirees, home equity represents their largest untapped financial resource.

Proceeds from a reverse mortgage or similar equity-based products can be used to install smart home systems, improve accessibility or even move into a more suitable home equipped with these features.

Room for improvement

Dr. Jing Wang, dean of the Florida State University College of Nursing, last year told HousingWire‘s Reverse Mortgage Daily that the U.S. is still catching up when it comes to integrating housing, health care and technology for seniors.

“That number never goes down. It always goes up. Who doesn’t want to stay in their own home and age in their own home?” Wang said of the desire to age in place.

But she emphasized that needs vary widely across age groups and health conditions — and the housing stock is not fully prepared for more advanced care scenarios.

“I think, overall, the U.S. is really underdeveloped to reach the senior care needs for aging in place, which is a spectrum,” she said.

While builders are experimenting with smart home features in new construction, Wang noted that most adoption is still happening through retrofits — often after homeowners move in.

Smart home systems are increasingly stepping in where human caregiving is limited or unavailable.

These tools range from relatively simple devices — such as smart speakers, connected thermostats and video calling platforms — to more advanced systems that monitor health and detect behavioral changes.

About 25% of caregivers now use remote monitoring tools like apps, cameras or wearable devices — nearly double the share from five years ago, according to AARP.

Artificial intelligence is also expanding what these systems can do — from identifying subtle changes in speech or movement to prompting users about medications, hydration or daily routines, the Times said.

Personal stories of independence supported by tech

For many families, these technologies are already making a tangible difference.

Dr. Megan Jack, a neurosurgeon in Cleveland, told the Times that she relies on a suite of smart tools to help care for her 76-year-old mother, who has Alzheimer’s disease and lives in a separate unit on her property.

With a demanding work schedule that often keeps her in surgery for hours, remote access is essential.

“It’s been invaluable that I can both make sure she’s safe and make sure everything is going well, but also give her the independence and the freedom that she still deserves,” Jack told the Times.

Her setup includes a smart pill dispenser, app-controlled television, digital messaging systems and monitoring cameras — all designed to balance safety with autonomy.

Similarly, families are turning to companion technologies for emotional as well as physical support.

Devices like tabletop robots and even robotic pets can provide interaction, reminders and routine — particularly for seniors living alone or with cognitive decline.

In one case, a robotic dog helped an 80-year-old woman with dementia maintain a sense of purpose.

For many older Americans, the combination of home equity and smart technology may ultimately determine whether aging in place is not just a preference — but a practical reality.

This post was originally published on here. 

The Changing Landscape

“This is not a forecast. A forecast is a prediction, the validity of which my ego and I are professionally responsible for. What I offer here is speculation – something that is likely enough to write about but not so likely that my ego hangs in the balance.” – George Friedman

“When the facts change, I change my mind. What do you, sir?” – attributed to John Maynard Keynes

For over a decade I have operated under the belief that we will never build enough single-family housing in our growing metros. I came to this conclusion watching entitlements become ever more difficult, time-consuming, and costly – a pattern I first observed in California that has since spread to most markets, from different starting points but on the same trajectory.

I have seen nothing to change my mind about supply constraints. But I have begun to question the demand side of the equation.

For most of the post-war era, the homebuilding industry operated with the wind at its back. Population grew steadily. Women entering the workforce created two-income households and expanded the buyer pool for a generation. The Baby Boom produced sequential demand waves – entry-level, then move-up, then luxury – that kept rolling for three decades. Globalization held input costs in check. And a 40-year secular decline in interest rates, from 18 percent in 1981 to below 3 percent in 2021, compounded purchasing power at virtually every step.

Most of those tailwinds are now reversing.

Population growth is slowing sharply – natural increase turns negative around 2030, leaving immigration as the only demographic backstop, and immigration is now a policy variable rather than a reliable input. Women’s entry into the workforce – which created a generation of two-income households and expanded the buyer pool – has run its course as a tailwind; the labor force participation gap between men and women has narrowed from 46 points to 11, leaving little remaining lift from that source.

The generational demand wave is fading as Boomers age out. Supply chains are being rebuilt for resilience rather than lowest cost, and that resilience carries a price. Rates have normalized; sub-3 percent was a once-in-a-generation anomaly, not a floor to return to.

These are structural changes, not cyclical ones. And when combined with affordability that is already stretched, they point toward a potentially materially different operating environment.

The demand picture is weaker than the headline numbers suggest

Slower immigration means significantly reduced household formation projections – in time, down to levels where, for the first time in decades, it is at least conceivable that supply could eventually meet demand without heroic production assumptions. That alone would represent a regime shift.

But there is a second demand-side problem that receives less attention than it deserves. When we measure affordability, we almost always use median household income against median home price. That ratio captures the existing stock of households well. What it misses is the income profile of households forming at the margin – the incremental buyers that new construction actually depends on.

New household formation is increasingly concentrated in non-family households – singles, roommates, unmarried partners – whose median income is substantially lower than married-couple households. The overall median household income is sustained by decades of established, higher-earning married couples. The marginal formation income is meaningfully lower. Run a standard price-to-income affordability calculation using marginal formation income rather than overall median, and the market looks significantly worse than the headline number implies – and the gap is structural, growing a little each year as the household mix continues its long-running shift.

Geography: net domestic migration becomes the game

If the demographic picture is broadly correct and immigration is low, net domestic migration becomes the dominant demand driver for growth markets. International migration, when it was running at elevated levels, added net new households to the national count.

Domestic migration does not – it is a zero-sum redistribution. One market’s gain is another’s loss, and the national housing need is unchanged – although it can create the need for more housing, since houses can’t move with people.

International migration historically did two things for domestic migration: it added households directly, and it pressured prices in gateway markets over time, widening the price differential that makes other markets attractive to NDM (net domestic migration) movers.

Significantly reduced international migration may slow both mechanisms – meaning the price gap that drives NDM from gateway to other markets could compress rather than expand, reducing the advantage to moving.

The supply-shortage era may be ending

The industry has spent the better part of a decade focused on supply – and rightly so. The shortage was real and the urgency of solving it crowded out attention to anything else. But there is a risk that this frame is now working against clear thinking.

The timing of any transition is genuinely uncertain – existing pent-up demand, the slow play of demographic effects, and the unknown new baseline on international migration and household structures all resist precise forecasting. What we can say is probably not in the next few years, but certainly within a time frame that matters to long-term business plans.

In the intermediate term, land shortages in specific markets will persist, and the supply-constrained framing will remain correct. But the trajectory is toward a regime shift: from structural undersupply in most markets to a mix of undersupply, equilibrium and oversupply.

Builders and developers who are still calibrating their land pipelines, capital allocation, and product strategy to a shortage-era playbook will find themselves badly positioned for that transition in some locations.

The uncomfortable truth is that the supply problem we spent years trying to solve may be on its way to solving itself in many markets – through reduced demand rather than increased production.

What would it take for this analysis to be wrong?

Demographics are largely fixed at this point. Even a dramatic increase in birth rates would take decades to reach the housing market, and there is no evidence of developed countries reversing this kind of trend despite a variety of proposed solutions. A marriage boom would produce more dual-income households but fewer households on net. Net domestic migration is by definition a zero-sum game.

So, it comes down to international migration policy. Historically the country has moved between relatively open and relatively closed postures, with those cycles tending to be long-lived. But a policy reversal is possible, and its effects on household formation would be meaningful. That is a political projection everyone will have to make for themselves.

Does this mean everyone should be short land? No. There will be metros – large and small – that will grow through natural advantages, pro-business policies, and favorable price differentials to feeder markets, where demand is likely to outstrip supply for years to come.

But there will be fewer of them than in the past. Identifying markets with durable NDM will be more important than ever – especially for longer-term land plays where the consequences of getting it wrong compound over time.

What this means for builders and developers individually is a longer discussion. But the central conflict is already visible: smaller households with less purchasing power need smaller, cheaper product – while land use policy, through density restrictions, per-unit fees, and entitlement friction, systematically produces the opposite. The builders who find ways to resolve that conflict will be best positioned for what comes next.

It’s not easy to let go of an idea I’ve held for such a long time.

But the data says it’s time to reconsider.

This post was originally published on here. 

Brandon Wells, president and CEO of The Group Real Estate, doesn’t buy into the fear that artificial intelligence will replace real estate agents (AI).

But he also doesn’t buy into most of the AI tools being sold to brokerages today.

“I think there’s a lot of AI slop out there,” Wells said on the latest episode of the RealTrending Podcast with host Tracey Velt. “I think there’s a lot of vendors that are just, you know, putting large language model tools into their existing software, and I don’t really know that that’s accomplishing anything.”

The Group, a northern Colorado brokerage founded in 1976 and the birthplace of the Ninja Selling system, has grown primarily through organic methods under Wells’ leadership since he stepped into the CEO role in 2018.  

Rather than chasing mergers and acquisitions, Wells said the firm’s success has come from investing in brokers through training, education and a culture of abundance — bolstered by an employee-owned model that encourages knowledge sharing rather than hoarding trade secrets.

“In a typical independent contractor setting, there’s a lot of scarcity,” Wells said. “There’s a lot of people that want to hide their trade secrets, and there’s less abundance. I think one of the benefits of having an ownership model where everybody has a vested interest in not only their own personal success but the brokerage success — it’s created this abundance of sharing.”

Private listings: Net negative if unchecked

On the industry’s heated debate over private listings, Wells was measured but firm.

He said he struggles to see how keeping listings entirely off the open market benefits sellers, arguing that maximum exposure typically yields the best results.

“I do not think you can convince me [that] a world that having listings be solely private is of benefit to sellers,” Wells said. “I believe in any product, maximum exposure to the vast, largest audience that we can reach is going to always warrant the best results. Now, there are very many circumstances where I understand private listings could be of benefit to a certain party, but I struggle to understand that it’s a benefit to all.

“And I think it’s more riddled in risk, because I think that is more about what is in the best interest of the brokerage than what’s in the best interest of the customer.”

He said The Group uses office exclusives as a temporary tool — to prepare a property for market, gather feedback from 250 agents and fine-tune pricing before a full launch.

But he warned that without guardrails, private listings tilt toward brokerage benefit over consumer benefit.

How independents win amid consolidation

As large franchises and public brokerages continue to merge and acquire, Wells sees an opening for regional independents.

He said private independents grew market share by 2% in the past year, and he attributed that momentum to flexibility and the democratization of technology.

“Independents are in a really strong position, because if there’s one thing that I’ve learned in my 20-plus years in this industry, it’s that — especially independent contractors as salespeople — they don’t like to be lumped into the same kind of offering,” Wells said. “They like their independence. They like their own creativity, and they really like to differentiate.”

He added that automation and AI have made sophisticated resources accessible to smaller players.

With internal tools like Claude Code for “vibe coding,” The Group has started building its own platforms to manage agent goals and productivity rather than signing expensive vendor contracts.

“What was once really hard to obtain or to achieve or to be able to provide as resources, I think, has become a lot more accessible for the small guy, which gives a big competitive advantage back into the court of the independents,” Wells said.

On recruiting, retention and consumer honesty

When asked what works in recruiting and retention, Wells did not cite incentives or splashy technology.

Instead, he pointed to genuine care and a healthy culture.

“I think, honestly, what’s working is true, genuine care of the success of the agents that are within your walls,” Wells said. “Unfortunately, I think our industry has a bad rap of looking at people as objects, whether that means they’re a revenue number or just a body count. For us, what really works in recruiting is that genuine care on wanting to help brokers understand what is working from shared experiences of their peers.”

Wells acknowledged that market conditions have grown tougher, requiring more education around financing and seller concessions. But he rejected the notion that agents should blame the market for poor results.

“Look one office down and you see somebody having their best year yet — it’s predicated on the effort that brokers are putting in, not the market conditions,” he said.

AI overreaction and raising the bar

Wells identified AI fears as the trend agents are most overreacting to. The trend they are underestimating: rising consumer expectations.

“I think the consumer has really high expectations, and I think we’re still behind the curve on what we’re offering as an industry and truly listening to the consumer journey,” he said. “I think it’s confusing. I think it’s cluttered.”

Asked what he would change overnight, Wells returned to a longtime frustration: low licensing standards.

“I think our industry gets a bad rap because the barrier to entry is too low, and I think — for the people who are truly running this like a profession — they get harmed pretty badly in the eyes of the consumer due to the hobbyists,” he said.

Listen to the podcast

This article was generated with the assistance of HousingWire Automation. It was reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

A third go at trying to reboot starter-home construction in Minnesota is on life support at the state Legislature, with supporters scrambling to revive it before the session ends.

High-profile zoning reform bills failed in a House committee and missed key Senate deadlines late last month, potentially dooming the effort as had happened over the past two years.

The bipartisan Starter Homes Act – House File 3895 and Senate File 4123 – would loosen local mandates on minimum lot sizes, parking and design requirements. The bills also would require cities to allow duplexes, triplexes and accessory dwelling units in more neighborhoods.

Th difficult path of political will for such measures has become a cautionary tale for housing advocates nationwide. They are discovering how hard it is to pass starter-home legislation, even as acute affordability crises lay siege on their towns and cities.

Lawmakers in other states face similar fights, pitting pro-housing advocates against local officials who recoil from state mandates. Major bills regularly stall or get watered down amid fierce resistance from suburban communities and local government lobbies.

Utah lawmakers killed a starter homes bill this year. Colorado Gov. Jared Polis signed a housing affordability bill last month, but the state Senate killed a starter homes bill. In Arizona, two starter home efforts have failed.

Solving for a housing shortage

Minnesota housing supporters, including AARP, pitched the bill as a targeted response to a statewide housing shortage estimated at 100,000 homes. They argue decades of exclusionary zoning have pushed starter homes out of reach for many first-time buyers.

Backers now point to a Lakeville City Council decision last week to temporarily halt new home construction applications as an ominous sign.

“If this becomes a trend, it will have a chilling effect on the growth of our state’s economy and further erode the affordability of housing in Minnesota,” House bill co-sponsors state Rep. Spencer Igo and Rep. Michael Howard said in a joint statement.

The council resolved to assess how regional development plans would affect the city’s long-term comprehensive plan. Council member Dan Wolter said at the meeting that the city already has three years of approved projects.

“This really is a minor administrative change,” Wolter said.

Legislation’s uncertain path

The state legislation would require cities to adopt administrative approvals for new housing types, open more land to intensive residential use and curb aesthetic rules and homeowners association mandates that inflate construction costs. But city officials and some legislators said the state was overreaching. Opponents warned the measure would preempt local plans, shift costs onto municipal budgets and not guarantee affordability in hot markets.

After hours of testimony, several Democrats joined Republicans to kill the bill 7-5 in its first House committee.

“This was not a good outcome,” state Rep. Larry Kraft, one of the bill’s co-authors, told Finance & Commerce. “I’m not encouraged about its path.”

Starter homes have nearly vanished from homebuilders’ project lists, dropping from roughly 40% of new construction in the early 1980s to single digits in recent years. Experts link the decline partly to restrictive zoning and rising development costs. In Minnesota, entry-level homes have all but disappeared from the Twin Cities market, making the latest Capitol setback all the more striking.

Supporters say they are now looking to insert pieces of the proposal into larger omnibus bills before the Legislature adjourns May 18.

This post was originally published on here. 

NEXA Lending CEO Mike Kortas is dismissing claims that the company misappropriated trade secrets and confidential customer data after being sued by rival lender loanDepot in federal court.

The complaint alleges that NEXA knowingly assisted two former loanDepot employees in taking proprietary information before leaving the company and using it to solicit borrowers. The lawsuit comes as loanDepot is resuming operations in the wholesale channel.

In a conversation with HousingWire, Kortas said that the lawsuit, filed April 20 in the U.S. District Court for the Northern District of Mississippi, is “basically stupid.”

“It’s a means for their attorney to chump up some costs for themselves, if you ask me,” Kortas added. “We don’t have, and never had, any of their information, nor do we care.  In fact, I wouldn’t copy their model if I knew it because mine is better.”

Kortas also said he told loanDepot “multiple times” that NEXA does not have their information. “Some people are just sue happy and want to use the legal system as a weapon,” he said. “loanDepot needs to learn to better operate against brokers rather than try to attack them. They won’t bully NEXA, I assure you.”

Kortas added thtat he looks forward to having the lawsuit thrown out and “asking for all attorney fees as per case law history.”

A representative from loanDepot said it had no comment about the suit.

According to the lawsuit, the employees — identified as Jennifer Spicer and Velvet Chalet Robbins, both mortgage originators in northern Mississippi — had access to nonpublic customer data such as names, addresses, financial information, and other sensitive records protected under federal and state privacy laws.

loanDepot claims the employees accessed and transferred confidential and trade secret information in the months leading up to their departures, and that NEXA “aided and abetted” the alleged misconduct. The company also alleges that a NEXA manager directed or encouraged the employees to obtain the information from loanDepot systems.

“NEXA knowingly assisted, if not orchestrated, the Former Employees’ breaches of these contractual and legal restrictions to obtain a competitive advantage over loanDepot,” the suit says.

The lawsuit includes claims under the federal Defend Trade Secrets Act and the Computer Fraud and Abuse Act. It also includes state-level claims ranging from violations of the Mississippi Uniform Trade Secrets Act, tortious interference with business relationships and conversion of confidential information.

loanDepot said it has initiated separate arbitration proceedings against the former employees.

The company is seeking monetary damages, including punitive damages and legal fees, as well as injunctive relief requiring NEXA to return or stop using the disputed information. The complaint also asks the court to order a forensic review to determine how the data was accessed and shared.

loanDepot alleges that NEXA has refused to return the information despite demands and continues to retain it.

This post was originally published on here. 

Just after announcing an $880 million acquisition of REMAX Holdings, Tamir Poleg, CEO of The Real Brokerage, described the deal as historic for the real estate industry — combining two companies whose leaders say share a common vision for an evolving business.

In an interview with HousingWire, Poleg and REMAX Holdings CEO Erik Carlson said conversations between the two companies accelerated recently but were rooted in years of mutual respect.

“There’s no adult on this planet who is not familiar with the REMAX brand,” Poleg said. “Even before I started in real estate, I knew the name REMAX. I had a lot of appreciation. It was just there in the back of my mind.”

Announced Monday, the all-stock and cash transaction is set to combine Miami-based Real’s roughly 33,000 agents and proprietary AI-enabled brokerage platform with Denver-based REMAX’s globally recognized brand and approximately 8,500 franchise offices.

The new holding company — called Real REMAX Group — would support more than 180,000 real estate professionals across more than 120 countries and territories.

Carlson, who became REMAX’s CEO in 2023, emphasized that cultural alignment between the two organizations was a critical factor in moving forward with the deal.

“When you think about integration, when you think about bringing scale together, when you think about what makes success and what makes failure — I think having the right people on the bus is really important,” he said. “And these two, not only employee bases, have cultural alignment. I think agents in the field do too. So I’m very optimistic and very excited about the future of the Real REMAX Group.”

A spokesperson for Real said that REMAX and Motto Mortgage, “the first and only national mortgage brokerage franchise brand in the U.S., will continue to operate under their current brands,” but did not offer further details.

Technology integration and optionality

When asked about the plan for REMAX franchisees, Poleg said the company intends to offer reZEN — Real’s integrated transaction management and back-office platform — to REMAX franchisees on an optional basis, not as a mandate.

He noted that many REMAX broker owners are facing margin compression because they pay for multiple external tools that are not integrated and still rely on manual processes.

“What we can bring to the table is a deep understanding of their back-office operations, because we operate a massive brokerage and the technology that we developed can help instill a lot of efficiency in their operations, which is the reZEN platform,” Poleg said. “We don’t force it. It’s not mandatory, but we think that the ones that will opt in will enjoy better economics and better efficiency.”

On top of the platform, Poleg said Real Wallet, One Real Mortgage and One Real Title would also be offered to the entire REMAX network.

Competitive landscape and scale

Asked about how competitors such as eXp World Holdings and Compass might respond to the consolidation, Poleg said Real REMAX Group’s focus will remain internal.

“I think that what we did today is kind of historic in terms of the real estate industry,” he said. “We’re combining two of the best companies in the field into one, providing a lot of upside for all stakeholders — for agents, for franchisees, for employees, for shareholders — and this is what we’re focused on.”

The combined company, as it stands, supported roughly 1.8 million transaction sides globally in 2025.

Closing timeline and shareholder support

Poleg said he does not foresee hurdles to shareholder approval — citing that major shareholders on both sides have already committed to supporting the transaction.

REMAX co-founder and chairman Dave Liniger, who controls about 38% of REMAX Holdings’ voting power, has agreed to vote in favor of the deal. Officers and directors of Real and their affiliates, holding roughly 16% of Real’s shares, have also agreed to support the transaction, the companies said Monday.

The deal is expected to close in the second half of 2026, subject to shareholder approval, regulatory clearances and court approval in British Columbia.

Upon closing, Poleg will serve as chairman and CEO of Real REMAX Group.

“We have an amazing community of agents and best-in-class technology,” he said. “When we looked at different players in the marketplace, we saw that REMAX is an amazing brand with a global presence and great brand equity — and we just saw that these two companies are extremely complimentary. It starts with culture. It starts with the people. As soon as I got to know Erik, when he joined REMAX, we understood that we get along well as individuals.

“The only thing is the regulatory approval that we will be seeking. Then we’re off to the races of building a great company together.”

Flávia Furlan Nunes contributed reporting to this story.

This post was originally published on here. 

Donald Trump said last week that his administration will examine how banks are treating homeowners affected by the last year’s Los Angeles wildfires, singling out Wells Fargo for criticism after meetings with local officials.

In a post on Truth Social, Trump said he met with Los Angeles Mayor Karen Bass and Los Angeles County supervisor Kathryn Barger, among other leaders, to discuss recovery efforts following the fires that “ravaged Los Angeles, and the surrounding area.” He praised insurance companies for their treatment of homeowners but said banks “have a long way to go.”

“The Banks must treat those people, who so horribly lost their Homes in this tragic fire, very fairly and well,” Trump wrote, adding that his administration would be “looking into their actions, effective immediately.”

In a joint statement on Bass’s website, the officials said they had “a very positive discussion” with the president about federal disaster aid and rebuilding funds, “as well as the support of the President to continue joining us in pressuring the insurance companies to pay what they owe — and for the big banks to step up to ease the financial pressure on L.A. families.”

Trump also wrote that Wells Fargo “has been very difficult to deal with” but did not provide details about the actions he intends to review. A spokesperson for Wells Fargo declined to comment when reached by HousingWire.

Donna Schmidt, president and CEO of DLS Servicing, said that although mortgage servicers who are clients of her company have “not identified anything of concern related to forbearance activity either in the affected Los Angeles area or nationally,” risk is still relevant.

“Those properties stuck in permitting or insurance limbo do not provide confidence to the agencies at risk that the matter will be resolved any time soon,” Schmidt said. “Their risk increases proportionally with each delay. Local government ineptitude is not the banks’ nor the agencies’ burden to carry.”

Recovery efforts

The January 2025 Los Angeles wildfires destroyed about 12,000 homes and caused more than $50 billion in damage, with most losses tied to the Eaton and Palisades fires, which were contained by Jan. 31, 2025.

Fueled by drought, low humidity and powerful Santa Ana winds, the fires burned roughly 59 square miles, killed an estimated 440 people and displaced more than 200,000 residents.

In January 2025, California Gov. Gavin Newsom announced that five major lenders — JPMorgan Chase, Wells Fargo, Bank of America, U.S. Bank and Citigroup — would offer 90-day mortgage forbearance to homeowners in fire-affected areas of Los Angeles and Ventura counties. The relief included pauses on credit reporting and the possibility of extended assistance.

In September 2025, Newsom signed Assembly Bill 238 into law, which required lenders to provide up to 12 months of mortgage forbearance for borrowers experiencing financial hardship tied to the disaster.

In January 2026, Trump signed an executive order allowing the federal government to bypass certain state and local regulations in rebuilding efforts after last year’s wildfires, saying that California officials have delayed the recovery.

Under that order, the Department of Homeland Security — through the Federal Emergency Management Agency (FEMA) and the Small Business Administration — was directed to review rules that could override state and local permitting requirements for federally funded rebuilding projects.

In March, the California Mortgage Bankers Association (CMBA) testified before the California Assembly Banking & Finance Committee that AB 238 can provide short-term mortgage relief for January 2025 wildfire victims, but forbearance needs guardrails and a defined path forward.

This post was originally published on here. 

Ginnie Mae will temporarily exclude loans in Federal Housing Administration (FHA) Trial Payment Plans (TPPs) from issuer delinquency calculations, responding to higher reported rates, the corporation announced last week. 

In 2025, the FHA updated its single-family loss mitigation waterfall and reinstated required TPPs before certain workout options, such as partial claims, can be approved. Under that structure, delinquent borrowers must first complete a TPP before receiving a final loss mitigation solution.

As servicers have evaluated more delinquent FHA loans for assistance under the new waterfall, the volume of loans in TPP status has increased and pushed issuer delinquency rates higher, Ginnie Mae said.

“However, as the new loss mitigation policy matures, the volume of TPPs is expected to normalize,” Ginnie Mae president Joseph Gormley said in a memorandum on April 24. “Therefore, Ginnie Mae will temporarily exclude loans on TPPs when calculating delinquency ratios for compliance purposes until the volume of TPPs returns to expected levels.” 

Intercontinental Exchange (ICE)’s April 2026 Mortgage Monitor shows that the national delinquency rate reached 3.72% in February, up 7 basis points from January and up 20 bps from a year earlier. FHA mortgages account for more than 80% of the recent rise, with seriously delinquent FHA loan volumes up more than 40% over that period.

Ginnie Mae’s March report shows FHA delinquencies averaged 9.2% from October 2025 through February 2026 — up 90 basis points from the prior year. But early-stage metrics remain stable: new delinquencies averaged 5.2%, and 60-day delinquencies held around 1.8%. Meanwhile, the ratio of pooled FHA loans that are seriously delinquent has increased by 128 basis points.

“A meaningful deterioration in mortgage credit performance would typically be reflected in a rapid increase in loans rolling from current or early‑stage delinquency into 90+ day delinquency. The data does not show such a shift,” the report says. “The data suggests that the recent increase in reported delinquency levels for FHA loans in Ginnie Mae pools is driven primarily by the longer resolution timeline created by the TPP requirement.”

Ginnie Mae’s policy change is effective with the monthly reporting due April 2, 2026, which covers March 2026 data. 

For issuers, this means loans in TPPs will not count as delinquent for purposes of ratio compliance, even though they remain reported as delinquent in standard monthly loan-level reporting.

Ginnie Mae said it will regularly monitor the impact of TPP loans on issuer delinquency performance and will give at least 60 days’ notice before returning to its standard calculation through a future memorandum.

Looking ahead, Ginnie Mae also said it expects to review its delinquency threshold policy more broadly in the context of today’s marketplace, signaling potential longer-term changes to how delinquency risk is measured and enforced for issuers.

Flávia Furlan Nunes reported and wrote this article with drafting assistance from HousingWire Automation, an editorial tool that helps transform announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

Ginnie Mae will temporarily exclude loans in Federal Housing Administration (FHA) Trial Payment Plans (TPPs) from issuer delinquency calculations, responding to higher reported rates, the corporation announced last week. 

In 2025, the FHA updated its single-family loss mitigation waterfall and reinstated required TPPs before certain workout options, such as partial claims, can be approved. Under that structure, delinquent borrowers must first complete a TPP before receiving a final loss mitigation solution.

As servicers have evaluated more delinquent FHA loans for assistance under the new waterfall, the volume of loans in TPP status has increased and pushed issuer delinquency rates higher, Ginnie Mae said.

“However, as the new loss mitigation policy matures, the volume of TPPs is expected to normalize,” Ginnie Mae president Joseph Gormley said in a memorandum on April 24. “Therefore, Ginnie Mae will temporarily exclude loans on TPPs when calculating delinquency ratios for compliance purposes until the volume of TPPs returns to expected levels.” 

Intercontinental Exchange (ICE)’s April 2026 Mortgage Monitor shows that the national delinquency rate reached 3.72% in February, up 7 basis points from January and up 20 bps from a year earlier. FHA mortgages account for more than 80% of the recent rise, with seriously delinquent FHA loan volumes up more than 40% over that period.

Ginnie Mae’s March report shows FHA delinquencies averaged 9.2% from October 2025 through February 2026 — up 90 basis points from the prior year. But early-stage metrics remain stable: new delinquencies averaged 5.2%, and 60-day delinquencies held around 1.8%. Meanwhile, the ratio of pooled FHA loans that are seriously delinquent has increased by 128 basis points.

“A meaningful deterioration in mortgage credit performance would typically be reflected in a rapid increase in loans rolling from current or early‑stage delinquency into 90+ day delinquency. The data does not show such a shift,” the report says. “The data suggests that the recent increase in reported delinquency levels for FHA loans in Ginnie Mae pools is driven primarily by the longer resolution timeline created by the TPP requirement.”

Ginnie Mae’s policy change is effective with the monthly reporting due April 2, 2026, which covers March 2026 data. 

For issuers, this means loans in TPPs will not count as delinquent for purposes of ratio compliance, even though they remain reported as delinquent in standard monthly loan-level reporting.

Ginnie Mae said it will regularly monitor the impact of TPP loans on issuer delinquency performance and will give at least 60 days’ notice before returning to its standard calculation through a future memorandum.

Looking ahead, Ginnie Mae also said it expects to review its delinquency threshold policy more broadly in the context of today’s marketplace, signaling potential longer-term changes to how delinquency risk is measured and enforced for issuers.

Flávia Furlan Nunes reported and wrote this article with drafting assistance from HousingWire Automation, an editorial tool that helps transform announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

NEXA Lending announced on Monday that it has hired Christopher Griffith as the company looks to expand its focus on VA lending and loan officer development.

Griffith, who is the owner and founder of Vetted VA, will focus on elevating performance across NEXA’s third-party origination (TPO) channel while advocating for a shift in how lenders approach veteran borrowers. Griffith will continue his role as Director at Vetted VA.

He said the industry should move away from transactional relationships and toward a model centered on education, trust and long-term support.

“Stop focusing on the transaction. Start focusing on the person,” Griffith said.

NEXA Lending CEO Mike Kortas wrote on Facebook that Griffith’s title is “EVP VA Growth and Strategy.”

“It has always been a mission of mine, based on early life experiences, to serve Veterans. Yet with Chris out there doing Vetted VA, it was already well served and the space was a little crowded. But now I can really serve one of my passions…. To give a little back to those that defend my right to do what I do in this great country,” Kortas’ post read.

“Between NEXA Lending and NEXA Cares Foundation, look for many VA changes at NEXA. Really can’t wait to use the foundation, Vetted VA and Midnight Canyon Ranch in unison for some wonderful Vets.”

In NEXA’s official press release, Kortas also said that Griffith’s hiring aligns with the company’s broader strategy of equipping loan officers with tools and training to better serve specialized borrower segments, including veterans.

“Veterans deserve more than a transaction — they deserve professionals who understand them, advocate for them and fight to get it right,” Kortas said.

Griffith said his move to NEXA provides a larger platform to push for higher standards across the industry.

“If you’re not willing to be held to a higher standard, you won’t grow in a meaningful way,” he said. “Veterans deserve to encounter professionals who are genuinely seeking to help, people who operate with a pure heart and clear intent in how they serve, and this move to NEXA Lending matters because it gives me a larger platform to hold people accountable to that standard.”

Kortas said the addition of Griffith is intended to help raise performance expectations across the brokerage’s network.

“We’re not here to be average — we’re here to lead, innovate and give loan officers every possible advantage to serve their clients at the highest level,” he said.

The addition also follows several key hires and promotions at NEXA, which rebranded in October 2025. In January, NEXA hired Todd Bitter as national sales director. Other hires and career changes at the company include the appointment of Von Maharaj as NEXA’s chief financial officer and the promotion of Rana Mortensen to chief administrative officer.

NEXA also hired Tammy Richards as chief strategy officer in October and, before that, named Jason DuPont as chief operating officer and Geri Farr as chief growth officer.

This post was originally published on here. 

NEXA Lending announced on Monday that it has hired Christopher Griffith as the company looks to expand its focus on VA lending and loan officer development.

Griffith, who is the owner and founder of Vetted VA, will focus on elevating performance across NEXA’s third-party origination (TPO) channel while advocating for a shift in how lenders approach veteran borrowers. Griffith will continue his role as Director at Vetted VA.

He said the industry should move away from transactional relationships and toward a model centered on education, trust and long-term support.

“Stop focusing on the transaction. Start focusing on the person,” Griffith said.

NEXA Lending CEO Mike Kortas wrote on Facebook that Griffith’s title is “EVP VA Growth and Strategy.”

“It has always been a mission of mine, based on early life experiences, to serve Veterans. Yet with Chris out there doing Vetted VA, it was already well served and the space was a little crowded. But now I can really serve one of my passions…. To give a little back to those that defend my right to do what I do in this great country,” Kortas’ post read.

“Between NEXA Lending and NEXA Cares Foundation, look for many VA changes at NEXA. Really can’t wait to use the foundation, Vetted VA and Midnight Canyon Ranch in unison for some wonderful Vets.”

In NEXA’s official press release, Kortas also said that Griffith’s hiring aligns with the company’s broader strategy of equipping loan officers with tools and training to better serve specialized borrower segments, including veterans.

“Veterans deserve more than a transaction — they deserve professionals who understand them, advocate for them and fight to get it right,” Kortas said.

Griffith said his move to NEXA provides a larger platform to push for higher standards across the industry.

“If you’re not willing to be held to a higher standard, you won’t grow in a meaningful way,” he said. “Veterans deserve to encounter professionals who are genuinely seeking to help, people who operate with a pure heart and clear intent in how they serve, and this move to NEXA Lending matters because it gives me a larger platform to hold people accountable to that standard.”

Kortas said the addition of Griffith is intended to help raise performance expectations across the brokerage’s network.

“We’re not here to be average — we’re here to lead, innovate and give loan officers every possible advantage to serve their clients at the highest level,” he said.

The addition also follows several key hires and promotions at NEXA, which rebranded in October 2025. In January, NEXA hired Todd Bitter as national sales director. Other hires and career changes at the company include the appointment of Von Maharaj as NEXA’s chief financial officer and the promotion of Rana Mortensen to chief administrative officer.

NEXA also hired Tammy Richards as chief strategy officer in October and, before that, named Jason DuPont as chief operating officer and Geri Farr as chief growth officer.

This post was originally published on here. 

The Real Brokerage Inc. has agreed to acquire REMAX Holdings Inc. in a transaction valuing the franchisor at about $880 million, a deal that would combine one of the fastest-growing U.S. brokerages with one of the industry’s largest global franchise networks.

The all-stock and cash transaction, announced Monday, will create a new holding company called Real REMAX Group that will support more than 180,000 real estate professionals across over 120 countries and territories, according to the companies’ joint announcement. On a pro forma basis, the combined firm would have generated about $2.3 billion in 2025 revenue and $157 million in adjusted EBITDA before synergies.

Real, a Miami-based, technology-focused brokerage with roughly 33,000 agents in the U.S. and Canada, will marry its AI-enabled brokerage platform and proprietary reZEN software with Denver-based REMAX’s globally recognized brand and roughly 8,500 franchise offices. The companies say more than 100,000 of the platform’s agents are based in the U.S. and Canada.

Under the agreement, REMAX and Motto Mortgage will continue to operate under their existing brands and franchise models, while Real will remain an owned brokerage brand. The combined business will span brokerage, franchising, fintech and ancillary services, including integrated mortgage and title offerings.

“This acquisition is an important step on our journey to build a technology platform that empowers real estate professionals and improves the consumer experience,” Tamir Poleg, chairman and CEO of Real, said in an announcement. “Bringing together Real’s technology and operating model with REMAX’s global reach and franchise model is a transformational moment for the industry.”

Erik Carlson, CEO of REMAX Holdings, said the combination is designed to give franchisees and agents “greater choice, higher productivity and expanded support” by layering Real’s technology stack on top of the existing REMAX network.

What the deal means for agents and franchisees

The companies are positioning the transaction as a scale and efficiency play in a brokerage sector still digesting rising costs, lawsuits over commissions and a slower housing market. For housing professionals, the key changes are expected to show up in technology, economics and brand positioning rather than in immediate structural disruption:

• Technology access: Agents under either Real or REMAX brands are expected to gain access to reZEN, Real’s integrated transaction management and back-office platform, along with AI tools and financial services such as Real Wallet.
• Franchise economics: REMAX franchisees are projected to benefit from stronger agent attraction and retention, new revenue opportunities and lower operating costs through shared services and technology efficiencies, while keeping their existing business models and brand identities.
• Scale and deal flow: Real and REMAX together supported roughly 1 million transaction sides in North America and 1.8 million transaction sides globally in 2025, according to the release. Larger networks can command better terms with vendors, tech providers and ancillary service partners.

For brokers and team leaders evaluating their long-term affiliations, the combination may signal a more aggressive push toward integrated, AI-driven platforms at scale. It also suggests that legacy franchise brands and newer virtual brokerages see more upside in partnership than in continued competition, especially as commission structures and agent value propositions evolve quickly.

Financial terms and structure

The deal assigns REMAX Holdings an implied enterprise value of about $880 million, or 7x fully synergized 2025 EBITDA. RE/MAX shareholders will be able to elect to receive either $13.80 in cash per share or 5.152 shares of Real REMAX Group, subject to proration that caps aggregate cash consideration between $60 million and $80 million.

Real shareholders will receive one share of Real REMAX Group for each Real share, following a planned 10-for-1 share consolidation immediately prior to closing. After the transaction closes, Real shareholders are expected to own roughly 59% of the combined company and REMAX shareholders about 41% on a fully diluted basis, assuming the midpoint of the available cash consideration.

The companies said the transaction is expected to be accretive to Real’s earnings and adjusted EBITDA margin in the first full fiscal year after closing, excluding one-time merger and integration costs. They project approximately $30 million in annual run-rate cost synergies, largely from shared services, corporate costs and technology efficiencies, with most of the savings realized by 2027. That level of savings would add roughly 100 basis points of margin expansion once fully realized.

On a stand-alone basis, Real reported an adjusted EBITDA of about $62.9 million in 2025, while REMAX Holdings generated about $93.7 million in adjusted EBITDA, for a combined $156.6 million, according to figures included in the announcement.

Real has secured a $550 million financing commitment led by Morgan Stanley Senior Funding Inc. and Apollo Global Funding LLC to refinance REMAX’s existing debt, fund the cash consideration and cover transaction costs. The companies expect strong cash flow at the combined entity to support rapid deleveraging to below 2x net debt to adjusted EBITDA by the end of the second full fiscal year post-close.

Leadership, headquarters and timing

Upon closing, Poleg will serve as chairman and CEO of Real REMAX Group. Real’s chief operating officer, Jenna Rozenblat, will serve as chief integration officer for the transaction. The combined company will have a 10-member board that includes three directors from the current REMAX Holdings board.

The new holding company will be headquartered in Miami, with significant operations remaining in the Denver area. Its shares are expected to trade on Nasdaq under Real’s current ticker, REAX.

The transaction, which has been approved by both companies’ boards, is expected to close in the second half of 2026, subject to shareholder approval, regulatory clearances and court approval in British Columbia, where certain elements of the deal will be executed via a plan of arrangement. RE/MAX co-founder and chairman Dave Liniger, who controls about 38% of RE/MAX Holdings’ voting power, has agreed to vote his shares in favor of the deal. Officers and directors of Real and their affiliates, holding roughly 16% of Real’s shares, have also agreed to support the transaction.

Why it matters for the brokerage landscape

The planned acquisition underscores how scale, technology and diversified revenue streams are reshaping the brokerage business. For large franchisors facing margin pressure and slower growth, aligning with a younger, cloud-native brokerage can accelerate tech adoption and open up new fee-based services. For tech-forward brokerages, acquiring a global brand and established franchise network can add stable, recurring revenue and international reach that would be difficult and time-consuming to build organically.

For agents, team leaders and franchise owners, the key questions in the coming months will center on how quickly and effectively Real’s platform is deployed across the REMAX network, how economics and fee structures evolve for each brand, and how regulators view concentration in certain markets. The companies’ promise to maintain separate brands and models will be tested against integration goals and cost-savings targets.

Housing professionals watching this transaction will want to track the proxy filings and integration updates for more detail on proposed technology rollouts, fee changes, and any plans around ancillary services — especially mortgage and title — which are increasingly central to brokerage profitability.

This post was originally published on here. 

Former Rocket Pro executive Mike Fawaz, who left the company in February, is launching a new broker platform in May, and he’s partnering with a previous archrival: United Wholesale Mortgage (UWM).

The new platform, Dearborn, Michigan-based Origna8.com, will provide brokers with technology, marketing, recruiting, leads and lender partnerships under one roof. Former Rocket Pro general manager Dan Sogorka, who departed in January, will be the CEO. The nationwide platform, which will work with multiple mortgage products, had about 25 employees in mid-April.

During his tenure at Rocket, Fawaz frequently criticized UWM CEO Mat Ishbia’s “All-In” ultimatum, which penalized brokers for sending loans to Rocket. Fawaz previously called Ishbia a “playground bully” and helped launch Rocket’s “Bully Shield” initiative to pay legal fees for brokers sued by UWM.

But “after sitting with Mat and learning about what he’s done, spending a ton of time looking at the UWM vision, mission, leadership and what they’re trying to do for the broker community, there’s no other place I would rather be,” Fawaz told HousingWire.

Fawaz acknowledged his past statements but said his perspective shifted after viewing the industry from outside the walls of Rocket. “I got to really take a nonbiased look,” Fawaz said. “Whatever statements I made, I still stand by them because I was on the other side of the world. But today, I can tell you I see things a lot differently.” 

Ishbia, who welcomed the partnership, said Fawaz has a track record as a fierce competitor.

“Obviously, Mike’s been an adversary of ours at UWM and me – and obviously, he’s a winner and a leader,” Ishbia said. “The only thing he’s going to get from me is what every other broker gets from me, which is partnership, care, service, turn times, pricing, product, technology, dominance.”

While the new platform maintains an open-door policy, Fawaz does not expect Rocket to join the platform, citing a preference for pure wholesale lenders.

“I want to partner with lenders that are all in for the broker community,” Fawaz said. “If you’re a wholesale lender and you have a retail side, I don’t think we’re going to do anything with you.”

Ishbia echoed this sentiment, reinforcing his stance on multichannel lenders. “We’re a wholesale lender, and there’s no brokers in America that work with both UWM and Rocket because my stance has been that, and it’s going to continue as that stance, to be clear, and always has been,” Ishbia added. 

For UWM, the partnership follows the recent collapse of its Two Harbors Investment Corp. deal. Ishbia declined to comment on the failed acquisition but said the partnership with Fawaz demonstrates that UWM is “here to serve the brokers, and we want to make sure that we deliver excellence for them so they have every opportunity to grow and thrive.”

When asked about potential noncompete agreements with Rocket, Fawaz pointed to his family’s experience fleeing civil wars in the Middle East and Africa in search of freedom in the U.S., where he arrived in 1998 “with a pair of flip-flops.”

“This freedom tells me that I only know mortgages, so I have to do mortgages,” Fawaz said. “I believe in what I’m doing, and because of that, I decided to build Origna8. I decided to partner with UWM, and I decided to partner with several other lenders that believe in the broker community.”

This post was originally published on here. 

When Jesse Allen arrived at Rate in late 2024 to lead its reverse mortgage division, he was immediately tasked with continuing the growth trajectory for the Chicago-based mortgage lending giant.

Rate has long been a leading forward mortgage lender, ranking No. 9 nationally in 2025 with $45.6 billion in volume, according to Inside Mortgage Finance. Its place in the reverse lending landscape is relatively small, with the company endorsing 235 Home Equity Conversion Mortgages (HECMs) in 2025, good for 17th in the country, Reverse Market Insight reported. Still, that represented 54% growth from the prior year.

Allen, a longtime reverse mortgage professional with previous stops at OneTrust Home Loans and American Advisors Group, recently sat down with HousingWire’s Reverse Mortgage Daily for a wide-ranging interview. The San Diego-based executive and board member for the National Reverse Mortgage Lenders Association (NRMLA) discussed Rate’s business strategy, proprietary products, competition from the home equity investment space and more.

This interview has been edited for length and clarity.

Neil Pierson: You came to Rate 18 months ago to lead the reverse mortgage division. What have you been able to do since then to bring your vision and strategy to life?

Jesse Allen: That’s been a fast 18 months. The short version of that story is we were able to quickly build on the existing platform that was here. Rate has been passively doing reverse for years — 100 loans or so a year, just because of the power of the brand and the distribution.

Before I joined the team, they had put some effort into really growing the business, and they doubled the business in 2024 versus the year before. But it got to a place where they decided to really go after it as a growth business versus a product offering. And that’s when my team and I plugged in.

We built on anything and everything that was working, like a lot of the infrastructure they had in place with the traditional forward mortgage loan officers in getting them trained. Last year, we saw the number of traditional LOs that participate in reverse go up by 60% year over year.

We had to scale the entire platform, from the LOS to the CRM. We’re gaining share — in March we were 100 basis points better on market share, probably one of the fastest-growing lenders. So we’re pretty happy with the progress, but we have a ton of work to do.

Pierson: Everyone can see you’re growing in the HECM market, but proprietary products are what most companies are relying on today for growth. What is Rate doing in that arena right now?

Allen: 55-plus lending is how we go to market. And within that, we have a full suite of reverse products and all of the mainstay, proprietary products that are available in the marketplace. We have five different investors with these products. We offer all of them on a nondelegated principal agent basis, so we don’t have our own proprietary products, but honestly, I don’t see the need for it.

Most of the investors, we have great relationships with them — Longbridge Financial, Finance of America, Mutual of Omaha, Smartfi Home Loans, Nationwide Equities. We trust their service levels; we know their operators. With everything else we had to do, deploying our own proprietary loans wasn’t at the top of the list, so we decided to just add all their products.

Proprietary, as a mix of our business, is a really significant portion of the growth. Last year, I would say, it accounted for 30% of our client transactions and probably 55% or 60% of our dollar volume.

I think that a full product suite is important because HECM is an important cornerstone to the industry. But there are some guideline reasons where that product doesn’t. fit. Similar to forward mortgages, where if the government or conventional products don’t fit, you want to come in with non-QM, I think proprietary reverse is a way to think about how to serve clients that the Federal Housing Administration (FHA) doesn’t.

It’s been a great, natural evolution, and it’s certainly broadened the number of clients we can serve as an industry. Finance of America’s HomeSafe Second is an example of that — a second-lien product that didn’t exist before. That opens up the box to help more clients who are comfortable with their debt service. They don’t want to refi, but they want to tap their equity with some of the benefits of a reverse mortgage.

Pierson: Let’s change gears and talk about Hispanic homeownership, since that’s really driving U.S. homeownership growth in general. Rate has made a concerted effort to serve underserved borrower communities like this, so how does that fit into your strategy for reverse?

Allen: I think it’s safe to say Rate did put a stake in the ground several years ago around serving the multicultural client — and specifically, Hispanic clients — end to end.

We’re in the early stages as it relates to reverse. As a great example, we’ve identified where we can move the needle while working on the technology components to catch up, which in reverse is always a long journey.

We took a look at all of Rate’s retail loan officers, vice presidents who are trained and certified to participate in the multicultural business. They’re bilingual, in many cases. All these VPs that are working with the Hispanic market and are also certified to do reverse, we’ve aligned them to a Spanish language specialist. We’ve seen some early success there, but we have a lot of work to do to fully engage in that strategy.

Pierson: A recent report showed a large financial gap for many seniors who seek reverse mortgage counseling. It struck me as interesting, because some have argued that to grow the reverse mortgage market, you need to go after wealthier, non-needs-based clients. But there’s evidently many people who still need a reverse mortgage for emergency funds. How do you balance the needs of this group while growing sales through other types of borrowers?

Allen: It’s a great question. In fact, we’ll do a couple of sessions at the upcoming NRMLA Western Regional Meeting on how we, as originators, should support the appropriate use of the appropriate product with the appropriate client at the right time.

Proprietary product evolution is happening at light speed, based on the historical perspective in the industry. And I think that emergence of product complexity makes it harder for loan officers while creating a ton of incremental opportunity. I think the industry needs to continue focusing on, how do we help loan officers identify the right product for the right client at the right time?

I bring that up because it’s sort of connected to this question about product expansion, growing the pie and really identifying that next tranche of more strategic use cases who want to monetize their equity for better retirement outcomes. That’s a massive opportunity for the industry and, frankly, for families and communities. People need to monetize their equity without the debt service.

It is also true that we can’t forget the legacy buyer in the space, the more needs-based client. Maybe they had a foreclosure notice. Maybe they’re running behind with taxes or they’re inundated with unsecured debt. We know that 97% of people who go into retirement today do so with debt. Mortgage is a big piece of that unsecured debt.

While the industry is very enamored with pie growth and serving new clients with proprietary product innovation — and rightly so — it is equally important to stay focused on our legacy clients and serving those who are in most need, which was the catalyst for the industry to begin with.

Pierson: Lastly, let’s talk about home equity investments (HEIs) which have been a controversial product recently. There are lawsuits being filed against providers all over the country. The products aren’t just for senior borrowers, but they can compete against traditional reverse mortgages. How do you frame your client conversations around HEIs?

Allen: It’s a big topic. I would say the existence of these home equity investment products and more creative HELOC programs — like Longbridge’s HELOC for Seniors and Finance of America’s HomeSafe Second — send a very clear message that equity release is a really big deal. We need to help consumers access their equity in responsible ways in order to drive better retirement outcomes.

I’m not an expert on the HEI business, but I think the important piece is about consumer education, disclosure and a well-trained sales force. So you think about third-party, independent counseling that we’ve had in reverse for years. I don’t believe that’s required for an HEI program. I do think you need this overlay of safeguards, depending on who you’re serving.

When it gets down to the client discussion, what I say to family members or our financial adviser referral partners is, “The devil’s in the details.” You have to understand the product, and you’ve got to work the math. These products can be very confusing.

We have robust disclosures in mortgage banking. I think alternative product solutions are healthy, but they still require rigorous consumer safeguards, and I think the reverse mortgage industry, frankly, could be a good template to use when you start thinking about alternative products.

This post was originally published on here. 

For decades, mortgage lending has been built around a single objective: to make homeownership affordable.

The 30-year fixed-rate mortgage became the dominant structure because it lowers monthly payments, expands borrower eligibility, and fits cleanly into underwriting frameworks built around debt-to-income ratios. It works—and it worked at scale.

But in optimizing for affordability, the industry made an implicit trade-off:

It deprioritized capital efficiency.

Affordability vs. Efficiency

Lower monthly payments do not mean lower cost. They mean the cost is extended over time.

A 30-year amortizing loan reduces payment burden by stretching repayment across decades. But that same structure increases total interest paid, slows equity accumulation, and directs borrower cash flow toward principal reduction regardless of individual financial priorities.

For a borrower who plans to remain in a home for 20 or 30 years, that trade-off can make sense.

But that is no longer the median borrower profile.

The assumptions behind the system

The modern mortgage system treats amortization as the default path to financial progress: pay down principal, build equity, create wealth over time.

That model depends on a specific set of assumptions:

• long-term property ownership 
• stable income 
• limited need for liquidity 
• minimal refinancing or restructuring 

Those assumptions are becoming less reliable.

Borrowers move more frequently.
Refinance cycles—while rate-dependent—remain a structural feature of the market.
Liquidity and flexibility are increasingly prioritized, particularly in a higher-rate, more volatile environment.

Yet the system continues to default to a single structure designed for a different borrower reality.

When amortization misaligns

Amortization is not inherently inefficient. It becomes inefficient when it does not align with the borrower’s intent.

Consider a borrower who expects to sell within five to seven years. In that scenario, a meaningful portion of each payment is directed toward principal that may never be fully realized as long-term equity. The borrower is effectively prepaying a benefit they may not use.

Or take a high-income borrower prioritizing liquidity and alternative investments. Forcing excess cash flow into home equity may carry a higher opportunity cost than maintaining flexibility.

In both cases, the issue is not the interest rate. It is the structure.

The industry tends to price mortgages as if the rate is the primary variable. In reality, structure often determines financial efficiency.

Rethinking the mortgage payment

A mortgage payment isn’t just an obligation—it’s one of the largest recurring capital allocation decisions a household makes.

Every dollar directed toward principal is a dollar that cannot be used elsewhere:

• maintaining liquidity 
• investing in higher-yielding assets 
• managing short-term financial volatility 
• preserving optionality in uncertain markets 

The traditional mortgage system assumes that forced equity accumulation is always beneficial. In practice, that depends entirely on the borrower’s objectives and time horizon.

Why this matters now

This misalignment is becoming more visible in the current environment.

Higher rates have reduced refinance incentives, increasing the importance of getting the initial structure right. At the same time, affordability constraints are pushing lenders and borrowers to reconsider how payments are constructed—not just how large they are.

Meanwhile, advances in financial data—real-time income verification, asset visibility, and cash-flow analysis—are making it easier to understand how borrowers actually manage capital, rather than relying on static proxies.

The combination creates pressure for a more flexible, intent-aligned approach to mortgage design.

Expanding the framework

Once the conversation shifts from affordability to capital efficiency, the range of viable structures expands.

Shorter amortization schedules may better serve borrowers focused on rapid equity accumulation.

Hybrid or adjustable-rate mortgages can align with shorter expected holding periods.

Interest-only features—often misunderstood—can provide strategic flexibility for borrowers prioritizing liquidity or capital deployment.

This is not about replacing the 30-year mortgage. It is about recognizing that it is one solution among many—and often an over-applied default.

A system built on standardization

The dominance of the 30-year mortgage is not accidental. Standardization simplifies underwriting, pricing, and securitization. It creates consistency across origination, servicing, and capital markets.

But standardization also limits adaptability.

A system optimized for uniformity will inevitably struggle to accommodate variation in borrower behavior. The result is a market that is highly efficient at scale—but often misaligned at the individual level.

What this means for lenders

For lenders, this shift is less about product proliferation and more about borrower segmentation.

The opportunity is not to replace existing products, but to better match them to borrower intent:

• distinguishing short-term vs. long-term ownership profiles 
• identifying liquidity-sensitive borrowers 
• aligning structure with expected time horizon and financial strategy 

As data improves, the competitive advantage will shift toward lenders who can move beyond qualification and toward optimization.

Not just: Can the borrower afford this loan?
But: Is this the right structure for how the borrower will actually use capital?

From product-driven to intent-driven

Mortgage design has historically been product-driven. The next evolution will be intent-driven.

The industry succeeded in expanding access to homeownership through affordability. The next phase is improving outcomes through alignment.

Because in a market where borrowers behave differently from the product’s assumptions, efficiency is not determined by the loan itself.

It is determined by how well the structure matches the borrower.

Gerald M. Green is a 33-year veteran of the mortgage industry with deep expertise in
evaluating, implementing, and improving loan origination systems.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the editor responsible for this piece: zeb@hwmedia.com.

This post was originally published on here. 

Builders are generating more online leads than ever, but many are missing what matters most: speed. The homebuying journey now begins with an online inquiry, a form submission or a request for pricing and the outcome is increasingly determined by how quickly a builder responds.

New Home Star is working with builders to address this shift, helping them rethink how speed-to-lead impacts conversion, customer experience and overall sales performance. What was once a general concept has become a measurable operational priority.

Despite that, many builders are still struggling to meet the expectations of today’s buyers. Response times can stretch to 48 hours or longer, particularly when there is no dedicated online sales function in place. That disconnect between buyer expectations and builder response is where opportunities are lost and where competitive advantage is increasingly won.

Why speed to lead matters more than ever

The demand for faster information has driven an evolution in consumer behavior. Buyers are researching multiple communities and submitting inquiries to several builders in rapid succession. That means the first response often determines who earns the conversation.

Industry benchmarks suggest that responding within minutes significantly increases the likelihood of qualifying a lead. Even short delays can lead to steep declines in engagement. The practical reality is simple: If a buyer does not hear back, they move on.

This is not unique to housing. It reflects a broader shift in how consumers expect to interact with businesses. Speed is not just about responsiveness. It is about capturing intent at the exact moment it exists. Once that moment passes, the likelihood of a conversion drops sharply.

The hidden gap between technology and execution

Most builders already have the tools needed to improve response times. The challenge is not access to technology. It is how that technology is used, or if it is being used at all. The core of this problem lies with the customer relationship management (CRM) system. Despite widespread adoption, CRMs are frequently underutilized. Even basic implementation by loan originators is lacking, such as sending an immediate email or text message in response to an inquiry.

This failure leads to a major disconnect. Home builders may successfully generate thousands of leads, but a lack of automation and established processes leads to slow, inconsistent follow-up and response times. This ultimately translates to significant lost opportunities. The issue is not a matter of technical capability, but rather a breakdown in training, leading to failures in execution, alignment and accountability.

The role of the online sales concierge

One of the most effective ways builders are addressing this challenge is through a dedicated online sales concierge model. The online sales concierge (OSC) serves as a centralized point of contact for inbound leads. Instead of routing inquiries directly to on-site sales agents who may be busy with walk-ins or appointments, the concierge ensures immediate and consistent engagement.

Builders that implement this model tend to see faster response times and more structured lead management. This approach also creates a clearer handoff between marketing and sales teams. Leads are captured, acknowledged and qualified before being passed to the field team.

However, success in using an OSC requires more than just having the service available. It hinges on setting clear response expectations, providing proper training and integrating the OSC’s work with CRM workflows. High-performing OSCs commonly aim for a five-minute response time, which is usually achieved through the support of automation and consistent performance monitoring through reporting.

Automation as the foundation for speed

Automation is the foundation of any effective speed-to-market strategy. Modern CRM platforms allow builders to trigger instant responses the moment a lead is submitted. These responses typically include an email or text message that acknowledges the inquiry and sets expectations for follow-up.

This immediate engagement and automation ensure that no lead goes untouched during the critical first minutes. It also creates consistency across all inquiries, regardless of time of day or team availability. That said, automation is only part of the solution, and should be paired with a timely human follow-up to move the conversation forward. The combination of automated outreach and rapid personal engagement is what drives meaningful improvements in conversion.

Where AI fits into the future of lead response

As builders continue to refine their processes, AI is beginning to play a role in speed-to-lead strategies. The primary challenge in lead response is availability. Even well-staffed teams cannot respond to every inquiry instantly, especially during peak times or outside business hours.

AI offers a way to extend coverage by providing immediate responses, qualifying leads and routing them appropriately. Early use cases focused on after-hours engagement and overflow support. This allows builders to maintain responsiveness without significantly increasing staffing. While adoption is still in early stages, AI is expected to become an important layer in the overall response strategy as builders seek to reduce delays and improve consistency.

Building a repeatable playbook

Leading builders are moving toward more formalized speed-to-lead playbooks. These playbooks define how leads are handled from the moment they are captured through initial engagement and qualification. Key components typically include response-time expectations, CRM automation standards, defined roles for online sales teams and performance tracking.

Reporting is a critical element. Dashboards that track response times and conversion rates allow leadership to identify gaps and measure improvement over time. Without this level of visibility, speed-to-lead remains difficult to manage. With it, builders can continuously refine their approach and demonstrate clear business impact.

The operational shift that drives results

The most important change builders can make is operational, not technological. Establishing a dedicated online sales function and committing to a defined response-time standard lays the foundation for improvement. Once that structure is in place, builders can begin measuring performance, identifying inefficiencies and optimizing their processes.

This shift requires alignment across teams. Marketing, sales and leadership must agree on expectations and accountability. When speed to lead is treated as a core business metric, it becomes possible to scale improvements and drive consistent results.

The future of speed to lead in home sales

Speed-to-lead is becoming a defining factor in home sales performance. As buyers continue to expect faster, more seamless interactions, builders who prioritize response time are better positioned to capture demand and improve conversion rates.

Investments in CRM automation, online sales teams and emerging technologies like AI are helping builders move in that direction. The long-term advantage will belong to those who can combine speed with consistency, creating a responsive and reliable experience from the very first interaction.

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This post was originally published on here. 

Securing homeowners’ insurance is reshaping the homebuying process itself. Premiums are rising, carriers are pulling back from entire states and buyers are increasingly discovering, sometimes days before closing, that the home they plan to purchase is either too expensive to insure or cannot be insured at all. What was once a routine, last-step check is now introducing unnecessary uncertainty into the transaction. 

These challenges are doing more than delaying closings. Millions of homeowners are uninsured, underinsured or completely priced out of securing coverage. Homeowners insurance premiums rose 8.5% in 2025 after an 18% increase in 2024, pushing average annual costs to record levels.  As costs climb, it becomes a key factor in whether a deal will move forward at all. 

Builders face a new transaction risk

For builders, this creates a new layer of operational risk that cannot be solved at the eleventh hour. Insurance has traditionally been treated as a downstream task, handled late in the process after financing is secured. But in today’s lending environment, that approach is breaking down. Rising insurance costs are beginning to affect borrower qualification, increase debt-to-income ratios and, in some cases, push borrowers out of eligibility entirely. 

The solution is not simply better access to insurance, but a shift in when and how insurance enters the transaction. Integrating insurance earlier in the homebuying process is emerging as a practical way to reduce the friction found later on. By surfacing coverage options and potential insurability issues up front, builders can create a more predictable experience for buyers and avoid last-minute surprises that derail deals.

According to Zillow, 15% of individuals asked about buying a home said they were looking for home insurance as one of their first three steps. This disconnect highlights how misaligned the traditional process has become with the current realities for homebuyers. 

With a more proactive model, builders can work with an experienced insurance agency to pre-underwrite properties and generate home insurance quotes earlier in the purchase journey. This approach flags potential insurability issues upfront before they become closing-day surprises. 

At the same time, price volatility is changing consumer behavior, with more homeowners actively shopping for new policies and reevaluating coverage as premiums rise year over year. 

This is especially important in new construction, where first-time buyers are often navigating the process and rely heavily on the builder’s partner ecosystem. Access to insurance guidance at the point of purchase can help buyers make more informed decisions and give builders greater confidence that transactions will proceed as planned. 

“Westwood Insurance Agency brings real market breadth to a process that has historically offered homebuyers little choice and even less transparency,” said Tom Kriby, VP of Client Development and Partnerships at Westwood Insurance Agency. “The result is a smoother transaction for buyers, builders and lenders alike.” 

That depth of knowledge is increasingly important as the insurance market fragments. No single carrier can consistently provide competitive coverage across all risk profiles and regions. Therefore, a more integrated model, one that connects builders, agencies and multiple carriers earlier in the process, allows for greater flexibility and visibility. 

The competitive advantage of proactive partnerships

For lenders and builders alike, this shift is less about convenience and more about risk management. “The availability and affordability of coverage has become a material factor in transaction outcomes and customer experience,” said Kriby. “The organizations that navigate this environment most effectively are those that are building the right partnerships and thinking proactively about how to reduce insurance-related friction in the journeys their customers are taking.”

Rising rebuilding costs are up nearly 30% over the past few years, and are continuing to pressure premiums and reshape the underwriting standards across the market. For builders operating anywhere in the financial services ecosystem, the takeaway is clear. More than half of buyers are reporting that insurance is a contingency in their final offer. Homeowners insurance can no longer be left as the final box to check at the end of the transaction. Coverage availability and affordability are now directly shaping whether deals move forward, how smoothly they close and how buyers experience the process.

The builders who will navigate this environment most effectively are not reacting to insurance challenges at closing. They are building the right partnerships, integrating insurance earlier into their workflows and proactively reducing friction before it reaches the buyer. With premium growth expected to remain elevated due to risks such as climate change, inflation and rebuilding costs, insurers are expected to continue to adjust pricing and availability well into 2026.  In a market where certainty is harder to secure, the shift toward integrating insurance earlier in the homebuying process is not just operational. It is a competitive advantage.

This post was originally published on here. 

The share of first-time homebuyers has fallen to 21% of all transactions — the lowest level since the National Association of Realtors (NAR) began tracking the data in 1981.

For real estate agents, the shift is not a temporary blip. It’s a structural change reshaping how agents build their businesses, talk about value and prepare for a future in which the traditional pipeline of new homebuyers has stalled.

“When first-time buyers fall to just 21% of the market, it fundamentally shifts the agent business from one built on volume to one centered on expertise and long-term value,” said Alex Vidal, president of ERA Real Estate. “For decades, first-time buyers made up closer to 40% of transactions, creating a reliable entry point for new client relationships, but we haven’t seen that level since before the Great Recession.”

The decline carries a hidden consequence for the profession itself; fewer first-time buyers means fewer entry points for new agents, said Ruth Krishnan, head of the Compass-affiliated Krishnan Team in San Francisco.

“If there are fewer first-time homebuyers, it will be harder for new agents to enter the real estate business,” she said. “Many new agents cut their teeth on first-time homebuyers. It’s not unusual for someone to meet a buyer at an open house and start working with them.

“Alternatively, many first-time homebuyers often reach out on Zillow and begin working with [the] agent [who] shows up to show them the house, which is often a younger agent who is working the leads of a bigger team that is paying for those leads.”

In Texas, agents are seeing a similar dynamic play out.

“It definitely changes things,” said Lauren Kennemer, a Compass Realtor based in Austin. “For a long time, first-time buyers were how a lot of agents built their business and future pipeline. With fewer of them in the market, there’s been a shift toward really leaning into repeat clients and referrals.

“So, instead of focusing on volume, agents are focusing more on relationships — staying in touch, being a resource and thinking long-term.”

Not every market is feeling the shift equally. In Cottage Grove, Minn., broker-owner Justin Fox of REMAX Professionals said the impact has been less pronounced.

“Aside from [fewer] overall units sold, which isn’t necessarily related to first-time buyers, we haven’t seen a meaningful impact in our market,” he said. “Homes priced at or below our median sales price, that are priced appropriately, are still moving and freeing up those sellers to move up.

“Although townhouses and condo sales aren’t as robust as single-family homes, I believe much of that is due to insurance rates and their impact on the monthly association fees.”

Why boomers staying put means fewer homes for everyone

Baby boomers now dominate both the buying and selling sides of the market, accounting for 42% of purchases and 55% of sales, according to NAR.

Meanwhile, older millennials (roughly ages 36–45) — now the highest-earning buyer cohort at a median income of $132,700 — are purchasing larger homes and leveraging accumulated equity rather than entering the market for the first time, according to those surveyed by NAR.

The aging of the baby boom generation has not produced the flood of inventory many analysts anticipated.

“Baby boomers own a disproportionate share of U.S. housing and, for now, they’re largely staying put,” said Ginger Wilcox, president of Better Homes and Gardens Real Estate. “The long-anticipated wave of listings has not materialized because many homeowners are remaining in their homes longer than expected, even as lifestyle and care needs evolve. That reality continues to constrain inventory.”

Fox offered additional perspective on what happens when boomers do sell.

“Many are not repurchasing replacement homes,” he said. “Accordingly, owners exiting the market [not repurchasing] may begin to lower demand if they are not replaced by first-time buyers or buyers re-entering home ownership after an ownership break [due to] credit issues, family changes or strategic financial breaks.”

In San Francisco, Krishnan said many boomers are choosing to stay despite having more space than they need.

“I’ve not personally seen a ton of the baby boomers selling,” Krishnan said. “Many sellers that I speak to in this demographic have low interest rates on their homes and love living in San Francisco. Even though interest rates are not as high as they once were, when they’re looking to downsize in San Francisco, they just don’t really see the value of what they can get versus what they will give up, given the interest rates.

“So, even though the house is more than they need, in many cases, they’re just staying put. Many of these people see their mortgage as an asset, and I think, at least in San Francisco, until interest rates go down, many baby boomers will choose not to sell.”

Vidal said many boomers choosing to downsize often have significant equity and cash.

“That’s allowing them to outcompete first-time buyers for a limited supply of smaller or more affordable homes,” he said. “The result is a market where inventory remains constrained, competition stays elevated and affordability challenges persist — particularly at the lower end of the price spectrum — unless new supply meaningfully increases.”

How agents must change conversations about value

With repeat purchasers now representing nearly 80% of buyers, agents cannot rely on the emotional pitch of the “American Dream” alone.

Today’s buyers arrive with very specific expectations, Wilcox said.

“First-time buyers are entering the market later in life and with a clearer sense of what they want than previous generations,” she said. “They have been watching the market longer, they know their priorities and they think carefully about how a home will function across the full arc of their lives, not just right now.

“Buyers are prioritizing livability over square footage. A smaller home with a flexible, well-designed layout appeals more than a larger one that doesn’t adapt to how people live.”

Fox took a blunt approach to the rent-versus-buy conversation.

“With all of the online experts saying it’s cheaper to rent, people need to be reminded that renting is 100% interest,” he said. “When renting, you will never benefit from principal paydown. In 30 years, a renter will have nothing to sell. In 30 years, a homeowner will own their home outright and can sell it for cash to fund their retirement or pass along to their heirs.”

For repeat buyers, the conversation looks fundamentally different.

“They already ‘get’ homeownership, so it’s less about selling the dream and more about helping them make smart moves,” said Kennemer. “They’re thinking about equity, timing and what makes sense for their next stage of life.

“So, our role is more about guidance — helping them look at the bigger picture and make decisions that actually move them forward, not just into another house.”

In high-cost markets like San Francisco, the path to homeownership often involves multiple steps over many years.

 “The vast majority of first-time home buyers do not have the initial budget to buy their forever home,” Krishnan said. “Instead, they purchase the best home that they can afford at that time. Over the next five or six years, they save more and gain equity. It’s not unusual for Bay Area residents to move up substantially in their careers, and when the stars are properly aligned, the home also appreciates during that time.

“They take the equity from their first home, plus their additional savings, and they buy the next home. Sometimes it can take three homes to get to the end of the journey.”

Preparing for a generational handoff

For agents and brokerages, affordability remains the single biggest hurdle, but the nature of that hurdle varies by market.

“In our markets we have pretty robust down payment assistance programs available, so down payment isn’t generally a roadblock,” Fox said. “It’s the monthly payment, which includes insurance and property taxes that makes the biggest impact. In many markets, dramatic increases in property taxes are forcing lower-income buyers, as well as investors, to consider different areas with lower property tax burdens.

“In all areas, we’re coaching our clients to consider things that could affect homeowners insurance rates, such as older roofs and past water damage.”

In San Francisco — even with intense competition — brokerages are finding small ways to ease the burden.

“I know that Compass recently signed a deal with Rocket Mortgage that allows clients working with Compass agents to get 1% off the interest for the first year,” Krishnan said. “This doesn’t solve the cash issue, but at least it helps a bit with initial affordability.”

Fox does not expect the low first-time buyer share to persist for years.

“Rising costs forced many buyers to pause their searches, but we’re already seeing many return as they’ve readjusted their finances and living situations,” he said. “Insurance and mortgage rates seem to be normalizing, so many of the wait-and-see-type are also returning. Agents need to focus on their value and their relationships.”

Vidal agreed that demographics will eventually force a reset.

“If first-time buyers were to remain at historic lows for an extended period, it would create continued pressure on prices, sustained demand in the rental market and force brokerages to rethink long-term growth strategies — but it’s not a permanent state,” he said. “Demographics alone make that clear: millions of homes currently owned by baby boomers will eventually transition, even if some are retained as rentals along the way.”

Kennemer offered a warning for a scenario in which first-time buyers never recover their market share.

“First-time buyers are what keeps everything moving. Without them, the pipeline gets thinner,” she said. “So, the industry is going to have to adjust — whether that’s better financing options, new ways to help people get into homes or just doing a better job of building relationships earlier.

“The agents who think long-term and adapt to that are the ones who will stay ahead.”

This post was originally published on here. 

Confronting heavier incentives, price cuts, tepid demand and margin pressure, PulteGroup opened the year with a mix-shift pivot that leans more heavily on build-to-order and active adult sales.

Pulte’s Q1 2026 earnings call, held on Thursday, indicates that the nation’s third-largest homebuilder by sales volume made progress on this goal, despite an added layer of economic uncertainty sprinkled into the operating backdrop. 

Rather than chasing volume, Pulte focused on profitability.

This meant that the builder actively reduced its new spec deliveries, selling through old spec inventory and matching new starts with sales cadence.

What’s more, PulteGroup adapted its course to play to its strengths, with a greater share of active adult and build-to-order sales, both of which tend to drive higher margins. 

While other builders, such as M/I Homes, reaffirmed their commitment to maintaining pace with spec deliveries, Pulte is taking a contrarian approach. 

“We have said we are not going to chase volume. We are going to get our company back to a build-to-order model, which we are doing,” PulteGroup’s President and CEO Ryan Marshall said on the earnings call. 

Long viewed as one of the more margin-resilient public homebuilders, Pulte believes this strategic shift will allow it to exit 2026 with stronger margins than it started with.

Still, execution will be challenging, and the payoff is unlikely to materialize overnight.

A shifting product mix

Pulte is executing on plans to shift the enterprise’s business back to a historic mix of 60% BTO and 40% spec. This will take some time, likely until at least Q1 of next year. However, Marshall said that he is happy with his team’s progress so far. Build-to-order inventory now accounts for 43% of net new orders, up from 40% last year. 

“This quarter was just the first step in a process that will take several quarters to complete, but I am encouraged by such early success,” Marshall said. 

Pulte reduced its total spec inventory by nearly 900 homes from a year ago and its specs under production by 24% year-over-year, underscoring progress toward its stated goal.

Another benchmark is keeping the number of finished specs per community to a level typically between 1.0 and 1.5. Pulte finished the quarter with 1.4 finished specs per community, on the higher end of the range.

When asked whether the team is working on lowering that number closer to the bottom of that range, Marshall responded:

“The way I would guide you on that is that we are inside the target range that we want for specs, and we are very comfortable operating at the lower end or the higher end of that range. We want to be inside that range. Beyond that, the range will be driven by specific community-level decisions and the type of buyer we are going after, and whether it is a true entry-level or more of a move-up type community. That is the reason we gave a range on that,” Marshall said.

In addition to a greater emphasis on BTO, Pulte also plans to continue growing its Del Webb active adult brand, which delivers the best margins of any product or customer segment Pulte serves. Not long ago, Del Webb accounted for about 20% of closings.

Last quarter, the active adult brand represented 23%, first-time 38%, and move-up 41%. Del Webb is expected to soon climb to 25% of closings. 

Price and margin pressures grow

Marshall sounded optimistic about Pulte’s standing and future growth outlook. However, average sales prices (ASP) continued to fall across all buyer groups, and margins compressed even further. The average sales price fell 5% year over year to $542,000. 

“ASP was down mid-single digits across each buyer group and reflects the generally competitive conditions and elevated incentives that exist in many markets across the country,” PulteGroup’s Executive Vice President and CFO Jim Ossowski said. 

Incentives now account for 10.9% of gross sales price, up 290 basis points from last year and 100 basis points from last quarter. Elevated incentives are a major contributor to compressed margins, Ossowski pointed out. 

Gross profit margins also fell to 24.4%, down 310 basis points compared with a year ago, and up slightly on a quarter-over-quarter basis. 

The builder forecasts that margins will likely compress even further next quarter, but official guidance calls for a resurgence in the latter half of the year, with the full-year margin guide at 24.5% 

“I would note that we expect Q2 gross margins to be the low point for 2026. We are forecasting gross margins to recover in the back half of the year as we benefit from increased closings of higher margin active adult and build-to-order homes,” Ossowski explained. 

Incentive use will likely stay elevated across the homebuilding industry for some time due to a difficult macro environment and competitive homebuilding landscape, Ossowski said. However, he also believes that Pulte’s incentive rate will tick down, as the product mix that it is leaning into more heavily – less price- and interest-rate-sensitive homebuyers – generally requires fewer incentives. 

“We are assuming a higher incentive load, but we would expect it to likely come down, driven by a couple of factors. One would be more build-to-order and more move-up and active adult business, where we tend to incentivize less. We have also cleared a lot of the finished spec inventory, which we were carrying with a higher incentive load,” he explained. 

Geographic breakdown

Marshall noted that Florida has been a major bright spot for Pulte, despite reports that many other builders are struggling in that state in recent quarters due to affordability constraints, flattening population growth and high insurance costs. This isn’t necessarily a surprise, since Pulte’s Del Webb brand plays well among the Sunshine State’s high population of retirees. 

Still, the growth in Florida is impressive. Net new orders grew 18% in the state year over year, compared to a 3% increase company-wide. 

“We are very happy with most of what we are seeing out of Florida, and this has been the third or fourth quarter in a row where we highlighted the strength of the Florida market. If you went back a year ago, I think we were an outlier, outperforming a market that was arguably a little tougher. Florida has continued to get better over the last 12 months, and it is at the best point that we have seen it in a while,” Marshall said. 

Marshall also pointed to the Midwest as a positive region.

“Our Midwest business also tends to be more move-up and active adult, which, as we have highlighted, continues to be one of the stronger consumer groups,” he said. 

Spring selling season demand is solid, despite uncertainty

Pulte’s closings fell 7% year over year, but the builder is clearly willing to sacrifice on sales pace to maintain a higher profit margin than most of its public competitors. 

Despite some economic uncertainty and volatility, it is too early to say what the long-term impacts will be from the war in Iran, Marshall said. The earnings call revealed that the first quarter developed like a typical spring selling season, as it normally does, with orders increasing each month. 

“Given everything that is happening in the world, demand has actually held up better than might be expected, and could certainly improve if global tensions eased and interest rates came back toward 6%. 

Marshall did acknowledge that there is a high level of uncertainty and that costs could go up if economic disruptions continue for too much longer. After all, as Marshall said, “we did not have any of the current geopolitical disruption on our bingo card” to start the year. 

“We are in a conflict. If it continues, there will be real cost increases. But we are not going to overreact to the whipsawing of markets up and markets down based on what is happening on a day-to-day basis from the conflict,” he explained. 

However, he also reported that the spring selling season was quite strong. In particular, move-up and active adult buyers, who are less sensitive to mortgage rate volatility and economic uncertainty, performed well. 

“When rates came down to 6%, maybe even a touch below 6%, things were moving along really well. Despite the things that are going on globally, it is still, I think, a very good spring selling season, and we are pretty pleased with what we have delivered and how it has set us up for the full year,” Marshall said. 

This post was originally published on here. 

The fight over Illinois Gov. J.B. Pritzker’s sweeping housing reform agenda is intensifying as both sides harden their positions.

Supporters and detractors by the thousands delivered their opening arguments Thursday at the first major hearing on Pritzker’s six-bill package.

Pritzker’s BUILD plan seeks to lower costs by making construction easier and faster statewide. It would override local zoning rules by legalizing duplexes, triplexes, four-flats and accessory dwelling units.

It would also eliminate single-family zoning on lots larger than 2,500 square feet. A tiered density system would allow up to eight units on lots exceeding 7,500 square feet.

The plan puts Gov. Pritzker, a possible 2028 Democratic presidential hopeful, in step with a national push for housing affordability. Democratic Michigan Gov. Gretchen Whitmer, also mentioned in 2028 presidential discussions, is fighting for similar reform in her state. Republican Indiana Gov. Mike Braun signed housing reform into law last month, expanding by-right housing approvals and limiting some local zoning authority.

Illinois, like many states, faces a housing affordability problem – not enough homes are being built to keep prices in check. Restrictive zoning and delayed approvals are key reasons why. The state faces a shortage of roughly 270,000 housing units, according to government estimates. That gap has pushed rents and home prices well above what many residents can afford.

At the hearing, Emily Bloom-Carlin, housing and community development director at the Metropolitan Planning Council, cited the toll downzoning took on Chicago. A joint study with the Urban Institute examined five decades of Chicago zoning and found that neighborhoods banning apartments and multi-unit housing saw rising costs, falling affordability and increased racial segregation.

“The kind of restrictive zoning that those neighborhoods were down-zoned into is already the baseline in most Illinois neighborhoods,” Bloom-Carlin said.

Pritzker’s housing plan draws supporters, skeptics

In Chicago, city lawmakers have instituted programs to boost missing-middle housing and have ended parking mandates, though those changes are just now taking effect. Bloom-Carlin pointed to housing reforms in Austin that increased supply and improved affordability, a case Michigan reform proponents have also cited in their push.

Chicago leaders have not taken a hard position for or against Pritzker’s plan. Jung Yoon, chief of policy in the Chicago mayor’s office, said the city “has a nuanced position” and supports expanding housing production statewide. But Yoon added that several provisions raise concerns about home rule authority, municipal operations and the city’s ability to tailor solutions to local needs.

Chicago’s stance reflects a softer version of broader municipal opposition – that a one-size-fits-all mandate will not work. Local governments across the state, as elsewhere in the country, want to retain control.

More than a dozen municipalities sent representatives to oppose the bills Thursday. Many called for a voluntary framework that lets communities opt into density reforms rather than face a mandate.

“We’re not opposed to many of these approaches,” said John Noak, mayor of Romeoville, about 30 miles from downtown Chicago. “We just believe it is the right and the duty of individual communities to adapt them where they make sense and where they actually work.”

This post was originally published on here. 

New York City Mayor Zohran Mamdani has created the Office of Deed Theft Prevention, a new unit housed in the Department of Finance to coordinate citywide efforts to combat fraudulent property transfers, according to an announcement on Friday.

“The theft of a home is the theft of a family’s future,” Mamdani said in a statement. “Deed theft preys on the New Yorkers who can least afford it. Today, we are bringing the full force of City government to bear to stop it — to protect homeowners, defend generational wealth and make clear that this City will not tolerate the exploitation of our communities.”

The mayor also named Peter White — an attorney with Access Justice Brooklyn who has spent years representing homeowners facing foreclosure and alleged deed theft — as the office’s first director. In his new role, he is expected to shape the city’s strategy on early detection of deed fraud, homeowner assistance and integration of new state enforcement tools.

Deed theft schemes typically involve forged signatures, fraudulent notarizations or deceptive contracts that result in the unlawful transfer of title from an owner to a scammer or shell company. Thousands of deed theft complaints have been filed across the city over the past decade, with concentrations in Brooklyn and Queens, the mayor’s office said.

City officials noted that Black homeowners and communities have been disproportionately targeted, exacerbating racial wealth gaps and destabilizing neighborhoods. For the housing industry, the schemes can cloud title ownership, trigger litigation, stall transactions and undermine confidence in public land records.

The new office is designed to bring a “whole-of-government” approach to the problem by coordinating among the Department of Finance, which records property documents; the Sheriff’s Office; the New York City Commission on Human Rights; the Department of Consumer and Worker Protection; and the Department of Housing Preservation and Development. It will also work with state and local partners, including the New York attorney general and local district attorneys.

Created under Executive Order 16, the Mayor’s Office of Deed Theft Prevention leverages recent state legislation strengthening tools to investigate and prosecute deed theft. It will flag suspicious property filings, coordinate with law enforcement, conduct public education and outreach, promote preventative safeguards and improve data sharing across agencies.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

Newrez originated roughly $10 million in mortgages scored with VantageScore 4.0 that Freddie Mac has now securitized, the company announced Friday. The move is part of a pilot that helped federal housing agencies greenlight wider use of modern credit scores. 

Newrez, a top-five mortgage lender and servicer, said that its “loan delivery limited engagement” with Freddie Mac demonstrated that VantageScore 4.0 can be used end-to-end for loans delivered to a government-sponsored enterprise (GSE). 

Other lenders are expected to follow suit. On Wednesday, Federal Housing Finance Agency (FHFA) Director Bill Pulte announced the pilot program that will allow the use of VantageScore 4.0 exclusively for loans delivered to Fannie Mae and Freddie Mac, future use of FICO 10T and a new pricing grid that reflects the updated models.

U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner also signaled the use of FICO 10T and VantageScore 4.0 for Federal Housing Administration (FHA) loans in the coming months, without providing more details. 

During a press conference the same day, Pulte said Freddie Mac had already received about $10 million in VantageScore 4.0-only loans as part of the pilot. 

Under a limited rollout, about 20 approved lenders may choose between VantageScore 4.0 and Classic FICO scores using tri-merge credit reports. Lenders not participating must continue using Classic FICO scores from all three bureaus. It is the most significant update to GSE credit score requirements in nearly three decades

“Newrez applauds the Trump Administration and FHFA Director Bill Pulte for their continued leadership in advancing credit score modernization and expanding access to homeownership for hardworking Americans,” Newrez President Baron Silverstein said in a statement. 

Silverstein added that Newrez’s investments in origination, technology, secondary markets and delivery operations show “what is achievable when a leading lender and a GSE partner with shared purpose.”

VantageScore 4.0 and FICO 10T incorporate trended data and additional inputs such as on-time rent payments, which were not considered in the legacy Classic FICO model that has dominated the mortgage market. FHFA and HUD officials have framed the change as a way to better capture the risk profile of creditworthy borrowers who have historically been underserved under the older scoring framework.

The pilot is central to FHFA’s broader credit score modernization timeline and gives originators a clearer view of the operational changes they will need to make in systems, product guidelines and investor communications.

Flávia Furlan Nunes reported and wrote this article with drafting assistance from HousingWire Automation, an editorial tool that helps transform announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

Intercontinental Exchange (ICE) on Friday released its March 2026 ICE First Look report, which showed seasonal improvement in mortgage performance, with delinquencies and non-current loan volumes declining and prepayment activity jumping to a near four-year high, even as serious delinquencies and foreclosure inventories continued to climb.

The national mortgage delinquency rate fell 37 basis points in March to 3.35%, according to the report, broadly in line with typical seasonal improvement for the month. The rate, however, remained 14 basis points higher than in March 2025, underscoring that overall performance is slightly weaker than a year ago.

“March brought the seasonal improvement we typically expect to see this time of year,” said Andy Walden, head of mortgage and housing market research at ICE. “Delinquencies moved lower, with improvement across the earlier stages of mortgage performance as fewer loans rolled into delinquency.”

Prepayment speeds, a key indicator for mortgage servicing and MBS investors, rose sharply. The single-month mortality (SMM) rate climbed 24 basis points from February to 1.06%, the highest level in nearly four years and 78% above March 2025. ICE attributed the pickup to borrowers responding to a lower-rate environment.

On the inflow side, performance improved across the delinquency pipeline. New delinquency inflow fell 23% on a seasonal basis in March and was effectively flat compared to the same month last year. Rolls into 60- and 90-day delinquency also improved over the month, reflecting fewer loans progressing into more severe stages of distress.

Cure activity strengthened notably. Total cures rose to 547,000 in March, up 27% from February, with cures among loans 90 or more days past due also posting a strong month-over-month increase. The total number of loans 30 or more days past due or in foreclosure fell by 194,000 to 2.12 million, although that figure remained 8.2% above year-ago levels.

Despite the seasonal improvement, ICE reported a continued build-up in serious delinquencies and foreclosure pipelines. There were 154,000 more borrowers who were 90 or more days past due or in active foreclosure compared with March 2025. Foreclosure starts rose 17% from last year’s levels and foreclosure sales increased 21%.

Active foreclosure inventory reached 273,000 loans in March, up from 213,000 a year earlier and the highest level since February 2020. That six-year high in foreclosure inventory signals that distressed loans are taking longer to resolve and that more borrowers are moving into the foreclosure process.

“While overall mortgage performance remains healthy for most borrowers, the continued buildup in late-stage delinquencies and foreclosure pipelines remains worth watching,” Walden said.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

The lock-in effect is persisting as mortgage rates stay above 6%, leading homeowners to increasingly opt to stay put and invest in renovations rather than move, according to a new survey from Citizens Financial Group.

The survey points to a growing “stay and upgrade” trend, with 44% of homeowners saying that renovating their current home is the most realistic housing option over the next few years. Just 13% say buying a home feels achievable in today’s economic environment.

“Homeowners are redefining success and taking a more pragmatic approach to their living situation,” Fabien Thierry, head of home equity lending at Citizens, said in a statement. “Today, more homeowners define success as feeling financially secure where they are (43%) and investing in their current home to make it work long term (31%), and that shift is changing how they think about home improvements and financing needs.”

Many homeowners cite the cost of purchasing a new home (36%) and the desire to keep their current mortgage rate (19%) as key reasons for choosing renovation over relocation.

Demand for home improvement remains strong, with 71% of homeowners planning a renovation project within the next two years. Two-thirds (66%) say they would be willing to sacrifice other major purchases to fund these projects.

At the same time, the survey highlights growing financing needs alongside a lack of understanding. Nearly two-thirds (63%) of homeowners say they are likely to need financing for a home purchase or improvement within the next five years, but 39% say they do not understand how financing options work.

In the survey, homeowners pointed to several areas of confusion, including hidden fees (27%), uncertainty around using home equity except in emergencies (32%), and limited familiarity with home equity options overall (27%).

In an interview with HousingWire, Thierry said that Citizens is focusing on digital tools and education to improve client understanding and experience to mitigate the confusion.

“There’s some work that needs to be done around fee transparency, reframing the product [and explaining] what it is. I think there’s some basic awareness in education that still needs to happen, and that came very clearly through that survey. What we are doing at Citizens is investing in our positioning overall,” he said.

Part of investing in the company’s positioning is adjusting its marketing strategy.

“We have evolved over the last couple of years, where we started now just having a lot of content that exists, like video content that exists on platforms such as YouTube, where now we provide a lot of education on what the product is and how that could be a good fit for those clients.”

Affordability concerns are also shaping renovation choices. Nearly two-thirds (64%) of homeowners say they are focusing on necessary repairs or replacements, while just 17% are pursuing discretionary or luxury upgrades. Cost pressures are also pushing more homeowners toward do-it-yourself projects, with 30% opting to handle renovations themselves rather than hire outside help.

“I think the renovation wave is definitely here to stay,” Thierry said. “Over the years, that product has been more useful for a rainy day fund or emergency fund. We’re seeing now that homeowners are adapting it and using it as a financial tool, and renovation is a great example of how that product is getting used.”

Thierry added that, in addition to renovation, homeowners are using their home equity for debt consolidation and financial planning purposes.

“The trend that we’re seeing is the convergence of affordability, elevated rates and compressed inventory overall,” he said. “It’s been interesting, though, looking at how homeowners are reacting to this. … They are adapting to the situation rather than waiting for that perfect scenario where everything will align, but rather they decided to go and invest in their existing homes.”

This post was originally published on here. 

Brands by Integra has entered the Arizona market through a partnership with Phoenix-based brokerage CITIEA, establishing a platform the company says will support broader regional and national expansion, according to a company announcement.

The move marks Brands by Integra’s first acquisition in Arizona and is part of a planned growth strategy across the Southwest focused on adding agents and acquiring brokerages. CITIEA will operate on the Brands by Integra expansion platform and maintain its franchise affiliation with Compass International Holdings, giving its agents access to Compass technology and a global referral network.

Brands by Integra are ranked No. 100 by sales volume and No. 69 by transaction sides on the 2026 RealTrends Verified top brokerage rankings.

Market entry tied to listing demand

The Arizona launch is built around a pipeline of listing opportunities generated through CITIEA’s exclusive relationship with 72SOLD, a company known for its 72-hour home selling program. That program helped rank 72SOLD among the top 250 fastest-growing U.S. companies on the 2024 Inc. 5000 list, the companies said.

Brands by Integra plans to use that seller demand to scale CITIEA by recruiting top agents from Tucson to Northern Arizona who can step into a steady flow of listing appointments.

“The opportunity in Arizona is immediate,” said Jim D’Amico, CEO of Brands by Integra. “We are entering the market with a proven system that consistently generates home seller demand, and we intend to grow to meet that demand by adding agents and partnering with CITIEA.”

Why this matters: In a low-inventory, high-rate environment where listings are scarce, brokerages that can plug agents into predictable seller pipelines and marketing systems have a competitive advantage in recruiting and retention.

Anchor for regional growth strategy

The partnership with CITIEA is intended to serve as an anchor for Brands by Integra’s broader Southwest strategy. The company plans to pursue additional brokerage acquisitions in Arizona and nearby states to support listing volume generated by its marketing and home seller programs.

This approach reflects a shift from geographically opportunistic M&A toward expansion that follows confirmed consumer demand and repeatable lead-generation systems.

Leadership continuity and national roles

As part of the transaction, Teresa Hague will remain president of CITIEA and continue to lead operations in Phoenix. Greg Hague, founder of 72SOLD, will collaborate with Brands by Integra in a national leadership role focused on listing strategy and program expansion.

CITIEA has about 160 real estate agents who closed nearly 1,700 units and nearly $1 billion in transaction volume, according to the announcement. The existing leadership team will oversee the integration of CITIEA into the Brands by Integra platform while supporting future growth initiatives.

Homes2X model to expand across 18 states

Beyond 72SOLD, CITIEA also brings the Homes2X seller solution to the Brands by Integra portfolio. Homes2X is designed to give homeowners immediate access to most of their home equity while still allowing them to participate in any upside if the property sells for a premium.

Brands by Integra plans to roll out Homes2X across all 18 states where it operates, positioning the program as a consumer-facing alternative for sellers seeking flexibility and liquidity without fully exiting future appreciation.

National platform and integrated services

Brands by Integra operates in 18 states with about 2,000 agents across more than 70 Century 21, Coldwell Banker and affiliated offices. The company’s growth thesis centers on partnering with strong independent brokerages and boosting performance through shared systems, technology and marketing programs.

The organization also offers an integrated services stack through NewFed Mortgage, NewFed Insurance and James Rose Asset Management, giving agents and their clients access to mortgage, insurance and wealth-building services under one umbrella.

Through its leadership role with Fresh Start Housing Corporation, a 501(c)(3) nonprofit, Brands by Integra also supports housing-related community initiatives.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

Most agents prepare for a client meeting by thinking about what they are going to say. The best agents prepare by thinking about how they are going to listen.

That distinction is often what separates a good agent from a great one. And it shows up within the first 15 minutes.

We talk a lot in this industry about conversion, about scripts, about the perfect listing presentation. But the agents who consistently build loyal, long-term client relationships are not the ones with the most polished pitch. They are the ones who make a client feel genuinely seen from the very first interaction. That is not a soft skill, that is a business strategy.

The first 15 minutes are not a warm-up

There is a tendency to treat the opening of a client meeting as a preamble; small talk before the real conversation begins. Top agents know better. Those first few minutes are where trust is either established or quietly eroded, where a client decides whether you are someone they want in their corner for one of the most significant financial and emotional decisions of their life.

That means showing up with intention. Not just on time, but prepared. Knowing the basics of what brought this client to you, what they have shared in any prior communication, and what kind of experience they are likely hoping for. Walking in cold and winging it might occasionally work, but doing the work in advance always does.

Lead with curiosity, not credentials

One of the most common mistakes agents make in that first meeting is spending too much time establishing their own credibility before they have earned the right to do so. The impulse is understandable; you want the client to know they are in good hands. But leading with your accolades before you have asked a single meaningful question sends a subtle message: that this meeting is about you, not them.

Flip the script. Open with genuine curiosity. Ask what they are most excited about. Ask what they are most nervous about. Ask what has brought them to this point. You will learn more in the first five minutes of real listening than in 30 minutes of presenting, and your client will feel the difference immediately.

Set expectations before they have to ask

One of the things that distinguishes great agents in that first meeting is their willingness to be direct about the process before the client has to wonder about it. What does working together actually look like? How do you communicate? What should they expect in the first week, the first month? What is your role, and what will you need from them?

Clients who feel informed feel confident. Clients who feel confident trust you faster. And trust, established early, makes every conversation that follows easier, the hard ones included.

Match your energy to the room

Not every client needs the same version of you, and the best agents are skilled readers of the room. Some clients want warmth and reassurance. Others want data and directness. Some need you to slow down; others want you to get to the point. Picking up on those cues quickly and adjusting accordingly is not people-pleasing. It is emotional intelligence applied to your business, and it is a skill worth developing deliberately.

Pay attention to how a client speaks, what they emphasize, what seems to make them relax. Those signals are there in the first 15 minutes if you are paying attention.

What the first 15 minutes really communicate

Every client you meet is asking themselves a version of the same question: can I trust this person with something that matters deeply to me? The first 15 minutes are your answer to that question, not in what you say, but in how you show up.

Prepared, present, and genuinely curious about them.

That is what great agents do. Not occasionally, but every single time. Because they understand that consistency is its own form of excellence, and that the tone you set in those first few minutes echoes through the entire relationship that follows.

Juliet A. Clapp is a Senior Vice President and Northeast Managing Partner for The Agency.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the editor responsible for this piece: tracey@hwmedia.com

This post was originally published on here. 

EquityProtect has launched the EquityProtect Property Protection Scorecard, a quarterly report tracking deed theft and property title fraud legislation across all 50 states and the District of Columbia.

The Scorecard classifies each jurisdiction on a five-tier framework ranging from enacted law with criminal penalties to no legislative action.

The FBI reported 58,000 victims of real estate fraud between 2019 and 2023, with $1.3 billion in combined losses. In 2024 alone, 9,359 complaints were filed with $173.6 million in losses.

Sixteen states have no deed-fraud-specific law. Nearly half of all dollar losses from real estate fraud are absorbed by seniors — despite seniors representing just 19% of victims, EquityProtect said.

Reversing a fraudulent title costs victims an average of $50,000 to $150,000 in legal fees. One in three title companies experienced at least one seller impersonation fraud attempt in 2024, the company added.

Seven states — Texas, Michigan, New York, Illinois, Georgia, Tennessee and Oklahoma — have enacted what EquityProtect calls “meaningful” deed fraud statutes since 2023.

Eight more states have active bills. But the Scorecard’s central finding is that even the strongest state law cannot stop a fraudulent deed from being recorded.

EquityProtect cited that county recorders process nearly 300,000 documents per day and are legally required to record documents presented in proper form.

“We built the Property Protection Scorecard because homeowners deserve to know exactly how exposed they are — not in general, but in their state and community,” said Ryan Marshall, CEO of EquityProtect. “Our findings reinforce a critical truth: legislation is an important step, but it is not protection. Most laws punish deed theft after it happens — they don’t prevent it.

“That gap is exactly why EquityProtect exists, and why we will publish this Scorecard every quarter to help property owners understand the difference between a law on the books and a lock on their title.”

The full Scorecard is available here.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

It’s time to call out the narrative around private listings networks. The media seems to regurgitate press release talking points without delving into what the growing presence of private listing networks actually mean for buyers, sellers and agents across the country. It seems fiction has become fact — and we need to set the record straight.

The latest news about a Chicago MLS creating a national MLS for private listings and active listings makes me wonder: Why are facts like days on market and price corrections optional? To me, this is another attempt to control how inventory is disseminated to the public that’s disguised as innovation, but it does nothing but add another layer of confusion for consumers and agents.

Some say sellers deserve a choice when it comes to marketing their home. But sellers have always had choices. The argument is that days on market hurts value for the seller. Well, so does the odometer on your car when selling it, but you can’t hide it and claim a level playing field.

Those who want to “premarket” say they want to test the price. Test the price against what, exactly — a small, closed audience instead of the entire market? Doesn’t it hurt the price and the seller when a deal gets done internally and is not exposed to the public? 

Many private exclusives are not shared. And what’s worse, we’ve had agents bringing willing buyers into the very same buildings where these private listings exist, and they are never made aware. How exactly does this help the seller?

Here are the facts

When you are selling your home, you want the most exposure possible to get the highest price. The simplicity of our market works brilliantly if you let it. Price it right, market it to everyone and share information transparently. True price discovery cannot be gauged without the full participation of the market.

When there are multiple bidders on a property, oftentimes the price gets driven up. When you see a packed open house, it tells you the home is very much in demand. Private listings fracture the real estate market at a time when we are in an inventory drought in this country. How long will brokerages, regulators and the Department of Justice sit idle and let this happen?

We are at a tipping point as consolidation allows companies grow immense market share. These players are able to use influence to create a tiered system while trying to defeat the aggregators. The Consumer Policy Center has issued stark warnings about these practices, while another report from the Consumer Federation of America acknowledged that private listings are a growing concern for people of color and first-time homebuyers. Tell me again how helpful this program is?

Most consumers start their search on Zillow, Homes.com or Realtor.com. Why? Because that is where most of the information lives. Consumers want to see it all, and they do not want to go to five different websites to find it. Real estate agents also want to get all the information so that they can service their buyers.

Real estate agents are fiduciaries and must put their clients first. The day of reckoning is coming as sellers who settled for prices marketed under a private listing network begin recognizing that they were duped. Even if they signed a disclosure, as many states are in the process of requiring, the standard that we hold real estate professionals to is higher than the consumer because agents understand how detrimental limited exposure can be.

About eight years ago, we were selling a townhouse and had gotten multiple offers from all the big firms. As the seller was sorting out all the offers, an agent from a firm I had never heard of appeared with his buyer, who blew everyone out of the water. The seller got 27% over asking price from this unknown brokerage, which had a buyer that was willing to pay more and beat the competition.

This story is the only story every agent should consider as they pitch a private listing network. By ignoring facts, you are hurting everyone.

Bess Freedman is CEO of Brown Harris Stevens in New York.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the editor responsible for this piece: tracey@hwmedia.com.

This post was originally published on here. 

In its quarterly earnings report a few months ago, M/I Homes business executives said the top-15-ranked homebuilder would maintain a spec-heavy approach – carefully and methodically – to build sales momentum leading up to and into the spring selling season. 

The latest quarterly financial and operational performance attests to M/I’s embrace of that strategy, as about half of its deliveries were spec homes in Q1 2026. 

However, as other homebuilders who’ve leaned into emphasizing production pace over price in a bumpy, choppy Spring Selling season have shown, this blueprint comes with tradeoffs.

While M/I Homes maintained positive sales figures, this order pace came at the expense of lower margins and closing prices. 

Sales ticked up 3% compared with the first quarter of last year, and M/I Homes’ monthly sales pace ran consistent with 2025. However, the average sales price fell 4% to $459,000, down from $476,000 a year ago. 

M/I Homes President, CEO and Chairman Robert Schottenstein, during a Q1 2026 earnings call on Wednesday, acknowledged that he was a bit surprised by the dip in the average closing price. 

Schottenstein characterized much of the decline as a mix shift, i.e., an increasing share of attached townhomes, which generally sell at lower prices than detached homes. However, reading between the lines, it’s hard to argue that the current environment, marked by uncertainty and consumer hesitancy, doesn’t take at least some of the responsibility. 

“We knew [the ASPs] would be lower. I didn’t think it would be maybe quite this much lower,” Schottenstein acknowledged. 

A look at M/I Homes’ spec strategy

M/I Homes takes a market-by-market and community-by-community approach to determine each location’s product mix, including the amount of spec inventory. 

“We’re also trying to continue to be focused on when we put specs out there. Let’s make sure we put the right specs out there on the right lots,” said Phillip Creek, executive vice president and CFO. 

Schottenstein acknowledged that maintaining a high spec count isn’t ideal, but it is the best way to manage a strong sales pace amid an environment of tepid demand and lagging to-be-built orders. M/I Homes reported a total backlog sales value of $1.20 billion last quarter, a 23% decrease year-over-year. As a result, spec sales have become a main driver of pace. 

“We’ve always, always tried to generate more to-be-built than spec sales. Having said all that, we’re also trying to successfully balance pace. And we’ve – initially, when we first got into rate buydowns, it was strictly for specs. But for some time now, we’ve been heavily focused on rate buy-downs for to-be-builts as well because they do generate higher margins. And it should go without saying, but I guess I’ll say it anyway, all of that gets poured into the strategy,” Schottenstein said. 

The impact of the war in Iran

Since the beginning of March, the United States economy has faced a new barrage of economic volatility, rising mortgage rates, higher gas prices and lower consumer sentiment.

This volatility affected M/I Homes’ performance last quarter, at least a little. 

Schottenstein argued that there were green shoots during January and February, with positive sales and traffic momentum. However, that slowed down somewhat in March.

New contracts were up 3% year-over-year last quarter. This included an 11% increase in January and a 7% uptick in February. However, that momentum stalled in the latter portion of the quarter, as March saw a 6% yearly decline in new contracts. 

“During this period, we saw improved traffic and heightened homebuyer activity as we began the spring selling season. However, market conditions slightly shifted at the end of February and into March as events in the Middle East pushed mortgage rates up higher, impacted gas prices, and contributed to further market uncertainty.” 

Executives said that there wasn’t any noticeable impact on material prices yet.

They remained optimistic about the market’s overall future, despite noting a high degree of economic and geopolitical uncertainty.  

“There’s just so much uncertainty,” Schottenstein said. “During our last conference call, we weren’t talking about a war. We weren’t talking about $4 gas prices. In 90 days, look how things like that have changed. It’s very, very hard to predict what’s going to happen. Conditions right now are marked with uncertainty. Having said that, I think housing is holding up pretty damn well. I’ve seen a whole lot worse, and so has anyone that’s been in this business more than a couple of years.” 

Rising incentives

In response to rising mortgage rates — the average 30-year fixed-rate mortgage is now around 6.3%, up from roughly 6.0% at the end of February — M/I Homes continued to lean on mortgage rate buydowns to drive sales. M/I Homes doesn’t report a specific incentive rate, but the quarterly earnings indicate that incentives clearly put downward pressure on margins. 

Despite a comparatively strong sales pace, quarterly revenues fell 6% from a year ago, and gross profit margins fell 390 basis points year over year to 22.0%. 

“In managing all of this, mortgage rate buydowns continue to be an important part of our sales strategy,” Schottenstein said. 

As Schottenstein explained, the vast majority of M/I Homes buyers want a 30-year fixed-rate mortgage. M/I largely offers a 4.875% rate on spec homes, and a rate near 5.0% for to-be-built homes. 

“There are some exceptions. It’s probably more than two, three, or five exceptions, but we have 200-plus communities. The vast majority of our communities, those programs are what is working for us now and resulted in our 3% year-over-year increase in sales,” Schottenstein said. 

Geographic breakdown

M/I Homes operates in 10 states and 17 major markets, predominantly in the Midwest and the South. While the South performed better for M/I Homes during and immediately after the COVID pandemic, Schottenstein said that the Midwest now generally offers higher margins than the Sun Belt. 

He pointed to Midwestern markets such as Chicago, Minneapolis, Columbus and Cincinnati as strong markets where M/I Homes expects to grow operations 5% to 10%  a year for the foreseeable future. 

On the other end of the spectrum, Schottenstein called Florida one of the more challenging markets, although the Orlando division continues to perform quite well. 

“For a while, our Florida markets had some of the best margins in the company. That’s not the case today,” he said. 

He pointed to Southwest Florida, widely seen as one of the most challenging homebuilding markets in the country, as a sore point. Submarkets in that region of the state have seen some of the steepest price corrections in the country, as rising costs, strong hurricanes and skyrocketing insurance rates have deterred buyers. 

“I think right now, if I had to identify any part of our business that is feeling the pinch more than others, it would be the West Coast of Florida, really from Tampa down through Sarasota. That appears to be the most challenging right now. It’s not horrible, but it’s just nowhere near what it once was. We’re working through it.”

Key Takeaways

M/I Homes is following a pace-over-price strategy, in a similar vein to competitors such as Hovannian Enterprises, KB Home and Lennar. Amid an environment of declining backlog orders and to-be-built sales, M/I Homes elected to maintain positive sales momentum with spec sales, which appears to have negatively impacted sales prices and margins. 

However, M/I Homes is also working to strike a smart balance – building enough spec homes for the remainder of the spring selling season, without delivering too much inventory that lingers on the market and drives up incentives. 

Executives are cautiously optimistic that profit margins have reached a low point. However, with economic and geopolitical uncertainty potentially clouding the picture for the foreseeable future, only time will tell. 

This post was originally published on here. 

Midwest Real Estate Data (MRED) is opening its multiple listing service, including its Private Listing Network (PLN), to any licensed real estate agent nationwide and has secured a nationwide listing feed and membership subsidies from Compass International Holdings, the organizations announced Friday.

The move extends MRED’s reach beyond its current footprint serving real estate professionals across Illinois, Iowa, Wisconsin and Indiana, where agents input about 250,000 listings annually, according to the company announcement. It also positions MRED as one of the first regional MLSs to formally court national participation in its private network at a time when listing access, off-MLS marketing and broker choice are under heightened scrutiny.

Compass listings and subsidies

Compass International Holdings will provide MRED with a data feed of its nationwide inventory of listings, including Private Exclusive and Coming Soon properties, the companies said. Those listings will be available to MRED’s Private Listing Network participants, subject to homeowner and agent permission.

Compass will also subsidize a portion of MRED membership costs for the first 100,000 Compass agents who join as full MRED members. That financial support could lower adoption barriers for Compass agents who want access to MRED’s PLN and its public listing tools but do not already work in MRED’s traditional Midwest markets.

“Giving homeowners choice in marketing their listings is the right thing to do,” Compass International Holdings Chairman and CEO Robert Reffkin said in the announcement. “We also want to support MLSs, like MRED, that value, support, and protect their customers, who are real estate agents, from retaliation by other MLSs and portals, and ensure that agents can fulfill their fiduciary duties to their home seller and home buyer clients.”

How MRED’s model works

MRED’s PLN is designed to give listing agents more ways to represent sellers who do not want or are not yet ready for broad public marketing. In addition to the PLN, MRED offers tools to publicly market active listings while allowing listing brokers to manage price history, days on market and automated valuation model display, the organization said.

MRED said it maintains a policy that public display filtering must be based on objective criteria and cannot depend on which brokerage or agent represents a listing. The MLS also pledged to “protect and safeguard” agents who participate in its PLN from being banned or penalized by third-party portals and internet data exchange (IDX) feed recipients.

“MRED has been providing sellers with options and buyers with transparency through our Private Listing Network for a decade,” MRED CEO Rebecca Jensen said. “The MLS is meant to facilitate cooperation between agents in support of their clients’ needs, not dictate marketing or business model practices. Our recent improvements in listing display options continue our goal of listening to evolving needs from our subscribers. We are thrilled to expand our service offering nationwide with Compass International Holdings and hope that other brokerages also want to participate.”

Why this matters for brokers and agents

The expansion comes as MLSs, brokerages and portals are reevaluating how listings are shared and marketed, particularly around “off-MLS” or private inventory. For listing agents, the MRED-Compass arrangement could expand the audience for private and coming soon listings beyond local boundaries while keeping them in an MLS-governed environment instead of relying solely on in-house networks or informal email lists.

For buyer agents, broader access to a national pool of private and coming soon inventory could improve search coverage at a time when low active inventory in many markets has pushed more deal-making into private channels. The commitment to objective filtering and protections from portal or IDX retaliation also speaks directly to agent concerns about listings being hidden or deprioritized based on brokerage affiliation.

For MLS executives and brokerage leaders, the move raises questions about whether other regional MLSs will pursue similar national partnerships or whether national brokerages will selectively align with MLSs that allow more flexible marketing and display rules for private inventory.

The expansion also comes as state legislatures — not just MLSs — begin weighing in on private listing networks. Washington and Wisconsin have already enacted laws requiring broad public marketing of listings, while lawmakers in New York, Connecticut, Hawaii and Illinois have introduced similar bills that would either mandate public exposure within a defined timeframe or require sellers to formally opt out with disclosures.

That growing legislative push could further complicate the national rollout of private listing networks, turning what has largely been an industry policy debate into a regulatory one.

Tracey Velt reported and wrote this article with drafting assistance from HousingWire Automation, an editorial tool that helps transform announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

The debate over FICO versus VantageScore has followed a familiar script: A headline price gets amplified into a savings narrative, that narrative becomes policy and then the secondary market quietly starts doing the math the advocates forgot to run.

In a multi-trillion-dollar mortgage-backed security (MBS) market, the score fee is a rounding error. What is not a rounding error is the uncertainty premium investors attach when they can no longer trust the shared language of underwriting. In fixed income, that premium has a name: spread widening. Spread widening lands on the borrower.

Pricing is the headline. Economics is the story

VantageScore can be delivered for 99 cents per mortgage origination score, sometimes bundled at no charge alongside a FICO pull. FICO’s direct-license structure runs 99 cents per score plus a $65 funded-loan fee, which includes refreshes. On a line-item basis, the savings narrative writes itself. On a capital markets basis, it falls apart immediately.

Capital markets price cash flows under uncertainty, not vendor discounts. The dominant cost drivers in the mortgage system are guarantee costs, credit enhancement, servicing and repurchase risk, and secondary market execution. Milliman’s research is explicit: lender choice affects not just default expectations but prepayment behavior, and prepayment behavior flows directly into MBS valuation and the mortgage rates borrowers actually pay.

There is also a structural tell in how this price war is being prosecuted. Credit bureaus can subsidize VantageScore at origination while keeping their economics intact elsewhere in the data stack. The 99 cents is a tactical price, cross-subsidized today and revisable once market share is secured.

Lender choice is an option. Options are never free.

The Federal Housing Finance Agency (FHFA) policy created something rarely seen at this scale in mortgage finance: a loan-by-loan lender-choice regime. Originators may deliver either Classic FICO or VantageScore 4.0, selecting whichever score optimizes approval and pricing on a given loan. From a capital markets perspective, that is not a vendor competition policy. It is the creation of an embedded option, and embedded options carry a price.

When lenders exercise that option systematically across a portfolio, the result is adverse selection. Borrowers who score higher on one model carry specific risk characteristics that migrate upward into better-looking score buckets without the underlying credit quality following. Milliman’s analysis, drawn from approximately 45 million mortgages across 2013 through 2023 vintages, quantified the effect directly.

30% Within-band default increase under lender choice

Lender choice produced within-band default rates approximately 30% higher on average within a given credit score cohort, even where aggregate model performance appeared broadly similar. The 780 to 850 bucket looks cleaner under score migration. It performs materially worse. That is signal contamination. (Milliman, Oct. 2025)

What the FOIA record reveals

Freedom of Information Act (FOIA) disclosures have indicated that both Fannie Mae and Freddie Mac had reservations about VantageScore’s approval as far back as 2022, that the GSEs did not recommend approving the score and that they warned single-file underwriting carried greater risk than the tri-merge standard.

Reporting on those materials indicates that FHFA itself had earlier concluded that requiring delivery of both scores would prevent adverse selection because lenders would not be able to choose. That is a direct acknowledgment, by the policy body that designed the choice framework, that choice creates exploitable dynamics.

How secondary markets reprice uncertainty

Liquidity in the agency MBS market depends on standardization, transparency and investor confidence. Securities Industry and Financial Markets Association (SIFMA) data reflects issuance in the hundreds of billions year-to-date and comparable average daily trading volume. Large asset managers hold agency MBS in the high single-digit trillions.

At that scale, basis points dominate dollars. Fannie Mae updated its MBS disclosure files ahead of the November 2025 lender choice rollout, adding new VantageScore 4.0 fields. The investor pricing problem is not that a different number appears on the tape. It is that a different relationship now exists between that number and realized performance, compounded by ongoing uncertainty about how lenders will exercise choice going forward.

12.5 bps Estimated mortgage rate increase from lender choice uncertainty

Milliman’s estimate of higher mortgage rates from the uncertainty and risk premium channel alone, before any LLPA changes are considered. Compounded over a 30-year mortgage, this is a material, recurring cost to borrowers that no score-fee differential offsets. (Milliman, Nov. 2025)

Where the competition case holds and where it breaks

Intellectual honesty requires acknowledging where the VantageScore case is genuinely strong. Direct cost reduction is real for high pull-volume lenders, particularly early in the origination funnel. The argument that newer models can expand scorable populations through alternative data such as rent history is legitimate and worth continued examination. Additional scoring models should be welcomed in the market, provided they are introduced responsibly.

That means extensive performance testing across loan pools segmented by credit range band, with results validated across multiple economic cycles before those models are permitted to influence capital market execution at scale.

The argument breaks when cheap input cost is presented as lower total system cost. Milliman’s loan-level price adjustment (LLPA) analysis estimates that restoring actuarial equivalence under lender choice would require aggregate LLPA increases on the order of 15%, concentrated in weaker credit cohorts. A joint trade coalition of lenders, investors and insurers warned FHFA that the initiative was overly complex, potentially costly to consumers and missing key transition safeguards. Secondary markets converted that warning into wider spreads.

A liquidity-first position

The mortgage industry does not need to choose between competition and stability. New scoring models should be welcomed, tested rigorously across loan pools in defined credit range bands and validated through multiple economic cycles before they carry weight in the conforming market. The credit market signal is the bedrock of capital markets. It is what investors, servicers and institutions depend on to keep liquidity flowing into housing finance at scale.

Getting the sequencing right, test first, deploy second, is how the market expands access without compromising the trust that keeps it open.

Without a consistent, validated and trusted signal, capital becomes cautious, spreads widen and access tightens for the borrowers this system is designed to serve. Protecting it is not optional.

Sources

• Milliman (Feb. 2026): The Impact of Lender Choice on Mortgage Pricing   media.milliman.com
• Milliman (Oct. 2025): Lender Choice Introduces a Bias to Default Rates   media.milliman.com
• Milliman (Nov. 2025): Assessing the Impact of Lender Choice on LLPAs   media.milliman.com
• FHFA: Credit Scores Policy   fhfa.gov
• Fannie Mae: November 2025 Disclosure Enhancements for VantageScore 4.0   capitalmarkets.fanniemae.com
• Scotsman Guide: Fannie, Freddie Leaders Resisted VantageScore Approval in 2022   scotsmanguide.com
• National Mortgage News: FOIA Reveals Grow Calls to Rethink FHFA Credit Changes   nationalmortgagenews.com
• SIFMA: US Mortgage Backed Securities Statistics   sifma.org
• SEC / Federal Register: Concept Release on RMBS Disclosures (Oct. 2025)   federalregister.gov
• TransUnion: VantageScore 4.0 Mortgage Pricing Announcement   newsroom.transunion.com

Eric Lapin is Managing Partner at FinFusion Consulting.

This post was originally published on here. 

I started in mortgages in 2007 for a brokerage office in Salem, Oregon. Within my first year and a half, I was one of the top-producing loan officers in the office. At the same time, the world around me was coming apart.  I didn’t realize at the time that the industry I had just joined was starting to exhale.

The mid-2000s boom was over, companies were shrinking, and loan officers who had spent years building businesses were leaving the industry cold turkey. Every week seemed to bring another round of layoffs, closures, or panic (implode-o-meter anyone?).

I remember thinking, like a lot of people did back then, that maybe the mortgage business would never come back. Thankfully, I had a boss who kept me grounded. His advice was simple: focus on the fundamentals. Stick to the 30-year conventional. Learn FHA. Learn VA. Ignore the noise. Do not chase every new product that suddenly shows up when the market gets weird. That advice stuck with me because he was right. When the market gets unstable, the fundamentals matter more than ever.

I share that because I know what it feels like to wonder whether there is still a place for you in this business. At one point, I had to leave the mortgage industry entirely just to make sure I could pay my bills. That is part of the reality of this business.

Mortgage is cyclical. It always has been. This industry breathes. It inhales and exhales.

When it inhales, everything feels easy. Rates cooperate. Margins are stronger. Recruiting is aggressive. New branches open. Everybody wants in. 

But when it exhales, the belt tightens. Margins get squeezed. Production slows. Companies cut expenses. Leaders get more cautious. Loan officers start wondering how much longer they can hang on.

And eventually, after holding that breath for long enough, we all start asking the same question: When does the next inhale begin? I think we may finally be getting close.

As we prepare our 2026 continuing education content, we spend a lot of time reviewing licensing data and NMLS trends. The latest public NMLS report from the third quarter of 2025 shows something that caught my attention.

The total number of nationally licensed individuals is still down. That part is not surprising. What is surprising is that state-specific licensing activity is increasing.

In other words, there may be fewer people in the business overall, but the people who are still here are adding states to their purview.

Nobody spends more money (or time) on licensing, renewals, continuing education, compliance, and state expansion unless they believe there is opportunity on the other side of it. The people who survived the boom of 2021 and the downturn that followed are not hanging around by accident. They made deliberate choices that equipped them to expand and reach into new markets. The folks who make it through this exhale are taking similar swings. They are following referral network, looking at population shifts, affordability, and broker opportunities in neighboring states.

They are making investments because they believe those investments will pay off.

It is not happening evenly across all states. Some licensing categories in California, Texas, New York, and Hawaii have declined. But even in California and Texas, some state-specific license categories are growing. To me, that does not signal retreat, rather, originators are becoming more selective. They are not licensing in every possible state just because they can. They are licensing where they think there will be return on investment. That is what smart businesses do near the bottom of a cycle.

HousingWire reported in early 2026 that the broker channel was gaining market share while retail lender market share was shrinking (through RETR data). I think there is probably truth in that. But more than anything, I think what we are really seeing is flexibility; the people who survived the last few years are adapting.

Originators are adjusting their margins, re-evaluating their channels, and strategically expanding into new states. And while that may seem like the obvious play during an exhale, those are the business practices that set shops up for massive growth when the mortgage industry finally takes a breath again.

And if I could challenge mortgage executives to focus on one thing right now, it would be this: invest in your people, not just in recruiting, not just in compensation, but invest in culture, invest in training, and invest in leadership. 

I know plenty of originators who are being recruited right now with huge signing bonuses and promises of bigger splits. But the companies that win in the long run are rarely the ones throwing around the biggest checks. They are the ones where people feel valued and supported. They are the ones where leaders communicate with clear vision and values. They are the ones where training is treated as critical infrastructure. When people feel set up for success and valued, they stay. Even when the market gets hard and someone waves a signing bonus at them. 

I do think we are close to the bottom of the exhale. So double down on the fundamentals, invest in your team, and the next inhale will be wind in your sails. 

Nathan Knottingham is the co-founder of WestPort.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the editor responsible for this piece: zeb@hwmedia.com.

This post was originally published on here. 

As New Jersey’s statewide housing market shows signs of cooling, one city is bucking the trend entirely.

Newark recorded a 7.66% year-over-year increase in median list price for single-family homes as of April 18, while the state median fell 0.79% over the same period, according to HousingWire Data.

The disparity could be a sign a broader realignment in New Jersey’s housing landscape — one where buyers priced out of expensive enclaves are looking west across the Passaic River.

“Newark has been rediscovered,” said Michael Rosa, broker-owner of Newark-based Rosa Agency, a family business founded in 1976. “Newark had a period of time, especially when you’re talking about back in the late 60s, where there were the riots and things of that nature. That kind of hung over Newark — that stigma — for a long period of time. Newark has gotten over that.”

Location driving demand

Statewide, inventory rose 7.70% to 10,146 homes and new listings surged 44.05% year-over-year.

But in Newark, even with inventory climbing 34.31% to 137 homes, demand has remained robust enough to push prices higher.

Rosa attributed the strength to Newark’s proximity to Manhattan and a wave of new luxury apartment construction that has changed perceptions of the city.

“More recently, there’s just been so much investment going on over here,” he said. “You have the airport, the proximity to New York City and all the different sections Newark has. Like the Ironbound section as an example, you have a real melting pot here of different types of cultures, restaurants — things of that nature that really attract people once they actually come see it and get to know it.”

Newark’s median list price stands at $492,500 — well below the statewide median of $619,950.

The city’s price per square foot is $223, compared to $304 statewide. Those gaps, Rosa said, make Newark an increasingly attractive alternative to Hoboken, Jersey City and New York City itself.

Bidding wars persist for properly priced homes

Newark’s registers as a slight seller’s market with 2.9 months of inventory — compared to just 1.8 months of supply statewide. Newark homes are spending a median 56 days on market and 14.6% of listings saw price decreases.

Still, Rosa said competition remains fierce for well-priced properties.

“If something is priced correctly, yes, many times we’re still getting over asking price, even though we’re not strategically trying to underprice it,” Rosa said. “There’s a demand, there’s low inventory and people will pay above if they see the value of the property.”

The city’s housing stock skews older and larger than the state average.

Newark’s average single-family home is 101 years old, with 4.3 bedrooms and 2.7 bathrooms across 5,291 square feet. The median absorbed price — what buyers are actually paying — was $425,000 year-to-date.

Affordability pressures causing some buyers to flee

While Newark benefits from buyers seeking value close to New York, Rosa acknowledged that many New Jersey residents are leaving the state entirely for more affordable options.

“Pennsylvania is a good example, and the southern states are a good example, but that’s usually when people are retiring,” he said. “Jersey has just gotten too expensive for them.”

Year-to-date HousingWire Data show Newark’s median price has climbed steadily from $481,275 in January to $487,863 in March, before a slight dip to $485,667 in April.

New listings peaked in January at 55 and have since tapered to 46 in April — while absorption has slowed from 65 homes in February to 38 in April.

Still, Rosa said the city’s long-term trajectory remains positive, driven by commuters, empty nesters and first-time buyers who want more space for less money.

“People tend to look to areas where they can get back and forth to the city,” he said. “Newark offers that, and I think that that’s been a strong part of keeping our pricing up. I see more people feeling comfortable here.

“The Ironbound section has always been a pretty strong community, but you’re seeing more that people coming from the outside, settling and making their moves here.”

This post was originally published on here. 

Reverse Focus co-founder and longtime HECMWorld editor Shannon Hicks announced Thursday that he will leave the reverse mortgage technology and media firm on May 1 to become chief content officer at HighTechLending.

Hicks has spent the past 15 years helping to build HECMWorld into an education and marketing platform focused on Home Equity Conversion Mortgages (HECMs), according to a company announcement. Through commentary, podcasts and market analysis, he has been a visible industry voice helping reverse mortgage professionals communicate with borrowers and explain complex retirement and housing decisions.

As a co-founder of ReverseFocus.com Inc., Hicks also contributed to the development of the company’s Sales Engine CRM and turnkey reverse mortgage website platform, tools used by lenders and originators nationwide for borrower outreach, workflow and campaign management.

“We are grateful for Shannon’s many contributions to Reverse Focus and HECMWorld,” Eric Hiatt, CEO of Reverse Focus, said in the announcement. “His passion for clear, practical education has left a lasting impact on the industry. We wish him continued success in his new role at HighTechLending, where he will focus on broader consumer education across home equity and reverse mortgage products.”

Hicks said the move marks a new phase in his work around borrower education and communication.

“As I begin this next chapter, I want to sincerely thank the listeners, viewers, partners and advertisers who have supported our work over the past 15 years,” Hicks said. “HECMWorld started as a small educational project and grew into a platform that allowed me to engage with a national audience. I’m deeply grateful for the trust and community that formed around that work, and for the many friendships built along the way.”

“Shannon has built his career translating complex financial products into clear, confident decisions for both lenders and the consumers they serve,” David Peskin, president and CEO of HighTechLending, told HousingWire‘s Reverse Mortgage Daily.

“With EquitySelect, we’re creating an entirely new category in home lending and that requires more than a product launch; it requires education, trust, and clarity at scale. Shannon has spent his career doing exactly that: simplifying complex products so lenders, credit unions, and homeowners can better understand and confidently use solutions like EquitySelect.”

Reverse Focus growth strategy

Reverse Focus said it remains focused on expanding its technology and marketing stack for reverse mortgage originators even as Hicks departs. The company recently acquired Apiro Marketing, a move that brought in additional branding, content and lead generation capabilities to pair with its existing CRM and website products.

The integration of Apiro’s services with Reverse Focus’s software is intended to create a more complete front-end solution for reverse mortgage lenders, from digital lead capture through campaign management. For originators competing in a low-volume, high-scrutiny environment, bundled marketing and workflow tools can reduce vendor sprawl and help teams manage smaller budgets more efficiently.

HECMWorld will continue to publish educational content and industry analysis under an expanded marketing and content team, the company said.

“We have full confidence in our team’s ability to build on the strong foundation Shannon helped create and to serve our sponsors, partners and the reverse mortgage community even more effectively,” said Andrew Montesi, head of growth and content at Reverse Focus.

AI and automation focus

Reverse Focus is also accelerating work on AI-powered features across its CRM, website platform and marketing products. The firm said it is building tools aimed at workflow automation, intelligent lead nurturing, predictive analytics and search engine optimization.

Those capabilities mirror a broader trend across mortgage and real estate technology, where lenders are looking to automate outreach, improve follow-up on stale leads and segment borrowers more precisely using data. For reverse specialists, AI-driven content and campaigns could support more personalized education around complex products and eligibility requirements.

“We remain deeply committed to the continued development and integration of AI tools that will drive the next generation of reverse mortgage technology,” Hiatt said. “Our focus is on building smarter, more powerful solutions that help our clients generate better leads, close more loans and succeed in an increasingly competitive and complex market.”

The leadership change underscores Reverse Focus’s evolution from a reverse mortgage content and CRM provider into a broader technology and marketing platform. For lenders and originators, the company’s road map signals continued investment in tools designed to lower customer acquisition costs, support regulatory-compliant education efforts and help teams adjust to shifting demand in the HECM and home equity lending markets.

This post was originally published on here. 

Sixty-four percent of Americans say they feel confident they have enough money to live comfortably throughout retirement — down from last year — according to the Employee Benefit Research Institute (EBRI)’s 2026 Retirement Confidence Survey.

The 36th annual survey, conducted online in January, is jointly produced by EBRI and Greenwald Research.

Worker confidence fell to 61%, down 6 percentage points from 2025, while retiree confidence fell 5 percentage points to 73%.

“Retirement confidence has clearly softened this year and the data show why,” said Craig Copeland, director of wealth benefits research at EBRI. “Americans are contending with a mix of immediate financial pressures and long-term uncertainty. Many workers are struggling with debt, inflation and rising housing and health care costs, while retirees are increasingly worried about the future of Social Security and Medicare.

“Together, those pressures are making it harder for people to feel secure about their retirement.”

Seventy percent of retirees and 80% of workers said they are concerned the government will make changes to the U.S. retirement system.

Only about half of workers and 60% of retirees said they are confident Social Security and Medicare will continue to provide benefits of equal value in the future, the survey said.

Debt, health care, housing costs strain households

Sixty-five percent of workers said debt is a problem for their household. Half of workers have credit card debt — and nearly one-third have more than $25,000 in non-mortgage debt.

Nearly 60% of workers said the cost of health care is hurting their ability to save for retirement, while 40% of retirees said health care expenses in retirement have been higher than expected.

Seven in 10 workers and half of retirees are concerned that rising housing costs will affect their retirement.

Although the median expected retirement age for workers remained 65, a growing share said they do not plan to retire. Most retirees retired before age 65, with a median retirement age of 62.

Many lack guidance

More than 40% of workers and 25% of retirees said they do not know where to go for financial or retirement planning advice.

“These findings underscore how retirement planning is becoming more complex for Americans across life stages,” said Lisa Greenwald, CEO of Greenwald Research. “People are not only worried about whether they have saved enough, but also about how rising costs, health care needs and policy changes could reshape retirement itself.

“The results show a clear need for more guidance, better planning tools and solutions that help people turn savings into lasting financial security.”

The survey was conducted online among 2,544 Americans ages 25 and older.

This article was written by Jonathan Delozier and generated with the assistance of HousingWire Automation. It was reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

Buffini & Company announced that Darin Dawson is assuming the role of CEO while founder and former CEO Brian Buffini steps into a new role as chairman.

Dawson, who has 20 years of real estate industry experience, was chosen to lead operational execution, scale distribution and drive the company’s technology development.

As chairman, Buffini will focus on creating content and events and providing industry thought leadership. He took over as CEO in January following Dermot Buffini’s decision to transition to board adviser and international brand ambassador.

“I founded this company to impact and improve lives, and that mission has never burned brighter,” Brian Buffini said in a statement. “As chairman, I’m free to do what I do best, create world-class content, lead from the stage, and champion Working by Referral.

“Darin is the right leader to run the company I built, and together, we’re going to take Buffini & Company to heights I’ve always dreamed of.”

Dawson previously co-founded the video messaging platform BombBomb, which grew to more than 100,000 users across 48 countries.

He joined Buffini & Company in 2024 as chief revenue officer, leading product development, marketing and sales.

“Brian built something extraordinary, a company that has genuinely changed millions of lives,” Dawson said. “I’m honored to lead the next chapter. My job is to take Brian’s vision and build scalable systems that deliver on it. With Brian leading the mission and me running the operation, this company has never been in a stronger position to grow.”

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

Tactical discounts, escalating incentives, absorption-at-any-cost strategies, … you all well know the routine of buying sales and making next to no money in Spring 2026.

But that’s not for everybody. Exceptions are out there, public and private.

Taylor Morrison has chosen a playbook and is well into executing a game plan that leans on the company’s strengths rather than mitigating its weaknesses or capitulating to the near-future no-net-margin reality.

Its Q1 2026 performance – and, more importantly, the strategic intent behind it – suggests a deliberate choice: prioritize customer conviction over transactional coercion. In a broad sense, it’s a strategy of mindset over math, of winning hearts and minds, and of competing on value rather than vying for a price-level strike point that could slip lower by the day.

That distinction matters. In today’s market, where demand is neither collapsing nor surging but instead fragmenting and hesitating, the homebuilders that win won’t simply be those who cut prices the fastest. They’ll be those who understand – at a granular, almost intimate level – why a buyer says “yes.”

Taylor Morrison – its Q1 2026 financial and operational performance attests – is making a solid claim to be such a builder.

Performance that picks a lane

At a headline level, Taylor Morrison’s first quarter reflects the challenges and pitfalls of the broader environment. Revenue declined 26.8% year-over-year, and closings volume fell 26% to 2,268 homes. Gross margins compressed to 20.6% adjusted, down from 24.8% a year ago.

However, underscoring those numbers is a set of decisions that distinguish Taylor Morrison from many of its peers.

As Taylor Morrison Chair, President and CEO Sheryl Palmer framed it:

“Most importantly, as we prioritize the balance between price and pace, we achieved our first quarter sales with a significant increase in the share of to-be-built orders to 38% from 28% in the fourth quarter.”

Therein lies the company’s strategic pivot. Not chasing pace. Not sacrificing price. But recalibrating the mix – toward homes buyers choose and choose now, not homes builders must push.

This shift shows up clearly in the data:

• To-be-built (BTO) mix rose to 38%
• Incentives declined sequentially by more than 100 basis points
• Finished spec inventory dropped 30%

Team Taylor Morrison meant to do that. It’s operational discipline grounded in a philosophical stance: demand should be earned, not manufactured. Demand can and should be a pull, not a push.

The margin story is the strategy story

Margins are under siege, as builders public and private are saying everywhere —from legacy land costs, incentive pressure and construction cost volatility.

Taylor Morrison’s margin narrative is not about defense. It’s about strategic and operational repositioning. Think strategic jujitsu.

CFO Curt VanHyfte made that explicit:

“To-be-built homes carry higher gross margins than spec closings. And as those sales convert to closings, we expect this mix improvement to be the primary driver of margin recovery.”

Many builders are attempting to stabilize margins through cost control alone – SG&A discipline, cycle-time improvements, procurement efficiencies. Taylor Morrison is doing those things too. SG&A dollars fell 16% year-over-year.

But its primary lever is different: customer-driven mix.

That’s a harder path. It requires:

• Product that resonates emotionally and functionally
• Locations that justify the price
• A sales experience that builds confidence rather than urgency

It also requires patience. Build-to-order is slower than spec. It introduces timing risk. It demands stronger buyer conviction.

But when it works, it produces something far more durable than a quarterly absorption spike: margin integrity. What’s more, it pays forward by protecting land-basis internal rates of return rather than further eroding them with steeper and steeper concessions.

Product, place, and the power of differentiation

Taylor Morrison’s strategic pivot is holistic. It is rooted – not merely in the price, pace, and incentives spectrum – but rather in deliberate choices around product segmentation and land positioning.

Palmer again, in a prepared statement:

“Our strategic priorities center on a refocusing of our expertise in the discerning entry-level, move-up and resort lifestyle segments, with land investments focused on well-located, core submarkets that best align with our product offerings and target consumer groups.”

That alignment – product to place to buyer – is where the company is staking its competitive and strategic advantage.

Nowhere is that clearer than in the Esplanade resort lifestyle segment. Palmer highlighted the following:

“With Esplanade consistently generating superior home prices, mid- to high 20% gross margins and strong demand resiliency, the growth in this unique segment of our portfolio is expected to be an important driver of our future performance.”

In other words, Taylor Morrison is leaning into buyers who are less rate-sensitive, more discretionary and more motivated by lifestyle value.

That’s not a retreat from affordability pressures. It’s a recognition that not all demand behaves the same way – and that competing on price alone is a losing proposition against scale players.

Community count as a forward lever

If Taylor Morrison’s Q1 is about recalibration, its full-year 2026 is about setup.

Taylor Morrison plans to open more than 125 new communities this year – a roughly 30% increase over 2025.

This matters for two reasons:

1. Freshness Drives Demand: New communities create new reasons to buy—new locations, new product, new emotional appeal.
2. Future Margin Embedded in Today’s Openings: These communities, particularly in core submarkets and premium segments, carry a different economic profile than legacy communities being worked through today.

As Palmer put it:

“We have positioned 2026 to be a year focused on setting the stage for reacceleration of growth in 2027 and beyond.”

This is neither a quarter-to-quarter nor a down-cycle strategy. It’s a portfolio mix shift and a strategic embrace of a longer-horizon future.

Land strategy: flexibility without overreach

While some peers have leaned heavily into land banking and asset-light models, Taylor Morrison is taking a more balanced approach.

Erik Heuser, Executive VP & Chief Corporate Operations Officer, described it this way:

“The result is a diversified and flexible pool of structures that allow us to cost effectively control lots off balance sheet or defer cash outflows to improve our returns and manage our portfolio risk.”

The company controls 51% of its lots off-balance-sheet, with a mix of:

• Land banking
• Joint ventures
• Seller financing
• Traditional options

This is not a binary bet on “land-light.” It’s a portfolio approach to capital investment efficiency.

And importantly, it aligns with the broader strategy: control risk, preserve flexibility and invest in locations that support value-driven pricing power – not just volume.

The customer as operating system

What truly separates Taylor Morrison right now is not any single tactic. It’s the centrality of the customer in its operating model.

Palmer’s commentary consistently returns to buyer behavior – preferences, confidence, personalization.

Consider this:

“This reacceleration in demand for to-be-built homes suggests that historic buyer preferences are reemerging… as our new community openings support compelling value propositions for our shoppers to personalize their new home.”

Or this:

“Design center open houses… drove to-be-built sales activity with a strong average conversion rate of 23%.”

These are not merely marketing tactics. They speak to a structural commitment and investment in engagement – bringing buyers into the process, increasing emotional traction, and ultimately freeing Taylor Morrison from the need for financial incentives.

Even technology investments reflect this orientation. The company’s AI-powered contact center and online reservation system are designed to enhance the buyer experience, not just streamline operations.

Competing without racing to the bottom

For second-tier public builders, the strategic dilemma is clear: how do you compete with scale players like D.R. Horton, Lennar, and PulteGroup without eroding your own economics?

Taylor Morrison’s answer is emerging:

• Compete on who the buyer is, not just what they can afford
• Compete on product and experience, not just price
• Compete on margin quality, not just volume

This is not an easy path. It requires:

• Precision in land acquisition
• Discipline in starts and spec levels
• Deep customer insight
• Operational consistency

But it offers something the alternative does not: the potential to sustain margins and brand equity through a volatile cycle.

Sum and total

Taylor Morrison’s first quarter does not tell a story of outperformance in the traditional sense. Orders were down year-over-year. Margins are below peak levels. The macro environment remains uncertain.

But it does tell a story of intentionality, of a homebuilder that knows who it is and who it wants to be.

In a market where many builders are reacting – adjusting incentives, chasing pace, managing through near-term volatility – Taylor Morrison is positioning.

• A higher-quality order book
• A more resilient margin profile
• A customer base that chooses, rather than concedes

Simply: choosing to win buyers, not buy them.

If that strategy holds – and if the community expansion and mix shift play out as planned – it may not just separate Taylor Morrison from its second-tier peers.

It may redefine what “competitive advantage” looks like.

This post was originally published on here. 

Cotality has hired residential real estate and proptech veteran Jason Nicosia as senior principal of national real estate solutions, the company announced Thursday.

In the senior leadership role, Nicosia will serve as a strategic adviser to Cotality’s enterprise real estate clients, helping align the company’s data and technology products with clients’ long-term business goals and growth strategies.

Nicosia has built his career in the residential brokerage and proptech ecosystem, with a focus on national franchise expansion and complex enterprise sales for large, multimarket brands. He has worked with C-suite leaders at major real estate organizations on technology adoption and data-driven decision-making.

Before joining Cotality, Nicosia held leadership roles at Better Homes and Gardens Real Estate and Anywhere Real Estate (formerly Realogy), where he led national sales and franchise growth initiatives.

For brokerages and enterprise real estate firms, the hire underscores how data and property intelligence are becoming central to decisions about market expansion, productivity and tech stack consolidation. As national brands navigate slower transaction volumes, margin pressure and shifting agent models, many are turning to enterprise-level analytics to guide strategy and identify new revenue opportunities.

“We are thrilled to have Jason join the team,” Mike Ceppetelli, senior vice president and head of sales at Cotality, said in a statement. “Jason’s deep understanding of the real estate ecosystem and his reputation as a trusted advisor to industry leaders make him the perfect fit for this role. His expertise will be instrumental as we continue to deliver the innovative tools our enterprise and developer clients need to thrive in today’s market.”

“I have spent my career focused on helping real estate organizations scale and evolve,” Nicosia said. “I am excited to join Cotality and continue that mission, serving as a dedicated resource for our clients and helping them leverage our world-class property intelligence to stay ahead of the curve.”

This post was originally published on here. 

A California home builder sought to build three additional houses on lots it had owned for more than two decades in a coastal county.

That should have been easy. It had already built four nearby homes. But it wasn’t.

Years of court hearings followed when a state agency overrode San Luis Obispo County’s authority and denied the building permits.

On Thursday, the California Supreme Court ruled the agency went too far in denying Shear Development’s permits to build infill homes in an established neighborhood.

The unanimous decision stripped the California Coastal Commission of the jurisdictional basis it had used to override the county’s approval of the homes in Los Osos. The ruling sets new legal guardrails on how far the agency can reach into local permitting decisions.

Chief Justice Patricia Guerrero ordered the commission to vacate its 2020 permit denial and dismiss the appeal for lack of jurisdiction. Her ruling reversed a 2024 Court of Appeal decision that had sided with the commission.

Pacific Legal Foundation, the nonprofit law firm that represented Shear at no cost, framed the decision as a check on regulatory opportunism.

“Today’s decision is a win for every property owner along California’s coast,” Jeremy Talcott, an attorney at Pacific Legal Foundation, said in a statement. “The Coastal Commission cannot simply decide to reinterpret legislation based on its own whims.”

The ruling arrives as builders nationwide face regulatory and financial obstacles to new housing production. Even when state reforms and local approvals align, local fee structures can determine whether permitted projects ever break ground.

Pacific Legal Foundation is separately challenging nearly $100,000 in inclusionary zoning fees on an eight-unit San Luis Obispo project, arguing the fees amount to unconstitutional extortion. Thursday’s ruling adds a legal precedent to the fight over who controls the housing pipeline.

Years of disputes

Shear Development purchased eight residential lots in unincorporated Los Osos in 2003 and received county approval in 2004 to build homes in two phases. Four residences rose in the first phase. The second phase was deferred pending the construction of a community sewer system, which came online in 2016.

In 2019, the San Luis Obispo County Board of Supervisors approved the remaining three homes. One lot had been removed after endangered Morro shoulderband snails were found.

The board found adequate water and sewer capacity with required conservation retrofits. But two Coastal Commission members appealed to the full commission, which denied the permit in July 2020.

The commission claimed appellate jurisdiction on two grounds: that the site lay within a sensitive coastal resource area, and that single-family dwellings were not “the principal permitted use” because zoning designated three coequal principal uses.

Sensitive habitat and permit triggers

Relying primarily on a single map in the county’s Estero Area Plan, the commission argued that the infill parcels fell within the Los Osos Dune Sands Habitat sensitive resource area. The court rejected that reading, finding the designation was meant to protect high-quality dune habitat outside the urban reserve line, not developed neighborhood lots within it.

The court also rejected the commission’s claim that a site’s designation with multiple principal permitted uses automatically triggers appellate authority. Guerrero wrote that the commission may only appeal when a proposed development falls within none of the designated principal permitted uses.

That holding carries weight countywide, where every coastal zone zoning category carries more than one principal permitted use. Under the commission’s now-rejected theory, every coastal development permit in the county was subject to commission appeal, rendering other statutory jurisdictional triggers meaningless.

New rules for court review

The ruling also resets how courts handle these disputes. When a developer challenges the commission’s right to intervene, judges must now conduct an independent review rather than defer to the agency’s interpretation of a local coastal program.

The commission wanted deference. The court said no. In its ruling, the court said judges must reach their own conclusions.

Judges must weigh both interpretations when a county and the commission read the same document and reach opposite conclusions, Guerrero wrote. She added that judges must consider which agency knows the material better and which has interpreted it consistently longer.

If neither holds a clear edge, Guerrero ruled that neither earns deference. That was the case here, and the court sided with the county.

This post was originally published on here. 

HomeServices of America has introduced a new platform designed to bring multiple stages of the home buying and selling process under one system.

The platform — called OnePoint — combines brokerage, mortgage, title and insurance services through the company’s network of affiliated businesses.

Leaders said the offering is intended to provide a single point of coordination for clients navigating real estate transactions.

Under the OnePoint model, customers work with a coordinated team across different service areas within the HomeServices network. The company said this structure is designed to simplify communication and improve efficiency throughout the transaction process.

Chris Kelly, president and CEO of HomeServices of America, said the platform reflects longstanding consumer preferences for more cohesive services.

“Some major brokerages offer a few of these services, but often in a fragmented or patchwork manner,” said Kelly. “OnePoint mirrors what consumers have consistently noted in survey after survey over the years — an overwhelming desire for a holistic, integrated real estate experience, and a near consensus that their use of a full suite of services makes for an easier transaction.

“For the real estate agent, offering their clients a full slate of services exponentially augments the relationship.”

By keeping services within the same network, the model is intended to provide consistency and accountability while reducing reliance on outside vendors. Clients are supported by professionals within the organization across each stage of the transaction.

The platform also incorporates technology designed to connect different parts of the process —  while maintaining direct interaction with service teams.

Company executives said the integrated approach is aimed at addressing common pain points in real estate transactions, including delays and miscommunication between separate providers.

“With OnePoint, there’s no more bouncing between unrelated companies to access essential services,” Kelly added. “Instead, consumers work with a coordinated team, supported by emerging technology and led by real people. At every step, they’re guided by professionals within the HomeServices family.

“With all the talk of end-to-end platforms, only HomeServices is truly in a position to deliver on this promise of a more simplified way to buy and sell real estate.”

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

Efforts to revamp New York State environmental laws to lower barriers to building housing more quickly threw the state’s annual budget process into limbo.

Negotiations blew past an April 1 budget deliberation deadline, with a proposed overhaul of the State Environmental Quality Review Act emerging as a point of impasse.

The outcome could determine whether New York builds hundreds of thousands of homes – or doesn’t.

SEQRA, as the law is known, has governed environmental review of development projects for 50 years. Gov. Kathy Hochul says it has become a tool to block housing.

She wants it scaled back – significantly.

Hochul made SEQRA reform a pillar of her “Let Them Build” agenda, embedded in her executive budget. Under her plan, certain housing projects would be exempt from review entirely. In New York City, projects up to 250 units – or 500 units in higher-density districts – would qualify automatically.

Outside the five boroughs, projects on previously disturbed land with existing water and sewer access would also be exempt. The threshold for triggering any environmental review would jump from the current level of three units to 100, statewide.

Following California

New York State’s push mirrors California’s playbook. Last June, Gov. Gavin Newsom signed legislation exempting most urban infill housing from the California Environmental Quality Act, or CEQA. Supporters said CEQA had become a legal weapon for project opponents rather than an environmental safeguard. California’s reform didn’t come easily. Newsom spent years battling environmental groups and local opponents before signing the CEQA overhaul last June.

Porting that extent of regulatory reform to New York State has proven complicated. The Senate included a narrowed version of Hochul’s proposal in its budget. It caps exemptions by municipality size and requires water and sewer connections. The version also creates a limited review track for multifamily projects, restricting scrutiny to core environmental concerns and excluding factors like shadows and viewsheds.

New York State’s Assembly took a different direction. It left SEQRA entirely out of its budget plan, parking its version in a standalone bill. That divide is why the issue has stalled. Assembly Speaker Carl Heastie flagged it early as a likely pressure point.

Now it sits unresolved, weeks after the deadline, alongside climate law changes and auto insurance as the budget’s biggest fights.

Battle between opponents and supporters

Opposition from environmental groups has been strong since Hochul introduced the plan.

“We reject the whole premise that SEQRA is the reason we don’t have affordable housing,” Adrienne Esposito, executive director of Citizens Campaign for the Environment, said during a roundtable discussion Hochul organized in late March.

Environmental groups and local land trusts want stronger protections near floodplains and contaminated sites. They argue that sewer deficits and infrastructure gaps do more to block housing than environmental review.

Supporters say the current process drives up costs and blocks housing production without delivering better environmental outcomes.

Notably, local governments typically push back on housing reforms if they would pre-empt their control. But they have sided with Hochul on this one.

“Local governments bear the brunt of these delays” because of SEQRA reviews, Stephen Acquario, executive director of the New York State Association of Counties, said in a statement. “Counties and municipalities conduct thorough local land use review, apply local zoning standards, and require compliance with environmental permits – yet projects are frequently stalled for years in state environmental review even after clearing all local hurdles.”

This post was originally published on here. 

Greg Hague, founder of 72SOLD and a 50-year real estate industry veteran, has been appointed director of home sale strategy at Compass International Holdings (CIH), the company announced on Thursday. 

In the new role, Hague will provide voluntary, no-cost strategy training to more than 300,000 agents across CIH’s portfolio of brands. The training is aimed at helping agents influence sales outcomes through listing positioning, buyer demand creation, showing strategy and negotiation techniques, according to the announcement.

“My passion has always been helping real estate professionals unlock what’s possible for the clients they serve,” Hague said in a statement. “It’s about mastering how to position, market, show and negotiate homes in ways that drive better results. When agents have access to the right strategies and the freedom to use them, the impact for sellers can be significant.”

CIH said Hague’s approach is designed to complement the company’s existing listing marketing strategies, giving agents additional tools they can “adopt and adapt” as they see fit. Participation is optional and agents retain full discretion over whether and how to incorporate the strategies into their business.

“Greg and I share a belief that the future of this industry is one where agents are empowered to lead, and sellers have more choice in how their homes are marketed and sold,” Robert Reffkin, chairman and CEO of CIH, said in a statement. “The best outcomes happen when the professional closest to the client has the flexibility and tools to act in their client’s best interest.”

Hague brings experience that spans brokerage, law and real estate product development. A licensed real estate attorney, he chose to focus his career on real estate sales and strategy. He began selling homes in the 1970s at his father’s firm in Cincinnati and has personally listed and sold thousands of homes, the company said. 

He later founded 72SOLD, a home sale strategy consulting and training business based in Scottsdale, Arizona. The firm operates in major U.S. markets and was ranked No. 211 on the Inc. 5000 list of America’s fastest-growing private companies, and the fastest-growing real estate company in the Southwest, according to the announcement. 

Hague has also built a supporting infrastructure around his strategies, including a proprietary CRM, in-house advertising agency, buyer lead generation platform, appointment-setting center and an AI partnership with PolyAI.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

I keep a blank sheet of paper on my desk.

Not for decoration. It’s a reminder of the single greatest advantage a developer can have in 2026: the freedom to start from zero. No legacy baggage. No underwater notes. No commitments made in 2021, when money was cheap, land was flying, and everyone’s pro forma looked like a winner.

Just a white piece of paper and the discipline to build what actually pencils today.

The weight of yesterday’s pro forma

Across the country, particularly in high-growth markets like Dallas-Fort Worth, many projects underway today were conceived under 2021 conditions: low interest rates, aggressive growth projections, and highly competitive land prices.

Those assumptions no longer hold.

The result is a growing number of communities that are difficult to exit, challenging to reposition, and, in some cases, economically impractical to pause. Developers are often committed to land-basis levels, infrastructure decisions, and builder relationships that made sense at the time but are misaligned with today’s cost structure and buyer demand. Continuing under those constraints is less a strategy than a necessity.

Projects move forward not because they are optimized for today’s market, but because they must. The underlying financial models, once viable, are now under pressure, and the margin for error has narrowed considerably.

Designing for today’s buyer, not yesterday’s assumptions

A clean start changes the equation. Without the need to retrofit legacy plans, developers can design communities aligned with current demand signals. In emerging and workforce-oriented submarkets such as Grandview, Sanger, and Weatherford, this means a sharper focus on attainable price points, practical lot configurations, and amenities that deliver perceived value rather than theoretical appeal.

Today’s buyers are more rate-sensitive, more payment-conscious, and less willing to pay for features that do not directly enhance livability. Communities that reflect those preferences through product mix, lot sizing, and cost discipline are better positioned to maintain velocity.

This is not merely a design advantage; it is a financial one. Every decision, from lot width to amenity scope, directly affects deliverable pricing and, ultimately, absorption.

Underwriting in the present tense

Perhaps the most meaningful distinction of a “white-paper” approach lies in its underwriting.

Projects initiated today can be modeled using current construction costs, realistic timelines, and absorption assumptions that reflect current financing conditions. There is no need to reconcile a 2021 land basis with 2026 exit pricing or to rely on optimistic projections to close feasibility gaps.

This enables more transparent alignment with capital partners, more sustainable pricing for builders, and more credible return expectations. It also instills a level of discipline essential in a higher-rate environment: if a deal does not work on today’s numbers, it does not move forward. In practical terms, this often means underwriting longer absorption cycles, accepting more moderate leverage, and prioritizing durability over speed.

Builder alignment as a risk strategy

Starting fresh also reshapes builder relationships. Many legacy projects are tied to builder agreements established under different market conditions, and those agreements may no longer reflect current capacity, product fit or sales pace. In contrast, new developments allow builder selection to occur early and deliberately, before infrastructure is committed and plans are finalized.

This early alignment can significantly alter a project’s risk profile. Builders who are well matched to a submarket, appropriately capitalized, and committed to consistent delivery provide a stabilizing force in uncertain conditions. Conversely, misalignment can compound risk in ways that are difficult to correct midstream.

In this context, builder selection becomes less of a procurement decision and more of a strategic one.

Timing the supply cycle

The broader supply picture in markets like DFW adds another layer of complexity and opportunity. Estimates suggest that between 90,000 and 110,000 lots are currently moving through the pipeline, representing roughly two to three years of supply under normalized absorption. At first glance, that overhang appears to be a headwind for new development.

But timing matters. Projects acquired and entitled today are unlikely to deliver finished lots at the peak of that supply. Instead, they are positioned to come online as existing inventory is absorbed and the market begins to rebalance. In effect, the current slowdown in acquisition activity, driven by oversupply concerns, creates a window for disciplined buyers to secure land at reset pricing.

By the time development cycles run their course, those projects may enter a market with less competition and improved fundamentals.

A narrow but meaningful window

Real estate cycles tend to recalibrate quickly once conditions stabilize. As interest rates normalize and capital regains confidence, land prices typically follow. Competition returns, and the margin for disciplined entry narrows.

Developers who use the current window to structure projects with clean capital stacks, realistic underwriting, and market-aligned products will be positioned to benefit from that shift. Those who delay may find themselves reentering a more competitive landscape at higher basis levels.

In that sense, the blank sheet of paper is not merely symbolic. It represents optionality, the ability to align every decision with current conditions and future expectations rather than past commitments.

In a market defined by transition, that flexibility may prove to be one of the most durable advantages. A blank canvas is more valuable than most people realize right now.

This post was originally published on here. 

Joe Ventrone’s April 17 opinion piece comments on decoupling real estate commissions based on a recent Consumer Federation of America/Urban League report, on past research by me as a CFA senior fellow, and on my more recent research as a senior fellow at the Consumer Policy Center, among other consumer sources. 

The article suggests that settlement of the Sitzer-Burnett lawsuit two years ago has not lowered housing costs or created a more competitive marketplace.  To his credit, at the time, Ventrone warned me and others that this would occur.

In 2024, I expected that the settlement would encourage more buyers to try negotiating commissions and more agents to be willing to do so since sellers and their agents would no longer be setting these commissions. By early 2025, however, it became evident that commission rates were not budging. In retrospect, there are compelling reasons for the persistence of the old pricing.

What happened?

Importantly, the industry was highly motivated to maintain 5% to 6% rates.  The sale of about 4 million homes each year by about 2 million licensed agents provided the latter with a huge incentive to maintain relatively high rates.  Agents succeeded in doing so by persuading buyers that, despite buyer contractual obligations, sellers would continue to compensate buyer agents. Listing agents, also buyer agents for other clients, agreed to persuade sellers to provide this compensation.

Buyers lack knowledge

Just as importantly, buyers and sellers lack the ability (i.e., lack of knowledge) and motivation (e.g., preoccupation with the timing and price of the sale) to negotiate rates effectively. The minority who try to do so face the legitimate concern that if they employ discount agents, their agent may be discriminated against by traditional agents determined to maintain the old pricing. Sellers, in particular, may fear that if they do not offer buyer agents traditional rates, these agents will favor other sellers.

As recognized by the U.S. Department of Justice and others, the settlement only partially decoupled rates.  If commissions were completely uncoupled – sellers and buyers negotiated and paid compensation only to their own agent – would there be more competitive pricing? Not necessarily – each agent would retain the ability to set their own rates. Yet, sellers and buyers would have a much greater opportunity and ability to negotiate the commission rates of their own agent. 

Would negotiated commission rates lower housing costs? 

This issue is obscured by the widespread agreement that buyer commissions are currently included in home sale prices, where they can be easily financed. 

However, the undeniable fact is that if commissions were to decline from 6% to 4%, housing costs would be lower —$8,000 less on the sale of a $400,000 home. This potential cost saving makes it worthwhile to continue working toward a more price competitive housing marketplace – one where rates are not uniform but reflect the competence and efforts of individual agents.

Stephen Brobeck is a senior fellow with the Consumer Federation of American and has researched brokerage issues for three decades.  Since early 2025, he has undertaken this research as a senior fellow at the Consumer Policy Center, a consumer think tank.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the editor responsible for this piece: tracey@hwmedia.com

This post was originally published on here. 

More investor deals are getting harder to finance cleanly on standard DSCR, not always because the investment is weak, but because current rents do not tell the whole story.

That pressure is showing up in the numbers. ATTOM’s March 2026 Single-Family Rental Market Report found that potential rental yields declined in 54.8% of analyzed U.S. counties as high home prices compressed returns. In plain English, more deals are falling short on paper even when investors still see long-term value in the property. 

That is where No-Ratio financing is drawing more attention. For investors buying before rents are in place, refinancing to rehab, or replacing hard money with longer-term financing, the issue is not always whether the deal makes sense. Sometimes the issue is whether the property can clear a standard DSCR screen today.

Why standard DSCR is not always the whole story

Standard DSCR works best when the property is already performing. If rents are stable and the income story is clear, the ratio can do its job.

But not every investor deals like that. Some properties are in transition. Some are being repositioned. Some are being bought before rents are in place. Some have weak or negative cash flow now, even though the investor’s plan is based on what the property can become after rehab, lease-up, or better management.

That is where No-Ratio financing fits. In Homelife’s March 2026 DSCR explainer, the company calls No-Ratio the “third lane—not the first.” Standard 1.0+ DSCR sits in lane one. Softer DSCR options sit in lane two. No-Ratio is the lane for deals where current cash flow does not tell the whole story and the decision leans more on leverage, credit, reserves, property type, and investor strength. 

This is not a general-consumer mortgage product. It is an investor tool. Based on current HomeLife criteria, the typical borrower is an experienced real estate investor with past or present rental-property ownership, usually a primary residence, and a 700-plus middle credit score, although exceptions may be available in some cases.

Scenario 1: buying before rents are in place

This is one of the clearest No-Ratio use cases.

An investor finds a property with upside, but current rents are missing, weak, or not yet stabilized. A standard DSCR lender may stop there. A No-Ratio structure allows for a different question: does this purchase still make sense based on the investor, the equity position, and the plan?

That is exactly why this lane matters on transitional deals. The property may not fit a clean DSCR box today, but the business case may still be strong.

Scenario 2: refinancing or cash-out to rehab and stabilize

A property may not cover debt service during the rehab phase, but the investor still needs capital to improve it.

In that case, the goal is not just to refinance. The goal may be to unlock cash, complete the work, stabilize the asset, and refinance later into a cleaner DSCR loan once the property performs better. Homelife’s March 2026 DSCR explainer frames No-Ratio as a bridge strategy for exactly that kind of scenario. 

Scenario 3: replacing hard money with a long-term loan

Hard money can help when speed matters, but it is not always the best structure to carry a property for long.

If a short-term loan is coming due and the property is still not ready for standard DSCR, a No-Ratio loan can sometimes provide a longer-term structure that gives the investor more breathing room.

This is where No-Ratio becomes a timing solution. For some investors, the real need is time: time to finish the work, time to improve rents, and time to move from a transitional phase into a more stable exit.

Where the portfolio No-Ratio option fits

Some deals need even more flexibility.

In those cases, a portfolio No-Ratio option can create another lane when the property and borrower profile justify it. That does not mean every deal belongs there. It means some investor files are more complex, and a portfolio execution can create room where a more formula-driven program may not.

That is why No-Ratio is better understood as a strategy tool than a label. The real question is not only whether the property covers debt service today. It is whether the financing structure gives the investor’s plan enough room to work.

The bottom line

A good investor deal and a clean DSCR ratio are not always the same thing.

When current rents do not reflect the real opportunity, No-Ratio can give experienced investors another way to move forward without forcing the deal into the wrong underwriting box. It is not a substitute for a weak plan. It is a financing option for properties in transition — and for investors who know how they plan to stabilize, improve, refinance, or exit.

If standard DSCR is only telling part of the story, the smarter question may not be whether the deal is dead. It may be whether the financing structure fits the strategy.

Darrin J. Seppinni is president of HomeLife Mortgage.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the editor responsible for this piece: zeb@hwmedia.com.

This post was originally published on here. 

For a hundred years, the Mortgage Bankers Association (MBA) has moved mortgage policy in Washington. Last Wednesday, it brought 50 loan officers with it. 

Loan officers are going to Washington.

For a hundred years, that sentence had not been true.

For a hundred years, the MBA has been the mortgage industry’s voice in Washington. An office blocks from the White House. A policy staff that reads FHFA notices the way priests read liturgy. An advocacy calendar that has moved real bills. The institution carried the work every year.

The producers were doing different work, at the closing table and on the phone at 6:47 a.m. with a buyer whose rate had locked overnight.

Last Wednesday, the MBA brought them in.

On April 15, during the MBA’s National Advocacy Conference, 50 loan officers from 26 states walked into 44 Senate and House offices. Abdel Khawatmi from New Jersey. Darlene Franklin from Colorado. Sue Meitner from Pennsylvania. About 90% of them had never advocated for anything in Washington before. They carried the MBA’s 2026 policy priorities, and they carried what the MBA wanted in that room: the borrower.

Ryan Kiefer, a First Community Mortgage branch manager in Cincinnati, has personally closed loans for more than 3,000 families. His branch has helped more than 35,000. This was his first time doing advocacy. Dave Savage and Kristin Messerli asked him, and he said yes:

“It stopped being about policy in theory and became about real people. The moment it turned into real stories, they leaned in, asked better questions.”

FirstHome IQ is a three-year-old 501(c)(3) co-founded by Kristin Messerli, Dave Savage and Todd Bookspan, with a 14-strong board drawn from across the industry. Kristin Messerli runs it as executive director, and she has been saying this for a year:

“Local loan officers are the most powerful advocates for housing affordability in this country. And almost nobody is using them that way.”

Finally, Washington did.

Kristin Messerli doesn’t remember who called whom first. The MBA was building out its grassroots advocacy. FirstHome IQ had spent three years organizing producers. In January, the MBA invited FirstHome IQ to bring a cohort to NAC. By April, they were walking onto the Hill.

The MBA’s 2026 advocacy agenda was already set before the producers arrived. Push the House to fix the Senate-passed 21st Century ROAD to Housing Act, which cleared the upper chamber 89 to 10. Move the industry away from the tri-merge credit report structure. Land the Basel III re-proposal somewhere the industry can live with. A fourth fight had just been won: the Homebuyers Privacy Protection Act, which ended the practice of flooding borrowers with competing offers the moment their credit was pulled, signed in September, effective six weeks before NAC.

In December, when the national credit bureaus raised prices, MBA CEO Bob Broeksmit put it this way:

“Once again, the national credit bureaus are abusing their government-granted oligopoly by gouging consumers. Today’s news only strengthens our call to move away from the tri-merge credit report structure.”

That is a load-bearing institutional argument, the kind the MBA has been carrying to the Hill for a 100 years.

The 50 producers brought something else on Wednesday. The family paying the tri-merge fee. The first-time buyer who aged into her forties before she found a house. The borrower in a specific district whose loan closed, or didn’t, on whatever the House decides to do with the ROAD Act. The names attached to the numbers.

Todd Bookspan spent more than two decades as a top-one-percent originator nationally. In all of it, he had never once set foot inside a Congressional office on industry business:

“This is the first time I actually felt invited to go there and do something.”

Dave Savage, who chairs the FirstHome IQ board, has spent 30 years building producers. He put the shift in the terms he uses with them:

“Historically, loan officers have not been in these rooms. That has all changed. How do we scale it to hundreds?”

Owen Lee, the MBA’s incoming Chair, put the mechanism plainly afterward:

“Advocacy on Capitol Hill is really about education of the lawmakers, and nothing educates them more than a story from the front line back home in their district.”

The CEOs and government-affairs heads have carried the policy argument for a century. The producers carry the witness.

The 50 producers who went to NAC were witnesses.

Matt Adler closed loans for 570 families last year in Troy, Michigan, through Lake Michigan Credit Union. Dave Savage had pushed him to get on the plane to DC. On Wednesday, he walked into four Michigan offices on the Hill: Haley Stevens, Elissa Slotkin, Gary Peters and Sri Thanedar. He talked about buyer fatigue. A story that had become routine for him over the past three years, first-time buyers who had stopped looking:

“They were tired of getting outbid or not finding homes amongst a small, stale inventory. Buyer fatigue is one of the most telling reasons that the average first-time buyer age increased to forty years old.”

He had braced for lackeys. He found staff who took notes. He went home and told his kids he was proud he’d gone, and that he wanted to be an example to them.

In a California Member’s office, Todd Bookspan sat with producer Jeremy Forcier and walked a staffer through HR 1340, the bill to double the capital gains exemption on home sales, a figure Congress set in 1997 and hasn’t touched. In California, where values have more than quadrupled since, the math has turned punitive for anyone who has owned long enough to consider selling. The staffer listened, then stopped them. Her grandmother, she said, had owned a house forever, the one where her mother and aunt grew up. She was hesitant to sell because of what she’d owe. The house was staying off the market. The staffer wasn’t reading a brief. She was telling them about her family. That is what the room sounded like on Wednesday, once a producer was in it.

Across the Hill, Caroline Frauman, tax counsel to Representative Gwen Moore of Wisconsin, kept Michael Creed and the other Wisconsin producers past their 30 minutes, asking questions. When they stood to leave, she asked if she could follow up.

The national originator count has been collapsing since 2021. By 2025, 221,000 remained, down 46% in two and a half years. Last year also registered the first annual rebound since the pandemic. The ones who survived have a great deal to say about what is happening to American families, and until last Wednesday, nobody had organized them to say it inside the rooms where policy gets written.

Kristin Messerli has been clear about what last Wednesday was:

“Policy is happening with or without them. Loan officers have a crucial voice to share that both protects and supports the consumer and helps move the industry forward.”

FirstHome IQ’s plan for next year scales up. All 50 states at NAC. Hundreds of loan officers in the cohort. A standing producer presence on the Hill, year after year, with borrowers in every district.

Owen Lee, who chairs the MBA next year, sees where this is going:

“We don’t have an established avenue to communicate with loan officers, and that’s one thing I’d like to change.”

A fly-in is an event. A standing constituency is a political force. If the cadence holds, producers become a permanent feature of the MBA’s advocacy infrastructure, walking into Congressional offices on the same schedule CEOs and government affairs heads have kept for a century, and carrying what the briefs don’t:

A name. A district. A family. A rate lock at 6:47 a.m.

The producers are in the room now. They are not leaving.

Bri Lees is a fractional CMO and mortgage marketing thought leader.

This post was originally published on here. 

Success in business is rarely a solo act.

Great careers are often shaped by great mentors, and exceptional teams make for exceptional companies. 

Allan Merrill, Chairman, President and CEO of Beazer Homes, attests to both truisms. Under Merrill’s leadership, Beazer Homes has become a leader in delivering durable, energy-efficient homes, becoming the first national homebuilder to deliver 100% of its new homes to match or exceed the Department of Energy’s Zero Energy Ready Home standards.

That achievement – standing apart by standing for customer values – was made possible by Merrill’s vision and leadership, but also by the company’s more than 1,000 employees in divisions across the country. 

In an interview with HousingWire’s The Builder’s Daily, Merrill discussed how Beazer Homes addresses affordability through sustainability, and how his team cultivates culture through charity and service. 

But first, we discussed his background and journey to Beazer Homes, one that was paved through a mixture of hard work, forward thinking and guidance from influential mentors. 

The path to Beazer Homes

Merrill’s interest in homebuilding began with a college job working for a homebuilder. While working there, he gained valuable experience – literally from the ground up – in multiple facets of homebuilding. 

“I was working on land development things, and then land acquisition things. And then the next summer, I was working in sales. So I went back and did it again, and I felt like there was an entrepreneurialism to it. There was a development piece, like you got to see things that you did. There was something very tangible. And having had the experience of being a sales counselor, only briefly, that idea of being able to help somebody achieve a dream, the emotion associated with that, was super rewarding,” he said.

Once he graduated from the University of Pennsylvania’s Wharton School, Merrill began a career on Wall Street, working for Dillon, Read & Co., which later became part of UBS. Two of the managing directors at the company were on the boards of homebuilding companies, one for Ryland Homes and another for Pulte. 

“Relatively early in my career, they started taking me [along with them], as a person who knew a little bit about housing. Despite my youth and inexperience in banking, they would take me to board meetings, so I got a level of engagement in the industry that was good fortune.”

A little later in his career, Barbara Alexander, a former boss and someone that Merrill called “the hardest-working woman on Wall Street”, created a career-defining opportunity for him. That opportunity came from Brian Beazer, the founder of UK-based Beazer PLC, which was previously a publicly-listed company in the United Kingdom. 

Merrill was tasked with handling the sale of the company’s U.S. homebuilding business after another firm acquired Beazer PLC in 1991. However, instead of selling, Merrill advised Beazer to buy another homebuilder. At the time, homebuilding was at a low point, so there were companies available at favorable valuations. 

“It was 1992, and I said to him, ‘You know, I really think we ought to be buyers, not sellers.’ It wasn’t the Great Financial Crisis, but that was a time of great distress in the housing industry. Home sale volumes had really collapsed. And so I pitched him on this idea of buying another homebuilder.”

Following that advice, Beazer purchased Watt Housing Corp. and waited until market conditions improved to take the expanded Beazer Homes public on the New York Stock Exchange in 1994. Merrill later joined Beazer Homes in 2007, first as Executive Vice President and CFO.

In 2011, he was named President and CEO.

“There’s no way I knew, being in the New York Stock Exchange in February of 94’ with the company ringing the bell, that on its 25th and on its 30th anniversary, I’d be there as CEO ringing the same bell,” Merrill said. 

Sustainability and the affordability equation

Beazer Homes’ emphasis on energy efficiency and durability took off after Merrill became CEO 15 years ago. The builder focuses on improving affordability largely by reducing monthly payments and ongoing costs, something that Merrill sees as a key differentiator.

Designing homes that are durable and require less ongoing maintenance is a big part of that affordability equation. As a homeowner, there is nothing worse than spending thousands of dollars on repairs and maintenance. Beazer Homes is laser-focused on reducing those ongoing costs. 

For example, in most homes, HVAC systems include an outdoor unit and an indoor component, often placed in an attic or closet. Beazer instead locates all equipment in conditioned space, protecting it from harsh temperature swings that cause wear and inefficiency. That design choice may increase initial costs, but it lowers operating, maintenance and replacement expenses over time, improving overall affordability.

On the sustainability front, Beazer’s typical home uses about 50% less energy on average than most competing new homes. The Beazer team has concentrated heavily on controlling the building envelope, since it plays a crucial role in a home’s performance and durability. 

Standard homes have as many as seven air exchanges per hour, essentially replacing conditioned air every eight minutes or so. Beazer’s houses stretch that to only one or two exchanges in an hour. This tighter construction keeps the home more comfortable, minimizes energy waste and better protects against moisture, pests and long-term damage.

Building those sustainable and durable homes costs a bit more upfront, but pays dividends in the long run, Merrill said. 

“You’re going to spend less money maintaining and servicing your home because of the choices that we’ve made. And we really felt like, for 15 years, that has been a lane that is not crowded. People have not chosen to compete in that lane, and as affordability has become such a prominent part of the housing space, I think we’re in the right spot.”

Beazer Homes’ shifting product mix

After reaching a high standard of energy efficiency in its individual homes, Beazer Homes has shifted its focus to developing solar communities, a strategy it has pursued since late 2023. These solar communities are expected to account for about 20% of Beazer’s product mix by the end of this year. 

Solar will make Beazer’s homes even more energy efficient and provide homebuyers with more long-term cost savings. 

“Our homes are so efficient that a very small amount of solar can get those homes to a place where they are roughly generating what they require.”

On a high level, Merrill pointed to the emergence of data centers, which use a massive amount of power, as another reason why solar is so beneficial. Data centers are expected to account for 12% of all U.S. electricity use by 2028. Solar communities can offset some of that load. 

“I don’t think generally we as a society understand that a limiting condition in GDP growth is power. We can only grow the economy so fast, given a power constraint. Solar is so efficient. It creates an opportunity for us to accelerate development in our communities and make the pie bigger for everybody. If we can add a little bit of capacity through what we’re doing in solar, I think it isn’t just good for our homeowners, it’s also good for the communities where we operate.”

Beazer Homes is also actively shifting a greater share of its deliveries to communities with selling prices of more than $500,000. The strategic rationale is easy to understand, as those higher-priced communities generally offer higher margins. 

Merrill expanded on this strategy, noting that it is about more than price. Beazer Homes is looking to place its energy-efficient homes in places where buyers value those cost-saving features.

Submarkets that are productive for volume and price-driven homebuilders aren’t well-suited for Beazer Homes, which typically can’t compete with those builders on price. As a result, Beazer Homes is shifting to locations where buyers are more likely to value performance and total cost of ownership. 

“We’ve never been the low price leader. That’s not the brand or market position that we operate in. We want to be in locations where we have an opportunity to create an experience for a homebuyer, where they understand the home that we’ve created and the neighborhood that we’ve created are different and better in really measurable ways. So that’s been kind of the shift, as we have been allocating capital to land acquisition.”

How Beazer cultivates culture through service

Merrill also spoke on how Beazer Homes creates a strong company culture by emphasizing service and making employees feel like they are part of something bigger and greater. 

“The truth is, we compete every day for talent. We compete with other builders, but frankly, we compete with other industries. So how do you attract and retain people? You show them a through line where what they’re doing matters and has impact, and where their job also allows or affords them to have a life-work balance, to feel really positive about a give-back opportunity.”

In March, Beazer Homes announced that they have raised more than $10 million for the Fischer House Foundation, a nonprofit that provides free housing for families of veterans and active-duty military that are undergoing medical treatment. 

The partnership developed after Beazer Homes team members began running an annual half-marathon together. The annual race began nearly a decade ago, when Merrill’s assistant challenged him to run a half-marathon, despite having no running background.

What started as a small endeavor snowballed. This year, more than 300 employees and partners traveled and took part in the half-marathon challenge together. Those participants, just like in past years, raised money to support the Fisher House Foundation’s mission. 

Beazer Homes also has an annual national day of service, where employees across all divisions can elect to spend the day volunteering at various nonprofit organizations. The initiative has been a big hit, attracting over 800 participating employees last year. Events like this are one way Beazer Homes creates a unified company culture across its various divisions and geographic areas of operation. 

“That idea that you could look across the company, and you could see on social media and internal platforms what your colleagues and other places were doing and share that experience, that’s the sticky stuff that holds organizations together, and our team has really embraced that.”

This post was originally published on here. 

A bipartisan group of lawmakers is advancing multiple pieces of legislation designed to strengthen retirement savings options for millions of unpaid family caregivers.

Two companion bills introduced in the House and Senate would modify retirement account rules to better reflect the realities caregivers face.

Under one proposal, the Improving Retirement Security for Family Caregivers Act, eligible caregivers could contribute up to the maximum Roth IRA limit even with reduced earnings.

The second measure, the Catching Up Family Caregivers Act, would allow returning caregivers to make enhanced catch-up contributions — currently up to $11,250 — for five years regardless of age, CNBC reported.

Other pending legislation would provide tax credits and expand the use of health savings accounts to help offset caregiving-related expenses.

“These two bipartisan bills would give these individuals a better opportunity to build a secure financial future and help ensure they are not penalized for the vital care they provide,” said Sen. Susan Collins (R-Maine), a co-sponsor of the legislation.

The bills have been referred to the House Ways and Means Committee and the Senate Finance Committee.

As the population ages, more relatives are stepping into unpaid caregiving roles, often at significant personal and financial sacrifice.

A recent survey by Pew Research Center found that roughly 10% of U.S. adults care for a parent age 65 or older, with additional shares caring for spouses or partners. Among those with older parents, nearly one-quarter report serving as caregivers, with rates rising as parents age.

Among adults who have a parent 65 or older, 24 % said they are caregivers — with that share climbing to 31 % when the parent is 75 or older.

In-home care costs continue to serve as a driver of reverse mortgage demand as seniors weigh their ability to pay for it with retirement savings or Social Security.

Women account for roughly 60% of caregivers, according to a 2025 report by AARP and the National Alliance for Caregiving, and they often face steeper retirement challenges. Figures from Vanguard indicate women have lower average 401(k) balances than men.

This article was written by Jonathan Delozier and generated with the assistance of HousingWire Automation. It was reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

The spring housing market is doing what it typically does this time of year: inventory is rising and new listings are coming online at a faster pace.

But pricing has not moved with it.

That timing gap is becoming one of the most important signals for housing professionals right now.

This builds on last week’s analysis of how housing cycles unfold — where pricing, buyer behavior and market conditions tend to fall out of sync before markets adjust. What we’re seeing now is how that dynamic is playing out in real time.

Inventory rebounds as new listings rise

New listings jumped 10.9% week over week, climbing to 77,919 homes. Total active inventory rose 2.5% to 743,006 properties.

On the surface, that looks like a straightforward seasonal ramp. But the sequencing matters.

As Logan Mohtashami wrote in his latest HousingWire Market Tracker, “housing data snapped back” after the prior holiday-impacted week. Part of last week’s move reflects a post-Easter normalization, not a sudden structural shift in demand.

Still, the direction is clear: more homes are coming to market.

At the same time, the median list price remains elevated near $445,000. That creates a clear dynamic for housing professionals: supply is adjusting faster than seller expectations.

Seller behavior signals pricing pressure

Even with prices holding steady at the national level, seller behavior is starting to shift.

About 34.7% of listings have taken a price cut. Another 8.9% have been relisted, often signaling that initial pricing missed the market.

Homes are also taking time to move. The average days on market stands at 118, with a median of 56 days, reinforcing a pattern seen across many markets: pricing is increasingly determining which homes transact and which require adjustment.

This is not a demand collapse. It is a timing issue.

Nationally, median list prices are down just 1.1% year over year, a relatively modest shift. But beneath that stability, seller behavior tells a different story, with a growing share of listings requiring price cuts or relisting to meet current demand.

Buyers are still active, but selective. Demand is stable, not surging, and is most responsive when homes are priced correctly.

Mortgage rates support demand, but do not drive it

Mortgage rates have improved and moved closer to a key threshold for buyer activity. According to the latest HousingWire Market Tracker, rates ended the week at 6.29% based on Mortgage News Daily data, with 6.25% continuing to serve as an important level for demand in recent years.

That helps explain why pending sales are holding up. Weekly pending home sales rose to 73,241, up from 71,775 a year ago.

But rates alone are not driving this market. Mohtashami notes that recent gains in activity reflect seasonal normalization rather than a true surge in demand.

Unlike earlier in the year, when supply was more constrained, the current market is seeing inventory build while pricing remains anchored. That short-term mismatch is now showing up in seller behavior.

The opportunity is in the lag

When inventory rises but pricing remains anchored, a gap forms between seller expectations and buyer behavior.

That gap is where negotiations happen.

It is also where opportunity forms first.

In several Florida markets, including North Port-Sarasota and Tampa, about half of all listings have already reduced price. Phoenix is showing similar patterns, with more than 48% of homes taking cuts. At the same time, markets such as Boston, Providence and Detroit are seeing faster inventory growth, creating more choice for buyers and more competition among sellers.

There are still pockets of stronger demand. Markets including San Francisco and Columbus continue to show tighter inventory and faster-moving conditions for well-priced homes.

But those conditions are no longer universal. The market is becoming more fragmented, and that fragmentation is being shaped by pricing alignment.

What it means for housing professionals

For agents, pricing strategy is becoming more important than timing. Listing into rising inventory without adjusting expectations increases the risk of sitting, cutting and relisting. At the same time, their buyers are gaining leverage — but selectively — with the best opportunities emerging where sellers have already started to adjust.

For investors, the signal is not just where inventory is rising, but where pricing pressure is building. Markets with elevated price cuts may offer clearer entry points than markets that are simply adding supply.

For lenders, increased inventory can support transaction volume, but conversion will depend on whether buyers and sellers can close the pricing gap.

A market working through timing

This is not a market searching for direction. It is a market working through timing.

Supply is coming online. Demand is steady enough to support movement. But pricing has not fully recalibrated yet, and that adjustment is happening in real time.

To track real-time pricing, demand and market signals at the national, metro and ZIP-code level, explore HousingWire Intelligence. For deeper context on rates, demand signals and the macro backdrop shaping housing activity, read HousingWire’s Housing Market Tracker weekly analysis.

HousingWire used HousingWire Data to source this story. This article is based on single-family residence data through April 17, 2026. For enterprise clients looking to license the same market data at a larger scale, visit HousingWire Data.

This post was originally published on here. 

FSBO.com on Wednesday announced the launch of a new loan officer portal designed to integrate mortgage professionals earlier into the for-sale-by-owner (FSBO) home selling process, as the company looks to create a more structured and collaborative transaction model.

The platform allows loan officers to assist sellers with listing creation, marketing and buyer screening, while also guiding financing from the initial listing through closing.

The company — which was acquired by FSBO Holdings, led by NEXA Lending CEO Mike Kortas and Homepie CEO Brad Rice — said the tool is intended to bring greater consistency and predictability to FSBO transactions, which have traditionally been more fragmented than agent-led deals.

More than 300 loan officers from NEXA Lending have already signed up to use the platform. Kortas, who is also CEO of FSBO Holdings, told HousingWire that many joined before seeing the product and are paying a monthly subscription fee of $299.

Kortas said he is personally training these loan officers on how to use the system, drawing on strategies he used earlier in his career.

“This is exactly what I did, this was my marketing when I was a top loan officer in the country,” Kortas said, describing the approach as loan officer-led marketing that brings in both buyers and sellers earlier in the transaction.

Through the portal, loan officers can help sellers create and optimize property listings, set timelines, ensure prospective buyers are preapproved and promote properties. Sellers can post a basic listing for free, but upgraded listings — including additional photos, descriptions and tools — are unlocked when working with a loan officer on the platform.

“Loan originators have always been behind the scenes guiding deals, solving problems, and helping transactions get to the finish line,” Rice said in a statement. “What FSBO.com is doing is bringing that value to the forefront, where it belongs, and allowing loan officers to play a more visible, impactful role from day one.”

Kortas said that FSBO.com’s website infrastructure was completely rebuilt while preserving existing pages to maintain search traffic, which he said currently stands at about 50,000 monthly unique visitors. With loan officers driving additional activity, he said the company expects traffic to exceed 300,000 monthly users by mid-summer.

The platform is structured to be loan officer-centric in its early stages, with a separate agent-facing portal planned for a later release. Kortas said loan officers are expected to bring real estate agents into transactions, rather than replace them.

“Loan officers can refer their real estate agents business instead of the other way around,” he said. “This draws a tremendous amount of listings to Realtors.”

Industry participants have increasingly explored hybrid approaches that blend self-directed selling with professional support, particularly as affordability pressures and elevated mortgage rates reshape buyer and seller behavior.

Kortas argued that most FSBO transactions ultimately fail, and said the portal is designed to connect sellers with agents when needed. Under the model, loan officers can introduce sellers to agent partners early in the process, often offering full-commission listings while also attempting to find a buyer directly.

“It becomes a race of who can find the buyer first,” Kortas said, adding that agents typically still secure the buyer in most cases.

The company said it plans to expand that hybrid approach with the upcoming launch of “FSBO Pro Agent,” a service that will allow sellers to transition from a self-managed sale to full-service agent representation within the same platform.

This post was originally published on here. 

Real estate fraud has evolved rapidly, and professionals across the industry already recognize that today’s schemes are more complex and convincing than ever.

What has changed most is the scale — driven by artificial intelligence (AI) that can generate realistic emails, cloned voices and even live deepfake video impersonations of buyers, sellers or agents.

In 2025, the FBI’s Internet Crime Complaint Center (IC3) logged 1,008,597 cyber-enabled crime complaints, with losses surpassing $20.8 billion — a 26% rise from the prior year.

Real estate fraud alone led to 12,368 complaints and $275.1 million in losses.

Business email compromise — often targeting home closings and wire transfers — accounted for $3.04 billion in losses across 24,768 complaints.

IC3 received more than 22,000 AI-related complaints in 2025, with adjusted losses exceeding $893 million.

What to do when encountering fraud

IC3 instructs victims to retain all original documentation when reporting fraud.

That begins with preserving evidence in its native format — saving full email files instead of screenshots, downloading attachments directly, retaining text messages with timestamps intact and avoiding forwarding or editing files in ways that could strip metadata.

This step is especially important in cases involving AI-generated content.

The National Association of Realtors cite how this level of preservation and documentation is needed to effectively combat scammers using deepfake technology. Original files allow forensic experts to examine hidden data and detect manipulation.

Experts also urge professionals to preserve entire communication threads and document how contact began, whether through a listing platform, referral or unsolicited outreach. That includes a record of phone numbers, email addresses, usernames and any shifts in communication patterns.

An explainer from American Bankers Association notes that deepfake scams often include subtle irregularities such as mismatched audio, unusual urgency or inconsistencies in tone.

Potential fraud victims are advised to include detailed financial information in IC3 complaints, including transaction dates, dollar amounts, recipient accounts and involved institutions.

Collect all related documents — wire instructions, settlement statements, title records and confirmation receipts — and keep them organized and unaltered.

Rapid reporting of any incident increases the likelihood that transactions can be intercepted before funds are fully transferred.

Store original files securely and create backups to prevent loss. When sharing information with investigators or financial institutions, provide copies rather than originals and document when and how the files were transmitted, experts add.

Avoid becoming the weak link

AI-driven fraud continues to reshape the risk landscape in real estate, making scams more scalable, more believable and harder to detect.

In this environment, the ability to document and report fraud effectively is as important as preventing it.

By following IC3-aligned practices — preserving original evidence, capturing context, securing financial records, reporting quickly and maintaining chain of custody — real estate and title professionals as well as consumers can improve the chances of stopping fraud in its tracks.

This post was originally published on here. 

The majority of mortgage industry trade groups and professionals reacted in a supportive but pragmatic way following an announcement from federal housing agencies that detailed moves to modernize mortgage underwriting by introducing newer credit scoring models. They largely welcomed the shift while emphasizing that the real test will be in execution and follow-through.

The announcement in question occurred during a joint press conference on Wednesday hosted by the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA).

HUD announced plans to allow FICO 10T and VantageScore 4.0 for Federal Housing Administration (FHA) loans, while the FHFA is launching a pilot for VantageScore 4.0 at Fannie Mae and Freddie Mac, with FICO 10T to follow.

HUD Secretary Scott Turner said that the FHA plans to adopt both models in the coming months, but he did not provide a timeline. He said the changes are intended to expand access to credit while maintaining underwriting rigor.

FHFA Director Bill Pulte added that the agency plans to introduce a new pricing grid tailored to the updated models and is in discussions with Fair Isaac Corp. and VantageScore about reducing credit score costs, potentially to as low as 99 cents per score.

Pulte said the newer models could better account for borrower behavior such as on-time rent payments, which are not always captured in traditional scoring systems.

Industry professionals largely framed the decision as a positive development.

Isaac Boltansky, head of public policy at Pennymac, said the move introduces “much-needed competition into a critical segment of the mortgage process,” adding that a more competitive landscape could lead to a “more transparent and cost-effective mortgage experience” for consumers.

The Mortgage Bankers Association (MBA) echoed that view and lauded the announcement, with CEO Bob Broeksmit calling the announcement “an important next step” in modernizing the credit scoring framework.

“Expanding the set of acceptable credit scoring models to include VantageScore 4.0 and FICO 10T will help foster a more transparent and dynamic market, broaden access to sustainable credit, and put downward pressure on costs for GSE and FHA borrowers,” Broeksmit said in his statement.

At the same time, Broeksmit emphasized that implementation will require coordination across lenders, investors and regulators, and said the MBA is seeking additional guidance to ensure a smooth rollout. The group also reiterated its push for further reforms, including changes to the tri-merge credit reporting requirement.

The Community Home Lenders of America (CHLA) also praised the move but stressed that it should be seen as a first step rather than a complete solution.

“This is a very good first step,” said Scott Olson, CHLA’s executive director, while urging policymakers to pursue longer-term changes to increase competition — inclduing the potential for Fannie Mae and Freddie Mac to develop their own credit scoring capabilities.

The group has been vocal in criticizing the dominance of FICO in the mortgage market, citing sharp price increases in recent years, and has called for faster adoption of alternative scoring models.

Not all reactions were enthusiastic. Some observers downplayed the immediate impact, noting that the rollout will begin as a limited pilot program.

Jennifer McGuinness, CEO of Pivot Financial, told HousingWire that the announcement “is really nothing new,” pointing to indications that only a small group of lenders will initially participate and that many operational details remain unclear.

“Fannie and Freddie are going to proceed with a pilot of up to 21 lenders. Director Pulte indicated the lenders ‘do not know’ they have been selected, and the Fannie and Freddie press releases have links for lenders to inquire if they are ‘interested.’”

“The two more material points from today were his confirmation that there would be a separate grid for Vantage released in the future and that the FICO 10T data will be released by [the] summer,” she added.

This post was originally published on here. 

Michigan lawmakers returned from spring recess with housing affordability clearly in their sights.

A bipartisan group shepherding a package of bills this week picked up strong support from a coalition of housing advocates and business groups, including the Home Builders Association of Michigan. That backing could help pass an initiative Gov. Gretchen Whitmer launched earlier this year to cut red tape, boost housing supply and counter competing legislation from local governments.

The push comes as Whitmer approaches the end of her final term, lending the housing agenda the weight of a legacy initiative. She has overseen record state housing investment, hitting an early milestone of 75,000 new and rehabilitated units before raising the target to 115,000. The state has since logged nearly 87,000 units toward that goal.

The Housing Readiness bills, like similar reforms in California, Oregon, Montana and Texas, would supersede some local zoning authority — a flashpoint that has drawn resistance from municipal governments.

Local government pushes an alternative

The Michigan Municipal League countered in March with its own bill proposing a collaborative approach to building more housing.

“With bipartisan support, the MI Home Program provides tools and incentives that empower local governments,” Lansing Mayor Andy Schor said in a statement. “It combines state support with local implementation. It rewards flexibility and encourages local innovation.”

In March, the city council in Detroit suburb Sterling Heights voted to oppose the housing readiness package and to back the MI Home Program instead.

“A one-size-fits-all approach to zoning does not work, especially for cities like Sterling Heights that are largely built out and have long-established neighborhoods central to our character and service delivery,” Sterling Heights Mayor Michael Taylor said in a statement after the vote.

Pre-empting local governments

The Whitmer-backed bills would reduce minimum parking requirements, modernize lot-size and setback rules, expand access to accessory dwelling units and allow multiunit buildings in more locations. Builders say those changes are essential to closing a supply gap that has deepened for two decades. Michigan produced roughly 54,000 new housing units in 2005 but only about 15,000 in 2024 — a collapse that has priced out working- and middle-class families statewide.

“The Housing Readiness Plan can help lower costs by reducing land use, modernizing outdated laws and regulations, and cutting lag and costly delays,” Dawn Crandall, executive vice president at the Home Builders Association of Michigan, said in announcing the coalition’s support. “Michigan needs policies to keep up with real-world conditions, and we know exactly what contributes to rising homebuilding and residential expenses.”

Whitmer tied the package to her broader “Build, Baby, Build” housing agenda, unveiled in her February State of the State address. At its center is a proposal for a state affordable housing tax credit layered on top of the federal Low-Income Housing Tax Credit — a program Michigan’s regional neighbors already use. Affordable housing groups have proposed a roughly $42 million annual credit to leverage additional federal dollars and spur the construction of homes for working families.

The governor has also pushed to eliminate what she calls “nonsensical construction requirements” — rules she says raise costs, slow permitting and keep shovels out of the ground.

“Housing availability and affordability are fundamental to economic mobility and growth in Michigan,” Joshua Lunger, the Grand Rapids Chamber of Commerce’s senior vice president of advocacy, said when Whitmer announced her plan. “The Michigan Housing Readiness Package eliminates unnecessary code and regulatory obstacles so we can meet housing needs in Michigan.”

This post was originally published on here. 

Federal agencies on Wednesday took steps to bring newer credit scoring models into the mortgage underwriting process, marking a significant shift in how borrower risk is evaluated.

U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner announced the adoption of FICO 10T and VantageScore 4.0 for Federal Housing Administration (FHA) loans in the coming months, without providing more details. 

“I want to emphasize that this will benefit only applicants, again, that are creditworthy and trustworthy; we’ve been through a great financial crisis,” Turner said Wednesday in a media conference. “So, this is the rigor, it will stay in place, but we want to make it more available and more affordable.”

Meanwhile, Federal Housing Finance Agency (FHFA) Director Bill Pulte announced a pilot program that will allow the use of VantageScore 4.0 exclusively for loans delivered to Fannie Mae and Freddie Mac, future use of FICO 10T and a new pricing grid that reflects the updated models. He also said the agency is in discussions with Fair Isaac Corp. (FICO) and VantageScore to reduce credit score costs to as low as 99 cents.

“We are happy to announce that, effective immediately, Fannie Mae and Freddie Mac are accessing new, modern credit scores that give American homebuyers the credit they deserve for paying their rent. If you pay on time, you are more likely to pay your mortgage on time for decades,” Pulte said.

Response to lender pleas

The Trump administration has been pressing for changes to mortgage credit scoring, citing lender complaints that costs have climbed sharply in recent years. Pulte said in July 2025 that the government-sponsored enterprises (GSEs) would accept VantageScore 4.0. For now, the GSEs are expected to continue using three-bureau “tri-merge” reports, even as some industry participants argue for a single-report approach.

Since the July announcement, lenders have been waiting for details on how VantageScore 4.0 loans will be delivered — changes that depend on updates to the GSEs’ pricing grids and technology platforms.  

In a statement, VantageScore said that the changes can “significantly reduce costs for American consumers and mortgage lenders by as much as $1 billion in the first year of mortgage credit score competition.”

“This historic announcement by both FHFA and the FHA will result in modernization of the mortgage industry, delivering reduced mortgage risk, reduced costs for consumers and mortgage lenders, and enhanced mortgage access for creditworthy Americans,” said Silvio Tavares, president and CEO of VantageScore.

FICO sent a statement to HousingWire that also expressed support for the move.

“FICO supports FHFA’s announcement that the long-anticipated historical data for FICO Score 10T will be released to the mortgage market to enable industry evaluation as part of the agency’s credit score modernization efforts,” the statement read in part. “Broad access to this historical data will allow the mortgage ecosystem to independently evaluate score performance across portfolios and economic cycles.”

The company also reinforced remarks from Pulte and Turner about the evolution of the credit score market, noting that FICO 10T is available for free with the purchase of FICO Score Classic, and that FICO 10T via the FICO Mortgage Direct License Program is available for $0.99 and a funding fee of $65.

Pilot program underway

Pulte said Fannie Mae and Freddie Mac are ready to begin working with approved lenders to accept VantageScore 4.0. Lenders have already delivered roughly $10 million in such loans to Freddie as part of an initial operational test, with securitization expected soon. The nation’s 21 largest lenders are participating in the pilot, he added.

“Fannie and Freddie will also have new separate pricing guides for VantageScore loans to accurately reflect the way the different models work,” Pulte said, adding that the loan-level price adjustments (LLPAs) are already finished but the market should “stay tuned” for potential cuts.

Regarding the risks of allowing only one credit score model to be delivered, Pulte said this is “not rocket science.” And to the extent there was ever a public offering for the GSEs, “it would increase the likelihood of a successful IPO.” 

During the limited rollout, approved lenders may choose between VantageScore 4.0 and Classic FICO scores using tri-merge credit reports. Lenders not participating must continue using Classic FICO scores from all three bureaus.

Similar implementation efforts are underway for FICO Score 10T, starting with the release of historical credit score data expected this summer.

Pressure on pricing

Pulte said the FHFA has pushed FICO to offer more competitive pricing. In October 2025, FICO introduced a direct program allowing resellers to generate and distribute scores themselves.

Under the traditional model, FICO charges resellers about $10 per score. In its newer “performance pricing” model, lenders pay a $4.95 royalty per score plus a $33 fee per borrower on funded loans — an approach aimed at lenders with high fallout rates.

“Right before we came up here today, I did get a phone call from the CEO of FICO,” Pulte said. “VantageScore was at about $5 per loan, and they went down to 99 cents alone … and FICO had taken their prices from $4.95 up to $10. And the FICO CEO has offered to, pending details of a FICO direct program, take the FICO score from $10 down to 99 cents with the success fee.”

Pulte said the agency’s focus may next turn to the credit bureaus, signaling broader scrutiny of mortgage-related costs: “We want people to make money, but we want people to be able to afford the American dream, and that means companies can’t rip off consumers anymore.”

Sarah Wolak contributed reporting to this story.

This post was originally published on here. 

When selling or valuing a brokerage firm, the companies that command the most serious attention are rarely those built on commission income alone. Production matters. Agent count matters. Market share, retention and profitability all matter. But sophisticated buyers look beyond the familiar operating metrics. They want to understand how durable the earnings are, how concentrated the revenue stream may be, and whether the company has built value beyond the traditional brokerage model. 

That is where title ownership becomes strategically important. 

For broker-owners thinking about growth, succession, or an eventual sale, a title company can do far more than add another business line. In the right structure, it can strengthen earnings, diversify revenue and materially improve how a brokerage is viewed in a sale process. More importantly, it can shift the narrative from a company driven primarily by agent production to one with broader economics and a more durable value proposition. 

Most brokerages are still judged on a familiar set of fundamentals. Buyers look at agent count, recruiting strength, retention, transaction volume, market presence and overall profitability. Those indicators remain important, but they also reveal the central vulnerability of the brokerage model.

Revenue is heavily tied to agent performance and the constant need to maintain productive headcount in a market that can shift quickly. A brokerage may perform well for years and still carry a narrow earnings story if too much of its value depends on one source of income doing all the work. 

A title company adds revenue tied to the closing

A title company changes that equation because it adds revenue tied directly to the closing itself. Brokerage income rises and falls with agent production and commission splits. Title income is tied to getting the transaction to the finish line. From a buyer’s standpoint, that distinction matters. It broadens the earnings base, reduces reliance on commission revenue alone, and introduces another source of cash flow connected to completed transactions. 

Diversification has an impact

In a sale process, that kind of diversification can have real impact. A brokerage without ancillary income is easier to compare against competing firms and easier to value against standard industry benchmarks. A brokerage with an ownership interest in title presents differently. It shows an ability to capture value across more of the transaction, not just from the commission side. That can move the discussion beyond production metrics and toward a more expansive view of enterprise value. 

This becomes especially relevant during diligence. Buyers are not simply reviewing top-line numbers and margin performance. They are assessing the quality of earnings, the durability of revenue, and whether the company has multiple channels for generating cash flow through changing market conditions. A title company can strengthen that profile, particularly when it is profitable, properly documented, and supported by a history of repeat business. 

That last point matters. The value of a title company is not just in processing files or handling settlement services. The deeper value is in the relationships behind the business. Agents, lenders, builders, attorneys, investors, and developers who repeatedly direct closings to the same title operation create a stream of business that is difficult to replicate quickly. In an M&A context, those  relationships suggest continuity, trust, and a level of revenue stability that buyers are always trying to identify. 

Improving EBITDA

When title income is meaningful and transferable, it can influence both valuation and deal structure. It can improve EBITDA and strengthen the overall earnings profile of the company. It can also give buyers greater confidence in the business, which may support stronger terms and reduce some of the perceived risk around future performance. Businesses with more than one credible earnings stream are often easier for buyers to underwrite, particularly when those earnings are tied to actual transaction flow rather than future recruiting assumptions. 

There is another important layer to this. Title ownership can make a brokerage look more complete in the eyes of an acquirer. It reflects a broader approach to monetizing the transaction and can signal that leadership has built a business with more depth than agent count alone would suggest. In a market where many buyers are looking for infrastructure, resilience, and long-term value creation, that distinction matters. 

Not every title relationship adds value automatically

Buyers will still examine ownership, structure, compliance, profitability and whether the income can reasonably continue after a sale. If the title piece is loosely structured, thin on margins or overly dependent on a small circle of individuals, it is likely to be discounted. Simply having a title relationship is not enough. The business must be real, profitable and durable. 

But when it is, the impact can be significant. A well-run title company should not be viewed as a side note or a simple ancillary line item. In the right setting, it becomes part of the brokerage’s core value story. It adds earnings, reduces dependence on commission revenue alone, and gives buyers a broader and more attractive company to evaluate. 

That is what makes title ownership so compelling in brokerage M&A. When it is profitable, consistent and tied to real transaction flow, it creates the kind of cash-generating position buyers notice.

In the context of a sale, that can elevate the value story, improve the company’s attractiveness as an acquisition target, and ultimately strengthen the brokerage’s position at the table. 

Peder Weierholt, C.O.O. REMA Co. is the Chief Operating Officer of Real Estate Mergers and Acquisitions Co.

This post was originally published on here. 

When selling or valuing a brokerage firm, the companies that command the most serious attention are rarely those built on commission income alone. Production matters. Agent count matters. Market share, retention and profitability all matter. But sophisticated buyers look beyond the familiar operating metrics. They want to understand how durable the earnings are, how concentrated the revenue stream may be, and whether the company has built value beyond the traditional brokerage model. 

That is where title ownership becomes strategically important. 

For broker-owners thinking about growth, succession, or an eventual sale, a title company can do far more than add another business line. In the right structure, it can strengthen earnings, diversify revenue and materially improve how a brokerage is viewed in a sale process. More importantly, it can shift the narrative from a company driven primarily by agent production to one with broader economics and a more durable value proposition. 

Most brokerages are still judged on a familiar set of fundamentals. Buyers look at agent count, recruiting strength, retention, transaction volume, market presence and overall profitability. Those indicators remain important, but they also reveal the central vulnerability of the brokerage model.

Revenue is heavily tied to agent performance and the constant need to maintain productive headcount in a market that can shift quickly. A brokerage may perform well for years and still carry a narrow earnings story if too much of its value depends on one source of income doing all the work. 

A title company adds revenue tied to the closing

A title company changes that equation because it adds revenue tied directly to the closing itself. Brokerage income rises and falls with agent production and commission splits. Title income is tied to getting the transaction to the finish line. From a buyer’s standpoint, that distinction matters. It broadens the earnings base, reduces reliance on commission revenue alone, and introduces another source of cash flow connected to completed transactions. 

Diversification has an impact

In a sale process, that kind of diversification can have real impact. A brokerage without ancillary income is easier to compare against competing firms and easier to value against standard industry benchmarks. A brokerage with an ownership interest in title presents differently. It shows an ability to capture value across more of the transaction, not just from the commission side. That can move the discussion beyond production metrics and toward a more expansive view of enterprise value. 

This becomes especially relevant during diligence. Buyers are not simply reviewing top-line numbers and margin performance. They are assessing the quality of earnings, the durability of revenue, and whether the company has multiple channels for generating cash flow through changing market conditions. A title company can strengthen that profile, particularly when it is profitable, properly documented, and supported by a history of repeat business. 

That last point matters. The value of a title company is not just in processing files or handling settlement services. The deeper value is in the relationships behind the business. Agents, lenders, builders, attorneys, investors, and developers who repeatedly direct closings to the same title operation create a stream of business that is difficult to replicate quickly. In an M&A context, those  relationships suggest continuity, trust, and a level of revenue stability that buyers are always trying to identify. 

Improving EBITDA

When title income is meaningful and transferable, it can influence both valuation and deal structure. It can improve EBITDA and strengthen the overall earnings profile of the company. It can also give buyers greater confidence in the business, which may support stronger terms and reduce some of the perceived risk around future performance. Businesses with more than one credible earnings stream are often easier for buyers to underwrite, particularly when those earnings are tied to actual transaction flow rather than future recruiting assumptions. 

There is another important layer to this. Title ownership can make a brokerage look more complete in the eyes of an acquirer. It reflects a broader approach to monetizing the transaction and can signal that leadership has built a business with more depth than agent count alone would suggest. In a market where many buyers are looking for infrastructure, resilience, and long-term value creation, that distinction matters. 

Not every title relationship adds value automatically

Buyers will still examine ownership, structure, compliance, profitability and whether the income can reasonably continue after a sale. If the title piece is loosely structured, thin on margins or overly dependent on a small circle of individuals, it is likely to be discounted. Simply having a title relationship is not enough. The business must be real, profitable and durable. 

But when it is, the impact can be significant. A well-run title company should not be viewed as a side note or a simple ancillary line item. In the right setting, it becomes part of the brokerage’s core value story. It adds earnings, reduces dependence on commission revenue alone, and gives buyers a broader and more attractive company to evaluate. 

That is what makes title ownership so compelling in brokerage M&A. When it is profitable, consistent and tied to real transaction flow, it creates the kind of cash-generating position buyers notice.

In the context of a sale, that can elevate the value story, improve the company’s attractiveness as an acquisition target, and ultimately strengthen the brokerage’s position at the table. 

Peder Weierholt, C.O.O. REMA Co. is the Chief Operating Officer of Real Estate Mergers and Acquisitions Co.

This post was originally published on here. 

Physical climate risk is already cutting into real estate investment trust (REIT) revenues and could grow significantly worse without intervention, according to a report from First Street released Wednesday.

The analysis, which examined more than 45,000 properties held by 65 REITs across 61 countries, found that nearly all firms face some level of exposure to climate-driven losses tied to hazards such as flooding, wildfires and severe wind.

About 98% of REITs would experience revenue loss in a severe weather event occurring once every 100 years, the report said. More than half could see losses of at least 10%, while nearly one-third could lose more than 20% of annual revenue.

Jeremy Porter, chief economist at First Street, told HousingWire that the number will only increase — and the results will show up in company earnings reports and investor guidance. Climate-driven disruption costs the typical REIT approximately 1.1% of annual revenue, totaling an estimated $3.1 billion across the index.

That figure does not account for insurance, which is becoming more expensive and harder to obtain in higher-risk markets, leaving companies to change their approach instead of relying on traditional insurance policies.

Porter said that some REITs are “self-insuring,” meaning they set aside their reserves to cover potential losses rather than paying premiums to an insurer.

Broad but uneven exposure

The financial impact escalates sharply in extreme scenarios. A 1-in-100-year event would result in average losses of about 15% of annual revenue, while rarer 1-in-500-year events could push losses close to 30%, the report found. Across the index, a 1-in-100-year event would translate to about $43 billion in total losses.

“An investment in real estate is, at its core, a geographic commitment,” the report said, noting that unlike other asset classes, properties cannot be relocated to avoid risk.

Climate exposure is widespread but uneven, with a subset of REITs facing disproportionately high risk due to geographic concentration or asset mix. The report found that while most firms fall into a moderate risk category, a smaller group faces significantly higher potential losses — a disparity that broad market averages tend to obscure.

The U.S. dominates global REIT portfolios, accounting for more than 80% of asset locations and roughly two-thirds of rentable square footage. Many of the most heavily invested markets — including parts of California, Texas and Florida — also rank among the most exposed to climate hazards.

“We know that real estate is concentrated in your Miamis and your New Yorks and your Houstons — and, you know, some areas that we know have high levels of physical climate risk — but the markets that are still driving up prices and still producing returns that investors are looking for,” Porter said.

“I think as long as investors are watching places that are disproportionately at risk of physical climate risk, they’re there. They are likely to start to respond to risks more frequently in the future, but we’re already seeing them respond to actual exposure.”

Need for granular data

Wildfire currently represents the most severe financial risk due to its potential to destroy assets and disrupt operations for extended periods. Flooding contributes through frequency and geographic reach, while increasing wind intensity is expected to become the primary driver of future losses.

Looking ahead, the report projects that annual expected losses will rise more than 15% by 2056 under a midrange climate scenario if portfolios remain unchanged. In that case, average losses in a 1-in-100-year event would climb to about 18.5% of annual revenue.

“We know climate disasters are going to become more frequent. Even if we all stopped putting carbon in the air today, that wouldn’t change,” Porter said. “There’s just this momentum that’s going to take us out the next few decades so we know what’s coming.

“I think being aware, having the data, understanding that climate risk is material — but it’s not the end-all, be-all of your investment decision process — and just figuring out how to layer it into what you already know you are. You’re already looking at market investability, you’re already looking at demographics, you’re already looking at geopolitical risk. All these other indicators are really important. There is a piece that we’re missing in a lot of spaces, which is physical climate risk.”

The findings underscore a growing need for more granular risk analysis, particularly at the asset level, rather than relying on broad sector metrics or environmental, social and governance (ESG) scores, the report said.

First Street also found that REITs already incorporating forward-looking climate data into their investment decisions tend to have lower modeled exposure. These firms had nearly 7 percentage points less revenue at risk in severe weather scenarios compared to peers, although the report cautioned that the relationship is not necessarily causal.

“Over the last five, six or seven years or so, we’ve actually seen quite a bit of increasing sophistication and awareness around physical climate risk, but I still think it’s lagging,” Porter said. “I still think we’re at the very early stages of figuring out how to actually price it into equities and how investors may use that information in their decision-making processes.”

This post was originally published on here. 

Lacey Conway has been appointed senior vice president at HomeServices of America, expanding her role across the company’s national brokerage and homeownership services platform, according to an announcement on Wednesday.

In the announcement, HomeServices of America said Conway will join the corporate leadership team and work closely with operating company leaders and their executive teams to support growth, culture and talent strategy across the network.

In her new role, Conway will focus on the value propositions that attract and retain top producers and managers, the company announcement said, with an eye toward long-term performance across HomeServices’ varied markets. 

Conway has one of the industry’s more diverse leadership résumés. She previously served as CEO of Latter & Blum, one of the largest independent residential brokerages in the Southeast, then moved into a senior leadership role at Compass after Latter & Blum was acquired by Compass in 2024. Most recently she was president of Long & Foster, a HomeServices of America company. 

“One would be hard-pressed to find a residential real estate brokerage executive with Lacey’s depth and breadth of experience,” Chris Kelly, president and CEO of HomeServices of America, said in the announcement. “Her trajectory has been extraordinary, and we are all extremely pleased to have her support our many enterprise initiatives.”

Conway said that in her new role she is focused on leveraging the breadth of the HomeServices network to enhance both consumer and agent experiences.

“I am humbled by the opportunity to work alongside what I believe to be the industry’s most prolific, experienced leadership team,” Conway said. “Chris [Kelly] has pieced together a senior team of individuals with diverse backgrounds and experience, who are working to further both the customer and agent experience alike. I’ve no doubts that we will be positively impacting our industry.”

Conway steps into the senior vice president position as part of a broader leadership transition. The role aligns with the shift of longtime executive vice president Candace Adams into a senior advisor position with HomeServices of America. The company said Conway and Adams will work together to advance HomeServices’ positioning as a national brokerage that offers a suite of homeownership services — including brokerage, mortgage, title and insurance — under one umbrella.

“I want to sincerely thank Candace for her years of exceptional leadership and the lasting impact she’s had on HomeServices,” Kelly said. “She has been instrumental in shaping our organization and I’m grateful that she will continue to share her expertise in a senior advisor role for the benefit of our leadership team and the broader enterprise.”

In 2025, HomeServices of America closed 212,810 transaction sides totaling $135.91 billion in sales volume according to RealTrends Verified Data. This performance earned the firm the No. 4 rank in the nation in the 2026 RealTrends Verified Rankings.

This article was written by Brooklee Han and generated with the assistance of HousingWire Automation. It was reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

Note to readers: This is a primer-style analysis of a Bipartisan Policy Center explainer by senior policy analyst Emma Waters and policy analyst Rebecca Orbach, focused on what the 119th Congress may do next on housing legislation.

Why this package matters for housing professionals

Congress is closer than it has been in years to passing a large, bipartisan housing bill. The Senate’s 21st Century ROAD to Housing Act passed 89-10 in March, after the House passed its own Housing for the 21st Century Act 390-9 in February. Both are broad “omnibus” packages aimed at:

• Modernizing legacy federal housing programs
• Streamlining regulations across HUD, USDA and related agencies
• Incentivizing pro-housing zoning and land-use reforms in states and localities
• Expanding affordable housing finance channels

For builders, lenders, servicers, real estate brokerages and institutional investors, this is the closest thing to a “new rules of the game” package you’re likely to see this Congress.

The details will determine who can own and finance single-family rentals, how community banks support residential development, and how federal funds flow into production, rehab and homelessness services over the next decade.

The House and Senate versions are not identical, so leadership must now either:

•  Have the House pass the Senate bill as-is
•  Amend it and send it back to the Senate
•  Use a formal or informal conference to reconcile differences

The Bipartisan Policy Center (BPC) notes that the Senate bill already incorporates 18 overlapping sections from the House bill and pulls in language from at least 41 related bills, most with bipartisan support. That makes it a credible “vehicle” for final action – but three flashpoints could still reshape the outcome.

The three big fault lines

1. Institutional investor limits in single-family housing

What the Senate bill does

Section 901 of the 21st Century ROAD to Housing Act would:

• Ban “large institutional investors” from purchasing single-family homes (other than manufactured) nationwide
• Define “large institutional investor” as any for-profit entity (fund, corporation, LLC, etc.) with direct or indirect control over 350 or more single-family homes
• Allow a set of exceptions – including new construction for sale, build-to-rent and renovate-to-rent, and some senior housing – but require those properties to be disposed of within seven years after purchase (with up to three extra years if a tenant’s lease is still active)
• Time-limit the ban itself, with all Section 901 restrictions sunsetting after 15 years

To put the threshold in context, BPC cites Realtor.com data showing:

• Investors that bought more than 350 homes between 2015 and 2025 accounted for only 1% of total single-family purchases
• Investors with fewer than 10 homes made up more than half of all investor buys

On paper, the provision targets a small slice of the market. In practice, it goes straight at the business models of large single-family rental platforms and some institutional build-to-rent sponsors.

Who is pushing back – and why

Industry groups including the National Multifamily Housing Council and the Mortgage Bankers Association, as well as think tanks like AEI and the Terner Center, have raised particular concern over the seven-year forced sale requirement. Their case:

• Build-to-rent companies are adding an estimated 47,000 to 120,000 new rental homes per year
• A significant share of that supply serves households that cannot currently buy in “high-opportunity” neighborhoods but want single-family-quality housing and schools
• Short investment horizons and mandatory divestitures could make it harder to underwrite new projects, raise equity, or lock in long-term financing
•  That, in turn, could reduce new supply and undercut the rest of the bill’s pro-production agenda

From an operator or lender standpoint, the risk isn’t only about existing portfolios. The provision could change:

• Asset-hold assumptions in current and future funds
• Exit strategies (sale to small investors vs. sale back to owner-occupants)
• Availability and pricing of debt, particularly longer-term, fixed-rate structures

Why it’s in the bill – and why it might stick

BPC notes that supporters of Section 901 argue:

• In certain metros, institutional buyers have outcompeted individual owner-occupant buyers, especially in entry-level price bands
• The administration signaled that a ban on institutional purchases was a precondition for full White House support
• The Treasury secretary has rulemaking authority to smooth implementation and “keep the housing ecosystem stable”
• The 15-year sunset assures markets this is not a permanent restructuring of property rights

For HousingWire and The Builder’s Daily readers, the takeaway is not that institutional SFR is going away. The more immediate question is how much flexibility Treasury will have in defining “control,” handling joint ventures, and interpreting the exceptions for new construction and rehab. Those details will determine whether large platforms pivot, pause, or partner in new ways with smaller capital providers and local builders.

2. A temporary ban on a U.S. central bank digital currency

What Section 1001 does

The Senate bill would prohibit the Federal Reserve from creating a central bank digital currency (CBDC) – a “digital dollar” available to the general public – through 2030.

• The Fed has already said it would not launch a CBDC without congressional authorization
• The Trump administration earlier this year issued an executive order against establishing a CBDC
• Similar prohibitions have passed the House in separate bills (H.R. 3633 and H.R. 1919)

The CBDC fight is not housing-specific, but it has become wrapped into the housing package as a political sweetener to secure support from House Republicans and the administration.

Why it matters at the margins for housing

Opponents of a CBDC emphasize surveillance and control risks – essentially, the concern that the government could monitor or restrict individual transactions. Supporters argue a CBDC could:

• Improve financial inclusion for unbanked households
• Speed settlement times and lower costs in the payments system
• Help maintain the U.S. dollar’s global role

For mortgages and real estate, a CBDC could have implications down the line for:

• How down payments and closing funds are transmitted
• Settlement efficiency and fraud risk in wire transfers
• New models for delivering and tracking housing subsidies or rent assistance

Section 1001 postpones those debates to at least 2030. The core policy question now is not how digital money might reshape housing finance; it’s whether the temporary (rather than permanent) nature of the ban is enough to keep certain Republicans on board. BPC flags that the lack of permanence has already become a new sticking point, even among CBDC skeptics.

3. Community banking provisions left on the cutting-room floor

What the House bill had – and the Senate bill dropped

The House Housing for the 21st Century Act included an entire Title VI on community banking with 13 sections. Those provisions, drawn from roughly a dozen previously introduced bills, aimed to:

• Support new community bank formation
• Streamline and tailor examination processes for smaller, well-capitalized banks
• Adjust other regulatory requirements that community banks say limit their ability to serve local markets

The Senate’s 21st Century ROAD to Housing Act omits the community banking title entirely.

Why House sponsors care

House Financial Services Chair French Hill (R-Ark.) and other House backers see Title VI as integral to housing, not a side issue. BPC highlights one key data point: in 2024, banks under $10 billion in assets held 57% of 1-4 family residential construction and development loans.

In many markets, particularly for small and mid-sized builders and infill developers, community banks are the dominant – and sometimes only – source of construction and AD&C financing. Easing their regulatory load is viewed in the House as directly supportive of housing supply.

Numerous organizations lined up in favor of including these provisions in the House package and are now lobbying to restore them in any final deal. Some House members are signaling that no community banking title may mean no final bill.

Implications for builders and lenders

For homebuilders reliant on local and regional banks, the difference between the House and Senate texts is material:

If the House prevails and Title VI (or a version of it) is restored, community banks could see modest but meaningful regulatory relief that supports continued or expanded AD&C lending.

If the Senate position holds, the broader housing package could pass without addressing the regulatory environment that constrains small banks’ capacity to finance new homes.

BPC’s framing suggests this is one of the likeliest bargaining chips in any House-Senate negotiation, particularly given the House title’s bipartisan pedigree in committee.

Other areas where details still matter

BPC notes additional differences between the House and Senate bills in:

• CDBG (Community Development Block Grants)
• HOME Investment Partnerships
• USDA’s Rural Housing Service programs
• Homelessness and supportive housing programs

These are less likely to derail the entire package but will matter locally. For public housing authorities, nonprofit developers, and city housing departments, the final version will determine:

• What kinds of zoning and permitting reforms are required to unlock new federal dollars
• How flexible funds can be in mixing new construction, preservation and tenant-based assistance
• How rural supply and rehab programs are administered and sized

For private-sector actors, pay close attention to how any final bill ties federal funds to local pro-housing reforms. That will directly affect entitlement timelines, density bonuses and infrastructure support in many metros.

What to watch next – and how to prepare

BPC closes by underscoring that the process from here is uncertain. The path could be:

• A fast House vote on the Senate bill if leadership decides not to reopen divisive issues
• An informal set of negotiations producing a revised package acceptable to both chambers
• A more traditional conference process that openly trades institutional investor rules, CBDC language and the community banking title against each other

For housing ecosystem leaders, the practical steps now include:

• Scenario planning for institutional SFR: assess portfolio exposure to a 350-home threshold, seven-year hold limits and forced exits; model JV or spin-out structures that might comply.
• Engagement with community bank partners: jointly track whether the Title VI banking provisions resurface and what that would mean for AD&C capacity over the next cycle.
• Local policy alignment: assume some form of pro-supply conditionality on federal grants and begin mapping where current zoning and permitting regimes fall short.
• Regulatory watch: if the bill passes with Treasury rulemaking authority intact, the real “fine print” will arrive in subsequent regulations. Trade groups will be critical intermediaries.

The BPC analysis underscores that, on substance, the House and Senate are aligned on a broad push to modernize housing programs and expand supply. The remaining friction points are mainly about who gets to own and finance single-family homes, how community banks are regulated, and whether larger political fights over digital money get attached to the deal.

Those answers will shape the operating environment for housing and mortgage players well into the 2030s.

This post was originally published on here. 

National Housing Conference (NHC) President and CEO David Dworkin is urging the U.S. Department of Housing and Urban Development (HUD) to withdraw a proposed rule that would tighten eligibility verification requirements for federally assisted housing — make prorated assistance temporary for mixed-status households.

Dworkin said the policy will create new problems while increasing family instability, raising costs and worsening homelessness.

“It would force tens of thousands of people, including children who are American citizens, into an impossible choice between staying together and keeping a roof over their heads,” he said. “HUD’s concerns about immigration can and should be addressed through enforcement of existing laws, not by effectively evicting families who are here legally.

“That’s not sound housing policy. It’s a step backward that undermines decades of policy precedent that already balanced statutory compliance, family stability, administrative feasibility and prudent stewardship of scarce federal housing resources.”

Dworkin also argued the proposed changes would drive up costs for taxpayers while reducing the number of households served.

“The proposal isn’t just misguided housing policy; it is also bad budget policy,” he said. “By pushing out mixed-status families who receive partial assistance and replacing them with households requiring full subsidies, the policy would cost taxpayers more while helping fewer people. At the same time, it would saddle housing providers with new bureaucratic burdens that distract from their core mission of providing safe, stable homes and discourage the partnerships we depend on to expand supply.

“At a moment when housing instability is rising across the country, we should be focused on solutions that expand access and strengthen communities, not policies that predictably increase homelessness.”

The proposed rule — announced in February by HUD Secretary Scott Turner — would require every resident in HUD-funded housing to provide proof of U.S. citizenship or eligible immigration status, including those in “mixed-status households” where some members are eligible for assistance and others are not.

Current policy allows such households to receive prorated assistance based on the number of eligible residents.

“Under President Trump’s leadership, the days of illegal aliens, ineligibles and fraudsters gaming the system and riding the coattails of American taxpayers are over,” Turner said when the proposal was announced. “HUD’s proposed rule will guarantee that all residents in HUD-funded housing are eligible tenants. We have zero tolerance for pushing aside hardworking U.S. citizens while enabling others to exploit decades-old loopholes.”

HUD said the rule is intended to close loopholes and ensure taxpayer-funded housing assistance does not benefit undocumented individuals or ineligible noncitizens living in assisted units.

This article was written by Jonathan Delozier and generated with the assistance of HousingWire Automation. It was reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

The National Association of Mortgage Brokers (NAMB) has formed a partnership with the Chenoa Fund, a down payment assistance program, to help mortgage brokers better serve first-time and underserved homebuyers who struggle with upfront homebuying costs, the organizations announced on Wednesday.

Through the collaboration, NAMB members will gain enhanced access to Chenoa Fund programs, tools and training aimed at expanding affordable homeownership opportunities across the country. NAMB, founded in 1973, is a national volunteer-led trade group representing mortgage brokers and homebuyers.

The Chenoa Fund program is administered by CBC Mortgage Agency (CBCMA) and provides down payment assistance (DPA) in the form of repayable and forgivable second mortgages for qualified borrowers.

“Mortgage brokers are deeply rooted in the communities they serve and play a critical role in helping borrowers make some of the most important financial decisions of their lives. That’s why we see this as a long-term partnership between CBCMA and NAMB,” Miki Adams, president of CBC Mortgage Agency, said in a statement.

“By working together, we can better support brokers, strengthen advocacy and education, and create real, measurable value for both organizations while helping more families and communities thrive.”

The partnership includes joint educational initiatives and webinars so brokers can understand program guidelines, eligibility and operational best practices for DPA. Training will focus on how to structure loans with down payment assistance, compliance considerations, and how to reach borrowers who are creditworthy but lack sufficient funds for a down payment and closing costs.

“NAMB is proud to partner with the Chenoa Fund to expand access to affordable homeownership opportunities,” NAMB President Kimber White said. “This partnership equips our members with innovative tools and training that will help them better serve first-time and underserved homebuyers, while reinforcing our commitment to responsible lending and sustainable homeownership.”

The collaboration underscores both organizations’ stated focus on housing accessibility and financial inclusion. For brokers, the relationship may streamline how they learn about and deploy DPA in purchase transactions, which can be a competitive differentiator in low-inventory, high-cost markets.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

Asset manager Castlelake has acquired a majority ownership stake in Resfin Partners, the parent company of mortgage correspondent business Eastview and lender to residential real estate investor Lendmarq, the firm announced on Wednesday.

Over a multiyear relationship, Castlelake has acquired more than 4,000 senior structured loans from Eastview and Lendmarq, representing more than $2 billion in funded volume, according to the announcement. 

Those loans have included residential transition loans (RTLs), single-family rental/debt-service-coverage ratio (DSCR) loans, ground-up construction loans and multifamily bridge loans. Terms of the transaction were not disclosed.

“This investment strengthens our residential mortgage finance platform and deepens a relationship with Eastview and Lendmarq that is built on a strict, shared focus on asset quality and value,” said Lucas Jackson, head of North American residential mortgage finance at Castlelake. 

The acquisition underscores how the company is moving closer to the point of origination in business-purpose and investor-focused residential lending. By shifting from a loan buyer to a majority owner of key sourcing platforms, Castlelake can gain earlier visibility into credit quality and pipeline volume while potentially lower its cost to access these assets. 

Meanwhile, Eastview and Lendmarq, now backed by a $36 billion asset manager, have more stable liquidity and execution. Founded in 2005, Castlelake already holds ownership stakes in four other sourcing platforms across specialty finance and aviation finance.

“We look forward to partnering with Eastview and Lendmarq’s leadership teams to support disciplined growth, expand origination capabilities, and continue serving borrowers and investors across the residential real estate market,’ Jackson said. 

Flávia Furlan Nunes reported and wrote this article with drafting assistance from HousingWire Automation, an editorial tool that helps transform announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

There’s a clear pattern HousingWire and RealTrends have tracked for years — and the 2026 RealTrends Verified rankings reinforce it — the continued rise of fast-growing, cloud-based, low-fee brokerages.

Houston-based Epique Realty fits that mold, but with a twist, building its model around agent benefits first, then layering in compensation, technology and growth.

The cloud-based brokerage has quickly climbed the ranks of RealTrends Verified’s top brokerages by transaction sides, landing at No.15 among brands in 2025 production after a period of rapid national expansion. But behind that growth is a model that raises familiar questions: Is it sustainable? And can it be replicated?

A benefits-first foundation

Epique’s leadership didn’t start with the goal of building a brokerage, according to Sam Rodriguez, who sits on the board of directors and leads national expansion efforts. Instead, the founders set out to find a brokerage that offered more support for agents — and, failing that, built their own.

“They [the founders] were already all in real estate. They went looking for a brokerage that did more,” Rodriguez said. When they couldn’t find it, the founders — Josh Miller, Christopher Miller and Janice Delcid — built it, focusing on a company benefits stack that couldn’t be beat, he said.

Today, Epique offers more than 90 benefits to agents, including health care-related offerings, transaction coordination, marketing support and even pet insurance coverage. “It was always going to be about 100% supporting the agent,” Rodriguez said.

The approach stands in contrast to traditional brokerage models that have leaned heavily on splits and commission structures — and more recently, to “100% commission” models that reduce costs but offer fewer services.

The sustainability question

The obvious challenge is financial viability. Rodriguez said the company’s structure — built around partnerships and shared revenue streams — is what makes the model work. Epique uses strategic partnerships and revenue-sharing initiatives to offset costs, including a newer program that distributes certain company revenues to agents regardless of production or recruiting activity.

“We’re actually trying to find ways [to] share back, treating the agents like real partners by providing them other streams of income,” he said.

That structure also extends to its compensation model, which includes both revenue share and equity components. The company is preparing for a reverse initial public offering (IPO) in 2026, a move Rodriguez said is designed to strengthen its financial position and provide additional value to agents.

A reverse IPO (often called a reverse merger) is when a private company becomes publicly traded by merging with an existing public company — usually a shell company — so it can skip the traditional IPO process. It’s typically faster and less expensive than a standard IPO but can carry higher risk because the public entity may come with hidden liabilities or less regulatory scrutiny upfront. eXp Realty is another firm that chose this path.

“We’re just trying to get to that level as quickly as possible but in a less expensive manner,” Rodriguez said of the reverse IPO strategy.

Still, skepticism persists — both from agents and competing brokerages. “The No. 1 question we get is how it’s sustainable,” Rodriguez said. “Agents all say it’s too good to be true … and then later on they’re like, ‘OK… it’s all real.’”

Growth without a ‘growth department’

Epique’s rise has been fueled in part by agent attraction — a common lever among cloud-based brokerages — but Rodriguez emphasized that early recruiting focused heavily on experienced teams and small, independent brokerages that could bring immediate production.

“Recruiting always solves everything. But recruiting the right type of people makes the world of a difference,” he said.

At the same time, the company has taken an unusual stance: It does not maintain a formal growth division. Instead, it prioritizes retention, even establishing an internal group focused solely on that metric.

“We don’t have a growth committee. We’re not trying to be the fastest growing on the planet,” Rodriguez said.

That philosophy has also influenced recruiting decisions. Rodriguez said the company has turned away high-producing teams when leadership believed they were not a cultural fit.

“We’d rather protect the culture than bring in that volume at the risk of hurting the rest of our growth,” he said.

Culture as the retention play

If benefits drive initial interest, culture appears to drive retention. Rodriguez said agents often “come for the benefits but stay for the culture,” pointing to collaboration, training and a decentralized leadership structure as key differentiators.

One notable feature is the company’s network of more than 300 area leaders who provide local, in-person support in a largely virtual model. “They’re physically located in each marketplace, helping with training, onboarding and keeping that culture piece intact,” Rodriguez said.

That hybrid approach — cloud-based infrastructure with local touch points — attempts to address a long-standing criticism of virtual brokerages: lack of connection.

Technology and the AI push

While benefits dominate the conversation, Epique is also positioning itself as a tech-forward company, with a focus on internally developed systems and artificial intelligence. Rodriguez described the firm as aiming to be “the first AI real estate brokerage,” supported by proprietary back-office tools and ongoing development efforts.

“We’re building a lot of our own internal tech and our proprietary back-office system,” he said. At the same time, the company is open to acquisitions as it builds out its tech stack.

Where it’s growing — and what’s next

Epique’s strongest footprint remains in Texas, where it launched, followed by Michigan, Florida and California.

The brokerage is now active in roughly 40 states, with additional expansion planned in markets like Atlanta, Seattle and parts of California. “There’s still a lot of room for growth. We’re still a very well-kept secret out there,” Rodriguez said.

Rodriguez expects continued growth in cloud-based brokerage models, particularly those that combine revenue share, equity incentives and expanded agent services. “I don’t believe we’ve hit the stride yet. There’s a ton of room for growth,” he said.

A model to watch — not copy-paste

For independent brokerages evaluating similar strategies, Rodriguez said the biggest misconception is that the model is simply too expensive to execute. “We get stuck in the mindset, ‘It’s too expensive, it’s never been done before,’” he said.

In reality, he added, it requires building the business differently from the outset — particularly around cost structures and vendor relationships. “If you build the company that way from the beginning, it can be possible,” Rodriguez said.

Whether Epique’s approach becomes a broader industry standard remains an open question. Rodriguez hopes it does. “Our goal wasn’t just to revolutionize it for our agents — it was to push the whole industry to do more,” he said.

But even he acknowledges that replication won’t be simple — especially for legacy firms trying to retrofit benefits into existing models. For now, Epique’s growth suggests there is at least a segment of agents willing to trade traditional structures for a different value proposition.

This post was originally published on here. 

The Real Brokerage has added The Solutions Group — a Florida-based real estate team led by Lindsay Sanger Norton — as part of its continued expansion across the state.

The team brings more than 60 agents and over $300 million in annual sales volume, increasing the company’s presence across the Space Coast and central Florida markets.

Based in Melbourne, Fla., the team primarily serves clients in Brevard County, with additional activity in Volusia and Indian River counties.

Norton brings more than two decades of real estate experience, including time as a top-producing agent and team leader. She also spent 10 years as a franchise owner with REMAX and individually reported $4.26 million in annual volume on last year’s RealTrends Verified rankings.

“After spending nearly my entire career with one company, this was a big move for me,” Norton said. “I was looking for a more modern, forward-thinking brokerage that truly supports agents. At Real, I’m gaining a collaborative environment where agents work together rather than compete, along with a streamlined technology platform and innovative tools that make our business more efficient. It checked every box for me and my team.”

Her background includes a focus on agent development and recruiting — along with multiple industry recognitions at the local and national levels.

Real Chief Growth Officer Jason Cassity said the addition aligns with company growth strategy.

“Lindsay has built an impressive business centered on agent development, collaboration and community impact,” said Cassity. “Her leadership and experience, combined with the scale of her team, will further strengthen our growing presence in Florida.”

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

Despite claims that the National Association of Realtors (NAR) conducted a “reverse-auction” by opting into the Tuccori homebuyer commission lawsuit settlement agreement, the trade association has been granted a partial stay in the Batton suit, in which it is a defendant. 

At a hearing last Thursday, Chicago-based federal court Judge LaShonda Hunt ruled that all discovery in the Batton lawsuit is temporarily stayed. This came after the Batton plaintiffs pushed back against NAR’s motion to stay the suit pending the final approval of its settlement in the Tuccori lawsuit.

The Batton plaintiffs claimed that NAR was asking the court to “compel” them “to stand aside while it proceeds with its reverse-auction Tuccori settlement that, if approved, will extinguish a significant portion [but not all] of Plaintiffs’ claims against NAR in this case.”

The judge also denied the Batton plaintiffs motion to appoint the Tuccori plaintiffs’ attorneys as interim co-lead counsel in the Batton lawsuit. 

These legal losses come after the Batton plaintiffs had their motions to prevent Hanna Holdings and Anywhere Real Estate from proceeding with their Tuccori opt-in settlements denied. 

All parties must file a joint status update on June 2, 2026, and Judge Hunt said the update should include an update on the Tuccori lawsuit and settlements and any relevant appeals.

NAR did not immediately return HousingWire’s request for comment on Judge Hunt’s ruling. 

With the Tuccori opt-in settlement appearing to proceed toward its fairness hearing, HomeServices of America has decided to join the list of firms opting into the agreement. The firm notified the court in the Lutz homebuyer commission lawsuit, in which HomeServices of America is a defendant, of this decision on Monday. 

In a statement, the company said that the settlement does not “include any admission of wrongdoing.” 

“While we strongly disagree with the allegations in these cases, this step allows us to bring clarity and stability to our companies, agents and franchisees,” the company statement reads. “Our focus remains on supporting our agents and delivering value to the consumers and communities we serve. We made the decision to resolve these matters after careful consideration of the time, cost and uncertainty associated with prolonged litigation. While we believe the claims lack merit, this resolution allows us to move forward without distraction and provides a comprehensive path to concluding these matters on behalf of our companies, agents, and parent entities. It enables us to remain focused on what we do best — serving our clients and supporting our agents.”

A preliminary approval hearing date regarding the settlement has not yet been set.

This post was originally published on here. 

There’s a quiet decision happening inside brokerages every day, and it rarely shows up in a meeting or a production report. It happens in the minds of your top agents. Is this the place where I can grow, or just the place where I’m expected to perform?

That distinction, between being managed and being led, is what ultimately determines where high-producing agents choose to build their careers. And right now, more of them are paying attention to it than ever before.

High producers want more than a system that works

There’s a long-standing belief in real estate that agents move for better splits, better tech or better branding. That’s part of the story, but it’s not the full picture.

Top agents don’t just want a place to close transactions. They want a place that helps them expand, not only their business, but how they think, operate and grow.

A well-managed brokerage gives them structure. Systems are in place, expectations are clear and accountability exists. That matters, especially for agents producing at a high level who rely on consistency.

But management alone has a ceiling. It measures performance. It tracks what already happened. It keeps things running. Leadership is what pushes performance forward.

The difference isn’t theoretical. Agents feel it.

Management looks at numbers and asks what was produced. Leadership looks at the person and asks what they’re capable of producing next.

That difference may sound subtle, but for a high-performing agent, it’s everything. A managed environment keeps agents consistent. A led environment helps them break through plateaus. One reinforces where they are. The other expands where they can go.

Why this matters more now

The market isn’t standing still. Inventory challenges, shifts in how listings are marketed and changing consumer expectations are forcing agents to adapt quickly.

Top producers know they can’t rely on what worked even a few years ago. They’re paying closer attention to the environments they’re in and asking better questions.

Where am I sharpening my skills? Who is helping me think differently? Where am I being challenged in a way that actually moves my business forward?

Because in a shifting market, staying the same quietly costs you ground.

The hidden ceiling of being “well-managed”

This is where many brokerages unintentionally lose strong agents. On paper, everything looks solid. The systems are tight. Production is tracked. Accountability is enforced.

But something feels missing, right?

No one is pushing those agents to the next level. No one is helping them identify blind spots or refine how they operate. The focus stays on what they’re producing, not who they’re becoming.

For an ambitious agent, that eventually feels limiting. Not because the environment is broken, but because it’s not expansive.

What leadership looks like from the agent’s side

From the outside, leadership gets described as culture, coaching or support. From the agent’s perspective, it shows up in more practical ways.

It looks like conversations that go beyond transactions and into direction. It looks like someone who remembers what you’re working toward and checks back in on it. It looks like feedback that sharpens your approach, even when it’s uncomfortable.

It also looks like being in an environment where growth is expected, not optional.

The best agents don’t need to be pushed. They need to be developed.

The real connection to production

Leadership doesn’t always show up immediately in the numbers, but over time, it shows up literally everywhere. In stronger client conversations. In better pricing strategies. In higher conversion rates. In more consistent referrals and repeat business.

When agents improve how they think, they improve how they perform. And that compounds.

A question worth asking

Whether you’re an agent, a team leader, or running a brokerage, this question matters more than most: Am I in an environment that’s helping me grow, or just expecting me to produce?

Because those two paths lead to very different outcomes over time.

One maintains what you have. The other expands what’s possible. Management keeps a business running. Leadership expands what that business can become.

For brokerages, that affects retention. For agents, it directly impacts trajectory, income and long-term opportunity. And in a market where the gap between average and exceptional continues to widen, the agents who align themselves with real leadership won’t just keep up.

They’ll be the ones moving ahead.

Darryl Davis, CSP, has spoken to, trained, and coached more than 600,000 real estate professionals around the globe. He is a bestselling author for McGraw-Hill Publishing and his book, How to Become a Power Agent in Real Estate, tops Amazon’s charts for most sold book to real estate agents.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the editor responsible for this piece: tracey@hwmedia.com

This post was originally published on here. 

Planet Financial Group — the parent company of Planet Home Lending — has launched a refreshed brand identity and logo designed to unify its growing platform across origination, servicing, subservicing, asset management and affiliated services.

The Meriden, Connecticut-based specialty finance firm said its rebrand as Planet, announced Wednesday, reflects how the business already operates today, serving more than 500,000 residential and commercial customers through a vertically integrated platform. The brand update simplifies the company’s name and logo, standardizes its visual system and aligns messaging across all business lines.

“Homeownership is often measured not in years, but in generations, and it relies on the stability and partnership of the companies that serve individuals and investors,” Michael Dubeck, Planet’s CEO and president, said in a statement. “At the core of our work is a simple idea: the home is the center of our customers’ universe.”

Dubeck said the revised identity is intended to communicate that focus “more clearly, across every part of Planet.”

The company emphasized that its product set, services and client teams will not change as part of the rebrand. Customers and partners will continue to work with the same people and processes, and Planet’s long-standing tagline, “We’ll Get You Home,” will remain in place.

What will change is how the brand shows up in the market: Planet plans to roll out a simplified name and logo, a refreshed visual identity system and more unified messaging over the coming months. The phased transition will include updates to the company’s website, digital tools, marketing materials and client communications.

The company said the new identity also sharpens its focus around four commitments that guide its behavior and decision-making: empathy, expertise, responsiveness and certainty. Those principles are intended to frame both customer experience and internal culture.

For lenders, servicers and investors that partner with Planet, the rebrand signals how the firm is positioning itself as an integrated platform rather than a collection of separate business units. In a market where margin compression and higher funding costs are forcing consolidation, brand clarity and cross-channel consistency can be important for winning subservicing mandates, correspondent relationships and co-issue flow.

“As our customers’ lives evolve, their needs evolve with them,” Dubeck said. “From the first dream of owning a home to the decisions they make years later, they can count on Planet to provide the people, products and expertise they need at every stage of our relationship.”

According to Inside Mortgage Finance, Planet Home Lending was the 12th-largest U.S. mortgage lender in 2025 with more than $28.5 billion in volume, up 58% from 2024. The company also placed 58 individuals on the inaugural HousingWire Mortgage Rankings based on 2025 production.

In the second quarter of 2025, Planet reported that its servicing portfolio grew to $134 billion, up 22% year over year and good for sixfold growth since mid-2020. During those three months, it also completed a $125 million add-on to a $475 million debt security issuance in 2024.

Planet, which has been in business for nearly 20 years, focuses on the production and servicing of mortgages for homeowners and investors. Its offerings span origination, servicing, sub-ervicing, asset management and affiliated services.

For housing professionals, brand refreshes typically don’t change day-to-day operations, but they can signal where a company is investing and how it wants the market to see its platform. For counterparties evaluating subservicing or capital markets relationships, Planet’s unified brand and emphasis on consistency across channels may factor into vendor selection, especially as more originators look for end-to-end partners that can support customers over the full homeownership lifecycle.

This post was originally published on here. 

Rechat has launched its new Service Network — allowing brokerages to manage mortgage, title, insurance and other providers while giving agents the ability to introduce those providers to clients.

The service is available to all Rechat users starting today.

Operators define which providers appear and how they are positioned while agents can choose when to introduce them to clients, the company said.

“The industry has long treated ancillary services as a CRM checkbox or a manual referral,” said Shayan Hamidi, CEO at Rechat. “Service Network was built to solve that breakdown at scale by embedding service engagement directly into the workflows agents use every day.

“It turns service introductions from an inconsistent experience into a reliable one for every client.”

Nest Realty founder Jonathan Kauffmann called having trusted vendors integrated right into daily workflows a huge win.

“We’re thrilled to see Rechat launch Service Network,” he said. “It takes the guesswork out of the process for our agents and makes it incredibly easy for them to connect clients with the right pros at exactly the right time.”

Research shows how consistently clients get connected to providers varies widely across brokerages offering the same services, according to Rechat.

Leaders said the difference is rarely the quality of the provider but whether the brokerage has designed a system that makes it easy for agents to connect clients with providers at the right moment.

“Every brokerage has a trusted network. What most don’t have is a system to put that network in front of clients consistently,” said Audie Chamberlain, Rechat’s vice president of strategic growth and communications. “That’s the problem Service Network solves and it’s the kind of infrastructure our operating system can own.”

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

In November 2025, Equifax published a statement making the case that FICO is the villain in the mortgage credit cost story. It was just one more shot across the bow from the 3Bs at FICO; a battle we’ve been watching play out in real time for years.

The numbers don’t lie: FICO’s per-score price has gone up 1,800% since 2020. It’s damning. It’s also a bureau pointing a finger at the single competitor to VantageScore, an entity Equifax co-owns with Experian and TransUnion.

FICO fires back just as hard. In their own published blogs, they document that the bureaus marked up the FICO score approximately 100% for decades, buying the score and doubling the price before it ever reached a lender. In a piece published in MBA Newslink just last month, they call the bureaus’ ownership of VantageScore an “inherent conflict of interest” and say the bureaus have “immense market power” to tilt competition in their own favor. They’re not wrong. Nobody in this fight is wrong about what the other guy is doing. That’s exactly the problem. Everyone’s shifting blame. Nobody’s fixing anything. Zero accountability. And the industry (and its consumers) keeps paying.

Here’s an opinion that’s sure to get some pushback from those of us immersed in the 100 year war over credit reporting and pricing: FICO and the bureaus are indeed villains. No question. They’ve abused the privileged positions they were handed, and they deserve every bit of the heat they’re taking. But those privileges came from somewhere. They’re all bad fruit from the same rotten tree. And that tree is the FHFA. The policy and regulatory framework that handed one company a de facto monopoly on credit scoring and handed three companies a government-mandated oligopoly on credit data, then left both structures untouched for decades while lenders and borrowers paid the bill.

FICO’s mortgage score price was locked in contracts with the three credit bureaus for nearly thirty years. From 1989 until 2018, the royalty barely moved. Not because FICO didn’t want to raise it. Surely they did. But because the contracts didn’t allow it. FICO has made this claim repeatedly in their own blog posts, articles, interviews, and white papers. The 2018 increase was the first meaningful pricing change in almost three decades. The industry (according to the FICO narrative) is experiencing thirty years of suppressed price increases hitting all at once, not five years of greed.

And when those contracts were renegotiated starting in 2012 FICO got the right to raise prices once a year with advance notice to the bureaus, who then issue their own rate sheets to resellers. FICO goes first. The bureaus follow. The CHLA (Community Home Lenders of America) put it plainly in their own report, issued recently: “If FICO did not raise prices each fall, neither would the others.” I’d push back on that conclusion. The bureaus are perfectly capable of finding their own excuse to raise prices, with or without FICO leading the way. But the contract structure makes it easy; every time FICO pulls the trigger, the bureaus collect more. 

Meanwhile, the bureaus have been marking up the FICO score approximately 100%, though it’s admittedly very difficult to get an accurate breakdown of that figure. FICO has repeatedly published this claim. The 3Bs buy the score, double the price, and pass it to resellers. The resellers then tack on their own markup before the file reaches the lender. Three dominoes, each one taking a cut. Under the current rules, nobody’s required to break out who took what.

So the industry goes after FICO. Understandably. One company, one CEO, one face to fight.  Will Lansing  makes tens of millions a year and publicly talks about raising prices even further. The mortgage industry represents about 25% of FICO’s total business, and the profit margins are outlandish. Their score has no competition in conforming mortgage. Easy target. The bureaus get much less of the anger, even though they built the contracts, took the markup, and followed every increase with one of their own. There’s an advantage in an oligopoly: the illusion of competition and the ability to spread the incoming barrage across a wider plain.

Now VantageScore is being positioned as the solution. The FHFA’s interim policy opens the door to VantageScore 4.0. Equifax’s infographic projects $600 million in savings and north of 33 million additional new entrants to the housing market (but with an actual net of 2 million qualified buyers). Is it the competitive savior the mortgage industry is hoping for on the scoring model side?

It isn’t.

Equifax, Experian, and TransUnion own VantageScore. They also control the data, the pricing, and the distribution channels for both FICO and VantageScore. FICO in MBA Newslink: the bureaus have “immense market power and both the ability and incentive to manipulate different levers” in favor of the score they own. Under a tri-merge requirement, there is nothing to stop them from conditioning access to credit data on lenders using VantageScore, or pricing FICO out of reach. VantageScore at 99 cents is a loss leader. The question is what it costs in five years if they knock FICO off its perch and three companies own everything with no independent alternative in sight.

And then there’s the debate around tri-merge versus single-bureau pull that seems to have gone off a cliff. The argument for pulling from one bureau instead of three makes sense on costs. It makes little sense, at this point, on anything else. Servicers can’t price MSRs or portfolios without consistent tri-source data. Investors have priced risk against thirty years of tri-merge convention. A hard pivot to a single bureau is trading one problem for a worse one.

But the answer isn’t staying with what we have either. What we need is a unified vision and a coalition across the residential lending spectrum that encourages creative solutions.

We already solved a version of this problem. Less than 20 year ago, the appraisal industry was the wild west: lenders were pressuring appraisers to hit predetermined numbers, valuation fraud and price manipulation had become rampant, and independent judgment had collapsed. The AMC (appraisal management company) model was built to fix exactly that: a firewall between lenders and appraisers designed to curb the fraud and restore independence.

And critically, the fix wasn’t to pick one appraiser and mandate everyone use them (imagine what an appraisal would cost today if that were the solution). It was a panel model. Approved pools. Lender choice within a regulated framework. Competition on quality and price, not captivity to a single provider.

The CFPB recognizes dozens of consumer reporting agencies operating across auto, insurance, banking, and rental markets. Firms like Innovis, LexisNexis Risk Solutions, Cotality, and others. They collect and report consumer credit data at scale. They’re FCRA-compliant. They already have the infrastructure.

Here’s what I’d like to see: FHFA opens a formal application process for credit reporting agencies to become GSE-approved data providers. You build toward a pool of at least ten. Lenders pick any three. You keep tri-merge. You keep the data quality. You introduce real pricing competition across bureaus, real competition on FICO markups, and a market where no three companies can hold the entire industry hostage because there is nowhere else to go. 

When bureaus are actually competing against each other for lender business, the 100% markup on the FICO score (or whatever the real number is) becomes unsustainable on its own. You can’t double the price of a commodity when nine other vendors are selling the same thing without the surcharge. Competition at the bureau level fixes the markup problem without anyone having to legislate it away.

At the same time we work to get VantageScore actually implemented and see what that brings.

FICO’s price increases are real and they’ve been painful. I’m not walking that back. The bureaus’ conflicts of interest are real. Both grievances are legitimate. But every ounce of energy the industry spends attacking each other and trying to win the tri-merge vs. single-pull or “is it FICO or is it the 3Bs?” debates is energy not spent pushing FHFA to fix the structure that made all of it possible. 

The $540 blended cost per closed loan isn’t the ceiling. Without structural reform, it’s the floor. Let’s take the fight to the people who set the rules.

Coby Hakalir is a mortgage industry consultant, podcaster, writer, and content creator.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the editor responsible for this piece: zeb@hwmedia.com.

This post was originally published on here. 

After years of serving as a convenient political target, artificial intelligence is entering a new phase of the debate: one shaped not only by state and local experimentation, but also by a more assertive federal posture. A recent Executive Order on AI directed the Justice Department to create a Litigation Task Force to challenge state AI rules deemed inconsistent with federal policy — including on grounds that such laws unconstitutionally burden interstate commerce or are preempted by existing federal regulations.

AI is streamlining operations and reinforcing economies across the board. In my career, I’ve witnessed how AI powers innovation in travel, particularly operational infrastructure, personalized search, and booking efficiency. Yet, with things novel, local legislators are sometimes wary and strike first. 

AI-powered rental platforms have perhaps endured more lashes from state and local policymakers than all other industries combined. Why? Because elected officials want to show their constituents that they’re doing something to solve the housing affordability crisis, and unfairly blaming these technologies for withholding units from the long-term rental market and “price-fixing” is easier than pro-construction reform.

Lack of housing supply is the primary driver of high rents, not modern technology. Freddie Mac estimates a shortage of 3.7 million housing units nationwide, and Realtor.com puts the gap at over 4 million homes — explicitly linking the shortfall to zoning rules, permitting delays, and regulatory barriers. But tackling that challenge by relaxing zoning restrictions, streamlining permitting, and financing infrastructure like roads and sewer for new developments takes more work than pointing the finger at companies like Airbnb that provide technology for the management and marketing of short-term rentals. 

While establishing reasonable rules around short-term rentals makes sense, chasing technology used to manage them out of town does not. Thwarting efficiency won’t offset housing demand; adding more places to live will.

Many city councils, state legislatures, and state attorneys general have also been attempting to pin the blame for high rents on property management software for long-term rentals made by a company called RealPage. The software provider offers landlords market-based pricing tools, similar to the technology used in the lodging industry that was described by the Ninth Circuit U.S. Court of Appeals as simply a “tool in the struggle for commercial advantage”. 

Rather than rolling up their sleeves to develop a pro-building policy agenda, too many lawmakers have been saying, “Look, constituents – the big, bad AI company is the reason you’re forking over more of your paycheck for rent than you’d like.” Finally, the federal government has created a pathway for calling such laws into question.

The DOJ’s recently established AI Litigation Task Force will identify and challenge state laws targeting artificial intelligence, often pushed through by politicians who don’t fully understand the technology. Hopefully, data analysis to suggest fair market prices will, once again, be available for use in cities and states where government officials have been villainizing companies harnessing modern technology for short and long-term rental management in order to excuse their own role in the housing affordability crisis.

For rental platforms, AI algorithms analyze location, demand, seasonality, and competitor pricing to suggest appropriate rates. Rather than trying to force small and large investors to guess at the right price for units, policymakers could focus on helping constituents find ways to benefit from tourism and economic filtering in housing. From local business partnerships, to improved infrastructure made possible by a stronger local economy, to responsible tourism initiatives that generate jobs, the answer is to capitalize on opportunities, not undercut companies that enable them. 

Most importantly, to address concerns that short- and long-term rental platforms are driving up housing prices, state and local leaders should better balance the scale of supply and demand. When there are more places available to live than folks who are looking, prices drop. Austin, Texas, for example, has more than 11,500 short-term rental listings — one of the highest in the country — and hasn’t banned data-based rent tools used be landlords. But the city has experienced one of the largest rent declines in the nation thanks to a recent construction boom. In cities like San Francisco and states like New York that have restricted the use of market-based pricing technology, housing shortages deserve the blame for high prices.

The DOJ should accelerate its plan to rein in cities and states on warpaths against AI. Extinguishing innovation will not change the market dynamics that have emerged from years of housing policy decisions that have held back needed construction. AI is not the enemy…in fact, it can be America’s greatest ally.

Brandon Palumbo is a public policy professional specializing in technology and regulatory issues. 
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the editor responsible for this piece: zeb@hwmedia.com.

This post was originally published on here. 

Independent real estate brokerage FirstTeam has joined Zillow Preview, allowing its agents and their sellers to publicly pre-market listings on Zillow and Trulia before they go active. 

The Newport Beach, California-based firm said the agreement turns pre-market visibility into a prospecting and growth channel for its agents, who can now reach buyers at the earliest stage of their home search.

Through Zillow Preview, FirstTeam agents can advertise properties before they are listed in the MLS, as long as they comply with local MLS and Clear Cooperation policies. Those listings gain exposure on Zillow Group’s consumer platforms, including Zillow and Trulia.

“At FirstTeam, we’ve always believed in getting the most eyeballs on our listings when we represent our clients. Doing this deal with Zillow was a no-brainer,” Michele Harrington, the CEO of FirstTeam, said in the company announcement. “Zillow Preview gives our agents access to more exposure than any other platform out there. When they asked us to be one of their affiliate brokers, the answer was obvious.”

Zillow, which averages 235 million unique monthly users, said Zillow Preview is designed to give listing agents a way to build momentum and demand ahead of an official on-market date. According to Zillow data cited by the companies, 70% of buyers and sellers use Zillow at some point in their real estate journey.

“Zillow Preview gives our team access to millions of highly engaged buyers on the largest real estate platform in the country, reinforcing our commitment to independence and to putting our agents first,” Harrington said. “In this rapidly changing market, independence is a competitive advantage, allowing our agents to move faster, win more business, and giving us a powerful edge in recruiting and retention.”

In signing on to Zillow Preview, FirstTeam joins nearly 60 other brokerages and franchisors who have already subscribed to the product, including The Keyes Family of Companies, Side, United Real Estate, REMAX, HomeServices of America, Keller Williams and SERHANT. 

Zillow first announced Zillow Preview in mid-March, just weeks after Compass International Holdings, which now owns Anywhere and @properties Christie’s International Real Estate, announced an exclusive deal with Rocket Companies and Redfin to showcase its coming soon listings during its Q4 2025 earnings call.

In late March, eXp Realty announced non-exclusive pre-marketing deals with Realtor.com, Homes.com and ComeHome.com, which is HouseCanary’s real estate portal that has partnered with Google to showcase listings in Google search results in select markets, to syndicate its coming soon listings.

In 2025, agents at FirstTeam closed 5,978 transaction sides totaling $6.12 billion in sales volume according to RealTrends Verified Data. 

This article was written by Brooklee Han and generated with the assistance of HousingWire Automation. It was reviewed by a HousingWire editor before publication. The system helps convert company announcements and industry data into HousingWire-style news coverage.

This post was originally published on here. 

Canadian homebuilder Glenview Homes, based in Ottawa, announced that it will enter the United States market with a new Texas division. 

Homebuilding operations and business veteran Blake Roberts will head up the newly formed division. Operations will begin in Houston, but Glenview Homes’ strategy calls for expansion into other Texas markets and potentially other states down the road. 

The pairing makes sense for both parties. 

In Roberts, Glenview Homes gets an experienced homebuilding leader with about two decades of experience in the Texas market. He previously worked at Century Communities for about four years, first as Houston Division President, then as Regional President of Texas. Before that, he was President and CEO of Camillo Properties and its various homebuilding subsidiaries. 

For Roberts, the opportunity to spearhead Glenview Homes’ expansion into Texas was one that he didn’t want to pass on. 

“My general background from very early on in my career has been entrepreneurial-based,” Roberts told HousingWire’s The Builder’s Daily. “The entrepreneurial side is really where my passion lies in the business.”

An emphasis on customer experience

Glenview Homes is a family-owned and operated business. Sol Shabinsky founded the company in 1966, and three generations of the family have grown Glenview Homes into a leading builder in the Ottawa market. 

Roberts explained that he is excited to work for a private homebuilder once again and that he is impressed by Glenview Homes’ emphasis on customer service. 

As Roberts put it, the homebuilding industry has become more focused on scale and efficiency over time, often at the expense of the customer experience. Glenview Homes is a family-run company that builds homes for specific buyers and prioritizes a thoughtful, customer-centered approach over a more standardized transactional process. 

Putting people in the right home is a major reason Roberts is passionate about the homebuilding business. Success starts with listening carefully to customers and identifying their needs before presenting any options, Roberts said. Instead of just showing homes based on price, builders should help shape the experience by offering clear guidance and curated choices that align with the buyer’s vision. 

Moving away from a transactional mindset allows for a more thoughtful, customer-centered process.

“What Glenview has done is, they’ve really put a product and customer-facing strategy together, where we’re not going to just build as many houses as we can just to build houses,” said Roberts. “We’re going to build houses for specific people, and make that experience a top-notch experience. And I think this market is losing that in some form or fashion, where it’s become more of a numerical game than it is an experience.”

The Texas expansion

Glenview Homes’ expansion into Texas is partially one of familiarity. Managing Director Jake Shabinsky attended the University of Texas, and the owners have some family ties to the state. However, the expansion into the Lone Star State is also opportunity-based. 

Which is not to say that Texas isn’t one of the more ferociously competitive markets in the country, crowded with operations of every major public national homebuilder, as well as many of the nation’s most well-rooted, powerful regional and local private homebuilders.

Still, from across the Canada border, Texas beckons, and Glenview Homes strategists believe they can bring differentiable value to the market arena.

“The US market on the homebuilding side is probably, in a lot of cases, more conducive than a lot of options they have there in Canada,” Roberts said. “Texas, arguably, is one of, if not the most, conducive markets for homebuilding. It’s a very business-friendly environment. It’s a very development-friendly environment. It’s a place where cost control and the trade base are still very capable and easy to obtain.”

Glenview Homes will begin operations in Texas, and could begin vertical construction on its first homes within six months or so, if all goes according to plan. After that, the builder hopes to push into other major markets such as Dallas, Austin and San Antonio.

Beyond that is a possibility, but standing up operations in Texas will be the first priority. 

The team plans to initially acquire lots in larger projects, but ultimately wants to develop their own communities. 

Building a new homebuilding division starts with hiring the right people, Roberts said, since a strong, experienced team makes everything else possible in homebuilding. From there, it becomes about executing the fundamentals, including developing the right products, establishing the brand, creating market visibility and leveraging relationships with developers to secure development opportunities. 

“Creating a team, in my opinion, that’s the primary pillar, right? We can do anything in homebuilding with the right people around us. So that’s kind of the key piece— trying to build a team that can follow the vision and the strategic goals that we have in place,” Roberts explained.

This post was originally published on here. 

Canadian homebuilder Glenview Homes, based in Ottawa, announced that it will enter the United States market with a new Texas division. 

Homebuilding operations and business veteran Blake Roberts will head up the newly formed division. Operations will begin in Houston, but Glenview Homes’ strategy calls for expansion into other Texas markets and potentially other states down the road. 

The pairing makes sense for both parties. 

In Roberts, Glenview Homes gets an experienced homebuilding leader with about two decades of experience in the Texas market. He previously worked at Century Communities for about four years, first as Houston Division President, then as Regional President of Texas. Before that, he was President and CEO of Camillo Properties and its various homebuilding subsidiaries. 

For Roberts, the opportunity to spearhead Glenview Homes’ expansion into Texas was one that he didn’t want to pass on. 

“My general background from very early on in my career has been entrepreneurial-based,” Roberts told HousingWire’s The Builder’s Daily. “The entrepreneurial side is really where my passion lies in the business.”

An emphasis on customer experience

Glenview Homes is a family-owned and operated business. Sol Shabinsky founded the company in 1966, and three generations of the family have grown Glenview Homes into a leading builder in the Ottawa market. 

Roberts explained that he is excited to work for a private homebuilder once again and that he is impressed by Glenview Homes’ emphasis on customer service. 

As Roberts put it, the homebuilding industry has become more focused on scale and efficiency over time, often at the expense of the customer experience. Glenview Homes is a family-run company that builds homes for specific buyers and prioritizes a thoughtful, customer-centered approach over a more standardized transactional process. 

Putting people in the right home is a major reason Roberts is passionate about the homebuilding business. Success starts with listening carefully to customers and identifying their needs before presenting any options, Roberts said. Instead of just showing homes based on price, builders should help shape the experience by offering clear guidance and curated choices that align with the buyer’s vision. 

Moving away from a transactional mindset allows for a more thoughtful, customer-centered process.

“What Glenview has done is, they’ve really put a product and customer-facing strategy together, where we’re not going to just build as many houses as we can just to build houses,” said Roberts. “We’re going to build houses for specific people, and make that experience a top-notch experience. And I think this market is losing that in some form or fashion, where it’s become more of a numerical game than it is an experience.”

The Texas expansion

Glenview Homes’ expansion into Texas is partially one of familiarity. Managing Director Jake Shabinsky attended the University of Texas, and the owners have some family ties to the state. However, the expansion into the Lone Star State is also opportunity-based. 

Which is not to say that Texas isn’t one of the more ferociously competitive markets in the country, crowded with operations of every major public national homebuilder, as well as many of the nation’s most well-rooted, powerful regional and local private homebuilders.

Still, from across the Canada border, Texas beckons, and Glenview Homes strategists believe they can bring differentiable value to the market arena.

“The US market on the homebuilding side is probably, in a lot of cases, more conducive than a lot of options they have there in Canada,” Roberts said. “Texas, arguably, is one of, if not the most, conducive markets for homebuilding. It’s a very business-friendly environment. It’s a very development-friendly environment. It’s a place where cost control and the trade base are still very capable and easy to obtain.”

Glenview Homes will begin operations in Texas, and could begin vertical construction on its first homes within six months or so, if all goes according to plan. After that, the builder hopes to push into other major markets such as Dallas, Austin and San Antonio.

Beyond that is a possibility, but standing up operations in Texas will be the first priority. 

The team plans to initially acquire lots in larger projects, but ultimately wants to develop their own communities. 

Building a new homebuilding division starts with hiring the right people, Roberts said, since a strong, experienced team makes everything else possible in homebuilding. From there, it becomes about executing the fundamentals, including developing the right products, establishing the brand, creating market visibility and leveraging relationships with developers to secure development opportunities. 

“Creating a team, in my opinion, that’s the primary pillar, right? We can do anything in homebuilding with the right people around us. So that’s kind of the key piece— trying to build a team that can follow the vision and the strategic goals that we have in place,” Roberts explained.

This post was originally published on here. 

Kevin Warsh, President Donald Trump’s nominee to serve as the 17th chairman of the Federal Reserve, faced sharp questioning from senators on Tuesday at his confirmation hearing. Warsh asserted that he would not be the president’s “sock puppet” when determining interest rate decisions.

Warsh, a former Fed governor who served during the 2008 financial crisis, faced specific questions from Democrats about his independence from Trump and his undisclosed investments, while Republicans rallied to his defense and urged swift confirmation.

The hearing, which took place before the Senate Banking Committee, lasted over two hours and repeatedly returned to two themes — whether Warsh would resist political pressure from the White House on interest rates, and whether his estimated nine‑figure holdings and opaque investment structures pose conflicts of interest.

Sen. Elizabeth Warren (D-Mass.) accused Warsh of being Trump’s “sock puppet,” citing the president’s repeated public demands for lower interest rates and his comments that rates would fall “when Kevin gets in.”

Democrats repeatedly tried to pin Warsh down on his relationship with Trump and his willingness to defy the president. Warren asked him flatly whether Trump lost the 2020 election. Warsh did not answer directly, saying only that Congress had certified the election and pivoting to concerns about inflation.

When Warren pressed Warsh to name “one aspect” of Trump’s economic agenda he disagrees with, Warsh deflected with a joke about Trump calling him “central casting.” That prompted Warren to say that his evasions of her questions showed he “lacked the courage and independence” the job requires.

Warsh also faced questions about his more than $100 million in investments, including stakes held through vehicles such as The Juggernaut Fund LP and THSDFS LLC. Warren also asked whether any of those vehicles invest in companies tied to Trump or his family, any firms implicated in money laundering, Chinese‑controlled companies or financing vehicles associated with Jeffrey Epstein.