Real Estate (Page 11)

The conversation around artificial intelligence has largely defaulted to one of two extremes: AI as an existential threat to human work, or AI as a magic button that solves every operational problem automatically. In practice, neither framing holds up. The organizations gaining the most ground right now are those that have moved past the debate entirely and are focused on something more concrete: how to pair human expertise with AI capability in ways that produce real, usable solutions faster than traditional development cycles allow.

This is not a philosophical argument. It is a practical one, and the evidence is accumulating.

The hidden cost of how we’ve always built things

For decades, the process of turning a problem into a working solution followed a familiar path: define the problem, gather stakeholders, write specs, build a roadmap, wireframe the product, review, revise, and eventually, often months later, begin development. Each step was necessary, given the constraints of the time. But those constraints have changed, and the process largely hasn’t.

The result is a development cycle that burns time and organizational bandwidth before a single line of functional code is written. In fast-moving markets where competitive advantage can hinge on speed, this is no longer just inefficient. It is a liability.

A different model: Problem to prototype

What is emerging in practice, and what teams actively working at the intersection of AI and real-world operations are experiencing firsthand, is a fundamentally compressed workflow. Instead of beginning with weeks of spec development and roadmapping, practitioners are bringing their domain expertise directly into conversation with AI tools and moving to functional prototypes almost immediately.

The process works roughly like this: a subject matter expert articulates the problem and frames a possible solution. AI handles what would previously have required a room full of engineers and product managers and two weeks at a whiteboard: the architecture, the roadmap structure, the sequencing of development tasks. From there, AI-assisted coding tools translate that structure into working code. What remains is iteration, refinement, and deployment.

The human contribution in this model is irreplaceable: domain knowledge, problem framing, and judgment about what actually needs to be solved. AI does not identify the right problems. It accelerates the path from problem to solution once a knowledgeable person has clearly framed the challenge.

What this looks like in real operations

Consider sales productivity, a challenge that exists in virtually every industry, including real estate and title. A field representative spending long days meeting with clients faces a real and persistent problem: accurately capturing the details of each interaction in a form that managers and leadership can act on. The traditional solution involves CRM systems that require sitting down, logging in, and manually entering data; a task that rarely happens in real time and creates downstream gaps in visibility.

Using the human-AI partnership model, the solution takes shape quickly, starting with just a plain-language description of the problem. The need is described, the solution framed, and AI handles the architecture and development structure from there.

WFG recently developed a prototype to address a persistent pain point for its sales team. Field reps spending long days meeting with clients struggled to capture interaction details accurately and in real time; the kind of data managers need to coach effectively, and leadership needs to track activity. In the prototype, a field rep records notes conversationally throughout their day without needing to log in to CRM or park to complete data entry. AI synthesizes those notes, scores each interaction based on tone and context, and delivers a concise report with recommended next steps, giving managers real-time visibility into field activity without waiting for manual input.

The same approach has already been put into production. WFG built and deployed an AI-powered OKR tracking tool that ingests regular inputs from reps and managers, scores progress against established goals, and delivers leadership a clear, accurate summary of where each team member stands, along with recommended next steps to help them meet their objectives fully. What previously required manual cross-referencing and follow-up calls now happens automatically. That tool is live and in active use today.

In a traditional development environment, building either of these capabilities might take months of spec development, road-mapping, and testing. Using AI-assisted prototyping, both went from problem statement to working product in a matter of days.

The same principle applies to goal tracking and performance management, an area where data often exists, but synthesis is the bottleneck. Executives and managers typically receive reports that require manual cross-referencing against stated objectives. An AI-assisted solution built from a clear articulation of the problem can ingest that data automatically, score progress against established metrics, and surface a concise, actionable summary, eliminating hours of manual review and enabling faster course corrections.

Neither of these examples requires exotic technology or large development teams. What they require is human expertise in determining which problem is worth solving, combined with AI’s ability to rapidly architect and build the solution.

Why partnership, not replacement

The “AI will replace human workers” narrative overlooks an important aspect of how the most effective implementations actually work. AI is extraordinarily capable at pattern recognition, code generation, synthesis, and structure. It is not capable of knowing which problems are worth solving, understanding the organizational and market context in which solutions will live, or exercising the kind of judgment that comes from years of experience in a specific industry.

In the title and real estate sectors specifically, that domain expertise is deep and consequential. Compliance requirements, transaction complexity, agent relationships, and the high-stakes nature of the product mean that the humans closest to these workflows bring knowledge that no model can independently possess. What AI changes is how efficiently that expertise can be translated into operational solutions.

The professionals and teams who will define the next chapter of this industry recognize that the combination — human expertise driving AI capability — is where the compounding advantage lies. Not in automating humans out of the process, but in removing the friction between expertise and execution.

The practical takeaway

For industry leaders evaluating their own AI strategy, the most actionable question is not “what can AI do?” It is “where is expertise already present in our organization, and what is slowing the translation of that expertise into solutions?” The gaps in that answer are where the human-AI partnership model delivers disproportionate value.

The organizations building that discipline now, and establishing the internal capability to move from problem articulation to working prototype without the traditional overhead of the development cycle, are compressing timelines in ways that compound over time. The competitive distance between those organizations and those still building the traditional way is only going to grow from here.

Ryan Ozonian is Senior Director of Innovation and AI at Williston Financial Group (WFG). 
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.

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A new appraisal management platform is aiming to upend the traditional role of appraisal management companies (AMCs) by allowing mortgage lenders to oversee the process internally while maintaining regulatory compliance.

The platform, known as PAM, or Private Asset & Management Group LLC, is designed as a web-based system that enables lenders to manage appraisal workflows without relying on third-party AMCs.

David Cedar, president of PAM and a licensed appraiser, claims that the platform restores lender control over a process that he says has long been outsourced at the expense of both borrowers and appraisers.

Under the PAM system, lenders build and manage their own networks of vetted appraisers based on geographic competency and professional qualifications. The platform then automates the rotation of assignments to ensure independence and compliance with appraisal regulations, including Appraiser Independence Requirements (AIR).

“The platform … assigns the appraisals, it rotates the appraisers. It gives the lender control over using appraisers they want to use, not who the AMC is choosing for them,” Cedar said in a conversation with HousingWire.

Each transaction is tracked and documented within the system, providing what the company describes as full transparency and auditability. The platform also integrates with popular loan origination systems like Encompass to streamline workflows.

Cedar said that PAM, which launched at the end of 2025, can reduce costs for borrowers by eliminating AMC-related markups. The estimated savings range from 25% to 40% on appraisal fees, allowing appraisers to receive more equitable compensation while giving lenders greater oversight of appraisal quality and compliance.

“AMCs are charging ridiculous prices. … It’s overkill. It’s gouging. And there’s no regulation and there’s no transparency,” Cedar said.

PAM operates under a lender-managed, direct-engagement structure that the company says is compliant in all 50 states. It is offered at no cost to lenders or appraisers, according to its developers.

“Our flat fee is transparent and one time per order of $99 instead of an AMC charging $300, $400, $500 or even more,” Cedar confirmed. “We absorb the cost of the software, so the lender pays nothing. We also absorb the cost for the appraiser.”

The platform enters a market where some lenders have raised concerns about the traditional AMC model, citing issues related to cost, transparency and control over the appraisal process. Proponents of lender-managed alternatives say such platforms could offer a more efficient and transparent approach, though broader adoption and industry response remain to be seen.

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Virginia Gov. Abigail Spanberger has until Monday to sign or veto legislation that would make her state one of the few that allow faith-based organizations to build affordable housing on their properties by overriding local zoning limits.

Spanberger faces pressure from local governments and a small but vocal group of civic organizations to veto the bill, extending the fight after they failed to stop it in the state’s General Assembly.

If she signs the bill, the Commonwealth will join California and Florida in enacting so-called “yes in God’s backyard” (YIGBY) legislation that preempts local zoning control. For Spanberger, the law would be the most consequential affordable housing initiative to advance in her first months in office.

Losing on the broader affordable housing agenda

Shortly after taking office, she presented a housing agenda to improve housing affordability, but the marquee piece ran into a legislative buzzsaw. Lawmakers killed a proposal to allow by-right multifamily and mixed-use projects in many commercially zoned areas.

Lawmakers, however, passed proposals focused on subsidies and preservation of affordable housing.

The YIGBY bill sponsored by state Sen. Jeremy McPike moved on a separate track from the governor’s core housing agenda. Its advocates are mounting their own pressure campaign to persuade the governor to sign it into law.

“We are hopeful, and we are still waiting,” Jessica Sarriot, a co-lead organizer for Virginians Organized for Interfaith Community Engagement (VOICE), told The Builder’s Daily.

Voice, a nonpartisan coalition of Northern Virginia faith-based and community organizations, has pushed for the change for several years.

“I feel pretty confident that she will sign this because I think it fits so neatly within her affordability agenda,” Sarriott said. “It can be something that she really celebrates making forward motion on and it’s packed with bipartisan support.”

A Commonwealth housing solution

Virginia continues to face growing housing affordability pressures. Spanberger won on a platform that emphasized improving affordability.

HousingForward Virginia estimates that faith-based organizations control more than 74,000 acres statewide, creating a large potential supply of land for affordable housing.

The Faith in Housing bill would let churches and certain tax-exempt groups build affordable housing on land they already own without local rezoning. The legislation requires at least 60% of units to remain income-restricted for decades and keeps most new housing taxable.

Next steps for Spanberger

The governor has more options than just signing or vetoing, but they could become complicated.

Spanberger could issue a conditional veto and ask the General Assembly to approve amendments, according to Sarriot. The veto becomes official if lawmakers do not approve the changes.

She could also submit her own amendments for lawmakers to vote on. Sarriot said that whether they approve the amendments, the governor could still sign the original bill.

The governor has limited time to act on the bill because she faces a stack of other measures awaiting her decision.

There is precedent for a governor vetoing a housing bill and later signing it into law after changes.

Last year, Connecticut Gov. Ned Lamont vetoed a bill he initially supported. The legislation would have preempted local zoning authority to encourage missing-middle housing but faced pressure from suburban communities that did not want to lose control. Lamont later followed through on a promise for a special session to craft a compromise and then signed the revised bill.

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After being acquired by mortgage lender Lower in May 2025, executives at real estate listing portal Movoto said they hoped to use Lower’s network to connect more consumers with top local real estate agents and mortgage professionals.

This vision — which was first explained to HousingWire by John Berkowitz, former Movoto CEO and current president of real estate at Lower — appears to have started coming to fruition after the firm officially launched Movoto Advantage last week. 

Lower describes Movoto Advantage as a limited-access, subscription-based program that connects high-performing real estate agents with motivated home buyers and sellers through real-time live transfers.

The company said it initially began rolling out the program, which operates within Lower’s Movoto real estate marketplace, in late 2025. The program targets independent agents who rank near the top in their markets by transaction volume and have a history of closing deals, strong client service and consistent responsiveness.

Lower vets agents who apply to the program and it limits the number of participating agents, routing consumers to just one agent in a given market. Additionally, Movoto Advantage is integrated with Lower’s lending platform through Lower Connect, which pairs consumers and agents with Lower loan officers for fast preapproval and support through closing.

HousingWire recently caught up with Berkowitz to discuss how Movoto Advantage and Lower are looking to compete in the increasingly competitive listing portal and lead referral space. 

This interview has been edited for length and clarity. 

Brooklee Han: Last year when we spoke, you outlined how you were hoping to leverage Lower’s network to help both housing professionals and consumers. Based on my understanding of the product, Movoto Advantage seems to closely align with this goal. Tell me more about the creation of the product and what challenges you’re hoping it will solve.

John Berkowitz: I think Movoto Advantage is filling a gap in the market and it is going to create more wins for agents, consumers and our mortgage partners.

Going back, Movoto was one of the first to launch a solution specifically for real estate teams with Movoto Pro+. Teams have unique models and they need unique products that fit their needs. Pro+ was one of the first to adjust the typical referral model and blend it with the hybrid lead model for teams. That launched in 2023. And now we have hundreds of teams on it, and over time we have seen some of our competitors roll out their own solutions for teams.

But not all agents aspire to grow massive real estate teams or be part of a team. Instead, they want to have their own brand and their own business, so in talking with them, we realized there was a gap in the market for products like Pro+ geared toward individual top agents.

The origin of Advantage was their needs, and one of the biggest needs they have is certainty. In a short sales cycle, they don’t have the time to pitch to a consumer why they are better than the six other agents the same platform connected them to. And a lot of those agents want to find a way to bring mortgage into their business without setting up their own joint venture or becoming dual licensed. 

This program provides agents with certainty because they know they are the only one we are connecting a given consumer with, and it allows them to have a mortgage partner in a regulatory compliant way.

Han: As I understand it, there is a vetting process for agents to be part of the program. Can you tell me more about this process and what Lower is looking for in a Movoto Advantage agent? 

Berkowitz: I proudly say we’re not interested in partnering with tourist agents. I have no problem with agents coming and going, but when we meet consumers, we are making a promise of selecting the right professional for them — and we believe that means that this will be a person who has a track record of success.

We are looking at historical transactions and volume, and we are looking for high response rates to make sure that when we introduce the agent to a consumer, that leads to the consumer successfully transacting. 

Han: There are so many different referral and lead generation platforms and programs out there. What do you think sets Movoto Advantage apart? 

Berkowitz: We are going to give agents certainty. We are not going to sign up every agent in the market. We are limiting this because a key part of the program is giving the agents consistency of introductions.

A lot of agents will sign up for a lead service, and then that service signs up everyone else in their market and they no longer get leads. So we provide them with the certainty that they will receive leads, allowing them to plan and build their business around it. 

Additionally, we are not giving them cold leads — these are warm transfers. We are really working on setting agents up for success by explaining to consumers why they are the right agent for them in their market. And we are making sure that when we transfer an agent a lead, that consumer is ready, willing and able to go buy or sell a home.

This means that we are not delivering them the vast majority of leads we have, because we are not trying to just deliver leads. We are trying to create warm relationships between a consumer that came to us to meet an expert and a professional that wants to serve them. So I think we set ourselves apart with that consistency of lead flow, met with the high quality of the consumers we are introducing them to. 

Han: The mortgage component of this is also interesting as we are currently seeing others work to integrate mortgages — including Zillow Home Loans and the Compass-Rocket-Redfin agreement. Can you tell me more about the mortgage component, and how this reflects the goal you mentioned last year for fostering connections between local mortgage professionals, agents and consumers?

Berkowitz: The simple answer is that what I told you about last year, we’ve done it and we’ve done it a lot faster than I thought. You’ll remember that a big difference between us and our competitors is local mortgage, retail, boots on the ground. Our top teams have told us that they want their mortgage professionals to be local — that’s a key part of our strategy. A top-performing agent is going to want the same thing, so we are really leaning into finding the best way to connect those agents with a great local loan officer. 

It is really just pulling on that thread of taking these consumers that are anonymously searching online and figuring out exactly what they need — and then, at the right time, live transferring them to local professionals and creating that connection with a local agent and loan officer. 

Agents really care about mortgages because most buyers require some sort of financing, so they need high-quality mortgage professionals to work with and help solve problems for their consumers. This also allows agents to reduce some of their costs in a regulatory compliant way because they can do a lead sharing agreement, which is what we have enabled here.

We are really trying to make it easier for consumers, agents and LOs to work together and connect. We are putting them on joint text and creating those relationships. So far, agents say this is working really well because they then have less manual work and it makes everything smoother for everyone. 

Han: It is no secret that there has been quite a bit of drama in the real estate portal and referral service space over the past year, but Movoto has managed to stay out of the fray. I’d love to hear some of your thoughts on the recent chaos.

Berkowitz: I think we’ve done a very good job of being Switzerland and just staying focused on our North Star, which is the consumer. Our goal is to provide them with accurate data and knowledgeable professionals. With agents, we really lean into appreciating the role they play in the transactions and providing them with the tools they need to serve those consumers even better. 

There are a lot of narratives out there now about how different initiatives are better for consumers or agents. But I think, for example, if you look at the evidence, there is no rational argument to say that private listings are good for consumers.

What I do see is CEOs doing what is best for their shareholders, which is fine, because that is who they answer to. But it also creates this opportunity for private companies to innovate, listen to their customers, and create the products and experiences they really want. I think it is really a competitive advantage for us right now to be a private company that doesn’t need big public narratives to rationalize things, because we are literally just doing what our customers are asking for.

Han: As we have discussed, last year when we spoke, you laid out this vision of where the company is now. If we talk again a year from now, what are you hoping to see for Lower and Movoto?

Berkowitz: I think we are just getting on this path of integrating the consumer, agent and LO. And I think you are going to see more products come out around these same themes that provide upfront value to consumers, earning their trust, and then bringing in a real estate agent and loan officer in a way that really works for them to build a relationship and make it economically viable for them, while also enabling them to add more value. We have been pulling on that thread since the day Lower and Movoto came together.

This post was originally published on here. 

Surge, a partner intelligence platform for wholesale mortgage lenders, has been acquired by New Cheval Holdings as the wholesale channel faces tighter scrutiny on broker oversight and market share pressure from retail and direct-to-consumer lenders.

The transaction brings dedicated ownership and institutional backing to a platform used by wholesale lenders that are regularly ranked among the top 25 in the country, according to the company’s announcement.

As part of the deal, Jimmy Gillespie has been named CEO of Surge. Gillespie has a background in private equity and management consulting, and he’s joining Surge with a mandate to deepen customer relationships and accelerate growth. He replaces founder-led management as the company formalizes its next phase of expansion.

“Surge has a strong platform, a talented team, and customers who depend on it every day,” Gillespie said in a statement. “I’m focused on making sure we continue to earn that trust as we grow.”

Surge serves wholesale lenders through two integrated products, Partner 360 Alliance and Partner 360 Sales.

Alliance manages broker and correspondent counterparty risk and onboarding for licensed and nonlicensed partners, from application and e-signing through renewals, continuous licensing monitoring and audit-ready reporting.

Partner 360 Sales is designed for sales and account management teams, providing a live view of a lender’s wholesale network with Nationwide Multistate Licensing System (NMLS)-based market intelligence, loan officer-level production data, job change alerts, territory management tools and competitor visibility across the market.

Surge said the platform supports more than 10,000 active broker relationships and has not failed a compliance audit to date.

“Surge has helped us go from entering data to actually using it,” Pavle Lozevski, senior sales force technical lead at V.I.P. Mortgage said in a statement.

Surge co-founder Matt Hawkins said the company was launched to address practical pain points in wholesale lender-broker relationships, including fragmented broker onboarding processes and limited line of sight into broker production and movement.

“Surge was built to solve a real problem for wholesale lenders and the team delivered a platform that does exactly that,” Hawkins said. “I’m proud of what we built and confident it’s in the right hands.”

David Casti, who has led product and customer operations at Surge since 2022, will remain as chief operating officer, providing continuity for existing clients.

Wholesale lenders have faced heightened expectations from regulators and investors around broker due diligence, ongoing monitoring and fair lending oversight since the pandemic-era refi boom ended and volumes declined. At the same time, many lenders are trying to grow or defend market share in the third-party origination channel without adding large headcount to operations or sales management.

Tools that centralize broker compliance, onboarding and production visibility are increasingly viewed as core infrastructure rather than “nice to have” software. Consolidation in this niche signals that institutional investors see durable demand for technology that can support counterparty risk management and give account executives a clearer picture of where to deploy their time and pricing levers.

For lenders already running on Salesforce or modern customer relationship management stacks, platforms like Surge’s Partner 360 Alliance and Partner 360 Sales may offer a way to standardize broker data, reduce manual spreadsheet work and create audit-ready trails for warehouse lenders, investors and regulators.

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loanDepot announced Thursday that it has formed a strategic partnership with Figure Technology Solutions to power a new “express-path” home loan product through loanDepot’s mello platform.

Under the agreement, loanDepot will integrate Figure’s proprietary credit and loan underwriting engine into its mello technology stack and point-of-sale system. The integration is designed to allow loanDepot to offer a suite of faster-closing, express-path products, starting with the 5×5 HomeLoan, according to a press release.

The 5×5 HomeLoan is structured to deliver approvals in as little as five minutes and funding in as few as five days. The product can be used to access home equity and will be available for refinances and purchase transactions, effectively giving borrowers an option comparable to cash offers on speed and certainty of close.

loanDepot, a national retail lender that recently rejoined the wholesale channel, will roll out the 5×5 HomeLoan in all 50 states. The product will be distributed through the company’s sales force of nearly 1,800 licensed loan officers, who collectively hold about 12,500 state licenses.

The partnership ties Figure’s blockchain-based infrastructure and automated underwriting capabilities to loanDepot’s existing proprietary tech stack and diversified distribution channels. Figure has focused on using blockchain rails and automated underwriting to compress cycle times and lower fulfillment costs, particularly in home equity and consumer credit.

“loanDepot already has the most differentiated customer acquisition and retention business model in the marketplace today, with a world-class brand and the only at-scale diversified channel strategy in the industry,” Anthony Hsieh, the company’s founder and CEO, said in a statement.

“Our partnership with Figure builds on these unique assets and provides a meaningful strategic lever for our business, allowing us to help more customers, close more loans, materially reduce the cost to produce, and deliver profitable market share growth. Further, it positions us to introduce new and innovative products that expand the way we will meet the needs of borrowers in the future.”

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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On Thursday, the National Association of Home Builders (NAHB) released its NAHB/Westlake Royal Remodeling Market Index (RMI) for the first quarter of 2026. The index reading of 62 was down two points from the previous quarter but remains firmly in positive territory.

The NAHB/Westlake Royal RMI asks remodelers to rate five aspects of the remodeling market as “good,” “fair” or “poor.” Each component is scored from 0 to 100, with a reading above 50 signaling that more remodelers view conditions as good than poor. All RMI results are seasonally adjusted.

The Current Conditions Index is based on three components: the current market for large remodeling projects, moderately sized projects and small projects. The Future Indicators Index averages two components: the current pace of leads and inquiries, and the existing backlog of remodeling work.

The overall RMI is the average of the Current Conditions Index and the Future Indicators Index, with any score above 50 indicating that more remodelers see market conditions as good than poor.

“Remodeler sentiment remained generally positive in the first quarter, as it was at the end of last year, even as many remodelers are still working to manage their customers’ cost expectations,” Elliott Pike, chair of the NAHB Remodelers Council, said in a statement. “Only a relatively small share report homeowners putting projects on hold due to economic and political uncertainty.”

“Ongoing positive remodeler sentiment is consistent with the NAHB outlook, given an aging housing stock and the lock-in effect of elevated mortgage rates keeping owners in their homes,” NAHB chief economist Robert Dietz said. “In the first quarter, remodelers reported that 21% of their projects were associated with home improvements made shortly after a purchase, while only 4% were for homeowners’ projects to ready a home for sale.”

The Current Conditions Index averaged 70, slipping one point from the prior quarter. All three components stayed well above 50: The measure of large remodeling projects ($50,000 or more) fell two points to 67; moderate projects (at least $20,000 but less than $50,000) declined two points to 69; and small projects (under $20,000) rose one point to 74.

The Future Indicators Index averaged 54, down two points from the previous quarter. The measure of the current rate of leads and inquiries eased one point to 53, while the component tracking the backlog of remodeling jobs decreased three points to 55.

Remodelers remain more confident than homebuilders

Remodelers remain more positive than homebuilders, NAHB data indicates. According to the latest NAHB/Wells Fargo Housing Market Index (HMI), builder confidence remained subpar in March with a reading of 38. 

National Kitchen & Bath Association (NKBA) President and CEO Bill Darcy told The Builder’s Daily in February that remodelers feel more confident than their homebuilding counterparts in 2026. Luxury projects, Darcy said, are expected to be the main driver of growth in the remodeling industry for the remainder of the year. 

According to NAHB, the average age of a home increased from 31 years in 2006 to 41 years in 2023. This trend correlates with a rise in home improvement projects. Additionally, thanks to the post-pandemic increase in home prices, homeowners now hold substantial home equity, giving them more financial capacity to take on these projects. 

Tyler Williams 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.

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New View Advisors this week released its Proprietary Reverse Mortgage Production Index for the first quarter of 2026, with the data showing that private-label loan products have grown to new heights.

The quarterly index provides an estimated dollar volume for newly originated proprietary reverse mortgages in the U.S. The company reported that from January through March, proprietary loan production totaled $953 million. This was up from $730 million in the prior quarter and more than double the volume of $470 million in Q1 2025.

The 30.6% gain in quarterly volume propelled the private-label market past the federally insured Home Equity Conversion Mortgage (HECM) market for the first time, New View reported. HECM volume for Q1 2026 was estimated at $875 million

For March alone, private-label originations totaled $344 million, compared to $260 million for the HECM market.

The index was sourced using data from public and private sources, including publicly available financial statements, rating agency reports and other sources related to securitizations.

New View noted that in its previous quarterly report, the proprietary loan share of the reverse mortgage market grew from 30% at the end of 2024 to 45% at the end of 2025. At the end of March, that share stood at 52%, with private-label loans benefiting from additional liquidity in the secondary market.

The company estimated that at the current pace, proprietary loan growth could propel industrywide volumes past $7 billion or $8 billion in 2026 — even without growth for traditional products.

HECM endorsements in 2025 were relatively flat, according to data compiled by Reverse Market Insight (RMI). And the top three U.S. lenders — Mutual of Omaha Mortgage, Finance of America and Longbridge Financial — maintained their control by accounting for 55.8% of the market. That was down slightly from 57.4% in 2024.

HECM business saw growth in March, RMI reported this week, up 16.3% from February to a total of 2,117 endorsements. But that figure was still less than any month since August 2025.

“We still don’t have comprehensive data there, but what we can piece together looks like the growth in unit volume has been almost entirely in the proprietary products for several years, particularly when we exclude the HECM refinance waves from 2018-2022,” RMI explained in commentary.

Lenders are moving to incorporate more technology for the origination of private-label reverse mortgages. Last week, REVERSE plus announced that it had integrated proprietary programs from Smartfi Home Loans into its ANALYZER Pro platform. The move is designed to give loan officers and brokers the ability to model HECM and proprietary loan scenarios in a single system, offering improved education for senior borrowers.

“Proprietary reverse mortgages represent a large portion of the senior home equity lending landscape,” Kim Smith, senior vice president of wholesale at Smartfi, said in a statement at the time. “Making our programs available within ANALYZER Pro gives originators a practical, hands-on way to learn our offerings and better understand how our Choice proprietary loan option can uniquely meet the needs of borrowers.”

Rising consumer demand and wider availability for private-label options also come at a time when the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) are exploring ways to make HECM products and their accompanying secondary market liquidity more competitive.

The agencies held a comment period that ended in January and generated numerous responses from originators, servicers, trade groups and other stakeholders. While no decisions have been announced based on that feedback, it’s a storyline for the industry to follow closely in 2026.

“The HECM and HMBS programs do not inhibit the private sector. On the contrary, they provide a benchmark ‘target’ for private lenders to attain and exceed,” Andrew Draper, a reverse mortgage specialist at Community First National Bank, wrote in response to a question listed on HUD’s request for information.

“By establishing a federally backed standard, HUD encourages private sector innovation to provide specialized, competitive products that supplement the government’s baseline.”

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A federal judge has denied eXp Realty’s request to dismiss a fraud claim brought by four women who say the company lied about investigating their allegations of sexual assault by two former agents.

U.S. District Court Judge André Birotte Jr. ruled this week that the fraudulent misrepresentation claim could move forward — including allegations that eXp Realty and its parent company eXp World Holdings made false statements to keep plaintiffs from leaving the firm.

The lawsuit — originally filed in February 2023 — centers on claims that suspended eXp agent David Golden and now-former agent Michael Bjorkman violated federal sex trafficking laws. The women say the men drugged and sexually assaulted them at company events.

A third agent, Brent Gove, has also been named as having allegedly participated in or ignored the offenses.

During the three-year span of the lawsuit, eXp and its founder Glenn Sanford faced allegations of negligent hiring. But these claims against Sanford and the company were ultimately dismissed.

Plaintiffs claim they reported assaults to company leadership — including the general counsel and the director of agent compliance. But behind the scenes, the women say executives had already chosen not to investigate.

Their claims cite evidence uncovered during discovery, including communications between Bjorkman and Cory Haggard, eXp’s senior vice president of agent compliance, stating that “no investigation would be occurring.”

Judge rejects company’s arguments

In its motion to dismiss, eXp argued the women failed to meet the legal standard for fraud.

The company noted that it took written statements from the plaintiffs, spoke with legal counsel, offered to speak to witnesses and held meetings with its agent compliance committee.

eXp has also argued the plaintiffs “made no allegation” that any of the executives deposed were speaking on behalf of the company when they made their statements.

The company has since separated itself from both Bjorkman and Golden and claims it acted “as soon as the accusers brought (incidents) to our attention.”

But Birotte was not persuaded. He found that the women had sufficiently alleged “misrepresentations by members of eXp Defendants’ leadership teams,” including specific false statements about an ongoing investigation and the company’s severed ties with Bjorkman.

“Plaintiffs alleged they originally reported the sexual assaults because of the Policies and Procedures but the misrepresentations did not start there,” Birotte wrote. “Rather, each alleged several separate misrepresentations by members of the eXp leadership team throughout the course of the purported investigation.”

Case moves forward

The judge also rejected eXp’s argument that the fraud claim was barred by the economic loss rule, which prevents plaintiffs from repackaging a breach of contract as a tort claim.

“As the alleged tort is not based in a violation of a breach of contract the economic loss rule does not apply,” Birotte wrote.

The court granted eXp’s request to extend fact discovery by 60 days and ordered both sides to submit a new proposed schedule within 14 days.

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Blitz Permits Inc. (Blitz AI), a Florida-based developer of artificial intelligence (AI)-powered automated plan review technology, recently announced a strategic partnership with CityView, a provider of community development and permitting software for local governments. 

The companies will roll out a next-generation permitting and plan review experience, starting with a joint implementation in the City of Naples, Florida.

The partnership pairs CityView’s end-to-end permitting platform with Blitz AI’s compliance automation engine, allowing municipalities to shorten review timelines, standardize decisions, and increase transparency for residents and developers.

Demonstrating its focus on smart growth and modern governance, the City of Naples is deploying Blitz AI’s automated plan review technology integrated with its CityView permitting system to speed residential and commercial building plan reviews.

The Blitz AI platform is trained on the Florida Building Code and local ordinances to evaluate building plans in minutes, flag potential noncompliance and generate detailed review reports with red lines on drawings. City staff can then dedicate more time to community priorities while developers and residents gain a faster, more predictable permitting experience through CityView.

Modernizing municipal plan review

The integration of Blitz AI’s compliance platform with CityView’s permitting system is expected to reshape how Naples conducts development reviews by:

• Accelerating review times and cutting wait periods so projects move forward more quickly for applicants and reviewers.
• Improving accuracy and surfacing potential compliance gaps early to reduce costly revisions and construction delays.
• Increasing transparency and delivering clear, consistent feedback that supports a more predictable development process.

The project supports Naples’ broader strategy to use technology to upgrade service delivery, strengthen public transparency and guide high-quality growth that aligns with the city’s coastal character. 

Leadership perspectives

“We’re proud that the City of Naples is the first in Florida to partner with Blitz AI to provide greater automation, efficiency and consistency in our residential and commercial building plan reviews and permit processing. This groundbreaking initiative marks a significant milestone in our commitment to innovation, efficiency, and service excellence,” Mayor Teresa Heitmann said in a statement.

“Naples is setting the standard by combining advanced technology with a human-centered approach. We look forward to realizing better outcomes for developers and residents alike, positioning our city at the forefront of modern municipal governance.”

“Naples is demonstrating how thoughtful AI innovation in development review can enhance both efficiency and public service,” said Arjun Choudhary, CEO of Blitz AI. “This technology was created to bring clarity and speed to permitting, and it’s great to see it supporting a community that holds itself to such high standards.”

Steve Favalaro, vice president of sales and marketing for CityView, added that “our partnership with Blitz AI represents the future of municipal permitting—where automation and human expertise work hand-in-hand. Naples is the perfect community to lead this transformation.”

A wave of AI-driven reforms nationwide

With growing demands on local governments to simplify the residential review process, more states and municipalities are adopting AI tools to speed up the permitting and building plan reviews. 

California, for example, launched an AI software last year to help the City of Los Angeles and Los Angeles County speed up the approval process for rebuilding permits following the Eaton and Palisades fires. 

Many large municipalities recently announced similar AI partnerships. Seattle and neighboring Bellevue, for example, integrated AI into their development application reviews last year. Other large cities, such as Austin; Honolulu; Miami; and Louisville, Kentucky, have followed suit. 

This post was originally published on here. 

Luvene Realty Group, a nine-person real estate team led by Shauny Luvene, has moved to Compass from Keller Williams and will be based out of Compass’s Bayside office in the Milwaukee metro area, the company announced on Thursday.

The move comes as Compass International Holdings executives focus on integrating Anywhere Brands and onboarding agents at those firms into the Compass technology platform. Compass said the group was attracted by the firm’s technology platform and collaborative culture.

“Joining Compass is a pivotal step in our mission to elevate the real estate experience in Milwaukee,” Luvene said a statement. “The combination of the technology at Compass and our team’s deep-seated passion for this community will allow us to serve our clients and our industry with even greater impact.

“It’s bigger than real estate — we will improve the health, wealth and overall quality of life by building a more equitable future for the Milwaukee metro area.”

Luvene is a Milwaukee native with roughly a decade of experience in automotive sales and finance before entering real estate. In addition to her real estate team, Luvene also serves as a leader with For The Culture, a nonprofit that aims to build community and support for Black real estate professionals through education, advocacy and collaboration, the announcement explained.

Beyond traditional brokerage work, the Luvene Realty Group has built a following through its “Behind the Sold Sign” podcast, which offers what the team describes as an unfiltered look at the real estate business and practical education for buyers and sellers navigating the Milwaukee market.

The team of nine agents positions itself as full-service, handling listings, buyer representation and strategic marketing across the Milwaukee area and it serves both first-time and experienced home buyers and sellers.

In 2024, Luvene Realty Group closed 106.4 transaction sides totaling $21.26 million in sales volume, according to RealTrends Verified data. This earned the medium-sized team the No. 20 and No. 30 positions in the state for sides and sales volume, respectively, in the 2025 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. 

Collov AI, a tech-driven home design platform, has launched an AI-powered design agent and 360-degree panorama tool aimed at helping real estate agents enhance visuals for listings and create immersive tours in seconds, the company announced last week.

The San Francisco-based artificial intelligence platform said the expansion equips more than 20,000 U.S. real estate agents with automated virtual staging and tour capabilities as digital-first home search becomes the norm. Most homebuyers now start their search online and expect more than static photos, pushing agents to upgrade listing content while managing time and marketing budgets.

According to a press release, the Collov AI Design Agent introduces a single workflow for environmental and object-level edits to listing photos. Agents can generate seasonal changes, sky enhancements and virtual twilight, and can remove vehicles or clutter while adding furniture, landscaping and material upgrades.

The goal is to let agents fine-tune images quickly to highlight property features and align with buyer expectations without outsourcing every change to a third-party editor.

Since launching in beta, more than 70% of Collov-associated agents have used the AI Design Agent, according to the company.

“In the past, I would be using the standard AI virtual staging, but I found myself making additional edits to get it just the way I wanted,” Brian Andalora, a California-based designer and branch marketing manager with The Mark Johnson Team, said in a statement.

“When I was told to try Collov AI Design Agent and be very specific, giving ‘do not’ instructions to avoid altering an image, and state exactly what I want the image to have, it puts out exactly what I want with no needed changes.”

Andalora said he has used the tool to add landscaping, pavers, water features and fire pits to exterior shots. He described the level of control as a step up from earlier virtual staging approaches.

Alongside the design agent, Collov AI is also rolling out its 360 Panorama feature, which turns listing assets into interactive tours that allow buyers to navigate rooms and view spaces from multiple angles. The company positions the feature as a lower-cost alternative to traditional 3D tour providers, with pricing starting at about $7 per room versus an estimated $300 to $1,000 per home for many full-home 3D offerings.

“We are seeing AI shift from a novelty to an operational layer within real estate marketing,” Xiao Zhang, CEO of Collov AI, said in a statement. “Agents are under pressure to deliver high-quality digital listings while managing time and cost. By combining automation with immersive presentation, we are forging new ways for professionals to modernize how they prepare and showcase properties in a competitive market.”

Collov AI said it has more than 1 million users across 100-plus countries and is used by agents and major brokerage brands including Side, Keller Williams, Sotheby’s International Realty, Compass and REMAX.

As demand grows for digital listing content, Collov said it plans to continue developing AI tools that streamline marketing tasks across the life cycle of a listing, from initial photo prep to ongoing refreshes and seasonal adjustments.

This post was originally published on here. 

Mortgage credit availability increased in March, reaching its highest level since August 2022, as lenders modestly eased standards across conventional and government loan programs. That’s according to the Mortgage Credit Availability Index (MCAI) released Thursday by the Mortgage Bankers Association (MBA).

The MCAI, which analyzes data from ICE Mortgage Technology, rose 1.1% to a reading of 108.3 in March. The index was benchmarked to 100 in March 2012. A lower MCAI reading signals tighter credit, while a higher reading points to looser lending standards.

The Government MCAI, which includes Federal Housing Administration (FHA), U.S. Department of Veterans Affairs (VA) and U.S. Department of Agriculture (USDA) loan programs, led the monthly gains with an increase of 1.7%, while the Conventional MCAI increased 0.6%.

Within the conventional segment, the Jumbo MCAI climbed 0.8% and the Conforming MCAI was up 0.2%, MBA reported.

“Credit availability increased modestly in March to its highest level since August 2022, with growth across all loan types. Despite the increase, overall credit supply is still closer to the lower end of its historical range,” Joel Kan, MBA’s vice president and deputy chief economist, said in a statement.

“Although March was volatile for mortgage rates and they moved higher over the month, there was growth in streamline refinance programs for lower credit score borrowers. Additionally, the jumbo index increased for the third consecutive month, driven by greater availability of non-QM loan programs.”

The MCAI is the only standardized quantitative index focused solely on mortgage credit availability, according to the MBA. It is calculated using several factors tied to borrower eligibility, including credit score, loan type and loan-to-value ratio.

Underwriting criteria from more than 95 lenders and investors are combined using data provided by ICE Mortgage Technology and a proprietary MBA formula to generate a single summary measure of credit availability at a point in time.

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. 

KB Home (NYSE: KBH), one of the largest and most recognized homebuilders in the U.S., said it will move its corporate headquarters from Los Angeles to the Phoenix metro area.

Starting in spring 2027, KB Home will base its new headquarters in Tempe, Arizona, consolidating executive leadership and key corporate teams in a more central market that is expected to reduce the company’s cost structure over time. The Phoenix metro area offers a business-friendly environment that the company expects will improve efficiency and support long-term profitability.

“This move brings our teams together in a more collaborative environment, and Phoenix is the right place to do it,” said Robert McGibney, president and chief executive officer of KB Home. “It positions KB Home to operate more effectively and supports the next phase of our growth.”

The headquarters will be at Hayden Ferry Lakeside in Tempe, with convenient access to major transportation corridors and Phoenix Sky Harbor International Airport. The site builds on KB Home’s existing presence in the region, including key corporate functions and leadership already located in Phoenix, and creates a more geographically central and accessible hub within the company’s nationwide footprint.

KB Home will keep a substantial footprint in California through its six operating divisions. The builder has delivered tens of thousands of homes across the state over the years and remains committed to serving California buyers, with more than 100 communities now open statewide.

This post was originally published on here. 

Florida-based AD Mortgage on Thursday announced the launch of Quick Pricer Pro, an advanced version of its existing Quick Pricer tool, now available at no cost to mortgage brokers through the company’s AIM Partner Portal.

Built as an AIM-native solution, Quick Pricer Pro pulls partner-specific data directly into the pricing workflow. This allows brokers to see product options aligned with their individual configurations, including channels and other partner-level inputs.

The new tool is designed to complement the original Quick Pricer, which is focused on quickly surfacing a single eligible product. Quick Pricer Pro instead offers a more flexible and customizable view of AD Mortgage’s loan options, with filters and scenarios that support more complex loan structuring.

“Quick Pricer Pro reflects our continued investment in technology that empowers our partners to work more efficiently and with greater precision,” Max Slyusarchuk, CEO of AD Mortgage, said in a statement.

According to the company, Quick Pricer Pro adds several capabilities intended to streamline and personalize the pricing process for wholesale broker partners, including tailored pricing driven by AIM-integrated data, personalized results based on partner profiles, scenario functionality and mortgage insurance calculations for both government and conventional loans.

The new scenarios feature lets users store frequently used filter combinations and reapply them across loans. For brokers dealing with multiple investors, products and borrower types in a single day, reusable scenarios can cut down on repetitive data entry and help standardize how pricing is run inside a shop.

AD Mortgage said Quick Pricer Pro is available immediately to its broker partners through the AIM Partner Portal.

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. 

About 60% of parents have provided or plan to provide financial help so their child can buy a home, according to survey results released Thursday by Veterans United Home Loans. This underscores how family wealth is increasingly shaping access to homeownership.

The poll of 400 veterans, active service members and civilians found that 59% of parents have already helped or intend to help with their child’s home purchase in the next three years. That support is even more common among veterans as 68% reported helping or planning to help, compared with 49% of civilians, according to Veterans United.

The findings reflect a housing market in which high prices, elevated mortgage rates and tight inventory are making it harder for many first-time buyers to qualify for financing or save for upfront costs without family assistance.

“For many families, helping a child buy a home has become less of an optional gesture and more of a practical response to today’s affordability challenges,” Chris Birk, vice president of mortgage insight at Veterans United, said in a statement.

“Parents want to give their children a stronger footing, whether that means helping them bridge upfront costs, qualify for financing or start building wealth through homeownership.”

Down payment help leads the list

Down payment assistance was the No. 1 reason for stepping in, cited by 43% of respondents. Another 37% said they want to help their child qualify for a mortgage, while 33% pointed to covering closing costs.

These responses point directly at two of the biggest barriers for first-time buyers: amassing enough cash upfront and meeting lender underwriting standards in an environment of higher rates and tighter budgets.

Parental motivations are not limited to the transaction itself. One-third said they want to help their child build equity and long-term wealth. Another 27% want to reduce their child’s monthly mortgage payment, and 25% said they aim to help their child afford a home in a better neighborhood or school district.

For mortgage lenders and real estate agents, this underscores the importance of clearly documenting gift funds, explaining down payment options and educating both generations on how parental support interacts with requirements for conventional and government loan programs.

How families are structuring support

Parents reported a mix of strategies for helping their children buy a home, with direct cash playing a central role:

• 33% have provided or plan to provide a specific down payment contribution
• 30% reported giving a separate cash gift
• 27% said they would help with closing costs
• 27% are allowing their child to live at home to save money before buying
• 25% are paying for initial furnishings or improvements
• 23% are covering moving expenses

In many cases, there is no expectation of repayment. Among parents who have helped or plan to help, 57% said the assistance is a gift. Another 20% said it is a loan and 23% described it as a combination of both.

That mix of support types has direct implications for underwriting. Lenders must verify whether funds are gifts or loans, determine if any private loans create additional debt obligations, and ensure co-signers meet program guidelines. Clear communication with all parties around documentation and sourcing of funds is critical to keeping transactions on track.

Big dollar amounts, bigger commitments

The financial commitments involved are often substantial, the survey found.

• 30% of parents said they have provided or expect to provide between $25,000 and $49,999
• 23% expect to contribute between $50,000 and $99,999
• 12% anticipate providing between $100,000 and $199,999
• Smaller shares reported plans to provide even larger sums

Parents are drawing from a variety of sources to fund that help:

• 65% said they are using checking or cash accounts
• 50% reported tapping investment accounts
• 35% reported the use of home equity through a HELOC, cash-out refinance or property sale
• 32% said they are using retirement accounts
• 27% pointed to inheritance or trust funds

About one in five parents (18%) said they have co-signed on a mortgage with their child or plan to do so. Another 17% said they have bought a home outright for their child or expect to, while 17% said they have made or will make a private loan directly to their child.

These structures can expand borrowing capacity but also introduce risk for older adults who may be nearing retirement. For housing professionals, this trend raises planning and compliance questions: how co-signing affects debt-to-income ratios, what happens if a child cannot make payments, and how intergenerational wealth transfers intersect with tax and estate planning.

“At the end of the day, this is about families working together to navigate a challenging market,” Birk said. “For parents who are in a position to help, it can be a powerful way to open the door to homeownership sooner and set their children up with a stronger financial foundation for the future.”

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. 

GTIS Partners and Hovnanian Enterprises have closed a $200 million joint venture to develop, build and sell homes in a seven-community, for-sale portfolio spread across five states, the companies announced on Wednesday. 

The structure pairs $150 million of equity from GTIS investment vehicles with $50 million from Hovnanian, or 25% of the equity capital. Total build-out costs are projected at about $545 million, supporting an estimated $617 million in home value. 

The portfolio includes approximately 907 homes remaining at closing. The communities span a range of product types that mirror current demand patterns many builders are seeing: active adult single-family homes, market-rate single-family homes, townhomes (including affordable units) and low-rise condominiums.

All of the recapitalized projects are under construction, and most have already moved beyond the critical land development phase. All but one community are actively selling, which may help de-risk the forward pipeline compared with new-start land positions. At closing, 125 homes were sold but not yet closed, representing about $82 million of revenue in backlog. That backlog gives both partners clearer visibility into achievable home prices, absorption pace and construction costs at a time when rate volatility and build-cost inflation remain key concerns for homebuilders.

With this transaction, the GTIS-Hovnanian homebuilding joint venture platform now represents about $8 billion in total home value, according to the announcement. The companies first announced a homebuilding joint venture in 2010, and have since agreed to a series of additional joint ventures and partnerships aimed at acquiring and developing residential communities. 

“Our first transaction with Hovnanian was actually in the context of the global financial crisis, when we recapitalized a homebuilding company called Town and Country. We sold off the lots, work-in-progress inventory and single homes to a very successful exit,” Peter Ciganik, Partner at GTIS Partners, told The Builder’s Daily.

The timing of the expanded GTIS partnership underscores a strategic linkage in Hovnanian’s current operating model. With more than $900 million in outstanding debt and a growing reliance on land banking and joint venture structures, the company has been steadily shifting toward capital-light approaches to sustain growth while preserving liquidity.

This latest $200 million infusion – bringing the total GTIS-backed portfolio to $1.5 billion – signals not just continued confidence from a long-time partner, but a growing reliance on third-party capital to fund land acquisition and development.

In a market defined by tighter margins and uneven demand, the move reflects both discipline and necessity in how Hovnanian manages risk and pursues scale.

For builders watching capital markets, the deal highlights ongoing institutional appetite for for-sale residential exposure, particularly in infill or advancing communities where horizontal risk has largely been taken out and vertical construction is underway. Structured capital and JV equity have become more important for public and private builders seeking to scale while managing balance sheet leverage and lot risk.

“This portfolio represents a mix of product types, price points and geographic diversity across seven communities, many of which are follow-on investments to communities we have previously partnered on with Hovnanian,” Ed McDowell, partner and head of U.S. acquisitions for GTIS Partners, said in a statement. “Because most of the communities are already well into development, we have a clear understanding of current home prices, how quickly homes are selling and the costs to build them. This gives us confidence that the investment will deliver strong, risk-adjusted returns.”

McDowell said the firms’ prior joint ventures give GTIS line of sight into execution risk and buyer demand across different housing cycles, a key factor as builders weigh how aggressively to invest in lots and specs ahead of the 2025 selling season.

“We are excited to enter this new joint venture with GTIS, building on our longstanding partnership and history of successful collaborations through various housing cycles,” Ara Hovnanian, chairman and CEO of Hovnanian Enterprises, said. “GTIS brings valuable industry experience and a steady, long-term perspective, making them the perfect partner as we continue to expand and diversify our homebuilding portfolio.”

Tyler Williams 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. 

Spring selling seasons – in fondly remembered, more stable eras – carry a kind of heady predictability. A rising tide. A sense of momentum. Good problems to have. A shared directional bet.

That’s not this market. Spring hasn’t sprung.

What should be a national surge is instead a patchwork – some markets are thriving, others are stagnant, and some are declining. Any color-coded market map shows conditions from resilient to fragile.

New March data from Wolfe Research’s Private Homebuilder Survey offers a timely snapshot of just how contradictory this moment is. Orders jumped sharply month-over-month – well above typical seasonal patterns – suggesting underlying demand is still very much alive, even in the face of higher mortgage rates and geopolitical uncertainty.

But that resilience comes with caveats: the gain appears to reflect a catch-up from a slower start to the year, incentives have climbed to their highest levels since tracking began, and most builders expect rising rates to pressure sales pace more than margins in the months ahead, even as land prices stubbornly refuse to reset.

Bottom line, it’s a market that humbles both ends: those who ignore risk and those who predict disaster. For homebuilding leaders, the truth sits uncomfortably – and productively – in between. Spring selling is what it is. Many of the nation’s homebuilding business leaders aren’t lying when they say they’ve been here before.

It’s a moment that requires both realism and resolve. Builders have faced similar, if not identical, challenges. Even recently, they endured COVID, navigated supply chain disruptions, labor shortages, and inflation shocks. Over the past few years, many have strengthened their balance sheets, adjusted land strategies, and developed operational resilience for volatility.

But the next challenge is different.

It’s not survival today, this minute, but it is existential ultimately. It’s timing.

Specifically, it’s a structural land disconnect. And it’s homebuying customers’ mindsets.

The risk ahead: land prices vs. future reality

The biggest strategic exposure for many homebuilders now isn’t 2026. It’s 2027 and 2028. It’s the land being bought – or not bought – today at price levels that may or may not align with what buyers will be willing or able to pay two to three years from now.

That’s where today’s uncertainty becomes tomorrow’s margin compression – or worse.

Dwight Sandlin, co-founder and chairman of Birmingham, Alabama-based Signature Homes, doesn’t sugarcoat the situation and its wall of worry:

“The ultimate problem was the hyperbolic land prices and public’s continuously driving up prices to grow market share. That will take some time to adjust land prices.”

That’s the source of disquiet, particularly for privately capitalized homebuilders, that sits beneath today’s operations and planning.

Builders can manage through “bumpy, choppy, iffy, lumpy, fickle, and volatile” conditions in the near term – but their real test is whether they’re underwriting land decisions against a future that is fundamentally harder, and likely less rational, to predict.

Not to mention, harder to afford.

The “new norm” is not temporary

Sandlin’s perspective – whose livelihood in homebuilding goes back to his early 30s in 1988 and reaches a milestone in 1999, when he and Jonathan Belcher partnered to launch Signature Homes – has this throughline:

If you’re waiting for rescue – from the Fed, from Animal Spirits, from any external force – stop waiting.

“The cavalry is not coming!”

Sandlin’s unvarnished take, based on what he can infer from current conditions, is as follows: Mortgage rates in the 6% range. Limited likelihood of meaningful policy intervention. A structural affordability gap driven by a 40%+ home price surge during the sub-3% rate era. This is not a cyclical blip.

Sandlin calls it as it is, a reset:

“My perception of the market conditions is that high rates, a tougher go for consumer households, and little likelihood of a Fed tailwind are the new norm.”

And that “new norm” comes with constraints that won’t ease easily:

• A large share of homeowners are locked into sub-4% mortgages, freezing resale supply
• Income levels lag far behind affordability thresholds
• Municipal resistance to density and lower-cost housing options
• Capital markets recalibrating risk, potentially reshaping mortgage structures

Still, in Sandlin’s mind, it would be wrong to conclude that demand has vanished. Rather, it’s constrained, selective, and increasingly emotional rather than purely financial.

What outliers already know

In this context, many builders have reined in new production until they see pace – the number of new home orders per community per month – stand up on their own without massive, margin-squeezing incentives and price concessions.

Sandlin isn’t.

Nor are a canny, nimble, lean and opportunistic group of operators who’ve spent the past five years building capabilities and adaptability – not merely chasing volume.

Signature Homes is one of those outliers.

In 2025, in a high-rate, affordability-constrained environment, here’s Dwight Sandlin’s report card on his team’s performance:

• Closings: 528
• Revenue: $427 million
• Gross margin: 33.6%
• EBITDA: 24.8%
• Inventory turns: ~3x

Notably, he points out:

“We had a record year of profits. Our volume was slightly down but our EBITDA was 23.1… Our turn is 3x.”

That’s the financial and operational performance of an outlier. Operators in this performance vanguard may be rare, but there are more of them around the nation than fully appreciated. Volume and performance are not equivalent.

And in this market, volume may not even be the primary goal. The mirage may appear to be a “strike price,” a golden asking price that sets a floor from which to build a consistent, sustainable order pace. The real goal, Sandlin would argue, is a “strike value.” This is where a builder learns and replicates the home design, location, and neighborhood appeal that sparks homebuying consumers’ emotional resolve to purchase a home for one driving reason: that home is the next chapter of their life.

The five non-negotiables

Sandlin’s framework for navigating this environment is deceptively simple.

Five non-negotiables:

• Customer-driven
• Market research
• Community design
• Speed
• Post-close survey

Each one is operational. Measurable. Embedded.

None are theoretical. None are abstract. None are anything but doable, now, and repeatedly.

1. Market research is not a department. It’s the DNA.

Sandlin is unequivocal:

“Market research is the FIRST order of business in homebuilding. Nothing is more important than knowing there is a market for what you build.”

And importantly, market research is not outsourced.

“We do not use consultants… they only review the numbers but do not understand the why.”

Instead, his team:

• Mines MLS data over a two-year period to identify the “fat part of the market”
• Drives competing communities physically
• Studies resale transactions to understand positioning
• Updates market conditions monthly

And perhaps most critically:

“If we see that we cannot meet or exceed the market with our product – we simply do not go forward to buy the land.”

In a cycle where land risk is the biggest forward exposure, that discipline is everything.

2. Data Is not a dashboard. It’s a control system

Sandlin’s operational rigor borders on unapologetically relentless.

“If a builder does not have real time information, they cannot manage their business.”

Weekly, monthly, quarterly reporting cascades across the organization:

• Cost variances
• Cycle time tracking
• Quality metrics
• Warranty feedback loops
• Sales vs. pro forma
• Customer satisfaction scores
• Traffic and conversion ratios

Every home is measured. Every variance explained.

And one report stands above the rest:

“The most important report… is VPOs… because it tells management if builder is in control of his homes.”

This is not about data accumulation.

It’s about accountability.

3. Speed Is Strategy

Three years ago, Signature Homes set out to shorten its construction cycle time, and they’ve since dialed back the build cycle from 135 days to 100 days. The result of end-to-end, start-to-completion velocity:

• 20%+ increase in closings
• Fewer production staff required
• Material gross margin contribution from incremental volume

Speed equates to efficiency, but that’s not all. It provides operational and strategic flexibility and agility. It builds in bandwidth to respond to what a customer may want, need, or consider a non-negotiable. It allows a builder to adapt faster to shifts in demand, manage cash flow more tightly, and reduce exposure to cost volatility.

4. Every home must earn its right to exist

In today’s market, Sandlin is clear:

“Every home has to have a unique selling proposition.”

Homes that don’t sell?

They’re pulled from the company’s floorplan library. They’re reworked from the inside out. They’re reintroduced only when they can compete.

This is a profound shift from prior cycles, where product lines could linger longer without constant revalidation. Today, the buyer decides quickly what works and what doesn’t.

And decisively.

Housing’s emotional economy

One of Sandlin’s most important insights – reflected in your earlier reporting – is that homebuying in this cycle is less rational than ever. Higher rates have changed the math. Uncertainty’s done a number on the psychology. Decisions to buy – and buy now – need to clear a higher emotional bar. Builders who are still “selling logic” and transactions are losing. Builders who are nurturing desire – and trust –win.

That’s where Signature’s referral engine comes into play:

• 40%–50% referral rates
• Multi-generational customer pipelines
• Continuous Net Promoter Score tracking across the build journey

Trust is not a warm-and-fuzzy metric. It’s a transformational core business value-creator. It’s a growth engine.

The discipline of facing reality

Sandlin doesn’t pretend the market is easy. In fact, he’s explicit about the structural challenges:

“Sales are softening… second quarter is way down,” he told us. “We do expect GMs to suffer… we have been living in artificially high GMs.”

Realistic clarity gives his optimism credibility. It’s not optimism rooted in hope. It’s based on agency, accountability, resolve, and an unquenchable fire in the belly.

“The market will reward the efficient builders that meet demand where it actually lies,” he said.

Homebuilders take note

For every private builder executive – whether you’re leaning bullish or bearish – the takeaway is not about copying Signature Homes. It’s about recognizing what’s within your control. This is not a market that rewards:

• Passive land accumulation
• Static product lines
• Lagging data systems
• Top-down decision bottlenecks

It rewards:

• Precision in market positioning
• Real-time operational visibility
• Speed and adaptability
• Customer-centric execution
• Cultural alignment and accountability

And critically, a willingness to act – decisively – without waiting for a crystal ball or an external tailwind that may never come.

Builders carry the burden

Sandlin doesn’t pull punches: “I am of the opinion that the burden will not lie with government but with homebuilders.”

That’s the core truth of this moment. There is no cavalry. No policy fix arriving in time. No rate environment that suddenly unlocks affordability. What there are are operators. Those who’ve seen it, done it, stepped up and dug deep. What there are are teams. What there are are systems, choices, and decisions.

And a kind of inimitable character among homebuilders to execute them consistently.

Seen, heard, understood

For builders looking at this market and feeling uncertain, pressured or stretched – the point here is not that everything is fine. It’s that you’re among co-strivers. This is hard, and it’s supposed to be. There are no shortcuts. But it’s also navigable.

The companies that prepared – five years ago, three years ago, even 18 months ago – are proving what’s possible. They’re buying sales. They’re paying for growth. They’re keeping the engines running and resilient.

It’s nothing like Spring Selling perfection. It’s not immunity from all the volatility and uncertainty. It’s the nature of resilience. And for those willing to lean into the discipline, the data, the customer, and the craft of building homes that matter –  there is still a path forward.

Not a smooth one. But a real one.

This post was originally published on here. 

Picture this: a real estate investor has spent months trying to source the perfect fix and flip deal. The numbers work, the timing is right, and they’re ready to move, now they just need a lender to take them across the finish line. They find a lender offering slightly lower rates, which is appealing on the surface, but the closing time is 30 days. By then the deal will be snapped up by another investor. Then they find a lender with slightly higher rates, who can close in 6 days and hand over same-day pre-approval. It’s an easy choice. The investor goes with the faster lender to guarantee the deal.

The same decision is being made by investors in every market, on deals of every size. In today’s competitive real estate market, speed and certainty have become a currency that borrowers are often willing to trade a better rate for.

What real estate investors actually want in 2026

According to PwC’s Consumer Lending Experience Radar, online applications have moved from a competitive advantage to an industry standard. While human interaction still matters at certain points in the process, a digital loan experience is now a requirement for any lender who wants to stay in the game. 

Speed and certainty are overtaking discounts as the winning differentiators, and real estate investors simply want things done faster. For investors doing business in a highly competitive real estate market with fluctuating interest rates, the risk is real. Good real estate deals receive multiple offers within days, rates can climb at any time, and pre-approval is an important way to show sellers that they’re serious. Being able to move quickly on deals not only increases an investor’s chances of landing a good deal, it also saves time and money, making sure that months of deal sourcing and analysis don’t go to waste because someone else got there first. 

Outside of real estate, this trend is playing out across a number of industries. Amazon’s introduction of 1-hour and 3-hour delivery options this year is a prime example, a clear signal that consumer expectations around speed are only moving in one direction.

How lenders are adapting to the need for speed

One of the biggest buzzwords, and most important developments, in real estate lending today is AI, particularly when it comes to underwriting. It’s becoming the cornerstone on which lenders are building their speed, closing loans in days rather than weeks. In a traditional underwriting setup, collecting documents, verifying financials, and assessing a property’s condition can easily take weeks. Each file gets manually reviewed: leases, rent rolls, income statements and expense logs. However, AI underwriting now automates much of that heavy lifting. Documents are extracted and organized instantly, risk models run in the background, and preliminary assessments come back in minutes rather than after a third follow-up email.

In a highly competitive origination space, where new lenders seem to arrive every few months with shiny new offerings, operational efficiency has become the new currency. Minimizing repetitive tasks like document review, identity verification, and income and employment checks, and leaning into automation is a sure-fire way to reduce costs and speed up origination in a big way.

Investors who can make decisions within hours are in a far better position to capitalize on real estate deals than those who take days to line up pre-approval and commit. In today’s fast-moving markets, that gap is often the difference between winning and losing a deal. However, a key element to remember is that while real estate investors want fast financing, they also want certainty. Lenders who promise a closing timeline need to deliver on this, every time. 

According to the J.D Power Mortgage Satisfaction Survey, lenders who adopted a more advisory-style relationship with investors, saw higher customer satisfaction scores and increased trust. In other words, speed can win an investor’s first deal, but delivering consistently and communicating well is what turns that into a long-term relationship.

The new rules of lending

The days of advertising low rates and expecting borrowers to come running are gone. Speed is now a baseline expectation that borrowers and real estate investors have in 2026. Which means that fast financing is no longer something that sets lenders apart, it’s now the price of entry. 

The lenders who are getting ahead are using technology to create fast, digital-first processes, with genuine support that leads to longer term relationships. This combination builds trust, provides capital at a rate that investors need it and keeps borrowers coming back. 

The lesson for lenders is to invest in technology to get rid of bottlenecks, compress investor timelines and make sure to provide an investor with what they need as soon as possible, to create relationships that last longer than 2026. 

Kirill Bensonoff is the CEO & Co-Founder of New Silver Lending.
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. 

A battle has brewed over residential lot sizes in Texas after Gov. Greg Abbott signed a law last year reducing them in the state’s biggest cities.

Since the law didn’t apply statewide, Montgomery County, which abuts Houston, is trying again to increase its lot sizes after doing so last March.

County planners say the increase this time is needed to correct a clerical error in the size approved in March 2025.

Bigger lots mean bigger, higher-priced houses that price out first-time buyers. They also mean fewer new homes when the market needs more supply, as well as constraining homebuilders from optimizing their land purchases with greater density.

County leaders are moving ahead with the bigger lot rules even after state lawmakers acknowledged last year that smaller lot sizes increase affordability and supply.

The county is drawing sharp opposition from Ellison Development, which has built several attainable housing communities in the county and has more under way. Three years ago, the company sold its affordable housing company, ASGi Homes, to D.R. Horton.

Bill Ellison, the company’s managing member, told The Builder’s Daily that the communities are filled with working-class, first-time homebuyers.

“100% they do not want working-class people out there,” Ellison said.

A public hearing is set for tomorrow morning. That may be just the beginning of the fight.

Spirit of the law

Abbott signed Senate Bill 15 into law to reduce minimum lot sizes to 3,000 square feet. That figure represented a compromise. Lawmakers originally sought 1,400 square feet, modeling what Houston has permitted since the 1990s. It is still a large reduction from typical lot sizes of 5,000 to 7,500 square feet.

The law, however, limits its ordinance to cities of 50,000 or more people in counties with a population of 300,000 or more.

Montgomery County’s population is pushing 800,000. No city within the county has 150,000 people.

“Montgomery County sits just outside the reach of Texas’s recent small-lot reform bill and is using that gap to push in the opposite direction,” Sam Hooper, the Austin-based legislative counsel for Institute for Justice, told The Builder’s Daily.

While SB 15 does not apply, Ellison said that state legislation passed in 2007 does. That law prohibits commissioner courts from regulating the number of residential lots that can be built per acre of land.

State Rep. Cecil Bell introduced legislation last year that would have added prohibitions on regulating minimum lot size, minimum lot width and depth, and building setbacks, or on imposing any regulation that limits density or development.

The bill failed twice in the House.

Bigger lots to get bigger

Last March, the Montgomery County Commissioners Court approved a code change to require 40-foot-wide lots. The county’s director of engineering services later sent the court a long list of corrections for clerical errors in development regulations. The memo crossed out 40 and replaced it with 50, which would set lot sizes at about 7,500 square feet.

The bigger lot size could more than double the price of owner-occupied housing in the county, Ellison said. Ellison has built some 800 homes on 30-foot-wide lots and has another 3,000 lots under development.

Those homes sell for about $150,000. Prices would double, or more, on bigger lots, Ellison said, which would eliminate many prospective first-time working-class homebuyers.

“A 50-foot minimum lot width is a significant constraint that limits the feasibility of smaller, more attainable homes,” Hooper said.

County leaders, however, view the increase in lot size as a path toward bigger homes that can generate more property tax revenue from higher-value properties.

Scott Finfer, a Texas homebuilder formerly with KB Home, told The Builder’s Daily that many local governments believe bigger lot sizes equate to higher quality and greater property tax revenue.

“They’re trying to create a relationship that doesn’t exist,” Finfer said.

This post was originally published on here. 

Recruiting Insight has released a new strategic guide, “Real Estate Personas and Avatars,” designed to help brokerage leaders diagnose agent motivations and tailor recruiting pitches to specific career stages, the company announced Monday.

The framework, built from findings in the firm’s 2026 Agent Migration Report, organizes real estate agents into 11 core personas and introduces a quantitative “Ideal Agent Scorecard” for evaluating candidate fit on a 1–35 scale.

“Recruiting is not about convincing people; it is about diagnosing them,” Mark Johnson, managing partner at Recruiting Insight, said in a statement. “Most recruiters fail because they sell the brokerage instead of solving the agent’s specific ‘3 a.m. nightmare.’ This guide moves leadership away from collecting names and toward building a high-performance culture through clarity.”

The guide is structured as a reference library for brokerage leaders and recruiters. It is meant to shift recruiting conversations from generic value propositions to persona-based problem solving — a key need in a market where broker profitability is under pressure and the cost of a mis-hire has risen with higher lead costs and shifting commission structures.

For brokerage leaders, the distinction underscores the need for separate recruiting and retention narratives for early-career agents versus established producers. New agents are influenced by training and structure; veterans are more likely to move for leverage, lifestyle and platform support.

For brokerage recruiters, the personas are intended to serve as diagnostic shortcuts that connect an agent’s career stage and pain point to an appropriate offer — for example, aligning a high-burnout top producer with leverage and staffing solutions, or pairing a digital native with credibility-building tools and mentorship.

To move recruiters from theory to implementation, the guide introduces a Persona Architect workshop. The workshop walks leadership teams through building local “avatars” based on the 11 personas and their own market data, then designing offers and scripts around those avatars.

The release also includes an Ideal Agent Scorecard, a 1–35 point scoring tool that evaluates candidates across five dimensions: production fit, coachability, tech alignment, cultural pillars and friction level. According to Recruiting Insight’s announcement, the scorecard categories are: The Ideal Match (30-35), The Project (22-29) and The Anti-Persona (below 22). For brokerage owners, a quantitative tool like this can support more disciplined growth at a time when many firms are reassessing agent count, productivity thresholds and cultural standards in response to commission litigation, margin compression and changing lead economics.

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. 

FNF Family of Companies has hired nine experienced professionals across its New England agency operations during the first quarter of 2026, adding senior underwriting and sales capacity in Massachusetts and the broader region, according to an announcement earlier this week. The additions, announced by the company, are intended to strengthen underwriting support, agency relations and commercial capabilities at a time when title insurers are competing for fewer transactions and more complex files in a high-rate environment.

“Each of these hires brings a depth of industry knowledge, leadership and client-focused expertise that elevates our organization,” Rich Cannan, executive vice president and divisional manager of FNF, said in a statement. “Their combined experience strengthens our ability to support agents in Massachusetts and across New England, and we are thrilled to welcome them to the FNF family.”

The new hires include James Bilodeau Jr., Esq., who has been named senior vice president and New England sales manager. Bilodeau has more than 30 years of experience in agency relations, legal practice and regional sales leadership. He most recently served as vice president and Massachusetts state manager for a regional underwriter.

As lenders and real estate agents navigate a slower purchase market, large underwriters have increasingly leaned on regional sales managers to deepen relationships with independent title agents and law firms, a key channel for purchase and refinance work when volumes recover. FNF also added several senior underwriters covering Massachusetts and the broader Northeast.

Melanie Kido, Esq., is also joining the firm as vice president and Northeast underwriting counsel for Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island and Vermont. She has more than 20 years of experience underwriting residential and complex commercial transactions and has held senior underwriting roles with both regional and national underwriters, most recently as vice president and Massachusetts state counsel.

Also coming to FNF is Nicole A. Cox, Esq., who has been hired as vice president and senior underwriting counsel for Massachusetts. Cox brings more than 20 years of residential and commercial real estate experience. She previously served as title counsel for a regional underwriter and spent more than a decade in private practice, including ownership of The Law Offices of Nicole A. Cox P.C. She is a member of the Real Estate Bar Association.

Additional hires include Tucker Dulong, Esq., who was named vice president and northern New England agency counsel for Connecticut, Maine, New Hampshire, Rhode Island and Vermont; Mark Corbett as commercial underwriting counsel for Massachusetts; Karen A. Adamski, Esq. as assistant vice president and underwriting counsel for Massachusetts; Nichole Barros has joined as an associate underwriter for Massachusetts; Madlene Dell’Anno as vice president and agency representative for Massachusetts; and Monique E. Bourget joins as assistant vice president and agency onboarding manager for Massachusetts.

For real estate attorneys, title agents and lenders operating in New England, FNF’s hires signal continued competition among major underwriters to capture market share through local expertise rather than pricing alone. Expanded underwriting benches can shorten response times on complex commercial deals and multi-state transactions, while dedicated onboarding roles are designed to smooth agency transitions and technology integrations.

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. 

Visibility used to win. Now it’s just noise.

For the past 20 years, real estate agents have been told the same thing: build your personal brand. Post consistently. Shoot video. Be everywhere. The belief was simple — if people saw you often enough, they would eventually do business with you.

And for a while, that worked.

But the environment that made that strategy effective has changed, and it’s changed fast. What used to create an advantage is now widely available to everyone. And when that happens, it stops being an advantage.

The uncomfortable truth is that personal branding only worked because very few agents were doing it well — or at all. If you were one of the few consistently creating content, you stood out. Consumers interpreted visibility as competence. If they kept seeing you, they assumed you must be successful.

That wasn’t because the strategy was particularly sophisticated. It was because it was rare. AI has now removed that rarity.

Today, any agent can generate market updates, listing videos, email campaigns and social media content in minutes. The effort, skill and consistency that once separated top performers from everyone else have largely been automated. And when the barrier to entry disappears, so does the differentiation.

This is where many agents are misreading the moment

They are still asking how to be more visible, when the real question has shifted to something far more important: who can actually deliver the best result?

When everyone can look like an expert, consumers stop using visibility as a shortcut for decision-making. They start looking for evidence of capability instead.

We’ve seen this pattern play out in other industries. When something becomes easier to produce, it loses its signaling power. Luxury goods lose their exclusivity. Premiums shrink. Differentiation moves elsewhere. Real estate marketing is following that same path.

The industry has already experienced a version of this shift once before. There was a time when brokerage brands carried significant weight. Being affiliated with companies like Coldwell Banker or REMAX automatically signaled credibility to consumers.

Then platforms like Zillow changed how people found agents. Consumers stopped relying on brand recognition and started selecting agents based on availability, proximity and responsiveness. The power shifted away from the brokerage.

Now it’s shifting again — this time away from the individual agent’s brand

What’s different about this moment is where the consumer journey begins. Increasingly, clients are not starting with “Who should I hire?” They’re starting with “What should I do?” And AI is beginning to answer that question before an agent ever enters the conversation.

By the time a seller or buyer reaches out, they may already have a pricing expectation, a timing strategy and a list of recommended next steps. In that environment, the agent is no longer the initial source of guidance. They are being evaluated based on how well they validate or improve upon a plan that already exists.

This is why simply producing more content — especially video — is no longer the solution. There was a time when video signaled effort and expertise because it was difficult to produce consistently. Today, it signals something much more basic: participation.

Consumers haven’t lowered their expectations just because content is easier to create. If anything, they’ve raised them. They still want accurate pricing, strong negotiation, access to buyers and a smooth, predictable transaction. Those outcomes have always mattered. What’s changed is that branding alone is no longer enough to imply them.

The agents who will win in this next phase are not the ones who are most visible. They are the ones who are most effective. They build predictable pipelines. They develop repeatable listing systems. They stay in close contact with their databases. They understand pricing deeply and negotiate with confidence.

In other words, they focus on execution.

Personal branding isn’t gone. It still plays a role. But it is no longer the strategy. It is no longer the moat. It is simply part of the baseline expectation of being in business.

AI didn’t eliminate opportunity. It eliminated easy differentiation. And that changes everything.

Because from this point forward, the agents who stand out won’t be the ones who are seen the most. They’ll be the ones who consistently deliver the best results — whether anyone is watching or not.

Tim Harris and Julie Harris are nationally recognized real estate coaches, top-ranked podcasters and the founders of Harris Real Estate Coaching. They have coached tens of thousands of agents on how to build profitable, sustainable real estate businesses.

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. 

Rocktop Technologies has launched Rocktop Digital, a new business focused on digitizing and tokenizing mortgage and private credit assets to modernize how the assets are financed, owned and traded, the company announced Wednesday.

As part of the launch, Dallas-based Rocktop Technologies promoted Brett Benson, previously its co-president, to CEO of Rocktop Digital. The move formalizes a dedicated leadership structure around blockchain-enabled innovation and reflects the firm’s push to build digital market infrastructure for credit assets.

Rocktop Technologies provides AI-driven data and document intelligence tools that convert unstructured loan files into validated, analytics-ready digital asset records for mortgage and private credit investors. That “source of truth” data is intended to undergird Rocktop Digital’s work on the “rails” that move assets. These include digital asset creation, tokenization and fractionalization of loans, counterparty governance tools, digital registries and updated settlement mechanisms.

“Rocktop has always believed that trusted data is the foundation of functioning capital markets,” Jason Pinson, CEO of Rocktop Technologies, said in a statement. “With Rocktop Digital, we are taking the next step — transforming validated assets into portable digital instruments that can move more efficiently between investors. Brett has played a central role in shaping this vision, and we are excited to see him lead Rocktop Digital as its CEO.”

Benson said the new unit will focus on connecting the firm’s AI-based asset validation capabilities with blockchain-based ownership structures.

“We are entering a period where AI-driven asset validation and blockchain-based ownership structures can work together to fundamentally improve market infrastructure,” Benson said. “Our goal is to connect trusted asset intelligence with programmable digital rails that reduce friction, expand investor participation and unlock liquidity across the mortgage and private credit markets.”

The launch comes as the mortgage industry wrestles with aging infrastructure for transferring and financing loans, even as institutional demand for mortgage and private credit assets remains strong. Many secondary market processes — from due diligence and onboarding to custodial documentation and settlement — still rely on fragmented systems and manual workflows that slow execution and add cost.

At the same time, capital markets and regulators are exploring tokenization of real-world assets, including mortgage-backed securities and whole loans, as a way to increase transparency, enable fractional ownership and open products to a broader investor base.

For lenders, servicers and secondary market investors, tokenization and digital registries could eventually support faster whole loan sales, more granular risk transfer structures and new financing channels as long as compliance, investor protections and data standards are maintained.

Rocktop is positioning its combination of AI-powered document intelligence and digital asset infrastructure as a way to support that shift. By starting with validated loan-level data and documents, then layering programmable ownership and settlement tools on top, the firm is aiming at a future state where mortgage and private credit assets can move more like other digitized financial instruments.

The company said its broader vision is to rebuild market architecture rather than make incremental process changes, creating a more transparent and accessible ecosystem for credit investors. Rocktop Technologies and Rocktop Digital will operate as complementary businesses — one focused on asset intelligence, the other on digital infrastructure and execution.

Rocktop Technologies describes itself as a “solutions-as-a-service” firm that combines clean data and documents, domain-trained AI and specialist teams with decades of mortgage asset management, investment and servicing experience.

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. 

Artificial intelligence is not only changing the way people search for and find information online, but it is also changing how they are searching for products and services, including their new home. Founded in 2006, Zillow has witnessed the housing industry develop from its early embrace of the internet to now entering the uncharted territory of an AI-first ecosystem. 

HousingWire recently caught up with Zillow’s chief industry development officer Errol Samuelson, who has been with the firm since 2014, to discuss how Zillow is adapting to the emerging AI-first world. 

This interview has been edited for brevity and clarity.

Brooklee Han: It seems like more and more people are turning to LLMs like ChatGPT for their search queries these days. How is Zillow adapting to the new ways consumers are searching for information and services? 

Errol Samuelson: What we are seeing broadly in technology now is that, whether you are doing a Google search or going directly to an LLM interface, consumers are now asking free-form questions. They are not dropping in keywords and then looking to receive 25 blue links as search results.

We are seeing this with people becoming more accustomed to [phrasing search] like, ‘I need a home with an office space because I work from home a few days a week, but also within 30 minutes of my office because I still go in a few days.’ Those are the kinds of conversations that, in the past, they would have with a human are now coming before they get to the city name, bed, bath and price part of the search. 

One of the things we are doing is enabling consumers to talk to the AI to figure out what they can afford and then using that, along with other [personal] factors, we can show them homes that match their lifestyle and budget needs. 

This isn’t just slapping an LLM on top of a listings database. To make the AI component more valuable, we are making sure that it has access to contextual information, like conversations the consumer is having with a Zillow-affiliated agent, allowing the AI to then suggest properties that are relevant to that consumer. The more context you can provide, the more personal and helpful the AI becomes. 

The other thing about Zillow’s AI that is unique is that the AI connects to the agent tools we supply. If you were to use a horizontal AI that does web crawling, it may find you properties for sale that meet your needs, but if you were then to ask if you can tour one of them, that is where a horizontal AI hits a wall and may suggest you call a local agent.

Because we have backend software components with our AI, we can actually use agentic AI to then go take action. So, if you tell it that you would like to see the property, it connects with our ShowingTime platform, and it can tell you when the property is available to be toured.

Additionally, since it also has that context, it can tell you if other properties in that same neighborhood are also available for tours around the same time or even if they have an open house scheduled. 

BH: As AI becomes more prevalent in home search, some organizations and individuals have raised concerns about potential fair housing issues. How is Zillow working to avoid any of these issues? 

Samuelson: Guardrails are super important. We put a lot of work into making sure that the responses and interactions that happen with the AI are appropriate by fair housing standards. We also released an open source fair housing model that the industry can use to ensure that conversations with AI are appropriate, but we do feel that there are some areas where advice is better provided by a human than by a machine. When our AI runs across these [situations] it will give consumers some things to consider, but tell them that they need to talk to a person about this. 

BH: There are constantly stories popping up about consumers using AI to sell or buy a home. What are your thoughts on this conversation that AI is going to replace real estate agents? 

Samuelson: There is this trope that AI is basically going to replace almost any profession, but what I think the AI actually does is it takes care of a lot of the low value work. It also helps the consumer be better informed and prepared for when they do work with the agent. Then, the agent gets to do the things they are good at that the AI can’t do like, judgement, negotiations, creativity and offering empathy and support. Buying a house is stressful, but by using AI, the agent is more available to help consumers navigate those very human emotions. 

Over the past five years, as this technology has emerged, we’ve seen that more consumers on both sides of the transaction use real estate agents. So, as we have seen more technology, the demand for the human in the loop is actually increasing, not decreasing. 

BH: There are so many AI tools popping up on the market. How do you feel Zillow’s longevity and experience in the industry will help it navigate this highly competitive and ever-evolving space?

Samuelson: There are definitely a few factors here, but one of the biggest is that we have been working with AI for a long time. Eight years ago, the Zestimate was incorporating neural networks and AI models, and we’ve had machine learning for a long time. We immediately doubled that work when we started some of these new models coming out back in 2017 and 2018. So, we have a lot of embedded in-house experience with AI, which is an advantage for us. 

The other thing is that we didn’t simply take an LLM or an AI model and slap it on our existing product. Instead, we tried to do exactly what we did with mobile, when we realized that mobile was going to be the way people use computing in the future. So, we completely turned the company on its head and went mobile-first. We are doing that now with AI and approaching things with an AI-first mindset and then looking at what that implies for the functionality that we want to provide to consumers and agents in the future. 

BH: As you just mentioned, Zillow has been around for a lot of technology innovation and integration in real estate, experiencing and learning many lessons over the firm’s 20 year history. What are some of those lessons the firm has learned in the past that you are working to apply to this latest technology evolution? 

Samuelson: The company was founded by the same people who created Expedia. They were looking to find ways to make information that was hard to access more accessible to consumers. With real estate, you couldn’t easily find out what your neighbor’s house had sold for, or what the approximate value of your home was, so the company was founded on this idea of transparency and that is still a core part of our ethos.

We have better transparency in the U.S. in real estate than anywhere else in the world and it makes for a more liquid market, which means it is easier to sell and price your home. That liquidity has led to a higher rate of homeownership in the U.S. and homeownership leads to building wealth, so a lot of good things come from transparency. We are deeply committed to maintaining transparency, cooperation and a level playing field for everyone in the country.

There are those in the industry right now who would like to turn back the clock and hide listings, price information, addresses, etc., and I think that is dangerous. Based on my time at Zillow, I firmly believe that we need to ensure that there is information transparency, so that is one big lesson. 

The second is that you have to start with the consumer and work backwards because it leads to better outcomes for everyone involved. Before mobile, before the internet, good agents have always worked hard to understand what their consumer needs and then provide that for them.

I think there is a tendency to create products or experiences from the inside out — working from the goal of closing a deal or getting another listing — and that doesn’t always result in as good of an outcome as starting from the outside and working in to the agent or broker. 

Finally, I think our industry tends to be a bit ‘wait-and-see’ when it comes to technology. We saw that with the advent of the internet and putting listings online, and we are seeing that now with [the] fear around AI. What we’ve seen with the internet, then mobile and now AI, is that each phase has an increasingly faster adoption curve. I don’t think the wait-and-see strategy is going to work with AI.

Zillow has a history of embracing technology and I think that lack of fear in adopting technology appropriately is definitely going to help us. 

This post was originally published on here. 

REMAX Fine Properties and REMAX Solutions have merged to form a single brokerage operating across Arizona — combining more than 400 agents and 10 offices statewide.

The unified company will operate under the REMAX Fine Properties name with offices in Avondale, Flagstaff Glendale, Munds Park, Peoria Pinetop, Scottsdale, Gilbert and Tucson.

Jamie Wong will continue to lead the combined brokerage as managing partner and broker-owner.

“We’re thrilled to bring together two powerhouse brokerages into one unified organization,” said Wong. “Our agents consistently outperform the market, and now — with REMAX Solutions joining the REMAX Fine Properties family — we’re elevating what’s possible for our teams and our clients across Arizona.”

REMAX Fine properties reported annual volume of $1.4 billion on last year’s RealTrends Verified rankings while REMAX Solutions came in at nearly $352 million.

Dan Porter will take on a role as managing partner and advisor.

“This merger opens the door to more opportunities for our agents and helps us build a more powerful foundation for long-term growth,” he said. “Combining our teams, leadership talent, and resources positions us to deliver even greater value to both our agents and clients.”

The combined brokerage ranks among the larger real estate operations in Arizona based on agent count and geographic reach.

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. 

Philadelphia-based RenoFi announced Wednesday that it has hired Brandon Silvia as executive vice president and national production leader, moving to the renovation financing platform from top-10 U.S. mortgage lender Rate.

Silvia will oversee all sales and production operations nationwide, with a mandate to scale volume, grow RenoFi’s originator network and boost adoption of its artificial intelligence (AI)-enabled renovation lending platform.

He previously served as senior vice president of national branch partnerships and strategic growth at Rate, where he built and led mortgage teams that produced “billions per year” in originations, according to a RenoFi press release.

“RenoFi is building the most compelling platform in renovation finance while aggressively competing in the traditional mortgage space,” Silvia said in a statement. “For the retail originator, RenoFi presents the best option for true origination growth and referral source diversification.”

At RenoFi, Silvia is expected to recruit top-producing mortgage loan originators across the country and drive “billions in net new production volume” through the company’s renovation and mortgage products, AI agents and underwriting platform in 2026 and beyond, the company said.

Justin Goldman, co-founder and CEO of RenoFi, said Silvia’s track record in building scalable sales organizations and recruiting talent is central to the firm’s next growth stage.

“Brandon is exactly the type of leader we look for at RenoFi, strategic, operationally excellent, and relentlessly focused on execution,” Goldman said. “As we continue to expand our platform, lender network and national footprint, Brandon’s leadership will be instrumental in helping us reach tens of thousands of homeowners across the country.”

The addition of Silvia comes a month after the company closed a $22 million Series B funding round led by Fifth Wall, along with participation from Progressive Insurance and other new investors. The funding brought RenoFi’s total capital raised to $65 million.

This week, a report from New York-based Block Renovation found that homeowners continue to renovate for improved living conditions and flexibility rather than higher resale values. The report also noted that multigenerational households and demand for accessory dwelling units (ADUs) are on the rise, despite persistent inflation and higher interest rates that can limit budgets.

Silvia will lead RenoFi’s national sales organization, production operations and growth initiatives, working with lender partners, embedded finance platforms and internal leadership to increase AI adoption, improve conversion rates and expand in key markets.

RenoFi is part of a growing segment of lenders and fintechs targeting renovation-specific financing as existing-home inventory remains tight and higher mortgage rates discourage moves. Renovation loans tied to after-repair value can give originators a way to win business from equity-light homeowners who would otherwise be shut out of large projects.

For retail loan officers, RenoFi is pitching itself as a way to add specialized renovation products on top of standard mortgage offerings. A national production leader with a large retail background signals that the company wants to compete more directly with traditional mortgage lenders for purchase and refinance business, not just one-off renovation transactions.

RenoFi, founded in 2018, has created what it calls the first renovation home equity line of credit that uses a home’s after-repair value rather than current value. The company says it has helped finance more than $2 billion in renovations and operates in 48 states through a network of credit union and lender partners.

Neil Pierson 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 housing market update still looks relatively stable on the surface.

Inventory rose to 723,460 single-family homes in the week ending April 3, while 34.44% of listings had price cuts and the weekly absorption rate came in at 10.49%.

At the national level, the baseline is still holding. As HousingWire Lead Analyst Logan Mohtashami noted in his latest Housing Market Tracker, “higher mortgage rates are impacting the data, but nothing too negative yet.”

But beneath that stability, regional performance is pulling further apart, and that divergence is starting to affect how deals get done.

Weekly pending sales slipped to 70,676 from 72,191 a year earlier, while purchase application growth slowed to 1% year over year. Total pending sales remain higher than last year, signaling a market where demand is still present, but harder to convert.

Data signal of the week: Demand is holding, but conversion is starting to slip

The national numbers still point to a market that is holding, but the underlying signals are beginning to change.

Pending sales dipped year over year, purchase application growth slowed to 1%, and relist rates are rising across key metros.

That suggests demand has not disappeared, but more deals are beginning to stall before close. The gap between activity and execution is where this market is starting to shift.

Higher rates are pressuring demand, but not equally

Higher mortgage rates are beginning to weigh on housing activity, but the impact is not showing up evenly across the country.

Mortgage rates ended the week at 6.45%, with recent highs near 6.64%. Purchase application growth has slowed for two consecutive weeks, and weekly pending sales posted a small year-over-year decline.

What matters now is not just where demand is slowing, but where it is still converting efficiently versus where friction is building between contract and close.

Northeast markets are still moving quickly

The Northeast continues to post some of the strongest demand metrics in the country despite elevated home prices.

Massachusetts posted a 19.0% weekly absorption rate, while Connecticut reached 20.1%. In the Boston metro, absorption hit 21.4% with a median price above $1 million. Price cuts remain well below the national average.

Key takeaway: Pricing power remains intact, and transactions are moving cleanly. Buyers should expect continued competition with limited room to negotiate.

The Midwest is pairing affordability with momentum

Midwestern markets are benefiting from relative affordability, helping sustain demand even as financing costs rise.

Michigan, Illinois and Ohio are benefiting from relative affordability, helping sustain demand even as financing costs rise. Metros like Chicago and Detroit are posting strong absorption rates of 25.9% and 29.5%, respectively, well above national levels. At the same time, relist rates remain elevated in some areas, signaling friction in deal completion.

Key takeaway: Volume is outperforming, but conversion is less certain. Teams should watch contract fallout and timelines closely, not just demand.

The Sun Belt is showing the clearest signs of strain

The Sun Belt is showing the clearest signs of strain

The sharpest reset is happening across large parts of the Sun Belt, particularly in Florida and Arizona.

Florida posted a 43.6% price-cut rate and a 34.1% withdrawal rate statewide, with some metros seeing price cuts near or above 50%. Arizona is showing similar trends, with nearly half of listings in Phoenix and Tucson taking cuts. Texas remains mixed, with elevated price cuts across major metros.

Key takeaway: Pricing is becoming a speed decision, not just a value decision. Sellers who adjust faster are more likely to convert, while buyers are gaining leverage.

The West is holding up, but selectively

Western markets remain uneven, with coastal metros holding pricing power better than inland areas.

California’s major metros continue to post mid-teen absorption rates and elevated price points, while inland markets show higher withdrawal activity. In Colorado and the Pacific Northwest, rising price cuts point to more selective demand.

Key takeaway: Performance is diverging within regions, making market-level strategy more important than broad regional trends.

Where the pressure and momentum are showing up

The fastest-moving markets are concentrated in the Northeast and Midwest, while the highest levels of price pressure and withdrawals are centered in Florida and Arizona.

Transaction stress, measured by relist rates, is elevated across several metros, including Nashville, Houston, Chicago and Atlanta, pointing to growing friction in the transaction process, not just shifts in demand.

The takeaway

National trends set direction, but misreading your local market is now the biggest risk.

For leadership:

The market is fragmenting at the metro level, with widening performance gaps. Growth is concentrating in affordability-driven markets and among top operators. National benchmarks still set the baseline, but local data is increasingly driving day-to-day decisions. The edge is going to teams that can read and react to local shifts faster.

For operators:

• Track conversion, not just demand
• Watch fallout rates and contract timelines closely
• Treat price cuts as a competitive signal
• Focus on absorption, not just inventory levels
• Reset pricing and pipeline expectations to local conditions

Why this matters now

The housing market is not just fragmenting. It is changing how it moves.

Demand can still look stable at the top line while becoming harder to convert underneath. Pricing power can shift faster than national data reflects. And two markets can move in opposite directions at the same time.

For housing professionals, the advantage now comes from identifying early signs of friction and velocity at the local level before they show up in the averages.

The teams that outperform won’t just follow the national trend — they’ll use local signals to act before it shows up in the averages.

That’s where the market is moving — and where the advantage is now.

For deeper context on rates, demand signals and the macro backdrop shaping housing activity, read HousingWire’s Housing Market Tracker weekly analysis. To track real-time data in national and local markets, get access to HousingWire Intelligence. HousingWire used HousingWire Data to source this story. This article is based on single-family residence data through April 3, 2026. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

This post was originally published on here. 

New broker-lender agreements are reshaping how reverse mortgage companies work together while taking aim at one of the industry’s most persistent problems: churning.

But the agreements come with caveats. They are only one piece of the broker-lender relationship and they are heavily tilted toward addressing refinance issues at a time when the industry desperately needs to grow purchase volume. And they won’t fundamentally change how brokerages run their businesses, mortgage brokers told HousingWire.

These agreements have been created to address tension between retail and wholesale operations at multichannel lenders. To ease that friction, lenders like Mutual of Omaha Mortgage and Longbridge Financial have rolled out programs designed to protect broker partners’ loan pipelines.

In general, the programs work by preventing lenders’ retail teams from contacting borrowers who are already in a broker’s active pipeline, automatically routing these customers back to their original advisers. They also monitor common refinance intent signals — such as payoff requests — and add the brokerage firm’s contact information to borrowers’ statements.

These moves have extra weight now that a new trigger leads law is in place, meaning far fewer companies will know when a credit pull occurs. 

“They are making some positive steps and it shows the industry is evolving. There’s better alignment between brokers and lenders. It benefits everyone,” said Eric Manley, founder of Florida-based Atlantic Avenue Mortgage, the nation’s top reverse brokerage firm in 2025 as measured by Home Equity Conversion Mortgage (HECM) endorsements.

Still, Manley stressed that no contract can replace the fundamentals. Regardless of what the agreements say, the most important thing is working as a team through human-to-human interaction with lenders.

“The agreements are great, but they alone aren’t the solution. The long-term success still depends on fair economics between them both, strong support and product availability,” Manley said.

Going after the ‘bottom feeders’

Loren Riddick, national director of reverse lending for NEXA Lending, sees these agreements less as a business-model shift and more as a weapon against churning — the practice of convincing homeowners to repeatedly refinance their HECM loans under misleading pretenses.

NEXA’s model, Riddick said, is built around loan officer autonomy. The company works with 15 different investors and lets its originators choose freely among them.

“NEXA, because of its DNA, is all about choice, freedom for the loan officer. It’s a very entrepreneurial model. We have 15 different investors. NEXA allows its loan officers to work with whatever investor that they choose. There is no hard line,” Riddick said.

Where the agreements matter most, he said, is in curbing lenders he labels as “bottom feeders” — those who ignore the National Reverse Mortgage Lenders Association‘s recommended waiting periods and begin marketing to borrowers the moment a loan closes.

“It takes a true professional to make sure that client not only gets the best experience, but that they also get the most informed decision possible,” Riddick said. “If you don’t have those protections in place, then unfortunately, you have situations where those relationships that have been forged over time, hard work, sometimes over months and years, can’t be preserved.”

Broker protections are good for borrowers and industry professionals alike — and Riddick said he hopes more companies adopt them.

Deeper structural challenge

Shain Urwin, national reverse mortgage director for broker C2 Financial, said the agreements create a “two-way street” between brokers and lenders, signaling that brokers now have “lenders to have our backs.”

But he pointed to a fundamental limitation: “Unfortunately, most of this is for refinances.” The industry, he said, cannot survive on refinance activity alone and needs to attract new borrowers — particularly affluent clients.

Urwin, who personally pushed the industry toward these contracts, said C2 parted ways with major lenders that refused to put agreements in place. Today, every investor the firm works with has one. 

He’s particularly enthusiastic about being alerted when a client pays off a loan or attempts to refinance — more so than having C2’s name on borrower statements, since he’s “not staffed” to handle a flood of inbound calls.

As for whether the agreements guarantee that borrowers will stay with a given lender, Urwin called it a “loose understanding.” 

“No. 1, it’s impossible to police — I couldn’t make it happen, and it could even be a violation. You’d be into steering,” Urwin said. “As a partnership, you’re trying to do what you can to protect each other. That’s the whole point of it. But not at the client’s detriment, at the client’s benefit.”

This post was originally published on here. 

United Wholesale Mortgage (UWM) is offering a new 50-basis-point pricing incentive on purchase loans this week, one piece of a wider set of rate specials the lender is using to support broker volume in a competitive spring market.

The program, called Purchase Boost 50, provides the pricing incentive on purchase loans locked between April 8 and April 14. It’s available on conventional and government loans for primary residences, second homes and investment properties across all terms.

There are some caveats. It requires a minimum 700 FICO score and does not apply to bank-statement loans, Investor Flex (debt-service-coverage ratio loans), home equity lines of credit, jumbo loans, one-time-close new construction, CalHFA or Home Sweet Texas programs.

The offer is limited to purchase transactions and cannot be combined with UWM’s Control Your Price basis-point credits. But the promotion can be combined with UWM’s existing $600 appraisal credit for purchases. Where eligibility overlaps, borrowers can receive both the 50-bps pricing improvement and an appraisal credit on a single transaction, the company explained.

The incentive activity is unfolding as UWM works to maintain its position at the top of the origination market. An analysis of 2025 Home Mortgage Disclosure Act (HMDA) data by Polygon Research found that UWM ranked first by origination volume with $164.3 billion but trailed Rocket Mortgage by loan count, with 422,120 loans for UWM versus Rocket’s 429,332. 

Competitors are also using scale and strategic moves to protect market share.

Rocket expanded its footprint in 2025 through acquisitions of Redfin and Mr. Cooper Group. CrossCountry Mortgage has built a builder-focused division, expanded its nonagency platform and recently outbid UWM to acquire Two Harbors Investment Corp., a real estate investment trust with a sizable servicing portfolio.

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. 

Rancho Mission Viejo has tapped Trumark Homes, Lennar and Shea Homes to build 232 homes in the final all-age phase of the Village of Rienda, effectively capping new market-rate supply at the Orange County master plan until 2027, according to a company announcement.

The move comes after Rienda logged sales of more than 1,500 homes since opening in April 2022, a strong clip given affordability pressure in Southern California and rising horizontal and entitlement costs. For builders and developers, the new phase signals how Rancho Mission Viejo is sequencing its remaining residential acreage, its positioning around wellness and schools, and how it is managing scarcity as it nears build-out of this village.

Program: three builders, three product bands

The last Rienda release concentrates on three all-age neighborhoods scheduled to grand open in fall 2026:

• Sunflower by Trumark Homes: Duplex and single-family homes, 2 to 4 bedrooms, 2.5 to 3.5 baths, with garages and optional loft/bonus space, at 1,568 to 2,357 square feet.
• Indigo by Lennar: Two-story single-family detached homes, 3 to 4 bedrooms, 2.5 to 3 baths, at 2,006 to 2,427 square feet.
• Primrose by Shea Homes: Two-story single-family detached homes, 4 to 5 bedrooms, 3.5 to 4.5 baths, at 2,491 to 3,009 square feet.

All three lines are squarely in the family move-up band for South Orange County, with attached/duplex product at the low end, smaller-lot SFD in the middle, and larger 4-5 bedroom homes at the top. The mix gives the master developer flexibility to hit multiple price points while protecting values across the existing 1,500-plus households already in place.

“The release of these new all-age neighborhoods reflects the continued enthusiasm for Rienda and represents one of the final opportunities to live in this exceptional village,” said Jim Holas, vice president of community development for Rancho Mission Viejo.

Why this matters for builders and residential developers

For a strategic-builder audience, Rienda’s last 232 homes are less about raw volume and more about:

• Scarcity and pricing power: With no additional market-rate phases planned at Rancho Mission Viejo until 2027, the master developer is deliberately narrowing new supply. That sets up participating builders for firmer pricing and absorption, and reinforces the project’s positioning as a premium, wellness-forward community rather than a volume play.
• Controlled builder roster: The choice to keep Trumark, Lennar and Shea in the mix underscores a curated builder bench with regional scale, access to capital and experience operating in a high-regulatory, high-cost environment. It’s a model that favors a small, stable set of partners over broad diversification.
• Wellness and open space as core land-use strategy: With approximately 17,000 of 23,000 acres ultimately preserved as The Nature Reserve at Rancho Mission Viejo, the land plan leans hard into conservation, trail systems and climate resilience. For developers studying “intentional wellness” as a differentiator, this is a large-scale case study in trading gross lot yield for long-term place value and pricing.
• Education and park adjacency as demand anchors: The new homes will sit near the planned Rienda School and Rienda Park, both timed to open in the 2026–2027 window. The co-location of housing, a 1,600-student school and a 6-acre park is a deliberate move to hard-wire daily trip patterns into the master plan, supporting walkability claims and reinforcing demand among families.

Amenity and wellness positioning

Rancho Mission Viejo has been highlighted by the Global Wellness Institute as one of the largest intentional wellness real estate developments globally. Wellness programming at The Ranch includes:

• Direct access to preserved open space via The Nature Reserve at Rancho Mission Viejo
• Walkability and trail connectivity across villages
• Intergenerational living with both all-age and 55+ (Gavilán) neighborhoods
• Community farms and a resident programming calendar focused on outdoor and social activity
• Climate resilience and wildfire adaptation strategies embedded in planning and operations

For master plan sponsors, this is notable as the wellness narrative moves from amenity marketing to land-use structure: more permanent open space, tighter integration of schools and parks, and programming that extends beyond the sales window. That approach appears to be translating into sales velocity: more than 1,500 homes have been placed since 2022 in a challenging mortgage-rate environment.

School and park as value infrastructure

Rienda’s final phase will be tied closely to two pieces of social infrastructure:

• Rienda School: Targeted for completion in fall 2027, the school is planned for up to 1,600 students, with flexible classrooms, state-of-the-art technology, and an Innovation Center oriented around S.T.E.A.M. curriculum. Additional performing arts, outdoor learning and support spaces are included.
• Rienda Park: A 6-acre park with shared access to the school, including two tot lots, a shade structure, barbeques, picnic tables, a lawn area, restrooms, a youth soccer field, a youth softball field and a trail connection.

This integration of school and park is increasingly a requirement in entitlement negotiations in high-barrier coastal markets. For developers, it also becomes a long-term demand stabilizer, supporting future phases and resale values even as interest rates and macro conditions shift.

Builder perspectives and product strategy

Trumark, Lennar and Shea each framed their new neighborhoods in terms of fit with The Ranch’s long-term positioning rather than one-off product launches.

“Lotus and Sapphire in the Village of Rienda have really resonated with new homebuyers, and we welcome the opportunity to create a larger array of opportunities with the addition of Sunflower at Rienda,” said Richard Douglass, Southern California division president at Trumark Homes. “We are proud to contribute to Rancho Mission Viejo’s legacy in creating one of Southern California’s most distinct and thoughtfully designed master-planned communities.”

“Lennar is delighted to introduce a new neighborhood to complement the unparalleled lifestyle at Rancho Mission Viejo: Indigo – offering two-story single-family detached homes with a wide range of flexible spaces such as bonus rooms and lofts,” said John Lavender, Lennar California Coastal division president. “These expansive homes, with three to four bedrooms, blend modern comfort with easy access to the trails, gathering spaces and experiences that distinguish living in Rienda at Rancho Mission Viejo.”

“Shea Homes is excited to announce its new neighborhood, Primrose, within the Village of Rienda at Rancho Mission Viejo. Building here has always felt like home for us, and this moment reflects our continued commitment to The Ranch—a place where our communities have long been welcomed by homebuyers who value thoughtful design, modern living, and a deep connection to the land,” said Karen Ellerman, vice president of sales and marketing at Shea Homes.

Together, the three programs offer a case study in coordinated segmentation within a master plan: smaller attached and detached homes for entry and early move-up buyers, more square footage and bedroom count for growing families, and an ecosystem of amenities and schools to justify premium pricing in a constrained market.

Macro and regional context

The Village of Rienda sits less than 5 miles from downtown San Juan Capistrano and within a 15-minute drive of San Clemente and Doheny State Beach, with access to employment and retail centers in Ladera Ranch, Mission Viejo, Rancho Santa Margarita and Irvine.

At full build-out, approximately 75% of the 23,000-acre Rancho Mission Viejo will remain in permanent open space, ranching and farming, with the remaining 6,000 acres accommodating residential and mixed-use development. The master-planned community has been under continuous O’Neill/Moiso/Avery family stewardship since 1882, giving the sponsor a long time horizon that allows it to modulate release pace and land absorption as cycles shift.

For builders and developers watching entitlement cycles in coastal California, Rienda’s final all-age phase is another signal that large, entitled master plans with long-dated land control and embedded open space are scarce assets. How Rancho Mission Viejo manages this last tranche of supply before the next wave in 2027 will be worth tracking for lessons in pricing discipline, amenity investment and builder mix in a high-cost, high-demand market.

This post was originally published on here. 

The Washington State Department of Financial Institutions (DFI) filed a statement of charges against multichannel mortgage lender Newrez, alleging repeated servicing violations between 2021 and 2026. It seeks a fine of about $4 million and broad consumer remediation.

DFI said the action, announced Monday, follows an in-depth investigation of more than 125 consumer complaints involving the large nonbank servicer. The agency said it found “significant deficient business practices” that allegedly harmed Washington borrowers.

In a statement given to HousingWire, a Newrez spokesperson said the company was not given prior notice of the charges and intends to contest the enforcement action.

According to DFI, Newrez allegedly engaged in unfair or deceptive practices that affected 29 Washington consumers by failing to mediate in good faith during foreclosure proceedings, by providing misleading or inaccurate information, and by responding to concerns in an untimely manner.

In addition, the company allegedly onboarded new loans incorrectly, leading to errors with private mortgage insurance and inaccurate credit reporting; applied mortgage payments incorrectly; and improperly serviced escrow accounts — for example, by force-placing insurance when borrowers already had coverage.

It also allegedly provided inaccurate mortgage statements and failed to timely respond to the department’s investigation of consumer complaints.

“Washington homeowners rely on licensed mortgage servicers to correctly service their loans, and we will hold companies accountable when they put consumers at risk of losing their homes or when they financially harm consumers,” DFI Director Charlie Clark said in a statement.

DFI is seeking an order requiring Newrez to stop violating the law, fix all consumer issues and pay a fine of $4,175,000. It alleges violations of Washington’s Consumer Loan Act.

The Newrez spokesperson said the action came without warning or normal engagement.

“We value our regulatory relationships, and the surprise nature of this announcement is disappointing,” the spokesperson said. “Newrez takes its obligations to our customers and investors very seriously and is committed to operating in compliance with all applicable state and federal laws.

“While we are still reviewing the specifics of each claim, we fundamentally disagree with the state’s charges and the way our practices have been characterized and intend to vigorously contest the action and its allegations.”

Newrez has the right to request a hearing to contest DFI’s charges.

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. 

The Financial Crimes Enforcement Network (FinCEN) has issued a proposed rule to reform how financial institutions build anti-money laundering (AML) and countering the financing of terrorism (CFT) programs under the Bank Secrecy Act.

FinCEN said proposed changes aim to reduce the compliance burden by “promoting risk-based and reasonably designed programs” — and create greater consistency in how banks are evaluated for effectiveness.

“For too long, Washington has asked financial institutions to measure success by the volume of paperwork rather than their ability to stop illicit finance threats,” said Secretary of the Treasury Scott Bessent. “Our proposal restores common sense with a focus on keeping bad actors out of the financial system, not burying America’s banks in more red tape.”

The proposed rule would refocus compliance obligations on perceived effectiveness by distinguishing between program design failures and implementation deficiencies, officials said.

“It reinforces Treasury’s belief that financial institutions are best positioned to identify and evaluate their own illicit finance risks,” FinCEN stated.

Expectations for independent testing and audit functions would be clarified — which FinCEN said will “[ensure that] examiners do not substitute their subjective judgment in place of financial institutions’ risk-based and reasonably designed AML/CFT programs.”

FinCEN would also play a more central role in AML/CFT supervision, including through a new notice and consultation framework with federal banking supervisors regarding significant supervisory actions.

The rule would revise FinCEN’s regulations to reflect changes from the Anti-Money Laundering Act of 2020 — and fully replace a prior proposed rule published July 3, 2024, which FinCEN is withdrawing.

Watchdog raises concerns

Government watchdog nonprofit Transparency International U.S. said it welcomed FinCEN’s action but found shortcomings.

“The proposal, if finalized as proposed, would also make it harder for regulators to step in when banks and other financial institutions have weak AML controls, suggesting that serious action would usually be reserved for especially large or widespread failures,” the organization stated. “It also misses a chance to more clearly focus on corruption-related money laundering, and backs away from some of the clearer risk-assessment features in the prior, 2024 version of the rule.

“[That includes] more explicit attention to intermediaries and other professional ‘enablers’ of money laundering and corruption, which are often key warning signs in bribery, kleptocracy, sanctions evasion and other complex dirty money schemes.”

Public comment will be accepted for 60 days after the proposal is published in the Federal Register in the coming days.

Judge strikes down title insurance rule

In a separate action, a federal judge in Texas in March vacated FinCEN’s AML rule that required title insurance companies to report details of millions of residential real estate transactions.

U.S. District Judge Jeremy Kernodle of the Eastern District of Texas ruled that FinCEN exceeded its statutory authority. The rule — which took effect March 1 — mandated reporting for any non-financed residential real estate transfer where ownership was held by an entity or trust, with no geographic or price threshold.

Kernodle noted that by FinCEN’s own estimates the rule would have covered between 800,000 and 850,000 transfers annually at a compliance cost of up to $690 million.

He rejected FinCEN’s argument that existing law independently authorized the rule and allowed the agency to require financial institutions to “maintain appropriate procedures, including the collection and reporting of certain information.”

The decision vacated the rule entirely, restoring the status quo that existed before the regulation took effect.

Jonathan Delozier 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. 

Better Home & Finance Holding Co., the parent of digital lender Better.com, has taken steps to improve its balance sheet, including a stock offering and the planned sale of its U.K.-based bank.

“Our decision to raise capital, simplify our international footprint, and reduce costs will position the company to act decisively on high-conviction growth opportunities without reliance on the equity capital markets for the foreseeable future,” CEO Vishal Garg said in a statement.

The company on Wednesday announced it plans to raise about $69 million in gross proceeds before underwriting discounts, commissions and offering expenses via a public offering of Class A common stock. Better intends to use the net proceeds for growth capital and general corporate purposes, and it will terminate its at-the-market equity program after the deal closes.

Initially, the company is offering 1.875 million shares of its Class A common stock, but underwriters have a 30-day option to purchase up to an additional 281,250 shares to cover over-allotments. The offering price reflects a roughly 3.9% discount to its 30-day volume-weighted average price as of April 7, 2026.

The offering is expected to close Thursday. BTIG and Cantor are acting as joint bookrunning managers for the offering.

Better also said it has classified its U.K.-based bank as held for sale effective in the first quarter and has launched an active sale process, part of what it described as an effort to simplify its international footprint.

On the expense side, the company announced at least $25 million in annualized cost reductions beginning in the second quarter of 2026. Management said the cuts stem from a review of the company’s cost structure as its AI-driven Tinman platform scales and handles a greater share of loan volume.

Better reported preliminary funded loan volume of $1.64 billion for the first quarter of 2026, above prior guidance of $1.40 billion to $1.55 billion. The company said funded loan volume increased 89% year over year, with March funded loan volume reaching $671 million.

As a result of these actions, Better expects to have an estimated cash and cash equivalents balance of $130 million, including $24 million held at its U.K.-based bank. In the fourth quarter of 2025, the total was $99.8 million. The firm said it does not anticipate the need to raise additional capital for the foreseeable future.

The company said it has a clear line of sight to its target of adjusted EBITDA breakeven by the end of the third quarter of 2026. Better reported an adjusted EBITDA loss of $24 million in the fourth quarter of 2025, compared to a loss of approximately $59 million in the fourth quarter of 2024.

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. 

More than 52,000 homes in Florida and Arizona have slashed asking prices as the once-red-hot Sunbelt market faces its most significant correction since the post-2008 recovery.

Roughly 45% of all listings in Arizona and 44% in Florida now carry price reductions — far exceeding the 34.4% national average, according to HousingWire Data.

Arizona leads nationally with 44.6% of listings cutting prices with Florida following closely at 43.6%.

Combined, the two states represent $119 billion in real estate inventory under significant pricing pressure with 52,206 homes actively reduced.

“The reason we’re seeing such big price cuts in some areas is that they’re pricing on old hopes almost of what the house is worth,” said Dyan Pithers, co-founder of Coldwell Banker-affiliated The Pithers Group in Tampa, Fla. “A lot of agents will just say, ‘Okay, we can try it at your number for a little while and then we can go to the more realistic number,’ which is not great for the market. Typically, you lose initial market momentum.”

Florida’s price reduction rate accelerated 0.60 percentage points for the week ending April 3 — rising from 38.6% eight weeks ago to 43.6% today.

More than 40,000 Florida homes have taken cuts with median days on market reaching 77, well above the 63-day national average.

Tampa-St. Petersburg-Clearwater leads the nation’s metros with 48.7% of listings reduced representing $5 billion in affected inventory.

North Port-Bradenton-Sarasota follows at 48.6% with Punta Gorda at 47.2% and Naples-Marco Island at 46.5%. Florida claims 13 of the top 25 spots nationally for price reductions.

Pithers cautioned against painting the entire state with a broad brush.

“On the ground here [in Tampa] it doesn’t feel like that,” she said. “In certain areas, homes are flying off the market in a couple of days in multiple bids, especially if they’re priced right and presented well. There are other markets where inventory is flush, but you can’t take a number and generalize it across the Tampa Bay market. The micro market is very specific.”

Anthony Askowitz — broker at REMAX Advance Realty in Miami — said price reduction data reflects a natural market transition rather than a crisis.

“This is all part of adjusting to the market shift from a quickly appreciating market to a slowly appreciating market,” he said. “It’s about staying ahead of the market shifts by positioning the listing in the market to its best advantage rather than following it down with multiple price adjustments.”

Miami stands apart from hard-hit metros

While Tampa and Sarasota show nearly 49% price cuts, Miami-Fort Lauderdale remains a relative outlier at 36.8% with $11.6 billion in active inventory.

Askowitz said south Florida operates under different dynamics.

“Tampa and Sarasota are very different and don’t tend to attract as many international buyers as Miami,” he said. “Much of what we are seeing in price reductions are for listings that were speculating on double-digit increases we saw all through last year.

“The sales prices are still inching up year-over-year, but nowhere near what we had been seeing.”

Chris Wands — founder of Miami-based The Wands Team at Douglas Elliman — agreed that Florida resists simple characterization.

“The key point is that Florida isn’t a single market,” he said. “In markets seeing more price cuts, you’re dealing with higher inventory and more rate-sensitive buyers, so the pricing strategy has to be more aggressive upfront. Miami benefits from international demand, a stronger luxury segment and buyers who are less sensitive to financing conditions.”

Phoenix No. 1 in price cut affected inventory

Arizona’s price reduction rate has climbed 4.2 percentage points over eight weeks to 44.6%.

The Phoenix-Mesa-Glendale metro shows 47.6% of listings with price cuts, representing $9.3 billion in inventory under pressure — the most in the nation.

Christy Walker, broker-owner of REMAX Signature in Phoenix, said the data reflects a correction rather than a collapse.

“Many sellers initially priced based on peak comparables or headlines rather than current absorption rates,” she said. “Timing has also become a critical factor. Many listings came on in January when optimism was high and interest rates were at some of the lowest levels we’ve seen in the past few years.

“As rates have risen, buyer purchasing power has tightened. For sellers who are motivated to move, pricing has to adjust with those shifts in real time.”

Arizona’s median home price sits at $499,950 with 27,141 active homes on the market.

Importance of absorption rates

Florida’s 77-day median days on market has sparked questions about when sellers finally accept the need for reductions.

Cape Coral stands on the extreme end 119 days with price cuts accelerating 1% weekly.

Askowitz said agents should focus on absorption rates rather than arbitrary timelines.

“It isn’t days on market that matters so much as it is absorption rate, the ratio of inventory to sales,” he said. “This is specific to type of property, price range and specific geographic area. Meaning, if you have four homes on the market in Coral Gables under $800,000 and there are nine homes in that price range sold in six months, you have 2.7 months of inventory.

“But for the 70 homes in Coral Gables over $5 million, 31 sold in the last 6 months — meaning you have 13.5 months of inventory. The higher priced the property, the fewer buyers there are and the longer it takes to sell. This translates to a much more critical pricing strategy for those who ‘need’ to sell.’”

Wands downplayed the seven-day gap between Florida and the national average.

“A seven-day difference, in my purview, isn’t particularly significant,” he said. “I’d even say it’s well within a normal range. What’s fundamentally changed is the pace of the market, not the health of it. Buyers are taking more time. They’re more analytical and that naturally extends to days on market.

“In most cases, if a property isn’t generating meaningful activity within the first 45 to 60 days, that’s when you start having a serious pricing conversation.”

In the Phoenix metro, only 2.4% of listings have raised prices while nearly half have taken cuts. Walker said the first two weeks determine a listing’s fate.

“In today’s market, the first two weeks are critical because that’s when a listing receives the highest level of attention from active buyers,” she said. “If a home isn’t generating strong showings or offers during that window, it’s typically a sign the price isn’t aligned with current buyer expectations.

“The conversation has shifted from ‘wait and see’ to ‘respond and stay ahead of the market.’ Strong listing agents aren’t relying on arbitrary timelines like 30 days. They’re monitoring conditions weekly and making proactive adjustments to protect momentum.”

Seller realism remains key

Pithers said the gap between seller expectations and market reality stems largely from less than optimal service from listing agents.

“If an agent is not a heavy listing agent or doesn’t do a very high volume of business, they may also be confused as to where the market’s going,” she said. “They may be as a less experienced agent — more willing to go with a seller price.

“The biggest thing we’re seeing is sellers not being realistic about where the market is today and the inability of listing agents to be strong enough to convince them.”

Askowitz stressed the importance of understanding each seller’s specific situation.

“Conversations are had with sellers at listing appointments to show that they want to be positioned correctly up front, so when buyers compare the property to the competition, they are the best buy, rather than making the others look better,” he said. “Expectations are also set for how long it will take to sell. Two months on the market is still much faster than the 6 months it has taken in years past.

“Is there an urgency to sell or can the seller wait for some of the inventory to be absorbed? It is important to know whether another property was sold and their property was rejected, or nothing else sold.”

With nearly half of all listings cutting prices across two Sunbelt giants, sellers are facing a hard truth in many instances; price aggressively upfront or chase the market down later.

This post was originally published on here. 

AI is shifting negotiating power from lenders to borrowers at scale. The institutions that restructure their workflows and tools to meet that reality will grow. The ones that don’t will feel it in pull-through rates before they understand why.

For most of mortgage’s recent history, information asymmetry was a structural advantage. Most borrowers didn’t know what they didn’t know about pricing, programs, or what their credit profile actually entitled them to. That advantage is eroding faster than most executives have accounted for in their strategic plans.

Generative AI has given consumers a research partner that is always available and increasingly fluent in mortgage. A JD Power survey from July 2025 found that 20% of consumers have already used AI for loan or mortgage research—and 59% are using it at least occasionally for banking and financial services. A Menlo Ventures study shows adoption growing across all generations, with particularly strong use among households earning more than $100K a year. These are not marginal borrowers. They are your highest-value prospects, arriving at the point of sale better prepared than ever before.

The institutions watching this as a cultural curiosity are making a strategic error. This is a structural shift in borrower behavior with significant competitive implications.

What happened to other industries is instructive

Zillow didn’t eliminate real estate brokerages. It eliminated the version of a brokerage whose primary value was information access. The firms that thrived repositioned around execution, interpretation, and service complexity. The ones that failed to pivot lost ground steadily and largely didn’t understand why until the migration was well underway.

Online travel agencies did the same to the legacy travel industry. Comparison shopping became default behavior almost overnight. Standard transactions got commoditized, and firms that had built their business on volume without differentiation got squeezed.

Mortgage faces an analogous reset, with one important distinction – information asymmetry has historically been a larger share of the value proposition here than in either of those industries. That makes the exposure greater and the need to adapt more urgent.

The silent attrition problem

The most significant near-term risk isn’t the borrower who actively pushes back on an offer. It’s the borrower who leaves without a word.

When a borrower arrives having modeled their scenarios with AI — knowing what their credit score entitles them to, what rates are available, and what a fair deal looks like —they are evaluating the loan officer and their offer against a baseline they brought with them. If they sense that they could be doing better, they will simply move on to the next lender.

We are starting to see this in client production data – loan officers who proactively produce a credit optimization plan close at materially higher rates than those who don’t. The explanation is not that credit optimization improves every outcome. It’s that borrowers who don’t receive a plan are more likely to shop—and the borrowers most likely to shop are also the most creditworthy, the most financially sophisticated, and the most valuable.

The deals being lost are not appearing in your pipeline as lost deals. They are appearing as top of funnel prospects that quietly slip away. That’s what makes the problem easy to underestimate.

Stakes are high for borrowers . . . and your pipeline

The financial stakes for a borrower in a relatively high interest rate environment are not insignificant. On a $500,000 purchase with 10% down, the difference between a 689 and a 740 credit score represents $301 less per month, $3,612 per year, nearly $39,512 over a decade. An AI-informed borrower has likely done their homework.  If your loan officers are not producing plans that help borrowers reach a target score, you can be sure that their competition will be.

Scale the above situation across your annual pipeline. Even modest improvements in pipeline pull-through among mid-to-high credit borrowers will compound quickly. On the other hand, steady attrition among your most creditworthy prospects will have portfolio-level consequences that could be difficult to reverse as referral relationships shift to the competition.

The limits of AI and a potential compliance exposure 

There is a version of this story where lenders conclude that borrowers doing their own AI research is simply a new normal to accommodate. That conclusion misses the more actionable insight.

Generative AI is probabilistic and has real limitations when it comes to specific recommendations. While it is helping to educate borrowers on credit basics and model mortgage pricing scenarios, it is not equipped (or designed) to give detailed guidance.  To be clear, generative AI cannot analyze a specific borrower’s file and produce account-specific guidance with a quantified probability of reaching a target score within a defined timeline.

More importantly, the moment a loan officer uploads a credit report to a general-purpose AI system, your institution has a compliance and liability exposure that many legal and risk teams have not yet fully mapped. Sensitive personal financial data entering a large language model without clear policies creates regulatory risk that is difficult to quantify and even harder to remediate after the fact.

The opportunity for mortgage lenders lies in the gap between what AI can tell a borrower in general terms and implementing a secure, purpose-built and highly accurate platform that can be used to produce clear steps to achieving a target score. 

The strategic question for leadership

The question for C-suite leaders is not whether borrower sophistication is increasing. It is. The question is whether your organization’s systems, training, and workflows are built for a more empowered borrower that is looking for precision and execution.

Data consistently shows that roughly 70% of all borrowers can improve their score by at least 20 points in 30 days. That is not a niche population—it is the majority of your pipeline. Treating optimization as a reactive intervention for borrowers who don’t qualify, rather than a standard offering at every client engagement, is a structural inefficiency that will compound over time.

The institutions that will grow in this environment are those that invest in the infrastructure to deliver certainty: documented improvement plans, quantified timelines, tracked milestones, and a borrower experience that delivers on their expectations. That infrastructure will deliver returns through improved pull through rates as your team significantly reduces comparison shopping —borrowers that are immediately presented with specific, credible plans from your loan officers have little incentive to shop.

The window for differentiation is open, but not indefinitely

The borrowers coming through your door next year will be better informed than the ones your team is closing now. Lenders who build the workflows to meet that reality today will establish a reputation for execution, expand referral relationships and form a durable competitive advantage.

The ones who simply train loan officers to sound more informed will find that borrowers are not easily impressed by fluency in concepts they already understand. What the AI informed borrower is looking for is execution. The institutions that meet borrowers where they are and deliver will earn their business. The ones that don’t will lose it quietly, as their pipelines migrate to those focused on execution.

Mike Darne is the VP of Marketing at CreditExpert.
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. 

True Footage has raised a $40 million Series C round led by Cox Enterprises’ Socium Ventures that will fund expansion of its staff appraiser model and its data and analytics platform for lenders and consumers.

True Footage launched in 2021 with a thesis that appraisal quality and turn times could be improved by combining W-2 staff appraisers with standardized data collection and software rather than relying on traditional appraisal management company (AMC) models.

“The appraisal process was too subjective. There wasn’t enough data in the analysis, and that was a huge pain point for the lending community,” True Footage Founder John Liss said in an interview with HousingWire. “The more I looked into how to capture data in the transaction and how to capture it correctly, I kept reading more and more about the appraisal industry at the time.”

Liss said the company has completed “millions of appraisals” over the last four years through a combination of its staff appraisal firm and software products. That data now underpins True Footage’s hallmark platform, TrueTracks, which feeds analytics back to appraisers as they complete assignments.

According to Liss, the model is designed to tighten some of the most judgment-heavy parts of the valuation process, including time adjustments, market analysis, comparable selection and feature adjustments.

“When you think about things that are important in the appraisal, like the time adjustments and market analysis, comp selection, the feature adjustments — like what’s a pool worth in Highland Park [Texas] versus in Keller versus in Waxahachie — we’re able to make those determinations, and the result is a much better appraisal,” he said.

Positioning for appraisal modernization

The raise comes as the appraisal industry faces what Liss described as the most consequential period since the mid-2000s, driven by appraisal modernization efforts and rapid advances in AI.

Liss pointed to the Uniform Appraisal Dataset (UAD) 3.6 update, which will be mandated starting Nov. 2, 2026 for conventional loans, as a key turning point. The update is designed to standardize appraisal data in a more structured format and reduce unstructured free text, which makes automation easier and more reliable for lenders, the GSEs and technology vendors.

“3.6 is obviously a game-changer in November, and the standardization of data in a more structured capacity versus the more kind of free text that we see today makes automation easier and more reliable,” Liss said. “However, our position is that you still need a human in the loop, and that’s an essential part of the process.”

Liss argued that as modernization accelerates, the core differentiator among valuation providers will be analytics and evidence, not just speed.

“We are entering a world where I don’t think turn time is going to be a major issue,” he said. “The differentiating factor in the appraisal industry is going to be all about the analytics and the data and evidence that appraisers have available to them in the transaction process.”

Scaling a staff appraiser model

True Footage was founded around an “anti-AMC” model built on W-2 staff appraisers supported by proprietary software. The new capital will help the company grow that staff appraiser footprint while pushing more work through its platform.

“We already have more than 20% of all appraisals flowing through our platform, whether it’s on the software or in our staff appraisal firm,” Liss said. “Our plan is to grow aggressively our staff appraisal firm, and then all of them are using a proprietary version of our hallmark product, TrueTracks.”

The goal, he said, is twofold: make appraisers more productive and raise the quality and consistency of reports.

“I don’t think appraisals should be $600,” Liss said. “But I think that the top-performing appraisers who embrace technology should be able to produce the lion’s share of the valuations in the industry.”

That stance aligns with a broader industry debate over how far to push appraisal waivers, hybrids and automated valuations while still managing risk in a volatile rate and home-price environment. For lenders, modernization has typically meant balancing cost and turn time savings against repurchase risk and fair housing scrutiny.

Why this matters for housing professionals

The Series C funding and True Footage’s roadmap illustrate how fast the appraisal landscape is shifting from document production to data and analytics. For mortgage lenders, that shift will influence vendor selection, underwriting workflows and how appraisal risk is evaluated as UAD 3.6 and other modernization initiatives take hold.

For appraisers, the company’s W-2 model and productivity tools signal one vision of the profession’s future: fewer, more tech-enabled appraisers handling a greater share of the volume with heavier reliance on models and structured data, but still maintaining a “human in the loop” to sign off on valuations.

“It feels like it’s actually time,” Liss said of modernization efforts after several “false starts” and slow adoption in past years. “I think that the next kind of 12 to 24 months is going to be like the most critical time in the appraisal industry since 2005, and we’re excited to be on the front lines.”

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California lawmakers have been at the forefront of zoning reforms to increase housing supply and affordability.

New legislation filed Tuesday would put the state on the path to joining single-stair reform that other states and cities have already adopted.

Assemblymember Alex Lee’s newly filed bill proposes increasing housing construction by reforming California’s building code to allow mid-rise apartment buildings with a single staircase.

Under Assembly Bill 2252, the Department of Housing and Community Development must propose building standards for multifamily residential buildings up to six stories with one stairway.

Doubling the height to six stories has been a common approach nationally. Washington, D.C., council members are one step away from final approval to relax building codes for six-story midrise buildings. Colorado, Texas, Montana and New Hampshire are among the states that have made the switch.

The Assembly Committee on Housing and Community Development will hear AB 2252 on April 22.

Another step in affordability

California lawmakers have enacted sweeping zoning reforms over the past several years to boost housing construction and ease persistent affordability pressures statewide. Dozens of state pre-emption bills have overridden local barriers to legalize accessory dwelling units, missing-middle housing, and denser infill development near transit.

Lee’s proposal targets a longstanding rule that requires two exit stairways in apartment buildings taller than three stories. Supporters say the requirement prevents developers from building efficient mid-rise housing on small urban lots, even as modern fire-prevention technology has improved safety.

“Stairway requirements can have a profound effect on what does and does not get built in our neighborhoods,” Lee said in a statement. “By unlocking previously undevelopable properties, AB 2252 will bring much-needed multifamily housing to our urban neighborhoods.”

Advocates say single-staircase buildings could reduce construction costs by 6% to 13%, according to a Pew Research Center analysis. They say changes could open the door to more compact housing and flexible unit layouts.

Building momentum

Momentum for single-stair reform has grown nationwide. Seven states passed similar legislation in 2025.

Culver City recently became the first California municipality to legalize six-story single-stair apartments. Other California cities, including San Jose and San Francisco, are studying potential reforms.

In New York City and Seattle, Pew Research showed that fire fatality rates in modern single-stair buildings are similar to those in dual-stair structures. Pew researchers also concluded that adding a second stairway wouldn’t have prevented the fire deaths recorded over 12 years in those cities.

Dallas council members chose to go taller. The city’s new code, adopted last year, allows single stairways up to eight stories.

Supporters say eliminating the second stair could make many small and irregularly shaped lots easier to develop, particularly near job centers where housing demand is highest.

Critics, including some building safety officials, say cities should proceed with caution until statewide standards are set. They argue that evacuation time and accessibility must remain priorities as housing density increases.

This post was originally published on here. 

The use of artificial intelligence in residential contracting is still in its early stages, with only a minority of contractors fully integrating AI into their workflows.

That said, interest in leveraging new technologies is steadily increasing across the industry.

That was one of the main findings from ServiceTitan’s 2026 Residential State of the Trades report released on Tuesday. The report surveyed over 1,000 residential contractors to gather insights on how they view the market and are integrating AI. 

About 25% of residential contractors are using AI in a meaningful way, the report concluded. 

Angie Snow, Principal Industry Advisor at ServiceTitan, told The Builder’s Daily that many of the remaining 75% of contractors that haven’t yet embedded AI into their workflows are giving it a look, even if they haven’t fully adopted it. 

“They’re experimenting, but they don’t really fully have it embedded in their workflows. And I think that’s where that 25% stands out. I think because AI is still so new for all of us, there’s a lot of opportunity to embed AI fully into our work and really start streamlining it with what we’re doing,” Snow said. 

The report concluded that nearly half of contractors lack trust in AI, indicating that there is still a lot of hesitancy and skepticism about the latest technology. 

The highly fragmented nature of residential contracting, with many small or individual operators, is also a factor in the industry’s resistance to adopting AI more comprehensively. 

For example, the Harvard University Joint Center for Housing Studies estimates that over half of residential remodeling businesses with payrolls generate less than $250,000 in annual revenue. 

Smaller operators often have a more difficult time adopting the latest technology. However, Snow, a former HVAC and plumbing contractor, said that small contractors often benefit the most from technology. 

“As a smaller company, you’re wearing a lot of hats. You’re working in the financials, HR and admin. You’re doing the accounting and the marketing. You’re doing all of it, which is where I think this is such a huge opportunity, especially for small contractors, to really start adopting AI. I think it can really help them streamline a lot of what they’re doing, and help them scale and grow,” she said. 

According to the report, labor and overhead, the skilled labor shortage and increasing material prices are the three most cited business risks for 2026.  53% of contractors are prioritizing existing customers, compared with 31 percent focused on acquiring new ones.

“We have to spend a lot of money to get a lot of leads and to get the phone to ring,” Snow explained. 

The report also concluded that 73% of customers cite clear, upfront pricing as a primary reason for choosing a contractor, suggesting that companies that don’t offer it may miss out on attracting clients.   

AI in residential contracting

ServiceTitan is one of many companies that offer AI and software solutions for residential contracting companies. The company offers a cloud-based software platform that acts as a CRM, scheduling, invoicing, marketing and dispatching tool for residential and commercial contractors.

ServiceTitan, Snow says, recently developed a new AI assistant called Atlas, which acts like a built-in sidekick that helps users generate reports, analyze metrics and navigate the ServiceTitan platform more effectively. 

The Home Depot also recently expanded its pro digital platform, which has AI-driven estimating and project-management tools for contractors. 

Select companies in the industry have also developed their own technology. For example, West Shore Home, a large remodeling company with national reach, developed its proprietary Scan-to-Plan technology, which enables its team to offer 3D digital visualizations of projects for customers. 

SAPOS, another proprietary West Shore Home technology, uses AI agents to automate project scheduling at the point of sale. It does so by analyzing inventory, installer availability and permitting requirements. Most jobs can be scheduled automatically, which enhances customer certainty and frees up employees’ time. 

This post was originally published on here. 

A U.S. housing market crash remains extremely unlikely in 2026 even as the war in Iran strains buyer psychology, according to Logan Mohtashami, lead economic analyst for HousingWire.

The conflict with Iran has sent mortgage rates higher over the last five weeks, from a low of 5.99% to a high of 6.64%.

Weekly pending home sales last week reached 70,676, down from 72,191 during the same week in 2025 — and a six-week streak of year-over-year growth ended with a small decline.

“The interesting aspect is, with all these crazy headlines, it’s been the best housing demand in multiple years in terms of purchase application data and weekly pending sales,” Mohtashami said Tuesday. “Part of that is just mortgage rates are starting with the lowest rate curve post-2022.”

Purchase application data showed year-over-year growth slow from 5% to 1% last week with a week-to-week decline of 3%.

Every week in 2026 has shown positive year-over-year growth, but that trend has slowed for the last two weeks.

The missing crash ingredient

Mohtashami cited that nominal home price declines nationally are historically rare.

Excluding the 2007-2011 period, the U.S. has never had a year where home prices fell even 1% nationally.

The key missing ingredient in 2026 is distressed sellers, Mohtashami said.

During the housing bubble crash, new listings ranged from 250,000 to 400,000 per week for multiple years — roughly four to six times higher than modern totals.

“We don’t have any history in U.S. economics, going back 84 years, to show that nominal home prices crash with sellers not stressed,” Mohtashami said. “A lot of times, if they’re not getting the price they want, they take their homes off the market.”

Even if mortgage rates cross 7%, he argued, a crash would not follow.

“We’ve had rates between 6% and 8% for three years now,” Mohtashami said. “Even when they went to 7.5% and 8%, you can have a price cut percentage increase, but you don’t have distressed sellers,” he said. “And that’s always been the key.”

Mortgage spreads offer cushion

Mortgage spreads – the difference between mortgage rates and the 10-year Treasury yield – remain a positive story for housing in 2026.

Historically, spreads have ranged from 1.60% to 1.80%. Last week, spreads closed at 2.11%.

Mohtashami has recently cited that if the worst mortgage spread levels of 2023 were in place today, mortgage rates would be 7.45% instead of 6.45%.

Asked whether the market could withstand a worst case scenario — where the Iran conflict worsens, mortgage spreads widen back to 2023 levels and the 10-year yield rises above 4.60%, Mohtashami pointed to historical precedent.

“Even if that happens, [you have to look at] the history of home prices,” he said. “Mortgage rates went to 18% in 1980. Home prices didn’t crash. Home prices rose faster in the late 70s than during COVID. We just don’t have history for big nominal home price crashes unless there’s distressed sellers, regardless of where mortgage rates are.

“The 1980s housing market really reminds me of this. Back then, home prices escalated out of control, but mortgage rates went to 18% and then home sales cracked. Even during the crash of that period, when mortgage rates went from eight to 13%, home prices didn’t fall.”

Market ‘atrophying’ rather than crashing

Housing inventory is rising seasonally but growth has slowed dramatically — from 33% year-over-year at the peak in 2025 to just 4.67% last week.

The price-cut percentage stands at 34.44% compared with 35% a year ago.

Mohtashami agreed that a more accurate description for the current market could be stagnation or “atrophy” — not crash — as real incomes slowly catch up to home prices.

“That’s kind of what’s happened the last two years with home price growth has slowing down,” he said. “Incomes have risen faster than home price growth, so housing affordability got a little bit better just on its own. It’s a very, very slow slog for improvement.”

The housing market “is not like the stock market” where prices can rise or fall 20% to 40% in minutes, he warned.

“This is a long, drawn-out process. The history of home prices going back to 1942 to 2026 is very slow and methodical on the downside,” Mohtashami said. “That’s why it’s really rare to even have home prices fall 1% nationally.

“You would need to think calamity, and our data lines will pick it up first. If we saw stress in housing, the new listings and the data will take off very aggressively, very fast.”

This post was originally published on here. 

First American Title Insurance Co. and First American Mortgage Solutions LLC have filed a federal lawsuit against Novad Management Consulting LLC, alleging breach of contract and seeking to secure more than $1.6 million in disputed payments tied to reverse mortgage services.

The complaint, filed March 30 in the U.S. District Court for the District of Maryland, asks the court to issue a writ of attachment against Novad’s bank accounts or, alternatively, grant injunctive relief to prevent the company from moving or dissipating assets while arbitration proceedings are pending.

First American alleges Novad failed to pay for lien release and related services performed in 2022 under a master services agreement tied to Novad’s contract with the U.S. Department of Housing and Urban Development (HUD).

The lawsuit comes as Novad is already under scrutiny from the Consumer Financial Protection Bureau (CFPB), which in 2024 ordered the company to pay roughly $11.5 million in restitution to borrowers and barred it from reverse mortgage servicing after finding it engaged in deceptive practices.

First American claims that Novad attributed its nonpayment to a dispute with HUD and said it would pay once it recovered funds from that litigation. The plaintiffs claim they agreed to delay collection efforts based on those assurances.

However, the complaint alleges that Novad later settled with HUD in September 2025 and received payment by early 2026 but did not inform First American and stopped responding to communications.

First American says Novad failed to disclose the 2024 enforcement action, along with its subsequent settlement with HUD, while assuring it would repay outstanding debts, a claim that now underpins its effort to secure more than $1.6 million through arbitration and the courts.

According to the complaint, Novad stopped making payments in February 2023 and has not disputed the outstanding balance, which exceeded $1 million as of September 2023. With accrued interest, the total amount sought has grown to $1,628,573.38.

“Despite repeated inquiries from First American in late 2025 and early 2026, Novad has refused to respond, concealed its settlement with HUD, concealed the payments it received from HUD, and has otherwise concealed its assets from First American,” the suit states.

The lawsuit further claims Novad “fraudulently induced” First American to forbear collection while concealing both the HUD settlement and its financial condition, raising concerns that the company could move or hide assets.

Neither First American nor Novad immediately responded to requests for comment from HousingWire‘s Reverse Mortgage Daily.

The plaintiffs have initiated arbitration through the American Arbitration Association, as required under their contract, and say they expect to obtain an award for the full amount. The federal lawsuit seeks to preserve Novad’s assets in the meantime to ensure any eventual judgment can be collected.

This post was originally published on here. 

DataTrace has released a new white paper examining how artificial intelligence (AI) is reshaping title workflows and where trusted data infrastructure remains essential.

The paper, “Title Search Automation: Reality, Risk, and Responsibility of AI,” finds that while AI can improve speed and workflow efficiency, accurate title search and decisioning still depend on normalized data, title plant infrastructure and validation processes developed over decades.

AI alone cannot meet the industry’s standards for accuracy, consistency and reliability, the company said.

“Insurable title requires much more than access — it requires trusted data infrastructure and human expertise to simplify complex information. Only when that foundation of credible, verified data is in place can AI truly perform at the level the industry demands,” said Annette Cotton, chief data officer at DataTrace. “We’re at the forefront of deploying AI to help the industry move faster, but speed without accuracy does not meet the standard for insurable title.

“The real question is whether the underlying data is complete, connected and validated well enough to support confident, defensible decisions.”

Among the paper’s key findings:

• AI outputs are only as reliable as the quality, structure and context of the data environment in which they operate
• Public jurisdictional and court records provide an essential public index of recorded transactions but function as a system of notice and do not validate the accuracy, completeness or legal validity of recorded documents needed for insurable decisioning
• Title plants transform disparate public records into reconciled, property-centric, decision-ready data sets, providing a more complete property-level analysis compared with public records alone
• Title agents, real estate attorneys and title underwriters remain essential to interpreting data, resolving inconsistencies and addressing off-record risks that impact insurability and ownership rights
• State-by-state regulatory frameworks introduce legal and compliance requirements beyond the reach of AI and automation solutions
• Long-tail title risk often stems from common data inconsistencies repeated across millions of transactions over time, making risk systemic, not driven by edge cases

When applied across millions of residential real estate transactions annually, even small inconsistencies — when left unvalidated — can have meaningful impact.

A 1% variance in data accuracy applied to 5 million transactions — similar to the long-run annual total existing home sales in the U.S. — could create up to 50,000 instances of inaccurate title, the paper said.

Authors added that these issues do not emerge immediately but instead surface over a five- to 10-year period as properties are refinanced, sold or litigated.

“There is no mechanism for AI alone to deliver complete, accurate and insurable title from public records, because the record itself is not complete or verified,” Cotton added. “That’s why the future of insurable title is not AI by itself, but AI powered by structured, validated data and combined with human expertise that simplifies these complex inputs into actionable information.”

DataTrace delivers normalized datasets across more than 1,850 U.S. jurisdictions to support title production and automation.

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. 

This post was originally published on here. 

Let me be straight with you.

A research report is floating around out there from the University of Georgia, and some people in our industry are using it to make the case that private listings, homes sold off the MLS without full public exposure, actually get sellers a better price.

The report is 56 pages long. It is loaded with terms like “coarsened exact matching,” “hedonic price equations,” and “quasi-natural experiments.” I have been in real estate for over 40 years, and I will tell you honestly; I needed my AI to translate it for me.

So that is exactly what I did. I fed the whole thing to my AI, had it walk me through what the researchers actually found, and then asked it to flag every place where the report’s headline number does not tell the full story.

What I found surprised me. Not because the research is bad; it is actually pretty sophisticated. What surprised me is how much the report itself contradicts the conclusion people are drawing from it.

Here is what I mean.

First, what does the report actually claim?

The researchers looked at over 700,000 home sales in the Dallas and Fort Worth area over a 20-year period. They identified homes that were sold privately, meaning the deal was done before the home ever went on the MLS, and compared those sale prices to homes that went through the normal MLS process.

Their finding: the private sales commanded about a 1.7% higher price on average.

On a $300,000 home, that is roughly $5,100.

Sounds like good news for private listings, right? Here is where it gets interesting.

Six problems with that headline number

Problem #1: That premium does not exist anymore

What the report claims:

Private listings get sellers more money.

Here’s what that actually means:

Buried deep in the report is a finding that changes everything. After the National Association of REALTORS® implemented the Clear Cooperation Policy in May 2020, which requires listings to hit the MLS within one business day of public marketing, the researchers re-ran their numbers.

The 1.7% advantage? Gone. The report’s own authors say it dropped to a level that, in statistical language, is “indistinguishable from zero.” That means they cannot prove any advantage exists at all after 2020.

And remember; that was before Zillow banned private listings from its platform. Before a federal court upheld Zillow’s right to do so in February 2026. The window that made private listings occasionally work has been closing fast, and this report’s data did not even catch the full effect.

Problem #2: The report says most smart sellers already choose the MLS

What the report claims:

Private listings are a better strategy, especially for higher-end homes.

Here’s what that actually means:

Here is something the report found that almost nobody is talking about. When the researchers looked at who actually uses private listings, it turns out the more expensive the home, the less likely sellers are to go private.

Sellers with the most money on the line, the ones who can afford to be strategic, are choosing full MLS exposure. The private listing approach is more common at the lower end of the market.

If private listings were truly superior, would not the sellers with the highest stakes be using them most? The data says they are not.

Problem #3: The report only counted the success stories

What the report claims:

The data proves private listings outperform the MLS.

Here’s what that actually means:

This is the one my AI called “survivorship bias,” and once you understand it, you cannot unsee it.

Those sellers end up in the MLS column, pulling that average down. Not because the MLS failed them, but because the private listing experiment failed them first.

Problem #4: We don’t actually know how those buyers found the home

What the report claims:

Private listings connect sellers with qualified buyers without the MLS.

Here’s what that actually means:

Here is a question the report cannot answer. When a so-called private listing sold to a buyer represented by an outside agent from a completely different brokerage, how did that agent know the home was available?

Did the listing agent quietly call 20 buyer’s agents and say ‘I’ve got something coming, bring your clients’? Was that really a private sale; or was it informal pre-marketing that happened to close before hitting the MLS?

The report has no way to tell the difference. The MLS data just shows the deal closed with zero days on market. What happened before that, how many agents were called and how many buyers knew, is completely invisible.

Here’s the kicker. If those private sales were actually generating interest by tapping into agent networks, that is not a private listing strategy. That is a Coming Soon strategy. Which is exactly what I have been teaching agents to do, combined with full MLS exposure.

Problem #5: Dallas and Fort Worth in a 20-year boom is not every market

What the report claims:

This research applies to sellers everywhere.

Here’s what that actually means:

Every single transaction in this study happened in one of the hottest, fastest-growing metro areas in America, during one of the longest sustained seller’s markets in modern history.

What happens to private listing premiums in a balanced market? In a buyer’s market? In markets with normal inventory? The report cannot tell us. Neither can anyone using this study to justify pulling homes off the MLS in your market today.

Problem #6: This report has not been checked by other researchers yet

What the report claims:

Academic research confirms private listings produce better outcomes.

Here’s what that actually means:

I want to be fair here. The research methods are genuinely impressive. But on every single page of this document, there is a watermark that reads: “This preprint research paper has not been peer reviewed.”

That means no independent academic experts have yet examined the math, tested the methods, or verified the conclusions. It is a working paper; a draft. Citing it as definitive proof of anything is getting ahead of the science.

What the researchers are warning us about

The most important thing in this entire report might be the last page. After 55 pages of complex analysis, here is what the researchers wrote about where the private listing market is actually heading: They said, in their own words, that the strategy is being regulated away by both policy and private platforms.

It is a little like a doctor publishing research that a certain medication worked well in the 1990s, then adding a footnote at the end that the medication was pulled from the market in 2020. The headline sounds promising. The footnote tells you the real story.

The scientists who built the case for private listings ended their own study by telling us the case no longer holds.

That is worth knowing before anyone uses this report to justify pulling your seller’s home off the MLS.

The bottom line for you and your sellers

I am not writing this to pile on any company or any agent who has used private listings. I am writing it because your sellers deserve the full story; not a headline lifted from a 56-page academic report that most people will never read past the abstract.

When you read the whole thing, here is what the data actually tells us:

Your job is to serve your sellers with honesty and strategy. That means giving them the full picture, even when the full picture is more complicated than a single statistic.

Especially then.

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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The Real Brokerage Inc. added Arizona real estate leader Randy Anaya and his 65-agent team, Equity Realty Group, expanding the company’s footprint in Phoenix’s Southwest Valley, the company announced.

Equity Realty Group, founded in 2009 as an independent brokerage, is known across Avondale, Goodyear, Buckeye, Litchfield Park and Tolleson for its bilingual services and relationship-based business model. The team closes about 420 home sales a year, totaling $191 million in sales volume, according to the announcement.

The move gives Real a larger presence in one of metro Phoenix’s more affordable growth corridors, an area that has drawn both first-time buyers and investors in recent years as buyers have been priced out of Phoenix’s urban core. For competing brokerages and teams, the deal underscores the pressure to align with technology-focused platforms that promise lower overhead, revenue share and equity incentives while still supporting local culture and lead generation.

“The industry is shifting, and I believe technology-based brokerages represent the future,” Anaya said in the announcement. “Real has built a business model that is proving successful at scale and creating meaningful opportunities for agents. Just as important, their values mirror ours, which made Real the best fit for our team.”

Anaya earned his real estate license shortly after high school, following in the footsteps of his father, who was recognized as Arizona’s first Hispanic broker. He built Equity Realty Group around faith, family and the idea that both agents and clients should be treated like family, the company said.

Jason Cassity, Real’s chief growth officer, framed the partnership as a values and market fit play rather than just a headcount gain.

“Randy has built an impressive organization. His leadership, deep market knowledge and commitment to serving families across the Southwest Valley align perfectly with Real’s values. We’re excited to welcome Randy and the entire Equity Realty Group as they continue to scale, now powered by our platform,” Cassity said.

For Real, which reported more than 33,000 agents across all 50 U.S. states and Canada, adding a mid-sized, high-production team in Phoenix fits a broader industry pattern: national, cloud-based brokerages using stock, revenue share and tech stacks to attract independent broker-owners who may be squeezed by commission lawsuits, margin compression and shifting lead costs.

For agents in markets like Phoenix, the decision calculus increasingly centers on platform economics and support. A 65-agent team producing roughly $191 million annually can gain leverage on technology, marketing and compliance by plugging into a national brokerage, while potentially trading some brand independence. On the flip side, existing Real agents in the Southwest Valley gain access to a bilingual, locally entrenched team that already has systems and community relationships in place.

Real describes itself as a “real estate experience company” that is integrating brokerage, mortgage and closing services into a single, tech-enabled platform. For housing professionals, the combination of end-to-end services with team-based expansion suggests continued consolidation around a few large, virtual-first brokerages with the capital and technology to support bundled services and cross-selling.

The company cautioned that statements about agent growth and expected home sales volume are forward-looking and subject to risks, including real estate market slowdowns, economic downturns and Real’s ability to attract and retain agents, as disclosed in its Canadian securities filings.

Why it matters for housing professionals

For team leaders and independent brokers, Anaya’s move highlights a live strategic question: stay independent and absorb rising costs for technology, compliance and lead generation, or join a scaled, tech-based platform to share those costs and tap into additional income streams. For lenders, title companies and other vendors, Real’s growing presence in the Southwest Valley signals where partner coverage and recruiting efforts may need to shift as more production concentrates under national, virtual brokerages.

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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Adam Boyd will join Rate as president of consumer lending, the company announced on Tuesday, as the fintech lender looks to expand beyond its core mortgage business into a broader consumer lending platform.

Boyd, a veteran financial services executive, brings more than 25 years of experience building and scaling consumer lending businesses, according to the company announcement.

Most recently, Boyd led Citizens’ home equity business, transforming it into the largest home equity originator in the United States. He also rebuilt Citizens’ credit card platform, launching a full suite of products, including a card recognized by Money.com as Best New Credit Card.

At Rate, Boyd will oversee the growth of the firm’s consumer lending products and services beyond mortgage, with a mandate to build a broader ecosystem that delivers a more connected, transparent and technology-enabled experience for customers.

“Adam is a proven operator and a builder,” said Victor Ciardelli, CEO of Rate. “He has successfully done this at scale, taking businesses and turning them into market leaders by focusing on the customer and leveraging technology to best serve the customer. Adam is a critical hire for us and will play a key role in building a broader platform that serves our customers across more of their financial lives.”

Rate, which rebranded from Guaranteed Rate in 2024, said that Boyd’s hiring comes as consumer expectations shift toward integrated, digital-first experiences that tie together lending, budgeting and wellness tools.

Rate said it is extending its capabilities into adjacent lending categories with the goal of delivering a simpler, more connected experience across a customer’s financial journey.

The company added that Boyd’s appointment reflects its continued investment in building a more expansive, technology-driven financial and personal wellness platform.

“I’m joining Rate at an important moment in time,” Boyd said. “The company has already built a strong foundation in technology and execution, and there’s a real opportunity to expand beyond mortgage into a broader consumer lending platform. The industry is at an inflection point, and the companies that combine technology and data with a deep understanding of the customer will win.”

For lenders, real estate agents and fintech partners, Rate’s strategy signals potential for more bundled offerings that connect mortgage with follow-on products such as home equity, personal loans or cards, creating additional touch points after closing and new referral or partnership opportunities.

The company said Boyd will be central to that evolution, charged with scaling Rate’s consumer lending platform and aligning it with the firm’s broader vision of connecting financial and personal well-being.

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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At Rocket Pro‘s Ignite 26 event in February, the company told its business partners that it would have a “Power Play” announcement on the first Tuesday of every month. The company is following through with that promise by announcing several incentives with the purpose of “tripling down” on purchase lending.

Following a February announcement of a three-year partnership between Rocket Pro — the wholesale lending arm of Rocket Mortgage — and Compass, Rocket Pro’s first Power Play involves the increase of its purchase credit to 60 basis points.

This can be stacked with an existing 40-bps incentive tied to transactions involving agents affiliated with Compass International Holdings brands, which include Compass, Coldwell Banker, Century 21 and Sotheby’s International Realty, among others.

Combined, the incentives create a potential 100-bps pricing advantage for brokers working with these agents, a move designed to help them compete more aggressively for home purchase deals.

In a conversation with HousingWire ahead of the announcement, Katie Fisher (formerly Sweeney), executive vice president of strategy and broker advocacy at Rocket Pro, said the incentives are part of a broader effort to provide brokers with “all the tools, all the services, all the incentives” needed to compete during the spring and summer homebuying seasons.

“Back in February at Ignite, we made a couple of commitments to the broker community,” Fisher said. “One, that we were going to double down on our commitment to them. … And our second commitment was that we were going to do everything that we could to enable their success in a purchase market.”

In addition to pricing changes, Rocket Pro is introducing tools intended to help brokers identify and expand agent relationships.

A feature within its Navigate platform is described as a “ChatGPT built exclusively for loan officers.” It will allow brokers to surface agents they’ve worked with over the past three years and generate suggested outreach, while a separate integration with Model Match is designed to identify new potential agent partners.

“Navigate is for the agents that you know and you want to work with again; Model Match is for the agents that you want to meet and get to know. And we’re going to help you do both,” Fisher said. “So we really want to make sure we’re not just giving price, but we’re giving all of the tools, trying to create a smarter and stronger way to start the purchase season.”

The company is also rolling out a suite of marketing and sales materials — including a partner playbook, presentations and social media assets — to help brokers convert these relationships into closed loans. Fisher credited Austin Niemiec‘s return to lead Rocket Pro as a catalyst for the incentives.

“We just want to empower the broker community to be as successful as possible. Compass is an avenue to do that. … Pricing incentives are a way to do that. Product variability is a way to do that,” Fisher said.

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Rechat has launched AI Memo, a conversation intelligence tool that captures, transcribes and structures client conversations from in-person meetings or dictated voice memos.

The tool is now available to all Rechat users at no additional cost.

AI Memo is powered by Rechat’s AI assistant, Lucy — with an embedded coaching layer called Lucy Insight that analyzes each conversation and offers guidance on follow-up communications, positioning and missed opportunities.

“Real estate does not happen at a desk and it does not happen in neatly scheduled meetings,” Shayan Hamidi, founder and CEO of Rechat, said in a statement. “It happens in kitchens, in cars, after showings, and between appointments. AI Memo was built for that reality.

“Whether an agent records a meeting or simply talks through what just happened, Rechat turns it into structured memory, actionable follow up, and real coaching.”

Rechat cited research showing that people forget 50% of what was said in a conversation within an hour — and 70% by the next morning.

“Research shows people speak three times faster than they type,” said Emil Sedgh, chief technology officer at Rechat. “AI Memo’s voice dictation puts that speed to work after showings, open houses, and any conversation that never happens on a screen.”

AI Memo is native to Rechat — meaning notes are automatically connected to the right contact, deal and marketing record without copying and pasting.

Key features include two capture modes — live recording with client permission or dictated voice memo — plus structured output with a summary, key takeaways and suggested next steps rather than a full transcript.

“The agents who win client relationships aren’t the ones with better memory,” said Audie Chamberlain, vice president of strategic growth and communications at Rechat. “They’re the ones with better systems. AI Memo is that system, and because it lives inside Rechat, there’s nothing new to learn, no new app to download, and no additional cost. You turn it on, and every conversation from that point forward has a record.”

Administrators can enable AI Memo for their brokerage through Rechat’s settings. No additional subscription, upgrade or setup is required.

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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Mike Detwiler is returning to the company he co-founded more than two decades ago, stepping back in as CEO of Mortgage Cadence with a focus on reshaping mortgage origination through artificial intelligence and modern technology.

Mortgage Cadence announced Detwiler’s return Tuesday and he joined HousingWire CEO Clayton Collins on this episode of the Power House podcast to discuss his vision.

The news comes just days after private equity firm PartnerOne completed its acquisition of Mortgage Cadence, a move that was announced in October 2025.

“I’m thrilled to announce that I’m back as CEO of Mortgage Cadence,” Detwiler said during his conversation with Collins. “I had absolutely no idea in my wildest dreams that this was going to be an opportunity that was presented to me, but the stars aligned, so to speak.”

Detwiler co-founded Mortgage Cadence in 1999, building the platform during the early days of internet-enabled lending technology and acting as the company’s CEO. He later sold the company to Accenture in 2013 and, after departing from Accenture in 2015, went on to invest in and lead multiple housing and technology firms, including Class Valuation.

Addressing a fragmented mortgage ecosystem

Reflecting on the company’s origins, Detwiler said the idea for Mortgage Cadence emerged from seeing how fragmented the mortgage ecosystem was.

“We had customers [who] had multiple offices, but they weren’t connected. From a technological perspective, we found ourselves writing reports and reporting databases and reporting tools and creating extracts and workflow engines, and we realized, wow, most [of the] industry is very disconnected, but it seems like the mortgage lending business is very disconnected,” he said.

At the time, Detwiler brought a manufacturing background rather than mortgage experience.

“I viewed everything through the lens of manufacturing,” he said. “We started talking about how we’re manufacturing mortgages.”

That concept, he said, still hasn’t been fully realized across the industry.

“If you haven’t figured out how to deploy your team members to better manufacture a mortgage, how are you going to deploy agents to manufacture a mortgage?” he said, referring to the growing interest in AI-driven “agentic” systems.

A changed landscape

Detwiler returns to a mortgage technology sector that has evolved significantly, with new competitors and changing expectations around loan origination systems.

“The landscape has changed,” he said. “There’s always going to be new entrants coming in that are going to disrupt the players that are already in the space.”

He added that legacy providers like Mortgage Cadence face pressure to innovate or risk losing relevance.

“If we don’t fundamentally change and deliver on the manufacturing of the mortgage in the way that it should be done, we will be disrupted,” he said. “We will be dismantled. We will no longer be a player.”

Mortgage Cadence, now backed by PartnerOne, is aligned with his vision for growth through both technological innovation and expansion, Detwiler said, adding that mergers and acquisitions will play a role in the company’s strategy.

“They’re very much about empowering leaders and bringing support to leaders to help them succeed,” he said. “You can expect Mortgage Cadence to grow both organically … as well as growing inorganically through M&A.”

Detwiler said he looks forward to working with the backing of PartnerOne and to “empower” his team as best as he can, taking lessons from roles he’s held since being the CEO the first go around.

“Before, that [was] 30-year-old Mike Detwiler … this is the 50-year-old Mike Detwiler,” he said. “We’re different. We think differently…I feel like everything that I didn’t have back then, I have now. The ability to manufacture a mortgage and do data analytics in a way that’s never been able to be done before — I have that now.”

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U.S. homeowners continue to move forward with renovation projects despite persistent affordability challenges, prioritizing functionality and flexibility over resale value, according to a new report from Block Renovation.

The company’s “How America Renovates 2026” report — which is based on an online survey of 1,059 U.S. homeowners conducted between Feb. 19 and March 4, 2026 — found that 42% of homeowners say economic conditions, such as inflation and elevated interest rates, have influenced their renovation plans.

Despite the barriers, most are choosing to proceed. About 38% of respondents said they would absorb higher costs and stay on track, compared with 9% who would scale back projects and 8% who would pause them.

Renovations are largely being funded out of pocket, with 70% of projects financed through personal savings, underscoring what the report describes as a disciplined approach to home improvement spending.

Functionality is the primary driver behind renovation activity, with 68% of homeowners saying they are renovating to make their homes more livable, reflecting broader shifts in household composition.

Block Renovation CEO Julie Kheyfets said in an interview with HousingWire that the lock-in effect is driving homeowners to renovate their homes to meet their changing needs.

“Certainly, mortgage rates influence the market, and they determine how much people can move and buy new homes, which they renovate,” she said. “But another thing that’s a real secular factor, separate from mortgage rates, is just the shortage of housing supply in the country. It’s really challenging to build new homes in the United States. A lot of that is regulatory red tape.”

“A lot of people are priced out of buying a new home, not just because of mortgage rates, but also just because there’s not enough inventory … so what that means is more people have to renovate, especially as their families evolve,” Kheyfets added.

As a result, more than one in five respondents reported living in multigenerational households with two or more adult generations under one roof. “Four times as many Americans live in multigenerational households today as did 50 years ago,” Kheyfets said.

That shift is also fueling interest in accessory dwelling units (ADUs), with 17% of homeowners saying they are considering or actively planning to build an ADU. Of these respondents, 39% indicated the space would be used to support family care, such as housing relatives or caregivers.

Kheyfets said the reasons for having an ADU range from adult children not being able to afford their own homes or homeowners renting out the unit for extra income. These are more realistic goals given that state legislatures are beginning to override local regulations that made ADUs previously inaccessible to many homeowners.

While affordability remains a concern, the report found that trust has emerged as the biggest barrier to renovation. Thirty percent of respondents cited finding a reliable contractor as a key challenge, surpassing the 24% who pointed to high costs.

As a result, Block Renovation has created a vetted contractor network.

“This is a stranger you’re bringing into your home. They’re making your home a construction site. They’re around your kids, they’re around your family, and they’re in your home for months at a time,” Kheyfets said.

“We maintain a vetted network of contractors, and we vet them upfront. We only accept 7% of contractors who apply. … We also manage the network actively on an ongoing basis, so we can see all the work that they do [and] the quality of work. We can see how responsive and professional they are with our homeowners, and that also gives those contractors a strong incentive to do great work to receive more projects.”

Aside from finding trustworthy professionals, 20% of survey respondents said uncertainty around project pricing creates hesitation early in the process. Many are turning to artificial intelligence to get an accurate quote or assessment as nearly one-quarter of homeowners reported using AI tools, up from 9% a year earlier.

Adoption is particularly high among millennials, with 42% reporting usage. Among those who use AI, 84% said the tools influenced at least one renovation decision — most commonly in design, layout planning and cost estimation.

“For homeowners today, renovating is about adapting the home to real life,” Kheyfets said in a statement. “Americans are renovating to create more flexible, functional living arrangements, and they are increasingly turning to AI to manage the process.”

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For decades, mortgage underwriting has followed the same basic structure: verify income, review credit, apply ratios, and make a decision.

The tools have improved. The thinking largely hasn’t.

Automated systems like Desktop Underwriter and Loan Product Advisor can process loans faster than ever. But they still rely on a core assumption: if income can be documented, it can be trusted.

That assumption is increasingly insufficient.

Because in modern lending, the real question isn’t whether income exists. It’s whether income holds up over time.

And today’s system isn’t built to answer that.

The blind spot: Income amount vs. income behavior

Mortgage underwriting remains fundamentally document-driven.

W-2s, tax returns, pay stubs, and bank statements confirm that income occurred. But they say very little about how that income behaves.

Consider two borrowers earning $200,000:

• One has stable, biweekly salary deposits, strong reserves, and consistent cash flow 
• The other has irregular deposits, volatile income, and minimal liquidity 

Same income. Very different risk.

Yet the system often treats them as equivalent because it validates the amount rather than the behavior.

Research following the 2008 financial crisis consistently found that payment shocks, income volatility, and liquidity constraints are key drivers of mortgage default — often more predictive than initial income levels alone (Federal Reserve, CFPB).

That gap between what underwriting measures and what actually drives risk remains unresolved.

The industry has the data — but not the model.

Over the last decade, lenders have gained access to something far more powerful than documents: financial behavior.

Through payroll integrations, asset verification, and cash-flow data, lenders can now observe:

• Deposit frequency and consistency 
• Income volatility and seasonality 
• Liquidity and reserve buffers 
• Cash-flow gaps and stress periods 

This is often described as “cash-flow underwriting.”

But most implementations stop at visibility.

They show the data — but don’t structure it into something a lender can decisively act on.

More data alone didn’t fix underwriting because the constraint isn’t access.

Its interpretation.

Why this matters now

This limitation is becoming more visible as borrower income profiles evolve.

Self-employed borrowers, gig workers, and commission-based earners now represent a growing share of the market. At the same time, lenders face increasing pressure to balance access with loan quality and repurchase risk.

Traditional documentation struggles in both directions:

• It can overstate strength for unstable income 
• And understate strength for variable but well-supported income 

That creates inefficiency — and missed opportunity.

The shift: Verification first, not last

In most workflows today, income verification happens late — after documents are collected, reviewed, and conditioned.

That creates friction at the worst possible moment.

A verification-first model flips the sequence.

Instead of starting with borrower-provided documents, lenders begin with independently verified data:

• Payroll records 
• Tax transcripts 
• Employment data 
• Asset and deposit flows 

This establishes a verified financial baseline before underwriting begins.

Importantly, this approach does not replace existing frameworks such as ATR/QM or AUS decisioning. It strengthens them.

The difference is that the “reasonable determination” of repayment ability is based on structured, validated data rather than fragmented documentation.

What enters underwriting is no longer just a file.

It’s a decision-ready dataset.

From verification to decision signals

Verification alone isn’t enough. It has to translate into signals that improve decision-making.

A durability-based framework produces three:

1. Verification strength
How consistently is income confirmed across independent sources?
Aligned payroll, deposits, and tax data increase confidence. Gaps reduce it.

2. Income stability
How predictable is income over time?
Regular deposits within a narrow range indicate stability. Irregular timing or concentration suggests volatility.

3. Cash-flow alignment
Does reported income translate into sustainable financial behavior?
Strong reserves and consistent balances indicate alignment. Frequent low-balance periods signal potential stress.

This moves underwriting away from interpretation — and toward evidence.

What income durability looks like in practice

Two borrowers. Same qualifying income: $120,000.

Borrower A

• Salaried, biweekly income 
• Deposits consistent within a narrow range 
• Maintains 4–6 months of reserves 
• No meaningful cash-flow gaps 

Durability profile: High
Income is predictable, repeatable, and supported by liquidity.

Borrower B

• Self-employed consultant 
• Income arrives in large but irregular deposits 
• Earnings concentrated in certain months 
• Limited reserves between cycles 
• Periodic near-zero balances 

Durability profile: Moderate to weak
Income exists — but it is uneven and more exposed to disruption.

Under traditional underwriting, both borrowers may qualify similarly.

Under a durability-aware model, they do not.

Because durability answers the forward-looking question that underwriting is meant to address:

Will this income continue to support repayment over time?

Where this changes outcomes

This shift is not theoretical. It shows up quickly in both operations and performance.

In practice, lenders see:

• Earlier detection of income volatility and liquidity stress 
• Fewer late-stage conditions and resubmissions 
• Reduced file rework and underwriting friction 
• Clearer differentiation between similar borrowers 
• More confident approvals, particularly for nontraditional income 

Just as important, this approach can expand access.

It does not penalize variable income — it distinguishes between:

• Income that is variable but supported 
• Income that is variable and fragile 

Many borrowers with nontraditional income are stronger than their documents suggest. The difference is whether variability is backed by consistency and liquidity.

Implementation: Evolution, not disruption

This is not a system replacement. It is an analytical layer.

Verification-first models integrate through existing payroll, VOI, and asset data providers. Outputs feed into current LOS and AUS workflows as structured inputs.

Underwriters still underwrite.

But they do so with:

• Pre-validated data 
• Clear confidence signals 
• Reduced ambiguity 

The shift is not regulatory.

It is analytical.

The bottom line

Mortgage lending ultimately comes down to one question:

Can the borrower repay the loan over time?

Answering that requires more than confirming that income exists. It requires understanding how income behaves under real-world conditions.

In the next cycle, the competitive edge in mortgage lending will not come from faster decisions alone — it will come from better ones.

And that starts with understanding not just whether income is verified, but whether it is durable.

Gerald Green is the CEO of Veri-Search.
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.

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Americasa, a division of Nationwide Mortgage Bankers (NMB), has promoted Yasser Valdes Herrera to president.

Since December 2023, he has been based in Miami and has served as vice president of Americasa, a Spanish-language mortgage platform helping the Hispanic community achieve homeownership.

“Yasser has such an incredible drive and understands that our business is rooted in the success of those around us, including our loan officers and the customers that look to us to educate and inform along their pathway to homeownership,” said Richard Steinberg, founder and chairman of NMB. “We are proud of his leadership and are thrilled to name him as President of Americasa.”

As president, Herrera will continue to lead the company’s team of mortgage originators and oversee the loan origination process from application to closing.

He first joined the company in 2022 as a loan officer before being promoted to producing sales manager.

After training to become an industrial engineer in Cuba, Herrera immigrated to the U.S. in 2013. Within six months of securing a job at a Miami car dealership, he rose to be that company’s top salesman.

“Nationwide Mortgage Bankers and Americasa are an amazing mortgage industry leader and partner that has not only enabled my success but also allowed our company’s team of mortgage bankers to thrive,” Herrera said in a statement. “Customers in the Spanish language community know that the Americasa brand stands for quality, education and vigorous consumer advocacy.”

Headquartered in Miami, Americasa has expanded with additional offices across Florida in Fort Myers and Doral as well as Houston; West Hartford, Connecticut; and East Islip, New York.

Hispanics added a net gain of 441,000 homeowner households in 2025, the largest single-year increase since the U.S. Census Bureau began collecting the data in 1975.

Without Hispanic buyers, the total number of U.S. homeowners would have declined by 125,000 households last year, according to the National Association of Hispanic Real Estate Professionals (NAHREP).

The homeownership rate for Hispanic households was about 48.7% in the fourth quarter of 2025.

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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Click n’ Close announced its appointment of Delores Lopez as chief operating officer, effective Monday.

In this role, Lopez will lead operations, drive scalable growth initiatives and implement operational strategy across the organization — reporting to company President Ian Kimball.

“I’m pleased to welcome Delores to Click n’ Close,” said Kimball. “Her deep operational expertise and proven leadership across multiple functions will be instrumental as we continue to scale the business, strengthen our platform and support our partners and borrowers with greater efficiency and consistency.”

Lopez will also focus on supporting long-term growth and optimizing performance across Click n’ Close’s national footprint as the company continues to expand.

She joins the company as it builds on down payment assistance programs and One-Time Close construction lending while expanding its reach across wholesale, correspondent and consumer direct.

Lopez most recently served as executive vice president of mortgage operations at Titan Bank — where she played a key role in building and scaling the bank’s correspondent channel while guiding operations across the full loan life cycle.

Prior to that, Lopez spent more than a decade at Supreme Lending — including as chief enterprise risk officer — helping shape risk culture and strengthen quality and compliance practices.

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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A growing number of private sector employers have quietly begun offering workers a benefit that helps them live closer to the office at a price they can afford.

As housing costs soar, it has been policymakers nationwide who’ve hogged the headlines, zeroing in on zoning reform and regulatory rollbacks as fixes for America’s housing affordability crisis.

But they’re not the only ones whose interests square with the nation’s mismatch in access to an attainable supply of housing options for more working households.

Employer-assisted housing remains far from a mainstream benefit.

Surveys suggest only a small share of companies offer any direct housing help, and many of those that do are universities, hospitals or public-sector employers. Private-sector human resource professionals are watching closely but moving cautiously, weighing the cost of housing subsidies against other priorities such as health care and retirement plans.

Even with an increase in housing supply, workers chasing affordable homes may still commute an hour or more to their jobs. They accept a manageable rent or mortgage but endure a “drive-’til-you-qualify” punishing commute, particularly in high-cost cities such as Los Angeles.

“Housing affordability has gone from being a private, kind of personal, family, household issue to now it’s a workforce issue,” George Fatheree, founder and CEO of ORO, a tech startup that helps companies manage housing as an employee benefit, told The Builder’s Daily. “When you’ve got employees who are coming and they’re stressed because 45% of their monthly paycheck is going to pay rent, and they’re broke, and it’s a crowded space, they are not showing up and doing their best work.”

When employers decide to step in

Unlike government-backed programs that match employer dollars, some companies fund housing help entirely on their own. Fannie Mae was an early adopter, launching an employer-assisted housing benefit in 1991 that offered first-time homebuyers on its staff a loan for down payment and closing costs, forgiven over time as long as the employee stayed with the company.

More recently, national employers such as Amazon and Walmart have experimented with down payment help, rent support and other housing benefits as part of broader efforts to recruit and retain workers in expensive regions.

These private programs typically mirror public employee-assistance models but cut the government out of the equation. In a common design, the employer offers a second mortgage or soft loan that covers part of the down payment, then forgives a portion of the balance each year the worker remains employed. Other companies opt for lump-sum grants at closing, security-deposit assistance for renters or recurring stipends meant to close the gap between wages and local housing costs.

Do the programs work?

Brian, an engineer at an L.A. aerospace company (he didn’t want to disclose his full name and employer because of a confidentiality agreement), told The Builder’s Daily that he liked working for his employer but was commuting a long distance. He started a job search after eight years at the company because he needed to earn more to buy a house he could afford. In L.A., that meant a job outside the city.

He simply wanted to spend more time with his family and less time commuting.

When ORO became a partner with his company, Brian decided to try the assistance program. After his selection, his employer helped him buy a triplex. The company showed flexibility on the purchase, even though multifamily housing was not part of the original program.

He and his family live in one unit and rent out the other two. The triplex sits about three miles from his job.

“I go home during my lunch time,” Brian said.

For advocates, the case is simple

Advocates say the logic of the private sector model is straightforward. If zoning reform eventually produces more housing but workers still cannot live near their jobs, employers will continue to struggle with turnover, absenteeism and staffing shortages.

A housing benefit, they argue, can be more targeted and immediate than waiting for new construction to reach moderate-income workers.

“The reality is, having affordability has become so tough that it’s impacting the talent you hire and keep and the folks who are coming in,” Fatheree said.

The programs vary in generosity. Some offer just a few thousand dollars toward closing costs or a modest rent stipend. Others, often in sectors that compete aggressively for talent, go further. Benefits of $10,000 to $20,000 in forgivable assistance are not uncommon in more robust offerings, especially when employers seek to anchor workers in specific neighborhoods near large campuses or downtown offices.

The model is not without its challenges and sources of worry. Some raise concerns about power dynamics when a person’s boss effectively becomes their housing provider. Labor advocates warn that employer-owned or master-leased housing can resemble a “company town 2.0” if tenants fear that losing a job could also mean losing their home. Best practices, experts say, include avoiding mandatory on-site residence and separating tenancy rights from employment status.

Despite those concerns, interest appears to be growing as employers confront rising housing costs that eat into wages and fuel worker unrest. Housing programs now appear alongside student loan repayment and tuition assistance on the list of nontraditional corporate benefits.

For housing advocates, employer-assisted housing is no substitute for large-scale production of new homes or reforms that allow more apartments near jobs and transit.

However, in a moment when “affordable” often means “far away,” they see assistance programs as one of the few tools that can immediately shrink the distance between where people live and where they work.

This post was originally published on here. 

Mortgage delinquency rates are increasing modestly from historic low points as declining cure rates push more borrowers into serious distress, even as affordability has improved on a year-over-year basis, according to Intercontinental Exchange (ICE)’s April 2026 Mortgage Monitor.

The report, which draws on ICE’s McDash loan-level database and home price index, shows the national delinquency rate reached 3.72% in February, up 7 basis points from January. This was driven by seasonal increases in both early- and late-stage delinquencies. The rate is up 20 bps from a year earlier but remains slightly below pre-pandemic levels.

The number of borrowers with a single payment past due increased by 43,000, while loans at least 90 days past due but not in foreclosure increased by 17,000.

More notably, serious distress is climbing. About 878,000 loans are now either 90-plus day past due or in foreclosure. That’s up 25% — or roughly 175,000 loans — over the past four months to mark the highest level since mid-2018 outside of pandemic-era disruptions.

Government-backed loans are driving much of that increase. Federal Housing Administration (FHA) mortgages account for more than 80% of the recent rise, with seriously delinquent FHA loan volumes up more than 40% over that period.

While default activity has been trending gradually higher, ICE attributed the recent jump in serious delinquencies more to weakening recoveries than to a surge in new defaults.

Cure rates, or the share of delinquent borrowers who return to current status, have fallen more than 40% since the third quarter of 2025 and roughly 70% among the FHA loan population, marking a return to pre-pandemic norms.

At the same time, the 90-day default rate is up 13% from two years ago, indicating a gradual upward trend in borrower distress.

Foreclosure activity remains below pre-pandemic levels but is rising on an annual basis. February saw 35,000 foreclosure starts, down 16% from January but up 6% from a year earlier and still 19% below 2019 levels.

Forbearance trends may be contributing to the shift. The share of seriously delinquent loans in forbearance rose late last year and has begun to ease as borrowers reach the end of their initial three-month plans. How these borrowers perform as they exit forbearance will be a key indicator of default risk through 2026, ICE said.

Rates and affordability

Mortgage rates have been volatile in recent weeks amid geopolitical and inflation concerns.

The 30-year conforming rate fell below 6% in late February for the first time since early 2023 but has since climbed roughly 40 basis points, reducing refinance incentives and trimming some affordability gains from early 2026.

The number of borrowers with a financial incentive to refinance has dropped 60% from recent peaks, reversing gains seen in late 2025 and early 2026. Even so, affordability has improved compared with a year ago. At a 6.35% rate, the monthly principal and interest payment on an average-priced home is about $2,169, up 4% from February but down 3% from March 2025.

That payment now represents 28.9% of median household income, down from 30.8% a year earlier but still well above long-run norms.

Across markets, affordability has improved in 99 of the 100 largest U.S. metros over the past year. New Haven, Connecticut, is the lone exception, requiring 0.2 percentage points more of household income than in March 2025.

Meanwhile, many markets in California and other high-cost coastal regions remain significantly stretched relative to historical averages.

Borrowers remain highly cost-sensitive. ICE survey data show 75% rank securing the lowest interest rate as their top priority, yet roughly 80% consider only one or two lenders when shopping for a lender.

Inventory and housing supply

Housing inventory continues to recover but remains below pre-pandemic levels, with notable regional divides. Active listings were up 8% year over year in February, the slowest growth in more than two years, and still about 11% below 2017–2019 averages.

Supply remains particularly constrained in the Northeast. Markets like Hartford and Bridgeport, Connecticut, continue to face inventory deficits of roughly 78% compared with pre-pandemic norms.

New listings are also limited, running about 16% below historical averages. Survey data show 62% of homeowners have no plans to sell anytime soon, with older homeowners especially unlikely to list.

ICE data suggest inventory is likely to recover gradually rather than surge at a specific mortgage rate threshold, as homeowners with below-market rates remain reluctant to move.

Home price growth, meanwhile, remains subdued but is showing early signs of stabilization.

Annual home price growth measured 0.4% in early March, reflecting soft conditions over the past year. On a monthly basis, however, prices have posted their strongest gains in nearly a year, with most markets showing some degree of firming.

The Midwest and Northeast are seeing stronger price appreciation, while parts of the South and West continue to experience softer or declining prices.

Single-family homes continue to outperform condominiums, with prices up 0.74% year over year compared with a 2.1% decline for condos.

Looking ahead, ICE said borrower behavior during the spring homebuying season will be critical in determining whether recent price stabilization can be sustained.

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. 

Coldwell Banker Reliable Real Estate — formerly the largest Coldwell Banker franchise affiliate in New York City — has launched a new independent brokerage, MYNY.

The company is now in its 20th year in business, with 18 of those spent under the Coldwell Banker banner.

Office locations include Brooklyn, Manhattan and Long Island and a service net covering all five boroughs, Long Island and the Hamptons.

Going independent comes as brokerages respond to consolidation among major firms, evolving compensation structures and increasing demand for marketing and technology support.

“After 18 years in a franchise system, we made the decision to build something that actually works for New York,” said Joseph Hamdan, principal of MYNY.

MYNY — short for MY New York — said it will focus on agent development, local market expertise and modern marketing while providing agents with access to leadership, training and resources.

The brokerage has expanded its reach through Leading Real Estate Companies of the World, a global network of more than 550 firms and 135,000 sales associates across 70 countries.

“We’re shaping the company to better reflect how this market works, and to give serious agents a platform that fits how they operate,” Hamdan added.

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. 

Redding, California-based Reverse Focus announced April 3 that it has entered into a definitive agreement to acquire Apiro Marketing as it looks to expand beyond reverse mortgages and deepen its marketing and content offerings for the broader U.S. mortgage industry.

Reverse Focus operates a marketing software platform for reverse mortgage originators, and it publishes industry news and analysis on HECMWorld.com. The firm says its platform supports more than 20% of all reverse mortgage transactions in the marketplace, according to company materials.

Apiro Marketing, founded about a decade ago by Australian entrepreneur Andrew Montesi under The Montesi Co., provides brand, digital marketing and growth services to professional services firms, including mortgage, real estate investment and financial services companies.

As part of the acquisition, Montesi will lead strategy and growth initiatives at Reverse Focus, including a redesign of ReverseFocus.com. The combined operation will offer integrated software and marketing solutions alongside expanded mortgage industry content on HECMWorld.com.

“This partnership is a big win for Reverse Focus and also the mortgage industry, as we significantly expand our offering by bringing Andrew and his team of experienced marketers and content producers officially on board, building on the relationship that we have already developed with Apiro over the last few years,” Reverse Focus CEO Eric Hiatt said in a statement.

Hiatt said Montesi brings more than 20 years of marketing, media and business growth experience, with much of it tied to mortgage and property-related businesses and small-business owners. That background, Hiatt said, is intended to deliver “instant value” to reverse mortgage originators while Reverse Focus looks to expand into the forward mortgage market and adjacent sectors.

Shannon Hicks, co-founder of Reverse Focus and editor in chief of HECMWorld, said the deal is expected to extend the reach of the company’s media arm.

“Andrew’s expertise, along with the Apiro team, will expand the reach of HECMWorld while continuing to deliver valuable insights to reverse mortgage professionals,” Hicks said.

Montesi framed the acquisition as a way to consolidate prior project-based work between the two firms into a single growth strategy.

“It is a great honor to be joining Reverse Focus, having already built great relationships with Eric and the team, and now formally uniting around a shared vision for the future,” Montesi said. “This partnership enables us to add enormous instant value to existing and new Reverse Focus clients and HECM World advertisers, while also bolstering our suite of services and support for existing Apiro clients.”

The deal underscores how reverse mortgage technology and marketing providers are repositioning for a more competitive, lower-volume market across all mortgage products. As lenders and originators look to squeeze more production out of fewer leads, bundled offerings that combine customer relationship management (CRM) and marketing automation with content production and strategic advisory work are becoming more common.

For reverse mortgage originators, the move signals that one of the sector’s key software and media players aims to broaden its focus beyond Home Equity Conversion Mortgages (HECMs) to serve a wider range of mortgage professionals. That could translate into new tools, campaigns and educational content that align reverse with forward mortgage practices, as well as more integrated marketing options for lenders and brokers that operate across product lines.

Consolidation of niche marketing agencies into established mortgage tech platforms also reflects a broader industry trend as firms are trying to centralize vendor relationships, reduce overhead and improve data consistency across marketing channels. Housing professionals evaluating vendors may see more combined software-as-a-service pitches like this as marketing, content and technology continue to converge.

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 largest U.S. mortgage lenders retained significant market share in 2025, with the top 10 institutions accounting for roughly 23.5% of all originations. That’s according to an analysis of Home Mortgage Disclosure Act (HMDA) data released by Polygon Research.

Data published by the Consumer Financial Protection Bureau (CFPB) shows Rocket Mortgage and United Wholesale Mortgage (UWM) leading the market by loan count.

Rocket Mortgage originated 429,332 loans during the year, narrowly ahead of UWM at 422,120. The two lenders remain far ahead of the rest of the field as CrossCountry Mortgage (CCM) held third place with 125,099 loans.

PennyMac Loan Services took fourth place with 100,816 and JPMorgan Chase took fifth place with 94,243. They were followed by loanDepot, Bank of America, Guild Mortgage, Veterans United Home Loans/Mortgage Research Center and Navy Federal Credit Union.

The 2025 data points to a growing mortgage market alongside continued consolidation among lenders. Total originations rose 10.1% by loan count and 17.8% by dollar volume compared to 2024, while the number of active lenders declined year over year.

The average loan size reached $352,553 in 2025. The average property value was $610,409 and the average applicant income was $195,022. The average interest rate for the year was 6.781%.

By dollar volume, UWM ranked first with $164.3 billion in originations, outpacing Rocket at $116.2 billion. JPMorgan Chase placed third at $66.3 billion.

The next tier of lenders by volume included CCM at $49.1 billion, Wells Fargo at $48.2 billion and Bank of America at $37.3 billion. PennyMac, US Bank, Rate and Mortgage Research Center rounded out the top 10.

The rankings highlight a market in which a small group of large lenders continues to dominate production, even as thousands of smaller institutions remain active. While overall origination activity increased in 2025, the number of reporting lenders declined year over year, pointing to ongoing consolidation across the mortgage sector.

The top dogs

The top three originators based on loan count all experienced advancements in tech, expansions and talent throughout 2025.

In July, Rocket Companies completed a $1.75 billion all-stock acquisition of real estate brokerage Redfin, and in October, it completed its acquisition of Mr. Cooper Group for $14.2 billion.

As part of the deals, Mr. Cooper CEO Jay Bray became president and CEO of subsidiary Rocket Mortgage, and Redfin CEO Glenn Kelman announced his departure at the start of 2026. The company also announced a companywide layoff in July 2025 and offered voluntary separation packages to select employees in March 2026.

Other longtime Rocket employees like Mike Fawaz and Dan Sogorka announced their departures from the Detroit-based company.

But the company’s operations were not at the forefront during Rocket’s full-year 2025 earnings call.

“2025 was where Rocket demonstrated who we are. We acquired Redfin. We acquired Mr. Cooper. We executed and delivered against our goals in every quarter,” CEO Varun Krishna said during the company’s earnings call. “We grew market share to 5.5% in Q4, up from 3.8% the year prior. This is no coincidence. It is the result of strategy and disciplined execution.”

Several tech moves and product announcements, including the introduction of debt-service-coverage ratio (DSCR) and bridge loans, also characterized Rocket’s 2025 business activity.

UWM, meanwhile, announced its own mergers and acquisitions plans just before the end of 2025. In December, United Holding Corp., the parent company of UWM, announced an all-stock deal to acquire real estate investment trust Two Harbors Investment Corp. for $1.3 billion to bring servicing in-house.

That deal, however, fell through after Two Harbors terminated the agreement and instead agreed to be acquired by rival CrossCountry Intermediate HoldCo in an all-cash deal valued at $10.80 per share. The deal would have been UWM’s first acquisition in company history.

UWM’s 2025 was otherwise categorized by multiple incentive programs, including a partnership with Bilt that allows UWM customers to earn Bilt Points each time they make an on-time payment. The company also relaunched its 1% down payment program, Conventional 1% Down, in June 2025 and launched a suite of AI tools ahead of its annual UWM LIVE! event.

CrossCountry continued its upward trajectory following its fourth-place ranking for 2024. The company announced an expanded partnership with digital banking platform Blend and brought on key executives like Brian Covey to drive recruiting efforts.

CrossCountry’s parent also partnered with a fund backed by Ares Alternative Credit and Hildene Capital Management to grow its nonagency mortgage asset management business. The deal included $1 billion in equity commitments, supporting about $20 billion in new investments for CCM’s non-QM platform.

The Ohio-headquartered lender is coming in hot at the start of 2026, not only by usurping UWM’s deal for Two Harbors but also by launching a dedicated builder division to capture purchase share.

This post was originally published on here. 

History doesn’t repeat itself, but it frequently rhymes. In the years before the 2008 mortgage crisis, financial “innovations” promised to unlock homeownership for millions. Each new product was marketed as pro-consumer and pro-efficiency, yet each gradually eroded the information needed by the people downstream who were pricing risk. The crisis produced a generation of regulatory reform premised on one simple lesson: when the information underlying credit decisions is distorted, manipulated or concealed, the consequences don’t stay contained to the transaction where the distortion occurred.

Today’s innovation is seller choice in the form of private listings: homes that are marketed extensively before they ever appear on a Multiple Listing Service (MLS), and seemingly with the express purpose of hiding days on market and price drop information. Much of the debate has centered on market fairness and fair housing concerns. But there’s a more systemic problem: what private listings do to the mortgage data infrastructure that sits underneath every transaction.

The landscape is shifting

For generations, MLSs were the central repository of residential market activity, built on mandatory participation and standardized data. While its compulsory nature often rankled agents, the result has been a reliable record used by appraisers, Fannie Mae, Freddie Mac, FHA, the FHFA, and every automated valuation model (AVM) feeding the mortgage origination process. Antitrust law accommodates this arrangement because the cooperative produced something no single firm could produce alone: a standardized, honest market record with data integrity.

The landscape shifted following Sitzer/Burnett and NAR’s subsequent retreat from MLS policy enforcement, which collectively accelerated the breakdown of longstanding cooperation norms. Private listings, once a marginal slice of transactions, have quickly become more prominent. By Q1 2025, Compass – the SoftBank-backed, NYSE-listed brokerage that became the largest in the country following its recent merger with Anywhere – reported that 48.2% of its listings nationally started as private exclusives, nearly 19,400 homes in a single quarter.

No one has championed this model more aggressively than Compass CEO Robert Reffkin. Compass has argued in op-eds, court filings and marketing copy that days on market and price reduction history are “negative insights” and “killers of value.” Lead paint might be considered a killer of home value too, but manipulating the fact of its existence isn’t a marketing choice – it’s concealment. It’s a naturally attractive strategy to sellers, but it deprives everyone else downstream of crucial data.

Price drops and time on market are vital for accurate appraisals

These aren’t arbitrary concepts invented by MLSs. FHFA’s Uniform Appraisal Dataset requires that days on market be considered for every GSE-backed appraisal. GSE standards require appraisers to reconcile a property’s full listing and price-drop trajectory against the broader market’s exposure time, treating these metrics as key evidence of what a home is truly worth.

Days on market and price reduction history are the market’s observable record of exposure: how long a property took to find a buyer at a given price. A home marketed privately for 60 days with multiple price reductions, then placed on the MLS and sold immediately, appears to have sold in one day at full list price. The selling price provides a comparable number, but exposure time provides the context needed to interpret it. The data isn’t just missing from the system, it’s replaced by a signal that suggests the opposite. That laundered sale record becomes a comparable that appraisers are required to draw from, influencing valuations that feed directly into lending decisions and the pricing of mortgage credit.

A niche model now goes mainstream

Until recently, there was reason to think the private listing regime might just be an outlier. There was initial resistance to most listings marketed outside the MLS, but that resistance collapsed quickly. Major portals and large brokerages are now converging on pre‑market products where de facto public listings are paired with suppression of market exposure data during the preview window, with that suppression explicitly marketed as a benefit to sellers. Within the space of a few months, what was once a niche model is quickly becoming mainstream.

Private listings have always had a legitimate place for those who need privacy or discretion, such as domestic violence survivors or executives and public officials with security concerns. “Coming Soon” listings with a reasonable time restriction, or legitimate in-office exclusives, can serve the seller that truly needs extra time. Most MLS policies accommodate those scenarios.

What’s now being sold is intentional suppression of pre-marketing data. This is not merely a disclosure issue at the transaction level; it’s a mortgage integrity issue at the system level.

We have already learned what happens when the information underlying mortgage credit decisions is compromised at scale. The question is whether regulators and industry leaders act before the data is degraded enough to matter, or whether the “liar loans” of the 2000s give way to a more sophisticated and invisible form of data corruption that’s only noticed once it’s too late.

Anthony V. Mannino, Esq. is the CEO of Dual Mind Strategies.

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. 

Tradeweb is looking to expand its footprint into the residential private credit sector. But it didn’t have to build from scratch since it found a partner: Maxex.

Tradeweb, an operator of electronic trading platforms, moves over $3 trillion a day across the fixed-income landscape and commands roughly 80% of the agency mortgage-backed securities (MBS) market. However, the platform lacked exposure to non-agency loans.

Enter Maxex, a digital mortgage exchange built for this market. In early February, Tradeweb announced a strategic investment in and finalized a commercial partnership with Maxex. Financial terms of the transaction were not disclosed.

“Today, the top mortgage originators in the United States are directly connected to Tradeweb – that’s where they’re going every day to sell their agency, TBA, spec pool business, on a forward basis.,” Tom Pearce, Maxex CEO and founder, said in an exclusive interview with HousingWire. “We’ll be able to have on that same landing page where they’re selling their agency, the Maxex icon right there for non-agency.”

The integration is already underway, starting with what Pearce calls the “lowest-hanging fruit”: bulk trading capabilities. Slated to roll out in the second or third quarter, the integration provides an easier technological bridge before the companies tackle the greater complexities of flow execution.

For Tradeweb, the partnership unlocks a highly sought-after asset class for its 3,200 global institutional clients across 85 countries, offering them an efficient way to acquire loans and express a view on credit through the Maxex platform. Furthermore, the partnership will extend Tradeweb’s direct pricing down to roughly 1,500 smaller mortgage originators who previously had to rely on intermediaries and regional broker-dealers to access the market.

Pearce said the ultimate goal is for Maxex, which is tracking to hit $10 billion in trading volume, to compress the time it takes to move a loan from the closing table to an investor. In the interview below, Pearce also discusses the origins of the deal, the ongoing integration process and what this alliance means for the future of the private credit market.

Flávia Nunes: What does the Tradeweb deal mean for Maxex?

Tom Pearce: First of all, we weren’t looking for them. They came to us. When I founded the company 10 years-plus ago, the thesis was to build this independent market utility for the mortgage industry. But a lot of people would say: ‘What do you really want to be when you grow up?’ And it was: ‘We want to be the Tradeweb 3.0 for the residential loan marketplace.’ We’ve always thought about Tradeweb or MarketAxess as interesting models that we wanted to replicate. 

Matter of fact, the group that invested in Maxex, back in 2021, when JPMorgan invested, is the same group that led the consortium investments at JPMorgan into Tradeweb, which basically had ownership from across the dealer community. That’s also a thesis shared by JPMorgan, as where they wanted to see Maxex evolve.

FN: Why did Tradeweb come to Maxex?

TP: They are trading over $3 trillion a day across the fixed-income landscape. They actually hold about 80% of the agency MBS, the TBA markets, and the spec pool markets, which is the predominant way that originators hedge themselves and sell their forward production. They don’t have any non-agency or whole loan exposure. 

Part of what we’ve built is a proven network that’s taken us years to build: this trusted, conflict-free market utility for the mortgage market, and we’ve managed to get over 450 of the market’s leading participants, including every major dealer, plus the Blackstones of the world and other insurance and private credit all trading under the same contractual framework, using identical reps and warranties guidelines through the exchange.

They were looking for a battle-tested piece of infrastructure, platform, network that they could come in and lean into because they already had the agency market covered. Now we’re the non-agency market, which happens to be the largest, the fastest growing component, of the overall mortgage market.

FN: What is the size of this opportunity for Maxex?

TP: They have 3,200 global institutional clients in 85 countries around the planet. If you’re in credit, asset management, risk management, if you’re a broker-dealer, anywhere in the world, you come in every day and you log into two places: Bloomberg and Tradeweb. For us, being able to have that connectivity where everybody’s on everybody’s desktop is a powerful and transformative event, not only for Maxex but also for the mortgage market. We’re a liquidity provider who has facilitated over 270 private label mortgage-backed securities transactions.

FN: How will the connection with the Tradeweb platform work?

TP: Today, the top mortgage originators in the United States are directly connected to Tradeweb – that’s where they’re going every day to sell their agency, TBA, spec pool business, on a forward basis. We’ll be able to have on that same landing page where they’re selling their agency, the Maxex icon right there for non-agency. Assuming they’re signing up with us and the clearinghouse as Maxex, they can also sell non-agency production. It gives access to that same cohort of investors and originators, and one-stop shopping for both agency and non-agency in one place. That’s very powerful.

FN: How do you see this integration amid turbulence in the private credit market?

TP: If you look at private credit in general, it’s bifurcated into two places: corporate private credit and residential private credit. The $2.2 trillion corporate private credit market, alternative lending, has got some big headlines going on right now… What that’s done is it’s caused a tremendous amount of stress within the corporate private credit world.

That other $4.6 trillion residential private credit, that’s where we play, and the component of the residential private credit market, which is everything that doesn’t go to the GSEs, that’s performing phenomenally well. The credit fundamentals within the U.S. housing market are strong. There’s nothing subprime about anything that we do. If you want to do subprime mortgages today, you go to Ginnie Mae. They’re the king of subprime. What we do, we think of in the non-QM and non-agency markets, is traditional bank portfolio lending paper that is traded through our platform.

FN: How is the supply-demand balance in the platform right now?

TP: We have way more demand. A lot of that supply-demand imbalance is, if you call each mortgage in the United States that’s originated a widget, the widget manufacturing — for a lot of macroeconomic issues, between interest rates, the cost of housing, rental homes — there’s just not a ton of underlying widgets or supply of new mortgages being manufactured and put out in the secondary markets at the present time. 

That’s a function of the fact that a lot of people are still in a loan with a coupon below 4%. People are staying in their houses longer, not moving around. At Maxex, there are imbalances there, but there’s a lot of pent-up demand, that once rates come down, or other events may occur, we are ideally positioned to help provide liquidity to that originator ecosystem.

FN: Looking ahead, what is your long-term vision for this partnership?

TP: JP Morgan and Tradeweb are now our board of directors – they look at mortgages as the last frontier of a major large market. It’s the largest credit market in the world, the residential private credit market. Yet it had never been put on the centralized exchange until Maxex. A lot of what we’re doing with Tradeweb is about compressing the period of time between when a loan is closed with a borrower at the closing table, and when it can be sold to an investor or securitized, and compressing that time frame – we call it the velocity of capital. 

The faster we can do that through the exchange and trade with the different processes and technology, what that’s going to result in is better pricing, and it will ultimately help homeowners in the United States get access to mortgages at a lower cost.

FN: To what extent will this increased velocity of capital ultimately benefit borrowers?

TP: The folks that are in the moving business – packaging up, securitizing and selling loans, generally speaking – can only turn in their books somewhere between three and five times a year. Actually, in the best case four times a year for the most efficient ones that we know. That’s because you have to deal with a servicing transfer, custodial review process, third-party due diligence and loan audit. Loans can only be turned over during that period.

Let’s just say, in a 90-day period the loan is sitting on somebody’s balance sheet while it’s getting fixed or getting all of the pay. If we can take that time and cut it in half to 45 days, suddenly, on that same allocation of capital, instead of trying to look four times a year, we can return eight times a year. On the same capital, the return on equity for the dealer community and the folks out there is compressed, and they no longer have that carrying and hedging cost for that period, which translates into more competitive pricing.

FN: What volume is Maxex currently trading, and does the platform deploy its own capital in these transactions?

TP: We are tracking to do roughly $10 billion in volume on the platform, and we think we’ll double that in the next year. We hope to. We think we’ll just keep doubling it every year. We’re not just one buyer. We represent the aggregate liquidity and aggregate buying power of all of the buyers who are on our platform. 

We don’t take any market risk. We don’t take any hedging risk. We never buy a loan without it already being pre sold at a pre-determined price settlement date, and we don’t ever buy anything at one price with the intent of ever marketing it up at a higher price. We are the buyer of the loan from the seller and the simultaneous seller of the loan to the buyer, but before we buy it from the seller, it’s already pre-determined. We completely de-risk that process. We’re a pure technology company. We’re not an aggregator.

This post was originally published on here. 

There’s a reason the best brands in the world don’t just launch products. Instead, they use sophisticated pre-marketing strategies that thoughtfully control when and how a product enters the market. 

In retail, one of the most effective of these strategies is the drop: a product released at a specific moment – often for a limited time – to intentionally create buzz, urgency and demand.

There’s a wide range of businesses that engineer ‘drops,’ from luxury brands such as Balenciaga, Hermes and Rolex, to mainstream companies like Apple and Chipotle. 

It allows a brand to control the sales process, build mystique and create demand for future releases. And if pre-marketing is used to sell everything from burritos to iPhones to six-figure handbags, why not real estate? In fact, similar strategies have powered home sales for decades.

Since our founding in 2000, long before multi-phased marketing of listings became a headline issue, we were applying this approach at @properties Christie’s International Real Estate, first in new construction sales, where it helped us maximize absorption and pricing, and later in existing-home sales, through pre-market strategies. 

For us, the approach was never about limiting access. It was about introducing a listing in a more controlled manner to build demand, refine pricing and de-risk the sale before a full public offering. And it consistently yielded great results for our clients.

A test of who gets to define how real estate works

That’s why the recent debate over pre-market listings wasn’t just a dispute between two big industry players. It was a test of who gets to define how real estate works: the free market (practitioners and their clients), or platforms.

Zillow’s attempt to ban listings that weren’t immediately listed on Zillow (even when they were shared in the MLS for all real estate professionals to see) was a push to standardize behavior across an industry that has never been one-size-fits-all. It challenged discretion, consumer choice and agents’ ability to fulfill their fiduciary duties. It reduced strategy to compliance and tried to shift the center of gravity away from the agent-client relationship.

The market didn’t buy it. Agents kept advising clients based on what was in their clients’ best interests, and sellers continued to ask for flexibility given their own unique situations. Meanwhile, buyers, despite all the rhetoric, continued to value early access to listings.

Then came the inflection point. Compass International Holdings’ partnership with Redfin demonstrated that seller choice and consumer visibility were not mutually exclusive. 

The move forced Zillow to confront a simple reality: demand for this approach wasn’t going away. Their reversal, not only dropping the ban of pre-market listings that didn’t appear on Zillow first but also embracing pre-market listings through their own program, was a recognition that the market should determine the system, not the other way around.

Will MLSs come around?

Now that the industry’s largest portal has come to terms with this, it’s time to see if MLSs will too. The market has made it clear that phased exposure is both valued and effective. Listing policies should reflect that and not restrict it. 

In the meantime, Zillow’s recent acknowledgment is a win for agents. It reinforces our role as trusted advisors and validates the idea that how you bring a home to market is every bit as important as where buyers see it – something we’ve known for a very long time. 

It’s also a win for consumers, not in the abstract, but in practice. More options. Better execution. Less risk.

Lastly, the industry has sent a powerful message about control: control over data and intellectual property, control over best practices, and ultimately control over the agent-client relationship.

If we, as agents, hand that control to platforms, we become participants in someone else’s business model. If we maintain it, we continue to evolve as professionals, creating value in complex, high-stakes transactions.

That’s a win for all of us.

Thad Wong is Co-CEO of @properties and Christie’s International Real Estate, part of the Compass International Holdings (NYSE:COMP) family of brands. 

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. 

Elly Johnson has spent than 40 years in the mortgage industry, with the bulk of that time centered on reverse mortgages. That level of experience gives her the unique ability to train others on various aspects of the federal Home Equity Conversion Mortgage (HECM) and a growing array of proprietary loan products.

Johnson, who’s based in the Atlanta area, serves as the president of All Reverse Pro, a consultancy that helps originators, servicers and other companies with a range of tasks. She also influences the industry through her work as a board member with the National Reverse Mortgage Lenders Association (NRMLA).

Johnson recently spoke with HousingWire’s Reverse Mortgage Daily in a wide-ranging interview that touched on potential changes to the HECM and HECM Mortgage-Backed Securities (HMBS) programs; the challenges that companies face as they look to integrate reverse products into a forward-centric loan stack; and the compliance hurdles that remain even at a time when enforcement actions are grabbing fewer headlines.

Editor’s note: This interview has been edited for clarity and length.

Neil Pierson: Let’s start by talking about your background in mortgage banking and then turn to how you got into consulting.

Elly Johnson: My career in the mortgage industry spans over four decades, which has given me a comprehensive ground-up view of how housing finance has evolved. Over time, with all of my work in the reverse mortgage space, I recognized a critical need for specialized knowledge in this sector. This led me to establish my consulting firm.

As a sole proprietor, I work very closely with professionals in the reverse mortgage space to help them navigate operational complexities, ensure compliance and build sustainable practices within this highly specific market. Looking back, if we want to talk about some of the things that have changed over time, the reverse mortgage industry has made tremendous strides, particularly in consumer protection and portfolio stability.

I think two of the most significant issues we have successfully addressed are borrower sustainability and spousal protections. Implementation of financial assessment was what I consider a watershed moment and ensured borrowers actually have the capacity to maintain their property charges, which drastically reduced tax and insurance default rates.

While we’ve secured a much safer product for consumers, there’s still vital work to be done, in my opinion. In my role as chair of the NRMLA HUD Issues Committee, a primary focus remains on regulatory clarity and streamlining operations. We are continuously working with HUD to refine HECM guidelines so they’re more adaptable to current economic realities and liquidity challenges.

Pierson: RMD has spoken to several people about the potential improvements to the HECM and HMBS programs. Everybody has cited the principal limit factors and upfront mortgage insurance premium as hurdles. There’s even been suggestions to simplify the programs and potentially remove the borrower counseling requirements. What are people telling you about these proposals?

Johnson: I’d say the recent HUD request for information (RFI) couldn’t have come at a more critical time. Through my consulting work at All Reverse Pro and discussions on the NRMLA HUD Issues Committee, the feedback from lenders, servicers and issuers has been remarkably consistent. The industry is currently facing dual challenges — severe liquidity constraints on the secondary market side and restrictive barriers to entry on the consumer side.

The absolute primary pain point many issuers are facing, I think, is liquidity. Under the current rules, when HECM balances reach 98% of the maximum claim amount (MCA), issuers are obligated to buy them out of the Ginnie Mae pools. This buyout requirement places an immense, often unsustainable strain on their capital.

Furthermore, on the originations side, clients repeatedly tell me that while senior interest remains high, borrowers are experiencing sticker shock. The flat upfront mortgage insurance premium (MIP) represents a significant hurdle for them. And with today’s conservative principal limit factors, many seniors simply cannot access enough of their equity to meet their needs or make the loan mathematically viable for them.

Pierson: Specific to the HMBS 2.0 proposal, is there anything you can share? It looked like it was nearing the finish line at the end of the Biden administration, but now it’s been put on hold.

Johnson: Not specifically, other than just to say that NRMLA and the executive committee are currently working on some responses to Ginnie and the Federal Housing Administration (FHA) around that. But I can’t really give you many details on that at this time.

Pierson: In your consultancy, you help lenders scale up or implement new reverse mortgage programs. Are there many traditional forward mortgage lenders looking to expand into this space, and how would they go about doing that?

Johnson: The demographic data is undeniable and scaling up to meet this demand is a strategic conversation I have daily through All Reverse Pro. My firm actively partners with forward lenders to assess their operational readiness for this anticipated volume.

Preparing for this shift isn’t just about aggressively adding headcount; it’s about building compliant, efficient workflows and robust back-end infrastructures that can absorb growth while maintaining a high standard of care that this specific demographic requires. Forward lenders, in my opinion, should absolutely be exploring the reverse space, but their eagerness needs to be paired with careful preparation. Tapping into record levels of senior home equity should be a natural product extension to serve aging clients holistically.

In my opinion, a reverse division cannot simply be bolted on to an existing forward mortgage operation. If there’s one thing I’ve learned in my four decades in the mortgage field, it’s the operational pitfalls of treating a HECM like a traditional refinance. It requires dedicated leadership, specialized processing and customized compliance frameworks to succeed.

The biggest challenge in training new professionals, especially those transitioning from the forward side, is facilitating a complete paradigm shift. Traditional mortgage focuses heavily on debt to income and paying down a balance. A reverse mortgage is just that, a mortgage, but it’s fundamentally a cash-flow and retirement planning tool. The regulatory environment is incredibly specific.

The nuances of HUD guidelines like financial assessment and consumer safeguards has a steep learning curve, so effective training has to go far beyond software origination mechanics. It requires instilling a deep financial acumen, if you will, and empathy for the senior borrower.

Pierson: There are technology challenges between the forward and reverse channels. At the 2025 NRMLA Annual Convention in Minneapolis, Reverse Market Insight (RMI) explained the new tool they’ve introduced to help people coming over from the forward side. The technology is very disparate, right?

Johnson: Yes, crossing over into reverse mortgages certainly comes with its challenges for forward lenders — it can feel like learning a completely different language. But there is a tremendous amount of innovation happening right now to bridge that exact gap.

Take AI, for example. I know it’s the buzzword everyone is talking about, but it’s actually being put to highly practical use in our industry in a few key ways. A prime example of this lender-focused innovation is the new platform from REVERSE Plus. They’ve developed software specifically designed to remove the friction for forward loan officers looking to add reverse products to their portfolios.

Instead of just handing you a complex calculator, their software suite focuses heavily on training and comprehension before execution. It represents a major shift in the industry: moving away from just running calculations, and toward actually empowering you with the knowledge and vocabulary needed to confidently delve into the product.

Pierson: You do a lot of work around risk management and compliance. With reverse mortgage issues that might be handled by the Consumer Financial Protection Bureau, for example, the CFPB’s staff is obviously much smaller than it used to be and there’s been a recentered focus away from enforcement of regulations. What do your client discussions in that area focus on at present?

Johnson: Through my daily work with All Reverse Pro, I see lenders and servicers who are consistently zeroing in on a few critical risk management areas on the servicing side, because the Home Equity Conversion Mortgage is a life cycle product. The risk profile is unique.

I constantly emphasize that improving customer service actually begins long before the loan reaches the servicing phase. We’re pushing the industry to set highly realistic expectations at the origination level about what happens after the loan closes. Borrowers need to clearly understand that their servicer might change. They need to understand how to read their annual statements and the critical importance of returning their annual occupancy certificates.

Through NRMLA, we’re actively rolling out enhanced training for originators, focusing specifically on the transition from onboarding to maturity, so the handoff to servicing is seamless and that borrowers never feel abandoned. Some other primary focal points are managing property charge defaults, specifically taxes and insurance, and ensuring the flawless execution around trigger events like the borrower’s passing. Properly handling nonborrowing spouse transitions, managing life expectancy set-asides (LESAs) and delivering accurate, timely payoff statements are some of the areas where I see companies actively tightening their internal controls to help mitigate risk.

Adapting in this environment requires far more than reactive compliance. And it’s abundantly clear that the CFPB’s updated examination procedures demand extreme proactivity on the lenders’ and servicers’ part. To thrive in this shifting environment, companies have to build incredibly robust compliance management systems to ensure that their staffing models can genuinely support the complex, high-touch needs of the aging demographic they’re serving.

This post was originally published on here. 

Though I’ve never taken a marketing class, I remember fellow students quoting the famous Philip Kotler, who said that marketing is “the creation of demand.”  Simplistic to be sure, but a useful shorthand for that many-splendored thing that many of us do for a living.  We market to create demand, which enables us to sell our products and services.  A neat formulation. 

In recalling that, I realized what is broken in the “marketing” of Housing. We are doing a poor job of creating demand. 

Here, a digression is warranted.

Out for drinks with two well-heeled early-thirty-somethings, we got to talking about housing. In the course of the conversation, it turns out that both were renting apartments and that neither had any plans or desire to buy a house. Both sought ease and freedom over homeownership.  Both sought flexibility, mobility, and the appurtenances that come with high disposable income. 

I myself am drawn like a moth to the flame of freedom, and might do it differently if I could do it again.  I’ve been lucky that the house my wife and I bought in 2005 has appreciated, but owning it has come at a real cost- high mortgage payments, jitters when it went down in value for years, and anticipation of high costs when things, well, break down.  The costs of maintenance are high, and the pressure of “lock-in” is real.  Still, I found myself wanting to lecture on both the financial importance of homeownership and the idea that generational wealth must be built. Neither person has kids or wants kids, and, as such, the latter idea wasn’t particularly moving to them. Homeownership represented restriction to them, not freedom.

In housing, we assume that people want to own and our marketing presupposes this desire.  We talk endlessly of our rates, easy processes, and great brands and reputations.  But we market using a sort of “after the fact” methodology, forgetting Kotler’s basic premise that if we were marketing well, we’d be creating demand, not simply assuming it exists. The presupposition that demand exists or is natural is a bad one and simply does not apply to a vast swath of people for whom the “American Dream” lies elsewhere.

In a complex world, with many life narratives possible, and with a growing consciousness of living life in ways different than the cookie-cutter, post-War halcyon zone, Housing is more of a metonym than a true desire.  Sure, millennials will say they see homeownership as a distant dream, but I’m increasingly convinced that here, “homeownership” is a metaphor for financial success and stability, not about the house itself. When millennials say they can’t imagine a path to homeownership, they are really saying that they cannot imagine a path to financial freedom. The house is incidental. 

If we’ve missed one mark in “housing marketing,” it is this- we make a set of assumptions that all people are alike in their desires, and forget the basics- that as with all things, demand has to be created not just presupposed. 

That pivot is essential if we are to work to convince those who can afford homeownership but choose to avoid it that homeownership has untold advantages. Marketers must make assumptions but not stick to them rigidly in the face of massive changes in the desires, dreams, and decisions of an ever-changing population.  

Romi Mahajan is the CEO of ExoFusion.
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. 

Northwest Multiple Listing Service has filed counterclaims in federal court against Compass, alleging the brokerage’s “three-phase marketing program” is a deceptive scheme that hides listing data from the public and violates Washington’s Consumer Protection Act.

In the filing, the Kirkland, Wash.-based MLS argues that Compass’ strategy of scaling so-called “pocket listings” creates a “two-tier” marketplace, with fuller access for Compass-affiliated buyers and a depleted set of options for the general public and competing brokers. The counterclaims were filed in a federal case in which Compass is a plaintiff and NWMLS is a defendant.

“Across the country, we are seeing a clear trend that consumers want more choice, transparency and flexibility, and are pushing back on industry-imposed mandates,” according to a Compass spokesperson. “We stand with consumers, real estate professionals, homeowners, homebuyers and competition.”

Washington law now mirrors NWMLS listing rules

NWMLS said in its filing that its long-standing listing transparency rules have effectively been written into state law. Senate Bill 6091, which takes effect in June, requires brokers in Washington to market properties broadly to the public and to other brokers.

That standard — open, public marketing of residential listings rather than limited exposure to select buyers or internal networks — has been a core rule of the broker-owned MLS for decades, the organization said in the counterclaim.

For brokers and teams operating in Washington, the combination of MLS rules and SB 6091 means marketing strategies built around off-MLS exposure or extended private “coming soon” promotion will face heightened legal and regulatory risk once the law is in force.

Allegations: data manipulation and reduced seller proceeds

NWMLS’ counterclaims center on three main allegations about Compass’s “three-Phase Marketing Program” and related practices:

• Resetting market history: The MLS alleges Compass “wipes the slate clean” by artificially resetting days-on-market and price history when a property moves from off-market phases to the open market, which NWMLS says misleads buyers about true demand for a home.
• “Pocket listing” tax on sellers: By limiting exposure to internal or exclusive groups, NWMLS argues Compass suppresses the “public auction” effect of broad marketing that typically drives higher sale prices. The counterclaim cites data from Compass partner Redfin showing homes sold off-market generally sell for less than comparable MLS-listed homes.
• Contract interference: NWMLS alleges Compass encouraged and incentivized its brokers to violate professional agreements with the MLS in order to prioritize corporate growth over transparency and consumer interests.

Justin Haag, CEO of NWMLS, framed the case as a broader test of how residential inventory is shared and monetized.

“This case is about more than just MLS rules; it’s about putting people over corporations,” Haag said in a statement. “We are standing up for the principle that every family has the right to see every home for sale, because housing data belongs in the sunlight, not in a private vault. It is time to make the housing market more equitable for everyone instead of simply making real estate CEOs richer.”

According to a Compass spokesperson,

“Instead of focusing on solutions that benefit consumers and promote competition, NWMLS is retaliating against us for exposing its illegal scheme to deprive homeowners of their rights and block competition. This is how monopolists like NWMLS treat their customers. NWMLS is not focused on serving consumers, or even the real estate professionals who rely on it.”

Why this matters for brokers and consumers

The dispute underscores growing legal and regulatory scrutiny of listing access, data transparency and the use of off-MLS marketing channels. Pocket listings, private networks and extended “coming soon” periods have been popular with some brokerages and teams seeking differentiation or exclusivity.

For brokers and agents, the NWMLS action signals that enforcement around off-MLS strategies in Washington is likely to tighten as SB 6091 comes online. Firms may need to review pre-market and internal marketing programs, listing agreements and compliance policies to ensure they align with both MLS rules and state consumer protection law.

For consumers, the case will help define how much listing data must be shared and how quickly, and whether private networks that restrict access to inventory can coexist with emerging state mandates for broad, public marketing of homes for sale.

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. 

New York City is increasing housing density, though much of the early progress stems from state law changes and rezonings that predate Mayor Zohran Mamdani’s administration.

Those moves are now starting to show up in steel and concrete, even as Mamdani advances his own housing agenda.

The clearest example is in Midtown South.

City officials issued permits for a mixed-use project that will rise 32 stories on a lot that now holds a two-story building. It is one of the first towers to fully exploit the higher residential floor-area ratio (FAR) now allowed after state and city officials scrapped 1960s-era limits adopted amid fears that higher density would cause trouble.

Instead, the city’s affordability worsened until the Big Apple became one of the world’s most expensive places to live. Over the past several years, city and state leaders have focused on improving affordability by changing zoning and cutting red tape that impedes construction.

With the new zoning changes in place that will benefit him, Mamdani is pressing forward with his own initiatives to shred red tape and speed up housing construction in a bid to improve affordability. His team is pushing permitting and financing changes designed to move projects on public land more quickly from concept to groundbreaking, and to make smaller infill developments pencil out in more neighborhoods.

Law changes increase density

State lawmakers changed the law affecting FAR in 2024 to allow New York City to build more densely. Then-Mayor Eric Adams followed the same year with City of Yes for Housing Opportunity, a sweeping zoning amendment aimed at easing rules so more housing could be added in every neighborhood. The package expanded where multifamily buildings can be built and commercial-to-residential conversions can happen. It also legalized more accessory dwelling units.

Under the change, certain high-density districts can now reach residential FARs of 15 and 18 when projects include permanently affordable apartments, a dramatic increase over what Midtown South sites could previously build as of right.

“For decades, the FAR cap limited the size of new buildings,” NYC Planning officials wrote in a social media post.

Density limits arose in a 1961 rewrite of the state’s Multiple Dwelling Law to prevent so-called “vertical slums” that could overwhelm urban infrastructure, as the political influence of urban planning legend Robert Moses started to wane.

Mamdani’s approach

Mamdani is trying to put his own stamp on the housing landscape, building on rules put in place before he took office.

His administration recently launched “ADU for You,” a digital platform the city commissioned from WXY Architecture + Urban Design. The package centers on pre-reviewed plans for small backyard cottages, basement apartments and attic conversions that the city legalized in late 2024. In addition to a guidebook, it offers a zoning checker and cost estimates to help one- and two-family homeowners decide what they can build.

New York City is adding its own twist with the Plus One financing program. The initiative can provide substantial low- or no-interest assistance to eligible owners who agree to keep the new units affordable, an attempt to blunt high construction costs and spread ADUs beyond the wealthiest ZIP codes.

Mamdani is also chasing a far more epic victory in housing development. He has revived a decade-old proposal to build roughly 12,000 affordable units on a platform over Queens’ Sunnyside Yard, a 180-acre freight and marshaling hub. The idea is not expected to go far.

Success in building more affordable housing may be more incremental. Mamdani recently announced Neighborhood Builders Fast Track, a program meant to accelerate affordable projects on city-owned land.

He said during a press conference that the program, combined with referendums approved last November, could shave two and a half years off the time it takes to build housing in New York City.

“I say that to you in a city where we know that time is money,” Mamdani said.

City Hall projects that the new program could add up to 1,000 affordable homes over the next two years.

City weighs density gains against luxury risks

Paired with the new latitude on residential FAR, that kind of city-led pipeline shows how abstract policy starts to solidify into steel and concrete. Taller projects, such as the Midtown South tower, near jobs and transit, are essential if the city hopes to close its housing deficit.

Preservation and neighborhood groups counter that the same tools could fuel a wave of luxury construction if the city does not tightly police affordability and displacement. The Midtown South project may serve as an early test of whether the new framework will deliver the promised mix of income-restricted and market-rate units.

This post was originally published on here. 

Better.com says that its new integration with ChatGPT is more than a flashy plugin. According to CEO Vishal Garg, it’s a tool that could shift how mortgage technology is distributed and adopted across the industry.

In early March, Better announced the conversational credit decision engine that allows lenders to run underwriting through ChatGPT using its Tinman AI platform.

In an interview with HousingWire shortly after the launch, Garg said the strategy is aimed at reducing friction in adopting mortgage technology by embedding Tinman into an interface many users already understand.

“People already know how to use these large language models in their day-to-day lives,” Garg said. “It creates a single interface instead of the thousands of buttons traditionally required.”

The company’s Tinman platform connects to underwriting systems, loan data and guidelines, including those from Fannie Mae and Freddie Mac. This allows loan officers or brokers to input borrower information conversationally and receive near-instant eligibility and product recommendations.

Garg pointed to early results from NEO Home Loans, powered by Better, which reduced its costs to originate by 30% and doubled its business. He also acknowledged that onboarding lenders onto new systems has historically taken months due to training requirements and resistance to change, particularly among experienced loan officers accustomed to legacy systems.

The ChatGPT integration, he said, significantly shortens that timeline.

“We’ve taken what used to be a three- to six-month sales cycle and made it nearly frictionless,” Garg said, adding that some lenders can begin using the system within days after implementation.

Garg added that he has been “working till like 1 a.m. every night,” fielding inbound interest from banks and lenders that have seen demos. One recent bank call, he said, went from first demo to “OK, how do we get started?” in 22 minutes.

Under the model, lenders must sign up as Tinman clients, but Garg said access has been simplified to resemble a standard software onboarding process. He added that banks, many of which have exited mortgage lending, could reenter the space more quickly using the platform.

“There are about 6,000 banks in America. Most of them are not in the mortgage business anymore,” he said. “They can be back in the mortgage business in a matter of days.”

Matt Brown, a Naples, Florida-based real estate agent and broker associate at William Raveis, said that “the industry impact is projected to be significant, particularly in how loans are processed, though it may take time for full adoption.”

Brown also said that the move means Better is transforming from a direct-to-consumer lender into a “mortgage-as-a-service” provider.

Garg also emphasized that lenders using Tinman retain ownership of their customer relationships, with Better acting as the technology provider rather than the borrower-facing brand.

The borrower experience

On the consumer side, Better is testing a fully conversational mortgage experience on its website, replacing traditional application forms with a chat-based interface powered by its AI assistant.

Ravi Velampally, founder of HBN-Tech.com, a proptech platform that connects homebuyers with lending and real estate professionals, said that the bigger implication of Better’s integration is structural.

“Better is changing underwriting from a process inside systems to an intelligence layer that’s accessible anywhere,” Velampally said. “This could actually change the industry, not because of ChatGPT itself, but because decision-making is moving from siloed loan originating system workflows into real-time artificial intelligence-driven infrastructure.

“The idea that mortgage underwriting is moving to an intelligence layer accessible is a big deal,” he added. “Tinman is already trained on over a decade of mortgage data and billions of documents. ChatGPT makes that intelligence accessible in real time.”

In the coming months, Garg said borrowers may be able to use personal AI agents like ChatGPT to complete mortgage applications on their behalf, though final authorization steps like document signing would still require borrower consent.

“Our client retains the customer,” Garg said. “Tinman is the platform; Better.com DTC is a client.”

The broader vision, Garg reiterated, includes AI systems that can monitor a consumer’s finances, track home listings and notify users when they are financially ready to purchase.

The early response from lenders has been strong, according to Garg, who said demand has accelerated the company’s sales pace. “We’re seeing people go from demo to getting started in minutes,” he said.

This post was originally published on here. 

An upcoming industry webinar hosted by the National Reverse Mortgage Lenders Association (NRMLA) aims to demystify what happens to a reverse mortgage long after closing, serving as an educational component for loan officers and the seniors they serve.

The April 9 webinar, “From Boarding to Maturity: Understanding Reverse Mortgage Servicing Requirements,” will walk loan officers through the life of a reverse mortgage from the moment it boards into servicing until the loan becomes due and payable, said Gail Balettie, senior vice president of client satisfaction for Celink and one of the webinar’s featured speakers.

Topics were crowdsourced from loan officers and focus on real‑world scenarios that arise over the seven or more years a reverse mortgage typically remains in servicing, Balettie said in an interview with HousingWire‘s Reverse Mortgage Daily.

“There have been a lot of good changes in the program over time,” she said. “Anytime there are changes, we will incorporate those into our webinars.”

Ryan McIntire, director of reverse servicing controls for Onity Group, said the industry’s aging borrower base makes it critical for originators to understand what happens after a loan closes.

“You’re dealing with a protected class, for the most part. You’re dealing with elderly individuals,” he said. “The more we can educate originators on what happens on the servicing side, the better they can reinforce that with borrowers at origination.”

Key topics include first-year line-of-credit restrictions on Federal Housing Administration (FHA)-insured Home Equity Conversion Mortgages (HECMs), the line-of-credit growth feature and how borrowers can change payment plans over time.

The webinar will also cover life expectancy set-asides (LESAs), which are reserved from a borrower’s principal limit to pay property taxes and insurance, as well as first-year repair set-asides for properties that must be brought up to FHA standards.

“One of the big pain points … is repair set-asides,” McIntire said. “It’s important for originators to reinforce to the borrower that this is an important aspect of their mortgage, and if they don’t end up getting it done, then the ability to draw funds on their account — assuming that’s how they set up their loan — would be shut off.”

McIntire said borrowers without a LESA remain responsible for these obligations, and missed payments can trigger loan maturity. “You don’t want to potentially risk losing the home over a few thousand dollars’ worth of taxes or insurance,” he said.

Additional topics include trusts, nonborrowing spouse protections, prepayments, payoffs, wire transfers, servicing transfers, maturity events and probate requirements, Balettie said.

She added that the session will highlight how the HECM program has evolved, including stronger protections for nonborrowing spouses and additional safeguards for borrowers struggling with property charges.

A key focus will be on what happens when a loan becomes due and payable — typically when the last borrower dies or permanently leaves the home. Borrowers or their heirs may repay the loan and retain the property, sell the home, pursue a deed in lieu of foreclosure or complete a short sale at 95% of the home’s market value, Balettie said.

Because these loans are nonrecourse, FHA insurance covers any remaining balance.

Balettie said Celink’s reverse mortgage servicing website plays a central role in borrower education, offering FAQs, videos, forms and loan-specific information, as well as resources to help heirs prepare. About 125,000 seniors use the portal, she said, and a screen-sharing support tool has reduced call times.

“We never underestimate the intelligence and power of a senior,” Balettie said. “What I try to teach loan officers is not to memorize everything, but to know how to find the answers when questions arise.”

McIntire said that he hopes the webinar will address any confusion among reverse mortgage professionals in a nonjudgmental way.

“We need to share our pain points, share areas where we’re struggling, so that if someone else is also struggling in that area, then there is collaboration on how we can address that.”

This post was originally published on here. 

America’s largest homebuilders no longer just build subdivisions.

Rather, they’re consolidating power.

Scale is the new advantage, land is the new currency, and increasingly, ownership structure is the new danger. Foreign capital hasn’t pulled back from U.S. housing. It’s being organized.

Japanese firms are building empires. Chinese-linked builders are hitting a wall.

Texas, never hesitant to draw lines, is where that divide is happening in real time.

The global land grab didn’t stop – it became more professional

For over 10 years, global investors saw U.S. housing as a solid, reliable investment: buy a domestic asset, expand into fast-growing Sun Belt markets, and boost returns amid a persistent housing shortage that Washington still hasn’t addressed.

No one executed that playbook better than Japan. Sekisui House’s acquisition of M.D.C. Holdings didn’t just add volume; it propelled SH Residential into a top-tier U.S. position through Richmond American. Sumitomo Forestry and Daiwa House followed similar paths, quietly building scale through disciplined acquisitions and local operating teams. This wasn’t opportunistic capital; it was strategic. Japanese firms bring patience to a business that punishes impatience.

They underwrite entire cycles, not just quarterly projections. In homebuilding, where controlling land pipelines, managing trades, and protecting margins separate winners from tourists, that mindset translates exceptionally well.

Texas didn’t nudge, it drew blood

Then Texas changed the rules. Senate Bill 17, effective September 1, 2025, limits real estate ownership linked to China, Russia, Iran, and North Korea, with real consequences: forced divestitures, penalties, and legal risks. That didn’t just tweak underwriting assumptions; it transformed behavior overnight. 

Land deals in Texas used to focus on price, timing, and certainty of close. Now there’s a fourth factor: political risk.

If ownership structure suggests any complication, deals aren’t just renegotiated – they’re abandoned.

Texas didn’t hold back on the message. It rarely does. When it comes to land control, the state made it clear: this isn’t just business anymore.

Landsea Sold. Risland Slowed.

The market took the hint. Landsea Homes became the market’s indicator.

Backed by China’s Landsea Group, the company had been aggressively scaling in North Texas, including its approximately $232 million acquisition of Antares Homes in 2024. Then, in 2025, it agreed to sell its entire U.S. operation to New Home Co. (now Risewell Homes) for roughly $430 million.

That math matters.

A homebuilding company that had built a multi-market, publicly traded U.S. platform was effectively sidelined, with a valuation where Texas alone, led by Antares and its North Texas presence, made up over half of the company’s implied value.

No CEO is going to frame that as a political decision.

But markets don’t need press releases to connect dots. Chinese-linked ownership in Texas shifted from neutral to negative quickly. When access to your most valuable market becomes uncertain, so does the valuation.

Risland presents a quieter version of the same story. Still connected to Chinese capital and active in legacy communities across DFW, but notably absent from the forward land pipeline discussion.

And in Texas, silence signals something. Builders don’t stop revealing land locations in growth markets unless something has changed. Either capital has tightened, risk tolerance has shifted, or they no longer have a seat at the table. 

Winners, losers and the ones who just got more valuable

The immediate winners aren’t just domestic builders; they’re compliant capital.

Japanese-backed operators look stronger, not weaker. They’re foreign, but aligned with U.S. regulatory posture, operating through American subsidiaries with local leadership and clean governance structures.

In the current environment, that distinction is everything.

Canadian players like Mattamy continue to expand with little resistance. Large public U.S. builders, already dominant, face an even clearer path as marginal buyers exit the land market. The key change is that the buyer pool is shrinking.

Fewer bidders don’t indicate less demand; they indicate less competition for those who qualify. In a land-constrained, entitlement-heavy market like Texas, that’s not a headwind. It’s leverage. The losers aren’t necessarily bad builders. They’re misaligned ones. Because in 2026, irrelevance in homebuilding doesn’t stem from poor execution. It comes from losing access to tomorrow’s land.

Texas is still the best trade in housing; now with gatekeepers

None of this weakens the Texas growth story. It sharpens it.

DFW remains one of the most advantageously structured housing markets in the country: population growth, corporate relocations, affordability, and a development machine that, while more complex, still surpasses coastal counterparts.

Demand remains strong. Supply is still limited enough to reward those who consistently deliver finished lots. What has changed is access.

Texas isn’t closing its doors; it’s simply checking IDs at the entrance. Builders with solid capital, aligned ownership, and strong local ties are entering a less crowded market with more pricing power. That’s not a slowdown; it’s a filtration system.

The greater shift: housing as a political tool

The key point isn’t solely about Texas; it’s about the direction of U.S. housing as a whole. Ownership now entails jurisdictional risk. Capital now involves political identity. And market access increasingly relies on both.

The era of “capital is capital” is over.

Instead, there is something more selective and strategic. Builders no longer just need balance sheets and land pipelines. They require structures capable of withstanding scrutiny in the states where growth truly happens. Texas has made that reality impossible to ignore. In doing so, it may have increased the value of the best housing market in America by clearly defining who gets to compete in it.

This post was originally published on here. 

HousingWire will host The Gathering from April 27-30 in Austin, Texas, bringing together real estate, mortgage and homebuilding executives for four days of networking and strategy sessions.

Billed as “the most powerful room in housing,” The Gathering is designed for leaders across the housing ecosystem to connect, learn and work through the industry’s biggest challenges and opportunities. The event emphasizes executive-level connections, with engagement starting on the main stage and continuing through a diverse (and fun!) set of networking activities.

Attendees will hear operational strategies from top mortgage and real estate executives, along with data from leading housing economists and analysts. The aim is to help leaders turn those insights into revenue growth, operational efficiency and practical plans for navigating difficult market conditions.

The 2026 speaker lineup includes leaders from major lenders, brokerages and trade groups, including:

• Logan Mohtashami, lead analyst at HousingWire
• Robert Palmer, founder of LPT Realty
• Patty Arvielo, CEO and co-founder of New American Funding
• Nykia Wright, CEO of the National Association of Realtors
• Wendy Forsythe, chief marketing officer at eXp Realty
• Robert Broeksmit, president and CEO of the Mortgage Bankers Association
• Chris Czarnecki, CEO of Keller Williams
• David Spector, chairman and CEO of Pennymac
• Ron Leonhardt, founder and CEO of CrossCountry Mortgage

For lenders, real estate broker-owners and homebuilders, the Austin gathering is likely to function as a planning checkpoint. With volume, rates and inventory still in flux, decision-makers are looking for validated strategies from firms that are growing or defending share in similar conditions. The Gathering’s cross-vertical mix also gives attendees visibility into how adjacent segments are adjusting, which can influence partnerships, product strategy and go-to-market decisions.

Why it matters: In a market where leaders need to make faster calls on strategy, staffing and technology, events that combine executive access with real-time data and operating playbooks can shape decisions for the next 12 to 18 months. Register here.

This post was originally published on here. 

Century 21 Integra has acquired Schaumburg, Illinois-based Realty Executives Advance — expanding its presence in Chicago’s northwest suburbs.

“Bringing Realty Executives Advance into the Integra family is a natural fit,” said Jim D’Amico, owner of Century 21 Integra. “Hank (Fatoorehchi) and his team have built a strong, respected business in Schaumburg, and we’re excited to provide them with the systems, support and scale that will help them reach the next level.”

With the acquisition, Century 21 Integra now operates Illinois offices in Schaumburg, Naperville and McHenry — along with 70 additional locations in 17 states.

Since launching in Illinois two and a half years ago, the firm has grown to roughly 100 affiliated agents in the state.

“Our growth has been intentional and agent-focused,” said Nathan Brown, chief growth officer of Century 21 Integra and Illinois designated managing broker. “We are not your father’s Century 21. We are a franchisee with Century 21, but we operate very autonomously with a full value package, aggressive splits and don’t even charge our agents the traditional ‘franchise fee.’

“We are considered too progressive by the traditional brokerages, and we are far more traditional than the progressive brokerages. We offer the best of both worlds to fit the different needs of thousands of agents providing them a big international brand name and experienced local support.”

Agents from Realty Executives Advance will gain access to Integra’s suite of resources — including marketing tools, training programs and a centralized customer service infrastructure.

“We’re excited to join a brokerage that is clearly investing in its agents and the future of real estate,” said Hank Fatoorehchi, owner of Realty Executives Advance. “Century 21 Integra offers the kind of support, innovation, and growth opportunities that will empower our agents to thrive in today’s 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.

This post was originally published on here. 

PartnerOne has completed its acquisition of Mortgage Cadence, adding another long-standing mortgage technology platform to the portfolio of the global enterprise software group, the company announced Thursday.

Terms of the deal were not disclosed. The transaction was previously announced as an agreement with Accenture to sell Mortgage Cadence, which provides a cloud-based digital lending platform used by mortgage lenders across channels and products.

With the deal closed, Mortgage Cadence will operate under the PartnerOne umbrella, which focuses on acquiring and holding software companies as long-term businesses rather than flipping them. PartnerOne said the acquisition is intended to give Mortgage Cadence additional capital and operational resources to speed product development, especially around artificial intelligence and workflow automation in loan origination.

“Welcoming Mortgage Cadence into the PartnerOne family marks a pivotal moment for both organizations,” Suzanne Fortman, vice president at PartnerOne, said in a statement. “We are committed to empowering Mortgage Cadence’s talented team, supporting their innovation, and expanding the resources needed to serve customers and partners at the highest level.”

Mortgage Cadence offers an end-to-end, cloud-based loan origination system with borrower point-of-sale, processing and closing collaboration tools. Its technology competes in a crowded LOS market that includes ICE Mortgage Technology’s Encompass, Dark Matter Technologies’ Empower, MeridianLink, LendingQB and others.

For lenders, a change in ownership at a core LOS vendor raises questions about product road maps, pricing and long-term support. PartnerOne signaled that it plans to keep Mortgage Cadence as a long-term holding and emphasized stability for existing customers and partners during the transition.

PartnerOne works with more than 2,000 enterprise and government customers worldwide across multiple software verticals. Its “Acquire. Invest. Grow.” strategy mirrors the approach of other permanent capital software buyers that have been active in mortgage and real estate technology in recent years.

The acquisition comes as lenders continue to evaluate LOS strategies after a prolonged volume downturn and significant consolidation across mortgage technology. Deals involving ICE/Black Knight, the sale of several LOS and point-of-sale providers, and renewed focus on profitability have pushed lenders to scrutinize vendor risk, integration depth and total cost of ownership.

For housing professionals, the PartnerOne-Mortgage Cadence deal matters because it may influence how aggressively Mortgage Cadence invests in AI-driven underwriting workflows, document automation and borrower self-service — areas lenders are exploring to cut turn times and fulfillment costs. It also adds another well-capitalized owner into the LOS segment at a time when some smaller vendors are struggling to maintain development pace.

PartnerOne said it will focus on evolving the Mortgage Cadence platform while “deepening customer relationships,” a signal that lenders should watch for upcoming road map updates, support model changes and potential integrations with other software businesses in the PartnerOne portfolio.

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. 

Washington state is entering a new policy era with its “millionaires tax” — targeting high-income earners who shape the luxury real estate market.

The law imposes a 9.9% tax on annual income above $1 million, with implementation expected in 2028 pending legal challenges.

For real estate professionals, the policy could spell shifts in client behavior, transaction timing and investment strategy.

While it affects only a small percentage of households — roughly half a percent of the population — these clients often dominate luxury and investment property activity.

Jacob Weaver, managing broker at Bellevue, Washington-based Jacob Weaver Group, brokered by eXp Luxury Realty, said reactions among high-net-worth clients have varied widely.

He’s observed two main groups; those actively planning around the tax and those who accept it as part of broader societal considerations.

“One group is seeing what’s happening around the world and in our country, and they’re saying, ‘You know, there is a huge discrepancy in the ultra-high-net-worth individuals and middle class,” Weaver told HousingWire. “And their general take is,’ Yes, I’m going to have to pay some more taxes.

“Do I love it? Not really. Is it maybe the best thing for our state and society. Probably.’”

How the tax works

The tax applies only to income above $1 million, leaving most households unaffected.

Weaver emphasized that many high-net-worth individuals earn income through sophisticated strategies such as business structures, investments or real estate rather than straightforward salaries.

“They’re very creative and they’ve got great advisors,” he said. “Everybody knows that. We’re always in a changing ecosystem of taxes, opportunity, micro and macroeconomics, localized opportunity in certain markets.”

The final number of people truly affected by the tax will likely be smaller than what many expect, Weaver added.

Even so, he explained, early signs of change were already emerging in client behavior.

“We’re seeing people who maybe had a timeline of moving out of state in the next five to 10 years accelerating a little bit,” Weaver said. “It’s people who maybe were planning on that anyway, that was part of the retirement plan — or it’s where they wanted to eventually end up after they sold the company.

“I would say that timeline is getting compressed a little bit. Somebody who is going to be leaving in five, six or seven years, maybe now it’s worth doing it in three.”

Overlap with capital gains taxes

Washington has already imposed a capital gains tax — with long-term gains above certain thresholds taxed at 7% and a 2.9% surtax on gains exceeding $1 million in a calendar year.

Yet primary residence transactions remained largely exempt, an important distinction for agents to relay to clients wary of the millionaires tax, said Heidi Braund, designated broker at Seattle-based Corcoran Lifestyle Properties.

“The tax implications aren’t aren’t going to hit when they sell their homes,” she said. “So, that part is safe. The Seattle King County Realtors and the Washington state Realtors have lobbied that pretty hard. So, they saved the millionaires from when they sell houses to not have to pay taxes on their net proceeds.”

Aaron Abrahamson, an agent at Seattle’s Coldwell Banker Danforth, highlighted general frustration among clients with the new millionaires tax and general taxation environment.

“Washington is taxing everybody out of it,” he said. “You know, they’re taxing us out of a comfortable living and people are tired of it.”

Potential luxury housing impact

Weaver said some clients are exploring new opportunities, particularly in second homes and investment properties.

Many of his high-net-worth buyers are looking for markets with better tax environments — such as Nevada, Palm Springs, Florida, and the Phoenix area.

“We’re seeing that in Nevada there’s a lot of great luxury product that’s being built, both condos as well as single-family homes,” Weaver said. “You’ve got just some monster mansions in Henderson and you also have the Four Seasons development (in Las Vegas).

“Those types of projects are facilitating these secondary home plays for people from California and now more so from Washington, who have high tax rates and a desire to get into a better tax environment.”

Abrahamson also noted that some ultra-wealthy clients had already left the state.

“A couple of friends I have, very, very wealthy individuals,” he said. “They have both gone outside of the state and purchased and are building new properties, new homes for themselves. These are homes that they wouldn’t be able to build here because of all the taxes and permits anymore. So, they’re done. They left.”

Braund envisioned future impact from the millionaires tax but said, for now, business has remained relatively stable.

“We’re still seeing multiple offers over here in the ($1 million to $2 million) range,” she said. “I can imagine, at some point, maybe the houses in that upper range may come down in price and bring some lower-end buyers up to that range. I can see maybe a laddering effect, but I don’t see that yet.”

While Washington’s wealth tax could influence high-end real estate, market fundamentals remain strong and guidance from agents is helping clients navigate an evolving status quo.

This post was originally published on here. 

Finance of America (FOA) on Thursday introduced HomeSafe Second Line of Credit, a second-lien reverse mortgage line of credit now available in California that lets homeowners 55 and older tap home equity over time without refinancing or taking on a new required monthly mortgage payment.

The product, which became available April 1, is designed to operate alongside a borrower’s existing first mortgage. It targets equity-rich senior homeowners who secured low fixed rates during the COVID-19 pandemic and are reluctant to refinance into a higher-rate loan or add a traditional home equity line of credit (HELOC), according to the company announcement.

HomeSafe Second Line of Credit is structured as a nonrevolving, second-lien reverse mortgage. Eligible borrowers must take an initial draw of at least 25% of the available funds at closing, with the remaining line accessible over a 10-year draw period. No new monthly mortgage payment is required, though borrowers must continue paying the existing first mortgage and all property-related charges such as taxes, insurance and fees.

“HomeSafe Second Line of Credit could solve a real market need in California,” FOA President Kristen Sieffert said in a statement. “This product gives borrowers the ability to access their home equity on their terms – when they need it – without adding a new monthly mortgage payment.”

The launch comes as more homeowners turn to second-lien products rather than refinancing. Second-lien equity withdrawals rose 22% year over year in the first quarter of 2025 to the highest level in 17 years, according to ICE Mortgage Technology data cited in FOA’s press release.

For lenders and originators focused on retirees and near-retirees, the move underscores growing demand for nontraditional ways to unlock housing wealth while preserving below-market first-lien rates.

HomeSafe Second Line of Credit offers a maximum loan amount of up to $1 million with a minimum credit score of 640, Finance of America said. The rate is adjustable, tied to the one-year Constant Maturity Treasury (CMT) plus a margin. Unused portions of the line can grow at 1.5% annually for the first seven years, giving borrowers additional capacity over time.

Unlike a traditional HELOC, the FOA product is nonrevolving: Once funds are repaid, they do not become available again for future draws. By contrast, standard HELOCs typically revolve and require monthly principal and interest payments during and after the draw period.

FOA is positioning the new line of credit as a complement to its existing proprietary HomeSafe Second lump-sum reverse mortgage and as a potential HELOC alternative for older borrowers seeking flexibility without a new installment-payment obligation.

In California, mid-tier home values are about $775,000, among the highest in the country, and nearly three-quarters of residents 65 and older own their homes, according to Zillow data and other sources cited by FOA. Many of these homeowners built substantial equity during the pandemic-era price run-up and are now “equity rich but cash constrained,” especially as inflation and volatility raise the costs of living in retirement.

For financial planners, loan officers and brokers serving senior homeowners, the product offers another tool for bridging retirement income gaps, funding large expenses or backing up emergency reserves. Example uses highlighted by FOA include home improvements, helping children or grandchildren with tuition or down payments, managing short-term cash needs, or covering unexpected medical and household costs.

Like other reverse mortgage products, the loan must be repaid when the borrower no longer meets the loan obligations, including living in the home as a principal residence, paying property charges or maintaining the property. Mortgage professionals will need to weigh these risks, as well as nonrevolving LOC terms and adjustable rates, against other forward and reverse lending options.

Finance of America said it plans to roll out HomeSafe Second Line of Credit beyond California to additional states throughout 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.

This post was originally published on here. 

U.S. reverse mortgage endorsements rose sharply in March following subdued activity in February, but overall volume remains down compared with recent months, according to data released Wednesday by Reverse Market Insight (RMI).

Home Equity Conversion Mortgage (HECM) endorsements increased 16.3% in March to 2,117 loans. Despite the monthly gain, activity remained below the levels seen in every month since August 2025.

“March bounced back from the short February, rising 16.3% to 2,117 loans, although that remains below every month since August,” RMI wrote in commentary accompanying the data. “That continues the theme of weakness in HECM endorsements we touched on last month, and we believe the more competitive and non-FHA reverse mortgage market is the primary contributor.”

The decline in HECM volume reflects ongoing competitive pressure from proprietary reverse mortgage products, which industry observers say have captured much of the growth in recent years.

“We still don’t have comprehensive data there, but what we can piece together looks like the growth in unit volume has been almost entirely in the proprietary products for several years, particularly when we exclude the HECM refinance waves from 2018-2022,” RMI explained.

Nine of the 10 regions analyzed by RMI posted monthly increases in March, with four outpacing the national growth rate.

The Rocky Mountain region led these gains, rising 33.8% to 178 loans. The Northwest/Alaska region followed with a 33.1% increase to 165 loans, while the New York/New Jersey region climbed 33% to 133 loans. The Mid-Atlantic region also saw strong growth, increasing 32.5% to 159 loans.

Among the top 10 lenders, eight recorded month-over-month increases. Goodlife Home Loans/Traditional Mortgage Acceptance Corp. posted the largest jump, surging 55.1% to 107 loans. Finance of America (FOA) increased its endorsements by 24.7% to 454 loans, while South River Mortgage saw an 18.8% gain to 82 loans.

HMBS posts modest gain

In sync with rising HECM endorsements, the issuance of HECM Mortgage-Backed Securities (HMBS) rose modestly in March, according to data compiled by New View Advisors.

HMBS issuance totaled $441 million in March, up $10 million from February’s figure of $431 million but down $46 million from $487 million in the same month last year. A total of 66 pools were issued during the month, unchanged from February.

Despite the monthly increase, March’s total ranks among the lowest levels since 2009. Only four months, including February 2026, have had weaker issuance in that time span, New View reported.

FOA was the top issuer in March with $138 million, down slightly from $140 million in February. Longbridge Financial followed with $114 million and Mutual of Omaha Mortgage issued $81 million. Onity Mortgage Corp., formerly PHH Mortgage Corp., issued $59 million, down $7 million from the prior month.

Ginnie Mae/Reverse Mortgage Funding, also known as “Issuer 42,” did not issue any HMBS pools during March.

First-participation production totaled $260 million, flat month over month but down from both January and March 2025. Through the first quarter, FAR remained the top issuer of first-participation HMBS at $255 million, followed by Longbridge, Mutual of Omaha and Onity.

Of the 66 pools issued in March, 16 were first participations and 49 were tail pools, with one mixed pool. Tail issuance — which reflects additional draws on existing loans rather than new originations — rose to $181 million, up from $169 million in February.

Smaller pools also played a notable role. Twenty pools of less than $1 million were issued, enabled by Ginnie Mae’s allowance for pools as small as $250,000, which accounted for $12.4 million in issuance that may not otherwise have reached the market. Additionally, $69.8 million in participations were pooled using a 2023 policy that permits multiple participations from the same loan within a single month.

New View Advisors also reported that FOA maintained its position as the leading HMBS issuer in the first quarter of 2026, topping both total and first-participation issuance with $433 million and $255 million, respectively.

Longbridge ranked second with $361 million in total issuance, capturing a 26% market share, and continued to gain ground in first-participation volume with $237 million. It solidified its position ahead of Mutual of Omaha and Onity, which rounded out the top four with $260 million and $218 million in total issuance, respectively.

A total of nine issuers were active during the quarter, with the top four collectively accounting for about 90% of overall HMBS issuance volume, according to data compiled by New View Advisors from Ginnie Mae and private sources.

This post was originally published on here. 

Washington, D.C., council members are leaning into a growing national trend by relaxing single-stairway rules to cut the cost of building small and mid-rise housing.

On Tuesday, the D.C. Council unanimously advanced the One Front Door Act. If it passes on second reading, the maximum height for residential buildings with a single stairway would double to six stories.

Single-stair residential policy is gaining momentum nationwide as lawmakers and housing advocates seek additional ways to boost housing supply. A growing list of states and cities now allow, or are moving toward allowing, single-stair apartment buildings up to roughly five or six stories, with the added condition that they strengthen fire-safety systems.

The D.C. ordinance would lift current height limits so point-access, or single-stair, apartment buildings can rise taller while still meeting modern fire and life-safety standards such as sprinklers and smoke control.

Today, D.C. generally limits single-stair residential buildings to three stories, a threshold shared by many U.S. jurisdictions that follow International Building Code provisions. Supporters say the rules push designers toward wider, bulkier buildings with double-loaded corridors or make small multifamily projects on narrow lots infeasible.

Implementation details

Under the One Front Door Act, the Construction Codes Coordinating Board would have to develop criteria that specify which building types may adopt a single enclosed stair and what additional protections they must include. That work is expected to cover issues such as maximum travel distances from units to the stairs, corridor ventilation and elevator placement, as well as requirements for sprinklers and alarms.

The ordinance frames single-stair reform as one piece of a broader effort to reduce regulatory barriers to modest-scale apartment construction in a city with constrained infill sites and high land costs.

Potential benefits and concerns

Housing and planning groups, along with researchers who have examined international codes, say these reforms can open up low- and mid-rise sites, trim construction costs, and support more naturally affordable units without direct subsidy.

Fire safety professionals often oppose changes, arguing that stairwell redundancy remains safer.

Studies, including one in Minnesota, have found that a single stairwell can be as safe, or safer, than multiple stairs in a typical fire because of sprinklers and other safety measures.

In D.C., opponents, including several neighborhood civic associations, warned about potential evacuation risks and compatibility with historic districts. The city’s Department of Buildings has pledged to release design guidelines and require additional fire-safety reviews for single-stair projects before it issues permits.

“Allowing single-stair buildings at modest heights does not create a new class of high-risk construction,” Yesim Sayin, D.C. Policy Center’s executive director, said in testimony at a January hearing on the ordinance. “It enables small walk-ups and adaptive reuse projects to be built more efficiently—projects that sit squarely between single-family homes and high-rise towers. These are precisely the housing types that many neighborhoods say they want and that the District chronically underproduces.”

If the D.C. Council approves the One Front Door Act on final reading, the District would become one of the highest-profile East Coast jurisdictions to formally embrace this approach to mid-rise housing design.

This post was originally published on here. 

Lower has launched Movoto Advantage, a limited-access, subscription-based program that connects high-performing solo real estate agents with motivated home buyers and sellers through real-time live transfers, the company announced Thursday.

The program, which Lower began rolling out in late 2025, operates within Lower’s Movoto real estate marketplace and has enrolled about 200 agents to date. It has doubled in size since its initial rollout and has generated thousands of consumer introductions, according to the announcement.

Movoto Advantage targets independent agents who rank near the top in their markets by transaction volume and have a history of closing deals, strong client service and consistent responsiveness. Unlike traditional online real estate platforms that may send the same opportunity to multiple agents, Movoto Advantage limits the number of participating agents in each market and routes consumers to a single, vetted agent in real time.

“Top real estate agents should be set up for success when connecting with consumers, not put in situations that reduce them to a commodity or make consumers feel like they are being spammed,” John Berkowitz, the president of real estate at Lower, said in a statement.

“By giving high-performing agents real conversations with motivated buyers and sellers, and giving those consumers the support they need to navigate the transaction, we are building an ecosystem that works better for everyone.”

The model builds on Movoto’s Pro+ program, launched in 2023 to serve real estate teams, but is tailored specifically for solo agents. Prospective participants apply online and, once approved, receive referrals to local buyers and sellers. Lower positions the limited-membership structure as a way to provide more predictable opportunity flow and a larger share of available leads for each participating agent.

Movoto Advantage is integrated with Lower’s lending platform through Lower Connect, which pairs consumers and agents with Lower loan officers for fast preapprovals and support through closing. The company says this alignment is intended to streamline the homebuying process and improve pull-through rates for both agents and lenders.

“The traditional buying experience has too many friction points that push qualified buyers to the sidelines,” Lower CEO Dan Snyder said in a statement. “When agents and lenders work together inside one ecosystem, barriers come down and buyers move forward with real momentum. That’s how we start closing the gap between wanting a home and owning one.”

The announcement comes almost a year after Lower acquired Movoto from its parent company, OJO Labs. Movoto Advantage aligns closely with comments Berkowitz made to HousingWire in July 2025 when discussing his hopes of using Lower’s network to connect more consumers with top local real estate agents and mortgage professionals.

“Call center mortgages work for a certain subset of consumers, but for the ones that go to a real estate agent first and rely on real estate agent recommendations, it is very hard for them to partner with a call center,” Berkowitz told HousingWire in July 2025.

“So, while we may be the smallest in scale as far as consumers, I think we have that last mile of the operation more scaled and dialed in than anybody else. And how do you win when you are fighting against giants? You lean into your strengths and I think you are going to see us lean heavily into delivering a really good, consistent experience for consumers at a local level by leveraging the best real estate agents in that market and a well-run retail mortgage operation.” 

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. 

For many agents and brokers across the country, the National Association of Realtors’ (NAR) commission lawsuit settlement agreement thrust buyer representation agreements into the forefront.

Under the terms of the settlement, which went into effect in August 2024, Realtors are required to have consumers sign a buyer agency agreement that outlinse the terms of the agent’s services and compensation prior to touring a property. This requirement marked a change for agents across the country — even those already accustomed to using buyer agency agreements — and sparked concern among others about getting a stranger they just met to sign a legally binding contract. 

This concern prompted several states to examine their buyer agency and disclosure laws. Alabama was one of the earliest movers in enacting legislation in response to the buyer agency agreement requirements outlined in NAR’s settlement. 

In March 2025, Alabama governor Kay Ivey signed into law a bill that ensures homebuyers only have to sign a buyer brokerage agreement prior to submitting an offer on a property — and not before touring a home with an agent. 

The law reaffirms Alabama’s existing Real Estate Consumers Agency and Disclosure Act (RECAD) framework, with emphasis on early discussions of brokerage services and compensation. But it prevents consumers from signing a contract with an agent early in their relationship. 

Chad Beasley, a Birmingham, Alabama-based agent for eXp Realty, said that in the year since the bill was passed, it has mostly felt like business as usual. 

“It was a pretty seamless change because it basically went back to the way we were doing things prior to the NAR settlement,” Beasley said. “In my business, I am always careful when meeting buyers for the first time to sit down and go over the real estate brokerage services disclosure form that is required.

“Even prior to the settlement, if it was someone who already knew they wanted to work with me, then we’d also sign the buyer representation agreement then, but now with the new law in place, that isn’t a requirement.”

Not having to follow the settlement requirement for buyer agency agreements has made meetings with new leads a lot more comfortable, Beasley said. 

“I just feel like requiring buyer representation agreements to show a home is a bit of a push too far,” he said. “If brokerage options are being disclosed properly and the consumer understands what capacity I am acting in, then as the relationship moves forward and we both decide we are comfortable working together, then we can sign that buyer representation agreement.

“I feel like it gives agents the freedom to work their business how they want to, and take the time they need to build those relationships before taking that next step.” 

Exploring risk tolerance

Jeremy Walker, CEO of the Alabama Association of Realtors, which backed the bill, shared a similar sentiment.

“You want to be able to establish a relationship with a professional you’re going to be working with. That’s one of the biggest complaints from consumers,” Walker said on an episode of Capitol Journal in February 2025. “They may see a property listed, or know someone and want to work with them and see a property, but they don’t want to be forced into a buyer agreement too soon.

“They want to get to know you before they say, ‘Hey, I want to work with you.’ And that’s where we want to get that part right,” Walker added.

Beasley acknowledged that it is a risk to tour a property without having a buyer representation agreement as an agent may not be paid for that work. This is why he will typically only show two properties to a client without having a signed agreement. 

“After a while you need that representation agreement, because there are questions I can’t answer and there are things that buyers shouldn’t be telling me if I am not representing them,” Beasley said. 

He added that other agents may be more willing to show several properties to a buyer before signing an agreement, but his risk tolerance usually sits at the two-property threshold. Still, Beasley said he is grateful that the new law allows him and other licensees in the states to decide what makes the most sense for their businesses. 

“I do take measures to protect myself, and I ask a lot of questions to make sure that buyer isn’t working with another agent or just using me to open a door when they plan to submit an offer on that property with another agent,” he said. “I do think it is neat to see that Alabama was on the forefront of this, and to see that other states are following makes it feel like this was a pretty good idea.”

Texas takes a different tact

Texas is another state that acted quickly in adjusting its laws related to buyer agency agreements. But the Lone Star State took the opposite approach to Alabama.

Under the updated version of the state’s real estate license law, agents must enter into a written agreement with a prospective buyer before taking any substantive action. This means that while an agent could unlock the door to a property for a buyer without having a signed agreement, the agent cannot offer any advice or opinions on the property, bringing the state law more in line with the terms of the NAR settlement. 

The law went into effect at the start of 2026.

Brandy Wuensch, the broker-owner of City View Realty Group and immediate past president of the Austin Board of Realtors (ABoR), said she is grateful for the clarity and transparency the law provides consumers about agent roles and compensation. 

“There was a lot of confusion among agents and consumers, and a lot of out-of-date practices. And with the industry evolving quickly over the past couple of years, I think this legislation helped formalize the expectations so both agents and consumers could better understand how representation is structured,” Wuensch said.

“It reinforced professionalism in the industry, and ensured that agents are clearly communicating their value and making sure that they are more intentional in explaining who they represent, how they are compensated and what services they provide.” 

Wuensch added that she feels the law reinforces best practices that agents should already have been following. As much as the law helps increase transparency for consumers, Wuensch also feels that the law protects agents.

“For agents, it really reinforces the importance of formal representation and professional standards, and it helps legitimize the work that we do and ensures that we are not operating in gray areas,” she said. 

Kelea Youngblood, the chief marketing officer of Unlock MLS and ABoR, views the new law as a step toward “modernization.” 

“It brought Texas agency law closer to how the market was already operating, and it clarified when a license holder is and is not representing a buyer,” Youngblood said. “It was a meaningful step toward clearer expectations and more transparency for consumers.” 

Meanwhile, in Oklahoma and Mississippi…

While the law in Texas closely aligns with the terms of the NAR settlement, the state’s neighbor to the north, Oklahoma, is currently contemplating two bills that seek to do the opposite of what the Texas law has done.

Under the two bills, SB 1217 and SB 1225, a broker must disclose any information pertaining to their compensation or fees charged prior to providing a client with the services they plan to charge for. Additionally, brokers and agents are not required to procure a buyer broker agreement before showing a property. 

In an email, Bryan Hutchinson, the CEO of Oklahoma Realtors, told HousingWire that the association is not publicly opposing SB 1217, which stipulates that an agent is not required to have a buyer sign a representation agreement to show a property. 

“​​Ultimately, whatever decision legislators make, our association knows that we will work with OREC (Oklahoma Real Estate Commission) to communicate and enforce the law,” Hutchinson wrote. “However, SB 1217 is inconsistent with the adopted legislative position of Oklahoma Realtors. The association believes the legislation, as drafted, will confuse Realtor members who are licensees and potentially confuse consumers who will receive mixed messaging.

“Because of these inconsistencies and potential for confusion in the marketplace,  Oklahoma Realtors does not support SB1217, rather it has chosen to monitor the legislation.” 

Hutchinson added that the association encourages its members to follow the terms of NAR’s commission lawsuit settlement. 

In contrast, Mississippi Realtors supported SB 2713, which was signed into law in March 2026. The law makes it optional for a buyer’s agent to sign an agreement to provide a home tour.

Under the law, licensees are required to have a brokerage agreement signed with their clients only prior to listing a home for sale, or when submitting an offer on a property if they’re going to be compensated for the services provided.

“SB 2713 protects consumers by requiring Mississippi licensed real estate agents to include relevant terms and a clear disclosure of compensation in written brokerage agreements before listing or submitting an offer on residential property. This new law provides buyers and brokers maximum flexibility in finalizing terms of their relationship before negotiations begin involving a property,” DeShawn Davis, the 2026 president of Mississippi Realtors, wrote in an emailed statement. 

Davis added that NAR’s settlement defers to state law on the requirement of written agreements for buyers touring a home.

“With SB 2713, Mississippi surpasses the protections in the NAR settlement by requiring written agreements for sellers and buyers working with any licensed real estate agent, irrespective of Realtor membership,” Davis wrote. “At the same time, SB 2713 gives consumers and agents greater flexibility in forging business relationships while enhancing transparency and consumer choice.”

While other states are taking a different approach to buyer agency agreements with their laws and proposals, Youngblood said the most important thing is that any new law enacted provides more clarity and transparency for consumers. 

“I think states are all solving the same issue — just in different ways,” Youngblood said. “I think Texas chose early clarity and to be on the front end, and I believe that Texas’s choice is more structured, which I think can serve consumers well when it is paired with strong education for agents.

“So, making a choice to favor a more statutory framework, I think, was a positive one.”

This post was originally published on here. 

For many agents and brokers across the country, the National Association of Realtors’ (NAR) commission lawsuit settlement agreement thrust buyer representation agreements into the forefront.

Under the terms of the settlement, which went into effect in August 2024, Realtors are required to have consumers sign a buyer agency agreement that outlinse the terms of the agent’s services and compensation prior to touring a property. This requirement marked a change for agents across the country — even those already accustomed to using buyer agency agreements — and sparked concern among others about getting a stranger they just met to sign a legally binding contract. 

This concern prompted several states to examine their buyer agency and disclosure laws. Alabama was one of the earliest movers in enacting legislation in response to the buyer agency agreement requirements outlined in NAR’s settlement. 

In March 2025, Alabama governor Kay Ivey signed into law a bill that ensures homebuyers only have to sign a buyer brokerage agreement prior to submitting an offer on a property — and not before touring a home with an agent. 

The law reaffirms Alabama’s existing Real Estate Consumers Agency and Disclosure Act (RECAD) framework, with emphasis on early discussions of brokerage services and compensation. But it prevents consumers from signing a contract with an agent early in their relationship. 

Chad Beasley, a Birmingham, Alabama-based agent for eXp Realty, said that in the year since the bill was passed, it has mostly felt like business as usual. 

“It was a pretty seamless change because it basically went back to the way we were doing things prior to the NAR settlement,” Beasley said. “In my business, I am always careful when meeting buyers for the first time to sit down and go over the real estate brokerage services disclosure form that is required.

“Even prior to the settlement, if it was someone who already knew they wanted to work with me, then we’d also sign the buyer representation agreement then, but now with the new law in place, that isn’t a requirement.”

Not having to follow the settlement requirement for buyer agency agreements has made meetings with new leads a lot more comfortable, Beasley said. 

“I just feel like requiring buyer representation agreements to show a home is a bit of a push too far,” he said. “If brokerage options are being disclosed properly and the consumer understands what capacity I am acting in, then as the relationship moves forward and we both decide we are comfortable working together, then we can sign that buyer representation agreement.

“I feel like it gives agents the freedom to work their business how they want to, and take the time they need to build those relationships before taking that next step.” 

Exploring risk tolerance

Jeremy Walker, CEO of the Alabama Association of Realtors, which backed the bill, shared a similar sentiment.

“You want to be able to establish a relationship with a professional you’re going to be working with. That’s one of the biggest complaints from consumers,” Walker said on an episode of Capitol Journal in February 2025. “They may see a property listed, or know someone and want to work with them and see a property, but they don’t want to be forced into a buyer agreement too soon.

“They want to get to know you before they say, ‘Hey, I want to work with you.’ And that’s where we want to get that part right,” Walker added.

Beasley acknowledged that it is a risk to tour a property without having a buyer representation agreement as an agent may not be paid for that work. This is why he will typically only show two properties to a client without having a signed agreement. 

“After a while you need that representation agreement, because there are questions I can’t answer and there are things that buyers shouldn’t be telling me if I am not representing them,” Beasley said. 

He added that other agents may be more willing to show several properties to a buyer before signing an agreement, but his risk tolerance usually sits at the two-property threshold. Still, Beasley said he is grateful that the new law allows him and other licensees in the states to decide what makes the most sense for their businesses. 

“I do take measures to protect myself, and I ask a lot of questions to make sure that buyer isn’t working with another agent or just using me to open a door when they plan to submit an offer on that property with another agent,” he said. “I do think it is neat to see that Alabama was on the forefront of this, and to see that other states are following makes it feel like this was a pretty good idea.”

Texas takes a different tact

Texas is another state that acted quickly in adjusting its laws related to buyer agency agreements. But the Lone Star State took the opposite approach to Alabama.

Under the updated version of the state’s real estate license law, agents must enter into a written agreement with a prospective buyer before taking any substantive action. This means that while an agent could unlock the door to a property for a buyer without having a signed agreement, the agent cannot offer any advice or opinions on the property, bringing the state law more in line with the terms of the NAR settlement. 

The law went into effect at the start of 2026.

Brandy Wuensch, the broker-owner of City View Realty Group and immediate past president of the Austin Board of Realtors (ABoR), said she is grateful for the clarity and transparency the law provides consumers about agent roles and compensation. 

“There was a lot of confusion among agents and consumers, and a lot of out-of-date practices. And with the industry evolving quickly over the past couple of years, I think this legislation helped formalize the expectations so both agents and consumers could better understand how representation is structured,” Wuensch said.

“It reinforced professionalism in the industry, and ensured that agents are clearly communicating their value and making sure that they are more intentional in explaining who they represent, how they are compensated and what services they provide.” 

Wuensch added that she feels the law reinforces best practices that agents should already have been following. As much as the law helps increase transparency for consumers, Wuensch also feels that the law protects agents.

“For agents, it really reinforces the importance of formal representation and professional standards, and it helps legitimize the work that we do and ensures that we are not operating in gray areas,” she said. 

Kelea Youngblood, the chief marketing officer of Unlock MLS and ABoR, views the new law as a step toward “modernization.” 

“It brought Texas agency law closer to how the market was already operating, and it clarified when a license holder is and is not representing a buyer,” Youngblood said. “It was a meaningful step toward clearer expectations and more transparency for consumers.” 

Meanwhile, in Oklahoma and Mississippi…

While the law in Texas closely aligns with the terms of the NAR settlement, the state’s neighbor to the north, Oklahoma, is currently contemplating two bills that seek to do the opposite of what the Texas law has done.

Under the two bills, SB 1217 and SB 1225, a broker must disclose any information pertaining to their compensation or fees charged prior to providing a client with the services they plan to charge for. Additionally, brokers and agents are not required to procure a buyer broker agreement before showing a property. 

In an email, Bryan Hutchinson, the CEO of Oklahoma Realtors, told HousingWire that the association is not publicly opposing SB 1217, which stipulates that an agent is not required to have a buyer sign a representation agreement to show a property. 

“​​Ultimately, whatever decision legislators make, our association knows that we will work with OREC (Oklahoma Real Estate Commission) to communicate and enforce the law,” Hutchinson wrote. “However, SB 1217 is inconsistent with the adopted legislative position of Oklahoma Realtors. The association believes the legislation, as drafted, will confuse Realtor members who are licensees and potentially confuse consumers who will receive mixed messaging.

“Because of these inconsistencies and potential for confusion in the marketplace,  Oklahoma Realtors does not support SB1217, rather it has chosen to monitor the legislation.” 

Hutchinson added that the association encourages its members to follow the terms of NAR’s commission lawsuit settlement. 

In contrast, Mississippi Realtors supported SB 2713, which was signed into law in March 2026. The law makes it optional for a buyer’s agent to sign an agreement to provide a home tour.

Under the law, licensees are required to have a brokerage agreement signed with their clients only prior to listing a home for sale, or when submitting an offer on a property if they’re going to be compensated for the services provided.

“SB 2713 protects consumers by requiring Mississippi licensed real estate agents to include relevant terms and a clear disclosure of compensation in written brokerage agreements before listing or submitting an offer on residential property. This new law provides buyers and brokers maximum flexibility in finalizing terms of their relationship before negotiations begin involving a property,” DeShawn Davis, the 2026 president of Mississippi Realtors, wrote in an emailed statement. 

Davis added that NAR’s settlement defers to state law on the requirement of written agreements for buyers touring a home.

“With SB 2713, Mississippi surpasses the protections in the NAR settlement by requiring written agreements for sellers and buyers working with any licensed real estate agent, irrespective of Realtor membership,” Davis wrote. “At the same time, SB 2713 gives consumers and agents greater flexibility in forging business relationships while enhancing transparency and consumer choice.”

While other states are taking a different approach to buyer agency agreements with their laws and proposals, Youngblood said the most important thing is that any new law enacted provides more clarity and transparency for consumers. 

“I think states are all solving the same issue — just in different ways,” Youngblood said. “I think Texas chose early clarity and to be on the front end, and I believe that Texas’s choice is more structured, which I think can serve consumers well when it is paired with strong education for agents.

“So, making a choice to favor a more statutory framework, I think, was a positive one.”

This post was originally published on here. 

United Real Estate expanded its national network with the addition of Allison James Estates and Homes, a 725-agent, multi-state brokerage based in Port Charlotte, Florida, the company announced Thursday.

The affiliation extends United’s reach across California, Florida, Maryland, Washington, D.C., Nevada, Texas, Massachusetts and Virginia, bringing more East and West Coast coverage under its national platform.

The move follows a series of scale-focused affiliations for United. In 2025, the Dallas-based brokerage expanded with MORE Realty, adding about 900 agents across the Pacific Northwest and Southwest. In 2024, it affiliated with Premiere Plus Realty, bringing on about 1,500 agents and increasing its market share in Florida.

United positions its strategy as an alternative to traditional brokerage roll-ups by allowing large independents to keep their local brands while tapping national resources, technology and a shared agent community. For housing professionals, these models can affect recruiting, splits, tech access and competitive positioning in local markets as more independents plug into national networks.

“United Real Estate is doing things differently, and it’s really their people and collaborative broker community that will help us hit our growth goals,” Matthew Crumbaugh, the CEO of Allison James Estates and Homes, said in the announcement. “Over the next five years, our focus is on increasing agent production, and we will leverage all the tools United provides to help make that happen.”

Crumbaugh said the arrangement lets Allison James maintain its family-owned culture and brand while giving agents a broader platform to grow and build long-term wealth.

Rick Haase, the president of United Real Estate, said Allison James is “in a perfect position” to join United’s family of companies.

“Their leadership team brings both sharp business acumen and a deep passion for building on a strong legacy of success,” Haase said in a statement. “Matt, Jessica, Victoria and the entire Allison James team are outstanding additions to our organization. Together, the exchange of knowledge, experience and talent between our companies will accelerate growth and opportunities for both agents and clients alike.”

Allison James executives also expressed excitement over the training, expanded mentorship and advanced marketing tools agents will gain access through the affiliation. Among the tools Allison James agents will adopt is United’s BullseyeAI, the firm’s proprietary AI-driven productivity platform. BullseyeAI streamlines tasks such as inputting client contact data, writing follow-up messages, initiating automated email campaigns, summarizing client interactions and searching for properties via text or voice commands, according to the company.

For brokers and team leaders, the spread of in-house AI platforms like BullseyeAI signals an escalation in the technology arms race among national brokerage networks, with automated workflows and marketing support increasingly used as recruiting and retention levers.

Allison James was founded in 2008 as a cloud-based, full-service brokerage with a flat-fee, 100% commission structure designed to give agents more control over their economics. The firm emphasizes technology, education and personalized support for agents serving buyers and sellers in its eight-state footprint.

Editor’s note: 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. 

United Real Estate expanded its national network with the addition of Allison James Estates and Homes, a 725-agent, multi-state brokerage based in Port Charlotte, Florida, the company announced Thursday.

The affiliation extends United’s reach across California, Florida, Maryland, Washington, D.C., Nevada, Texas, Massachusetts and Virginia, bringing more East and West Coast coverage under its national platform.

The move follows a series of scale-focused affiliations for United. In 2025, the Dallas-based brokerage expanded with MORE Realty, adding about 900 agents across the Pacific Northwest and Southwest. In 2024, it affiliated with Premiere Plus Realty, bringing on about 1,500 agents and increasing its market share in Florida.

United positions its strategy as an alternative to traditional brokerage roll-ups by allowing large independents to keep their local brands while tapping national resources, technology and a shared agent community. For housing professionals, these models can affect recruiting, splits, tech access and competitive positioning in local markets as more independents plug into national networks.

“United Real Estate is doing things differently, and it’s really their people and collaborative broker community that will help us hit our growth goals,” Matthew Crumbaugh, the CEO of Allison James Estates and Homes, said in the announcement. “Over the next five years, our focus is on increasing agent production, and we will leverage all the tools United provides to help make that happen.”

Crumbaugh said the arrangement lets Allison James maintain its family-owned culture and brand while giving agents a broader platform to grow and build long-term wealth.

Rick Haase, the president of United Real Estate, said Allison James is “in a perfect position” to join United’s family of companies.

“Their leadership team brings both sharp business acumen and a deep passion for building on a strong legacy of success,” Haase said in a statement. “Matt, Jessica, Victoria and the entire Allison James team are outstanding additions to our organization. Together, the exchange of knowledge, experience and talent between our companies will accelerate growth and opportunities for both agents and clients alike.”

Allison James executives also expressed excitement over the training, expanded mentorship and advanced marketing tools agents will gain access through the affiliation. Among the tools Allison James agents will adopt is United’s BullseyeAI, the firm’s proprietary AI-driven productivity platform. BullseyeAI streamlines tasks such as inputting client contact data, writing follow-up messages, initiating automated email campaigns, summarizing client interactions and searching for properties via text or voice commands, according to the company.

For brokers and team leaders, the spread of in-house AI platforms like BullseyeAI signals an escalation in the technology arms race among national brokerage networks, with automated workflows and marketing support increasingly used as recruiting and retention levers.

Allison James was founded in 2008 as a cloud-based, full-service brokerage with a flat-fee, 100% commission structure designed to give agents more control over their economics. The firm emphasizes technology, education and personalized support for agents serving buyers and sellers in its eight-state footprint.

Editor’s note: 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.