Real Estate (Page 5)

Long before she became a real estate agent helping lead one of the nation’s top-performing small teams, Molly Horak was spending her days in an infant carrier beneath her mother’s desk.

The story has become part of The Horak Group’s family lore — and part of the reason the team’s connection to REMAX stretches back nearly four decades.

“I was in that pumpkin seat under the desk at another brokerage when [my mother] was doing board duty, desk duty,” Molly told HousingWire. “The owner came in and asked why a baby was here, said it wasn’t professional. She was in her early 20s, so what are you going to do? So, she went across the street to REMAX, and I ended up growing up in that office.

“They passed me and my sister around, and it was a very family atmosphere. My kids now have all worn little knit REMAX baby hoodies from the 1980s my mom had for us when we were little.”

Today, that family-centered approach remains a defining characteristic of The Horak Group, which operates under REMAX Boone Realty in Columbia, Missouri.

The three-agent team — Molly Horak, her mother Susan Horak and Jan Wertzberger — earned a No. 16 national ranking among small teams for transaction sides on RealTrends Verified’s 2026 rankings — closing 247 in 2025.

For Molly, the explanation for the team’s sustained success is straightforward.

“We do have longevity,” she said. “I think my mother started in 1984, 1985, somewhere around there,” she said. “We’ve all just been doing this for a very long time, and have routines set and know what we need to do. It takes a lot of late nights and weekends, but we just keep going and it’s what we’ve always done.”

Susan Horak founded the business and remains its leader, with Molly helping on day-to-day operations and Wertzberger having been with the group for 30 years.

Technology and people

Although the team consists of only three agents, it has continued to evolve with changing technology.

Molly remembers a time when marketing a listing required far more time than it does today.

“I remember starting off in the company in the graphics and marketing office,” she said. “It was so funny, because back then it took like six of us to do 10% of what we do now with two people. You had to build the website from nothing, and it felt like every single time you had a new listing it was this long process of getting everything put on there.

“The websites would crash if you had more than nine photos, because the internet just wasn’t what it is now, and the technology has just gotten so much better — so much faster.”

Despite advances in technology, the team’s investment philosophy has remained consistent.

“I don’t feel like we spend a ridiculous amount buying every new shiny thing,” Molly said. “But we do invest in people. We have a dedicated, full-time graphics and marketing [person]. It’s not always been the same person — but for probably 25 years, 30 years, we’ve just always had one because you need someone to run the website.”

That includes maintaining dedicated marketing support.

“We’ve always had a pretty decent listing volume [so] it’s never made sense to have someone where we had to wait on their schedule when we needed new photos, especially during the recession years,” Molly said. “When things were sitting on the market for a very long time, you have to send people out to retake photos when the season changes and there’s snow on the ground.”

Working with family

As The Horak Group hits 40 years in business, Molly believes the key to making a family business work is surprisingly simple.

“You’ve got to like each other,” she said. “I genuinely love working together. Frequently, we’ll be at the office till 8:30 at night or longer, just to get more done after the staff has left. Everybody goes home and then, all of a sudden, you get peak productivity. We work really well together then, or at any time.”

Still, she acknowledged that family partnerships aren’t for everyone.

“Not every parent-child relationship is right for that,” Molly said. “And you can’t try to force it when it’s not. We’ve just always had this family environment, and we really appreciated that about REMAX. My kids came to the office their first couple of years. When [my mother] got into real estate, back then, I think there was a higher concentration of men in real estate.

“It just wasn’t as normal to have a business be welcoming [to a woman who needed to bring kids to the office]. Now things are different, but REMAX was just so welcoming when it wasn’t what everyone did.”

For the Horaks, a family-friendly office that welcomed a baby in a pumpkin seat helped launch a real estate legacy that now ranks among the nation’s best.

This post was originally published on here. 

eXp World Holdings, Inc. has completed its corporate transformation to AGNT, Inc., including a formal name change and a move of its legal domicile from Delaware to Texas, the company announced Thursday.

The holding company for eXp Realty, NextHome, FrameVR.io and SUCCESS Enterprises now trades on Nasdaq under the AGNT ticker and will operate under the AGNT, Inc. name going forward. The shift follows the May 2026 adoption of the AGNT ticker and the addition of NextHome to the platform, which the company describes as a multi-model, agent-focused ecosystem spanning cloud brokerage, franchise and ancillary services.

Glenn Sanford, founder, chairman and CEO of AGNT, said the new corporate identity is intended to formalize the company’s longstanding strategy of building economic and technology models around independent real estate agents. At the brokerage level, eXp Realty CEO Leo Pareja pointed to the firm’s scale — it bills itself as the world’s largest independent brokerage — and said the AGNT structure is designed to give that agent-first mission “a permanent home” at the holding company level.

Redomestication to Texas

As part of the transformation, AGNT has completed its redomestication from Delaware to Texas. The move was recommended by a special committee of independent directors after a review process that lasted more than a year and was supported by outside counsel, according to the announcement. Shareholders approved the change at the company’s May 8, 2026, annual meeting.

The company said Texas law better matches its agent-driven business model because it expressly allows directors and officers to consider the interests of constituencies such as agents when exercising fiduciary duties. That framing is notable for broker-owners and shareholders watching how public real estate platforms navigate pressure to balance agent economics, profitability and litigation or regulatory risk.

This move comes despite New York State Comptroller Thomas DiNapoli, who is a trustee of the New York State Common Retirement Fund, an AGNT shareholder, calling on investors to block the firm’s attempt to move its place of incorporation to Texas. 

Critics of the firm claimed that it was trying to reincorporate to dodge allegations that the company and its executives enabled the drugging and rapes of women attending recruiting events. 

AGNT has repeatedly told HousingWire that it “has zero tolerance for abuse, harassment or misconduct of any kind — including by the independent real estate agents who use our services,” and that it believes the claims against Sanford and the firm “are without merit.”

In mid-April, an AGNT spokesperson told HousingWire that the decision to reincorporate in Texas reflected “the Board’s considered judgment about the long-term operational and governance interests of the company and its shareholders. “

“Any characterization of the timing as ‘suspect’ misrepresents a lengthy, good-faith process and a misunderstanding of the reincorporation impacts on existing litigation,” the spokesperson said. 

AGNT said it will continue to use its website, www.agntinc.com, Securities and Exchange Commission filings, press releases, calls, webcasts and social channels as primary outlets for investor information.

This article was written by Brooklee Han and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.

This post was originally published on here. 

At an event in France, an eXp Realty agent who had relocated from Southern California pulled eXp Realty CEO Leo Pareja aside with a warning from the other side of the Atlantic.

“She goes, Leo, let me just tell you how horrible it is to sell real estate here,” Pareja said. “I have to go to eight different weeks, I have to go to the portals like SeLoger and all the other ones, and then I have to go to REMAX and KW and eXp, and that may get me 60% of the inventory, and then I have to call the local offices around the area the client is curious about. They may or may not call me back.”

Her conclusion was blunt: “It feels like 100 years compared to what we have in the U.S.”

For Pareja and NextHome CEO James Dwiggins, that is not just a cautionary tale. It is the future they are trying to avoid as consolidation accelerates, private listings expand and the industry’s long-standing system of shared listing data comes under pressure.

The two executives recently discussed eXp Realty’s acquisition of NextHome on the RealTrending podcast, but the conversation quickly moved beyond deal mechanics. To them, the tie-up is part of a larger fight over consumer access, listing distribution, artificial intelligence and the future structure of brokerage.

Pareja said consolidation in real estate is following a familiar historical pattern.

“If you look at American history, when industries start to consolidate, they tend to not stop, and so consolidation begets consolidation,” he said. “Industries that for decades were fragmented all of a sudden become consolidated.”

He compared the current moment to the airline industry and even the railroad consolidation of the late 1800s. For real estate, he said, the pressure is coming from a combination of national platforms, technology, industry downturns and capital.

For eXp, Pareja said, NextHome offered something different from a pure scale play.

“We were looking for a platform that was synergistic and complimentary, that didn’t cannibalize our business,” he said. “We recruited a total of 28 agents in 2025 away from them, right? So there was almost zero overlap.”

Dwiggins said NextHome’s leadership had reached similar conclusions about where the industry was headed.

“We built this business from the ground up, no investors, from a garage, mortgaged our houses and took all of our savings accounts to create the company,” he said. “We (James and co-CEO Keith Robinson) built this beautiful boutique franchise business.”

But, he added, the market was changing fast.

The private listings war

“We needed protection from a private listings war, which I unfortunately think is here and about to get accelerated,” Dwiggins said.

Private listings were a central concern for both executives. Dwiggins said they have a limited place in the market, but he believes they are being pushed far beyond that.

“I think private listings are a really bad thing for the industry,” he said. “It’s always been, in my opinion, something that should be used in a very small use case.”

He framed the issue around the seller’s interests. “Isn’t our job supposed to be about putting the seller’s interests forward?” Dwiggins said. “Did we forget who we actually work for in this process?”

Pareja said the North American MLS system remains one of the industry’s greatest advantages, especially compared with markets where portals dominate access to inventory.

“What makes North American real estate wonderful is we have MLS, and we also syndicate data to actual competitors that fiercely compete for those positions,” Pareja said. “Creating more distribution of our seller’s listings is better, and like, fight me on that one.”

That belief also underpins eXp’s deal with Google, HouseCanary and ComeHome. Pareja said the arrangement gives the brokerage more control over how its listings are distributed. “The fact that we are the ones sending the data via my state and the relationship with HouseCanary, that actually puts me in control to take it away if they go back on their word or we don’t like the position they take,” he said.

He also said scale matters in a fragmented environment. “NextHome could not have done the Google deal that we did, purely just because they didn’t have enough scale to do it,” Pareja said. “But now that we’re together, we went from 72,000 active listings to 80,000 active listings.”

Is AI a black swan event for the listing ecosystem?

Both executives argued that broader distribution is not only good for sellers, but necessary as search changes. Dwiggins said the home search experience remains outdated. “When you go to portals today, the search experience is basically the same as it’s been for, I don’t know, like 15 or 20 years — bedrooms, bathrooms, and square footage,” he said.

He said buyers want a more intuitive search experience, one that reflects how people actually think about where they want to live. “I want a pool, and I want to have it [on a] north-facing slope, and I want to have this, and I want to have that, and I want it to be this far from my favorite restaurants in downtown,” he said.

Pareja sees AI as a possible “black swan event” for the listing ecosystem. “There is a black swan event, which is that LLMs really get to understand every nook and cranny of any listing available,” he said.

If AI-powered search becomes the default consumer experience, Pareja said, brokerages need to think carefully about positioning. “What puts us in pole position if that statement is true?” he said. “Wouldn’t it be good to give the world’s biggest LLM all of our properties that are actively available for sale in real time?”

Leadership structure is moving too slowly

Still, both leaders said the industry’s leadership structure is moving too slowly. Pareja called it “an abdication of leadership.” Dwiggins was equally direct.

“There are too many unqualified people, and I say that as respectfully as possible, on boards making decisions that they’re not qualified to make,” he said. “That is the problem with organized real estate, from associations to MLSs all the way down.”

For broker-owners and agents, however, both executives said the answer is not to obsess over every technology headline. It is to return to relationships and value.

“In a hyper AI tech focus world, I think the human is going to be at a premium,” Pareja said. “I would obsess with relationships and value, and everything else is noise.”

Dwiggins agreed. “A human connection, I think, is going to be the most important thing to remember in an AI-based world,” he said. “This is an infrequent transaction that people do once every eight to 13 years. It’s not an Amazon package, it’s something that’s scary, it’s expensive.”

For Dwiggins, the industry’s future still rests on a simple question.

“If you wouldn’t do it with the sale of your own home, then don’t do it with other people,” he said.

Listen to the full RealTrending podcast.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

This post was originally published on here. 

U.S. foreclosure activity continued its gradual annual rise in May 2026 even as filings declined from April, according to ATTOM’s latest Foreclosure Market Report.

The report, released Thursday, found 40,355 properties with foreclosure filings — including default notices, scheduled auctions or bank repossessions. That was down 5% from April but up 14% from May 2025.

Foreclosure starts increased 13% year over year to 27,304, while completed foreclosures — or real estate-owned (REO) properties — rose 6% to 4,092. ATTOM CEO Rob Barber said in the company announcement that elevated mortgage rates, higher homeownership costs and ongoing affordability pressures are contributing to the increase even as foreclosure activity “remains well below historical norms.”

Where foreclosure risk is highest

Nationwide, one in every 3,562 housing units had a foreclosure filing in May. The states with the highest foreclosure rates were:

• Florida: one in every 2,110 housing units
• South Carolina: one in every 2,287 units
• Maryland: one in every 2,369
• Nevada: one in every 2,386
• Indiana: one in every 2,516

Among metro areas with at least 2 million residents, Cleveland posted the highest rate, with one filing for every 1,524 housing units. It was followed by Baltimore (one in 1,804); Tampa (one in 1,878); Riverside, California (one in 1,980); and Orlando (one in 2,034).

For mortgage servicers, real estate investors and other market stakeholders, these state and metro-level rates highlight where distressed housing pipelines are thickening and where loss-mitigation or REO disposition resources may need to be rebalanced.

Texas, Florida and California lead in foreclosure starts

Lenders started foreclosures on 27,304 properties in May, down 4% from April but up 13% from a year earlier. The states with the highest number of foreclosure starts were:

• Texas: 3,590 starts
• Florida: 3,315 starts
• California: 2,530 starts
• Georgia: 1,161 starts
• Illinois: 1,150 starts

Some midsized metros are moving in the opposite direction. Among markets with at least 200,000 people and at least 20 foreclosure starts, the largest year-over-year drops in May occurred in:

• Santa Rosa, California (down from 93 starts in May 2025 to 21 in May 2026)
• Honolulu (68 to 30)
• Seattle (196 to 99)
• Visalia, California (39 to 22)
• Greeley, Colorado (78 to 45)

For lenders and servicers, higher starts in large states like Texas, Florida and California point to growing early-stage distressed pipelines. Conversely, sharp declines in select West Coast markets suggest local labor or affordability dynamics are improving relative to last year.

Completed foreclosures stay above 2025 levels

Lenders repossessed 4,092 properties through completed foreclosures in May, a 20% decline from April but a 6% increase from May 2025. The states with the most REO properties were:

• Texas: 519 REOs
• California: 427 REOs
• Florida: 340 REOs
• Illinois: 223 REOs
• Michigan: 222 REOs

Among metros with more than 200,000 residents, the highest REO counts were in:

• Chicago (204 REOs)
• Detroit (124)
• Houston (122)
• Dallas (88)
• New York City (84)

Elevated REO totals in large Midwest and Sun Belt markets point to steady inflows of distressed inventory for investors, fix-and-flip operators and single-family rental buyers, although volumes remain far below pre-2008 levels.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. 

This post was originally published on here. 

A new research report from Alloy Advisors finds that a typical $400,000 home sale in the U.S. generates about $39,660 in transaction costs, with real estate commissions making up the majority of the friction. According to the report, AI is poised to accelerate downward pressure on the traditional 5%-plus commission model.

In “The Home Sale Transaction, Reconsidered,” authors Amit Kulkarni and Russ Cofano of Alloy Advisors, dissect the economics of a standard U.S. resale transaction in 2025 and argue that the current real estate commission structure is misaligned with the actual value delivered.

Using a $400,000 sale as a benchmark, the authors estimate a combined $39,660 in “hard” transaction costs — about 9.92% of the sale price — flowing to third parties, based on national averages and cross-market data. Sellers bear about three-quarters of that total, or $30,200, while buyers pay roughly $9,460 at closing beyond their down payment.

According to Kulkarni and Cofano, for housing professionals, the findings of the report present both a margin risk and a competitive opening: AI-enabled consumers will be able to see, question and negotiate specific line items in ways that were not possible even a few years ago.

“The real estate industry thinks that AI is just here to serve the industry and real estate professionals, but that is not the case,” Kulkarni told HousingWire. “AI is here to serve whoever wants to use it and that could mean a variety of different things for different industries, but when it comes to the real estate transaction, I think it will mean that consumers will soon find it overpriced.” 

For Kulkarni, AI is putting a point on the cost of transacting real estate as it is becoming clearer the value the human being can provide and the value AI provides. 

Commissions dominate the friction

According to the analysis, real estate commissions account for $23,000 of the $39,660 in total costs on the sample transaction — 5.75% of the sale price and 76% of all seller-paid friction. The remaining $16,660 is taken up by things like transfer taxes, owner’s title insurance, settlement fees, loan origination fees, underwriting fees, appraisals and home inspections. Additionally, the analysis argues that embedded in an agent’s commission is a “platform tax,” which it attributes to portal referral programs and MLS fees that rarely appear as standalone charges to consumers.

Post-settlement commissions have not fallen

The report directly addresses expectations that the National Association of Realtors’ (NAR) commission lawsuit settlement would compress real estate commission rates. Citing data from Clever Real Estate and Redfin, the authors note that the national average commission rose to 5.44% in mid-2025, up from 5.32% the prior year. Additionally a HousingWire survey from April 2025, found that 58.8% of agents said their buy-side commissions had not changed since the settlement went into effect in August 2024, while 11.76% reported that their commissions had increased. 

According to the report, there are several structural reasons why commission rates have not changed, including that the business practice changes did not remove seller-paid buyer commissions in practice, that 13 states and Washington, D.C., effectively ban à la carte brokerage services and the system is structured in a way that only compensates agents when a deal closes. 

Kulkarni and Cofano write in the report that these factors help explain why overall commission levels have been sticky despite significant legal and regulatory change — and why simple disclosure shifts may not be enough to move the national average.

What the agent’s work is actually worth

A central thesis of the paper is that most of the tasks historically bundled into a 3% listing commission have been commoditized by software and AI, while the remaining “human core” of the job does not scale with home price. The report separates agent tasks into two tiers:

• Tier 1 – AI-compressed tasks: Comparative market analyses, MLS entry, listing descriptions, offer modeling, transaction coordination and basic disclosure checks. Pre-AI, the report pegs their combined market value at roughly $1,500 to $3,500 per listing. With modern tools, the authors estimate the marginal cost of these services has fallen close to zero for a competent AI user, aside from $10 to $30 per deal for workflow software.
• Tier 2 – Human-value tasks: Skilled negotiation execution, emotional coaching, on-site judgment, hyperlocal knowledge and licensed fiduciary accountability. Using comparable professional service benchmarks, Alloy Advisors estimates this “human core” is worth roughly $2,000 to $6,500 per transaction, regardless of home price.

By comparison, a 3% listing commission on a $400,000 property is $12,000, and on a $1.5 million property it is $45,000, even though the underlying Tier 2 work does not increase proportionally.

Where agents continue to bring value 

According to Cofano and Kulkarni, the commission model’s indifference to skill is the heart of the problem, as consumers cannot reliably distinguish a top-decile agent from a median one before signing a contract with one, yet both typically charge the same percentage rate.

For agents, teams and brokerages, the implication is that sustained premium pricing will increasingly require demonstrable performance on the specific tasks where human skill still moves outcomes — particularly negotiation and local market insight — as AI not only automates more tasks for agents, but provides consumers with more information. 

“The more AI is used by consumers and the more information about a transaction it can provide them, becoming a real legitimate tool for them to process information as opposed to the human hand they are holding through the transaction. For the industry to not expect that to impact the fundamental economics of this, is just fantasy,” Cofano said. 

The report cites Realtor.com research from 2025, that shows that about 82% of active or potential buyers and sellers reported using AI for housing insights and respondents rated agents and AI nearly evenly on which source made them “smarter” about the market, with agents still perceived as more accurate overall. However, a YouGov survey from December 2025 cited in the paper found that 65% of Americans trust AI to compare prices on major purchases, including homes, but only 14% expressed trust in AI to act on their behalf in such decisions.

This level of information trust, according to Kulkarni and Cofano, is sufficient to put downward pressure on real estate commissions and other fees because AI can evaluate proposed terms, line items and alternatives in real time. 

“Whether they like it or not, these things are happening and they will have an impact on the structure of the business, the compensation of the business, how services are delivered and what services need to be delivered,” Kulkarni said. “Folks need to understand that this is not going to be the status quo. Things are going to change now that consumers are empowered with these tools.” 

Change is afoot 

For housing professionals, the authors say the takeaway is that near-term competitive pressure will come from AI-assisted consumers and new pricing options, long before large-scale regulatory overhaul or pure AI listing platforms reshape the landscape.

“People have always said they wanted a better way to transact real estate, but there really has not been a viable alternative that allows them to do it, but this is an actual viable alternative,” Cofano said. “There are consumers buying and selling just with the help of AI now — it’s still on the edges, but it could eventually become mainstream.” 

For agents, Alloy Advisors said this means they will have to work hard to hone the skills that support tasks AI is not suited to do, such as mentally supporting consumers through what can be an emotionally charged process and negotiating on behalf of their clients. 

“There is a reason consumers dislike buying cars and it is because, for most consumers, the stress around negotiating on their own behalf is something that’s very unpleasant and they’re not good at it,” Cofano said. “So, it is important to highlight here that we believe that the role of the agent as active negotiator and trust companion in the transaction plays a meaningful role and is worth money. And I don’t think that is going away anytime soon.” 

Alloy Advisors hopes this serves as a wake up call for agents and brokers to begin thinking about what their business will look like in an AI-forward world. 

Regardless of exactly what that world will look like, Cofano and Kulkarni agree that the “great agent will win.”

“Great agents win because they put the consumer at the heart of their business. They generally do what is right for the person that they are actually serving and who is paying money,” Kulkarni said. “For brokers this means that many may need to pivot their model to put the consumer at the center and find ways to help the agent better serve this new well-informed consumer.”

This article was written by Brooklee Han and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.

This post was originally published on here. 

Qualia has launched Qualia Clear Essentials, a new artificial intelligence (AI) feature suite available at no additional cost to users of its Core platform — as the company seeks to broaden AI adoption among title and escrow professionals.

While AI tools have become more common, many title and escrow firms remain uncertain about how to implement the technology effectively within their existing workflows.

Qualia CEO Nate Baker said the company believes that hesitation is becoming increasingly difficult for businesses to afford.

“I think the single most important thing happening in the world right now is AI getting better very quickly,” Baker told HousingWire. “Every company, every title company needs to answer the question of, ‘Next month, when AI gets better, how does that instantly cause my business to be better?’

“If you can’t answer that question, you’re going to be on the losing end of AI.”

Qualia Clear Essentials is built directly into the company’s Core platform and includes three primary tools at launch — the Qualia Clear Support Assistant, the AI Order Opener and the CD Processor.

The company is introducing Clear Essentials less than a year after launching Qualia Clear, a broader AI platform designed to automate workflows and perform tasks within transaction files.

According to Baker, Clear Essentials is intended to help companies become comfortable using AI before adopting more advanced capabilities.

“I think that a lot of people hear about AI, and they’re afraid of it,” Baker said. “They’re afraid that it’s going to take their job or replace them, but our view is that AI is going to amplify people and make people far more effective and provide a much better service to people who are buying and selling homes.”

He described the new offering as “a smooth on ramp” for organizations that have not yet incorporated AI into day-to-day operations.

Support functionality

The Support Assistant functions as an AI-powered chat tool that can answer questions about transactions, platform usage and operational issues — accessing information tied to specific files within the Qualia system.

Baker said the assistant is being used for everything from troubleshooting balancing issues to helping employees learn the platform.

“One thing that’s interesting is I expected that this would reduce the number of support tickets that we received from our customers,” he said. “What we’re seeing is that clients are asking Clear Essentials 10 times-plus more support questions.”

The trend suggests employees often need assistance throughout the day but may be reluctant to interrupt managers or contact support teams for smaller questions, Baker added.

Automation benefits

Two additional tools included in the launch focus on reducing repetitive administrative work.

The AI Order Opener extracts information from purchase and refinance contracts and automatically populates order information within the platform.

Users review and approve the information before proceeding.

Baker said the process addresses one of the most time-consuming tasks in title operations.

“Opening an order takes 30 minutes to an hour for the average title company, and you do that on every transaction,” he said. “This just does that entire process. In the last day, I’ve heard many anecdotes from customers saying, ‘This is the best feature you’ve ever launched,’ because they hadn’t been familiar with Clear or with AI.”

The CD Processor is designed to analyze lender closing disclosures, import charges into files and identify discrepancies between lender documents and information already contained in the transaction record.

“It’s a tedious process of identifying differences in documents, and it’s error prone,” Baker said. “That super tedious process of staring and comparing is just automated at this point. Reducing time spent reviewing documents could allow employees to focus more on communicating with homebuyers and sellers — to explain what’s different or why the transaction is happening this way.”

Data protection, future development

Baker said nothing changes with customer and consumer information confidentiality.

“The consumer data is bound by all the same confidentiality that we already have with our customers and with the platform,” he said. “Additionally, we’re reviewing the answers that it is providing to make sure there’s a human in the loop that’s getting it right.”

Looking ahead, Baker said Clear Essentials will continue to evolve as AI capabilities advance.

“I think Clear Essentials is going to be a rapidly changing and evolving product,” he said. “[That could include] core types of documents, more actions, more integration with email.”

For Qualia, the launch reflects a broader belief that AI is becoming a necessity rather than an optional technology investment.

“Maybe a year ago it was optional as a title company to use AI, and today it is a requirement,” Baker said. “If you are not using AI in your business, you will not be competitive today — and you will not be competitive in 12 months.”

This post was originally published on here. 

As reverse mortgage lenders and servicers find innovative ways to incorporate artificial intelligence (AI) into their operations, compliance issues are likely to pop up.

Jim Brodsky, a founding member of Washington, D.C.-based law firm Weiner Brodsky Kider PC, says that AI should be categorized as an assistant but not a replacement for humans. Licensed mortgage originators and companies that delegate work to AI must be in control of the process as legal and operational challenges can follow if the relationship is inverted.

Brodsky delivered his message to attendees at this week’s Western Regional Meeting of the National Reverse Mortgage Lenders Association. As general counsel to NRMLA and its 300 member companies, Brodsky said that companywide policy adoption and partnerships with knowledgeable vendors are essential to staying out of hot water.

“If AI is not introduced in your company on an enterprise-wide basis … you’re going to have issues. It’s just inevitable,” Brodsky said. “The choice among providers requires a level of understanding of our business that some have and some don’t, and that’s a critical choice as well.

“When this is done right, it’s going to offer compliance and increased productivity opportunities for lenders and institutions … a force multiplier.”

Existing laws that apply to AI communications

Brodsky’s presentation touched on the federal Telephone Consumer Protection Act (TCPA) and its application to AI voice assistants used for inbound or outbound calls. He said that consumers must express prior consent before companies can initiate contact while noting exceptions for established business relationships that are active within the past 18 months. But exceptions do not extend to affiliate companies.

The National Do Not Call Registry, maintained by the Federal Trade Commission (FTC), also applies to AI-driven communications — i.e., “do not call means do not chat,” according to Brodsky. All outgoing communications, whether conducted by a human or technology, must identify the caller and provide contact information.

Unfair, deceptive or abuse acts or practices (UDAAP) — which were established under the Dodd-Frank Act and enforced by the FTC and the Consumer Financial Protection Bureau (CFPB) — also apply. Consumers must be notified upfront whenever a lender or servicer chooses to interact with them using AI, whether it’s inbound or outbound calls. They also must be provided an easy and accessible way to opt out of the AI interaction and speak with a human representative instead. Brodsky stressed that making it difficult for customers to reach a real person creates potential liability under UDAAP.

When it comes to privacy and security tied to the information received by AI, the Gramm-Leach-Bliley Act of 1999 applies. It states that companies must know where consumer data is stored, how it’s used and who controls it.

“That data is now absorbed in the learning facility of the AI as it’s learning from that data,” Brodsky explained. “Where does it go? Where does it stay? You need to be very robust there.”

Loan officers that use AI for marketing, application or processing tasks should remember that their bots aren’t licensed at the state or federal levels. Brodsky said they should ensure their technology identifies a human LO by name and includes their Nationwide Multistate Licensing System (NMLS) number so consumers know a credential person is in charge.

“Those licensing requirements still envision having you, a licensed natural person and a real company, be responsible to do the tasks,” he said.

Colorado law could provide a template

Lastly, Brodsky mentioned a state-level law that’s set to take effect Jan. 1, 2027. Colorado’s Automated Decision-Making Technology Act repeals similar legislation that was passed in 2024 and slated for adoption in February 2026.

Brodsky said the statute creates a framework for AI regulations across the financial services industry and is likely to serves as guidance for other states. For mortgage lenders, it applies to “consequential decisions” around credit access and eligibility.

Technology developers have obligations under the law to disclose the intended uses and classify the data that’s training their tools. They also must provide any known limitations and risks along with instructions for human oversight.

Lenders that deploy the tools must inform consumers that AI is being used to make credit decisions. If a loan applicant is rejected, they must explain the reasoning reached by AI and offer “meaningful human review and reconsideration,” according to Brodsky.

This post was originally published on here. 

Residential construction input costs jumped in May at their fastest pace in more than three years, putting fresh pressure on builder margins and project underwriting just as many builders were counting on cost stability to offset higher mortgage rates.

According to new analysis from the National Association of Home Builders’ Eye on Housing economics team, prices for goods used in new residential construction, including energy, rose 2.1% in May from April and 8.3% year over year. The monthly gain is the largest since March 2022, during the post-pandemic run-up in materials costs.

Stripping out energy, residential building material prices rose 0.7% for the month and 4.4% from a year earlier — the fastest annual pace since January 2023. Services inputs were flat on the month but up 4.7% year over year.

Energy shock returns as key cost driver

The NAHB data, based on the Bureau of Labor Statistics’ Producer Price Index, show energy once again emerging as the primary driver of cost volatility:

• Energy input prices to residential construction surged 17.2% in May and are 62.8% higher than a year ago.
• No. 2 diesel fuel posted the largest annual increase among tracked inputs, with prices up 105.9% year over year.

Energy represents a relatively small share of the overall inputs index but has an outsized impact on construction logistics, excavation, trucking and on-site operations. For builders, the diesel move alone can quickly erode already-thin gross margins on fixed-price contracts signed months earlier.

Core materials: moderate but persistent inflation

The underlying building materials component — roughly 93% of the goods index — is showing steadier but still meaningful inflation:

• Building material prices: +0.7% month over month; +4.4% year over year.
• Softwood lumber: +5.6% year over year.
• Ready-mix concrete: +1.7% year over year.
• Metal molding and trim: +42.9% year over year.
• Gypsum building materials: −1.1% year over year.

While lumber inflation is modest compared to the 2021–2022 spikes, the combination of higher lumber, metals and diesel translates into higher structural, framing and sitework costs. The small decline in gypsum offers limited relief relative to more volatile categories.

Services costs hold firm

Service inputs to residential construction were unchanged in May but remain elevated compared with a year ago:

• Total service inputs: flat month over month; +4.7% year over year.
• Trade services (about 60% of the services index): +3.8% year over year.
• Transportation and warehousing services (about 11%): +17.3% year over year.
• Other services (about 29%): +1.7% year over year.

For builders, the combination of higher diesel and sharply higher transportation and warehousing costs signals ongoing pressure in the delivered cost of materials and components, even before labor and overhead.

Why this matters for builders

The PPI for inputs to new residential construction rose 1.3% in May and is up 6.9% year over year, outpacing many builders’ 2025–2026 underwriting assumptions that were built around slower inflation and improved supply chains.

For homebuilders, this environment has several immediate implications:

• Spec vs. to-be-built: Rising input prices favor shorter cycle times and tighter purchasing windows. Long lead-time, to-be-built contracts locked months in advance face greater margin risk.
• Escalation and allowances: The return of high monthly volatility, especially in energy and transportation, may justify revisiting escalation clauses and material allowances in contracts with buyers and trade partners.
• Product and option mix: Categories with outsized inflation — metals, transportation-intensive components — may warrant value engineering or substitution, particularly in entry-level and first move-up segments sensitive to total monthly payment.
• Land and deal underwriting: Pro formas that assumed flat or disinflating materials over the next 12–18 months may need to be re-run with higher construction cost contingencies.

The broader Producer Price Index for final demand rose 1.1% in both April and May and is up 6.5% year over year, reinforcing that pipeline inflation has not fully subsided even as the Federal Reserve weighs the timing of rate cuts. For builders, that means fewer tailwinds from cost deflation to offset still-elevated borrowing costs and affordability constraints.

Key takeaway for the field

After a period of relative stability, residential input costs are reaccelerating, led by energy and logistics. Builders that update bids and budgets quickly, shorten build cycles where possible and tighten purchasing coordination with trades will be better positioned if volatility persists through the second half of 2026.

This post was originally published on here. 

Two plaintiffs have joined a federal class-action lawsuit in Colorado against home equity investment (HEI) company Unison Agreement Corp. and its affiliates, expanding allegations that the company’s HEI products function as high-cost mortgages despite being marketed as interest-free alternatives.

The amended complaint, filed June 8 by law firm Singleton Schreiber in the U.S. District Court for the District of Colorado, adds Jamie and Alicia Williams of Weld County and Douglas Clayton of Longmont as named plaintiffs alongside original plaintiffs Katharine and Charles Kane of Centennial.

The case builds on a class-action lawsuit initially filed in April 2026 by the Kanes, who allege Unison deceptively marketed its home equity agreements as a simple, debt-free alternative to traditional mortgages. According to that complaint, the Kanes received roughly $87,000 after fees at the start of their agreement, but Unison estimated they could owe as much as $278,618 to terminate the contract as of March 31, 2026.

Unison’s product, similar to competitor offerings, provides homeowners with an upfront cash payment in exchange for a share of the home’s future value. The company has promoted the agreements as involving “no debt, no interest, no monthly payments” while describing itself as a “partner” that shares in a home’s gains and losses.

The lawsuit argues these claims are misleading because homeowners are still obligated to repay the company, typically through a large lump-sum payment when the agreement ends or the home is sold. The amended complaint alleges the new plaintiffs experienced similar outcomes.

“Every new plaintiff in this case tells the same story; they trusted Unison’s promise of a simple, interest-free product, and they are now trapped,” Elizabeth Aniskevich, senior counsel at Singleton Schreiber, said in a statement. “This amended complaint shows that what happened to the Kanes is a reflection of how Unison operates, rather than an isolated incident, happening to hundreds of Colorado homeowners right now.”

Unison did not respond to HousingWire‘s request for comment at the time of publication.

According to the amended complaint, the Williamses entered into an agreement with Unison in 2019 as they sought funds to help cover business expenses. They say they received $30,861 of a $64,600 advance after Unison required them to use a portion of the funds to pay down their primary mortgage.

The couple has since moved to Adams County after Jamie Williams accepted a job nearly two hours from their Weld County home and listed the property for sale. They are awaiting a final payoff amount and are concerned about their ability to purchase another home, according to the filing.

Meanwhile, Clayton — a 66-year-old middle school custodian from Longmont — initially sought a home equity line of credit but instead entered into a Unison HEI agreement, the complaint alleges. Out of a $63,750 advance, Clayton received $28,294 after more than half of the funds were directed toward debts selected by the company. The lawsuit notes that the agreement will not terminate until Clayton is 94 years old.

The amended complaint also includes accounts from other Colorado homeowners. These include a disabled U.S. Army veteran on a fixed income who allegedly faces an effective interest rate ranging from 13% to 19.2%, and a firefighter who inherited responsibility for a Unison agreement after his father died of pancreatic cancer at age 62.

Broader scrutiny of HEI products

The lawsuit alleges violations of the Colorado Consumer Protection Act, the Colorado Uniform Consumer Credit Code, and Colorado laws governing forward and reverse mortgages. According to the complaint, the Colorado Division of Real Estate has stated that home equity agreements, such as those offered by Unison, may qualify as residential mortgages that require licensure, and the plaintiffs contend Unison does not hold the required license.

“Unison also engages in a variety of practices during marketing, signing, and servicing of the agreement that keep homeowners in the dark when it comes to the true nature of the Unison product, in violation of the Colorado Consumer Protection Act,” the amended complaint reads.

The original complaint also alleged that Unison structured agreements to maximize its returns while limiting its own risk. This includes discounting a home’s initial value, requiring homeowners to pay all property-related costs during the contract term and retaining control over the appraisal process used to determine the home’s final value.

The plaintiffs argued that these practices can leave homeowners with little remaining equity after a sale despite years of ownership.

The Colorado case is one of several legal challenges facing Unison and the broader home equity investment industry. A separate lawsuit filed earlier this year in California alleges the company uses equity-sharing contracts that function as unlicensed, high-interest mortgages disguised as investment partnerships.

In another case, the Ninth Circuit Court of Appeals ruled last year in Olson v. Unison that the company’s product functioned as a reverse mortgage under Washington state law, and that the company engaged in deceptive marketing practices, although the case was later settled.

This post was originally published on here. 

A lot of industries have subpar reputations and bad actors. Lawyers have their own subset of comedians telling jokes about them. Doctors have a peculiar word for their faulty fellows. The “used car salesman” was always a foil for us real estate agents by having a reputation for being worse. Private listings may do more damage to our reputation than good.

However, we work hard to boost our reputation. During the height of the short-sale market, sales stifled to a quarter of what they were, and the average price sold went down 35%. It was like getting a 35% pay cut and having your hours compensated cut by 75%!

Plus, no health insurance or 401k. I once paid $10 for gas with a set of quarters found around the house and waited for a check to clear to bring one of our kids to a needed doctor’s appointment. Those short-sale clients who see me around town today still give the biggest hugs and gratitude for the work I did. Those sales were fulfilling as well, seeing people move on with their lives.

I’ve hired hundreds of real estate agents over the years and every single one of them wants to help people. Of course, money is important. My advice — which I tell every new agent — is to concentrate on getting the letter of recommendation and doing a wonderful job. The money will follow in referrals and take care of itself. 

Private listings keep sellers from getting the best possible price

Today, we real estate professionals are forced to offer a new program to sellers who we represent. It’s called a “private listing.”

This new option is mandated by the Dark Powers in our industry.  It’s a weird idea. Mostly because it can keep the seller from getting the best possible price.

We offer it because a small number of our customers want to keep their business out of the public eye.  They have their reasons. None of our business.

Unless Law enforcement shows up to the Open House.

Private listings are something I don’t recommend

Private listings keep the listing secret from much of the buyer population.

If a buyer is unaware of a product, how is the seller supposed to get the best price with the most advantaged terms? If you’re a homeowner, selling your home and this sounds a bit crazy to you, it’s because it is.

As a real estate broker for 26 years, I’m accustomed to crazy. So, a question might come to mind.

Why in the world is this private listing craziness occurring?  Giant corporate brokers have been suing each over and scrambling to come up with private listing plans in the last year.  The pitch to the seller goes as follows: Wouldn’t you like to not have to have people trampling through your home? Client nods yes. And I’m sure you’d find it nice to not have days on the market accumulate in the MLS?  Bigger nod by client. And, wouldn’t it be great to test the market first?  Of course!

But, in my opinion what happening here is straight-up gaslighting. Our brokerage posts a disclosure upfront that our sellers read and sign before we list a property for a private sale. No different than how the public discovered cigarettes were bad for your health and officials were forced to tell the truth about aftereffects. We are saying that private listings may be bad for the terms you get and for your wallet. Our disclaimer reads as follows:

Your home will not be listed with any public Multiple Listing Service (MLS). Potential Buyers will be unable to view homes not listed on a public MLS website and will not receive alerts for new listings and price adjustments.

Certain real estate brokerages and online portals may have policies which may restrict you from listing on their websites and might prevent your listing from having a full exposure to the buyer pool. Anything less than 100% exposure to all potential Buyers could result in a lower selling price.

Listing your home as an Echo Fine Properties Private Exclusive can limit the number of buyers who will see your home, extend your marketing timeline and create awareness among Echo Fine Properties agents regarding upcoming inventory. The Echo Fine Properties protocol generates interest with private marketing and provides valuable feedback before deciding to go public. Since the entire pool of Buyers may not have access to view your home, private listings is not a true indication of price and marketing.

Private exclusive listings, also known as off-market or pocket listings, are legal in Florida, but private listings are subject to the rules and regulations of the Multiple Listing Service (MLS) and the National Association of Realtors (NAR). Florida law requires that a listing agreement include the commission details agreed upon between the seller and the listing agent, but this information is no longer allowed in MLS listings. Exclusive private listing may result in Limited Exposure of Properties.

So, the next question is, why would the brokers be promoting this if it can harm their own client? Easy answer. The double dip, although that’s been disputed. No, not the George Costanza from Seinfeld double dipping. This double dipping is more nefarious. The modus operandi in my opinion by having both sides of the transaction is so the real estate agent can double dip their earnings. Not mentioned in the advertising flyer so much, right? 

Are we setting ourselves up?

On August 17, 2024, NAR mandated that real estate agents must have Buyer Broker Agreements (BBA) explained, negotiated and signed by their clients the same way a listing agreement is signed by the homeowner. Their purpose was to disclose that commissions were really paid by the buyer. The industry lost hundreds of millions of dollars in lawsuits and settled hundreds of millions more. 

I see the exact same thing coming from sellers who are unaware of the potential loss of terms and dollars. In no case can you test the market by not exposing all potential homebuyers to a property available for them. Even if someone bought a home at full price off market, by not having all potential buyers witness it, a bidding war may have been stifled. And some buyers are going to meet a seller in the grocery store and tell them that, “I was in the market and would have paid more money if I was only aware.” Just like that our industry will have the next class action lawsuit. 

While I can’t carry a tune and never played a musical instrument, I can blow a whistle. Hopefully, this sounds an alarm.

Jeff Lichtenstein is the broker of Echo Fine Properties in Florida.

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. 

MISMO, the mortgage industry’s standards organization, launched a new artificial intelligence governance toolkit on Thursday, which is designed to help lenders, servicers and other housing finance companies manage AI-related risks while supporting innovation.

The Framework for Responsible AI in the Mortgage Ecosystem, known as FRAME, is now available to MISMO member companies through MISMO Connect.

FRAME was introduced during MISMO’s Spring Summit in Louisville, Kentucky, where lenders, servicers, technology providers and compliance professionals received an overview of the framework and its implementation tools.

The framework was developed in collaboration with MISMO’s AI Community of Practice and is intended to help organizations establish policies, procedures, controls and oversight mechanisms for the responsible use of artificial intelligence.

The initiative originated with the Mortgage Bankers Association’s Residential Board of Governors, which asked MISMO to lead the development of an AI governance framework tailored to the mortgage industry.

“RESBOG recognized early that our industry needed practical guidance for responsible AI adoption,” said Dan Sugg, 2026 chairman of the Residential Board of Governors and chief mortgage lending officer at Michigan First Credit Union. “Mortgage companies are increasingly utilizing AI-enabled systems, and they need a framework that helps them manage risk while supporting innovation.”

FRAME includes a governance policy template, an AI system inventory, an AI system risk assessment, implementation guidance and a getting-started guide. The tools are designed to help organizations identify, assess, monitor and govern AI-enabled systems used across their operations.

Rick Hill, vice president of industry technology at MBA and a contributor to the framework, said the toolkit is intended to serve as a risk management resource rather than create additional regulatory requirements.

“The goal is not to create new regulations or additional bureaucracy, but to help mortgage companies understand where AI is being used, assess the risks associated with those use cases, document their decision-making, and establish a repeatable governance process,” Hill said.

MISMO President Brian Vieaux said the organization plans to continue refining the framework through engagement with regulators, government-sponsored enterprises, investors and other stakeholders.

“Our goal is to create a practical framework that lenders can use today while helping build broader understanding and acceptance across the industry,” Vieaux said.

The announcement comes a day after the MBA released a white paper urging the mortgage industry to develop a unified framework for managing artificial intelligence. The white paper, which warned about the risks that AI poses to the financial services industry, recommended that lenders maintain a “human in the loop” approach.

Government agencies have started to address the issue of AI governance. Earlier this year, Freddie Mac updated its seller-servicer guide to include AI and machine learning governance requirements, and Fannie Mae issued guidance calling on lenders to establish policies and procedures that govern AI systems.

This article was written by Sarah Wolak and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.

This post was originally published on here. 

Google is taking its real estate listing pilot program nationwide, according to an announcement on Thursday. 

In a blog post, Google said it is rolling out enhanced Local Services Ads (LSAs) for home listings across all 50 U.S. states following a limited pilot program. The company said this expands a paid lead-generation option for real estate agents who advertise on Google. In order to use LSAs, Google said a business must have a physical location asset linked to their advertising campaign. 

These advertisements showcase property information — including price, photos and core home features — directly within LSAs, according to a company announcement. The listing data is powered by HouseCanary’s ComeHome.com platform. Through the listings, consumers have access to links to request a tour of a property or contact a buyer’s agent.

When consumers search for homes on Google, the updated LSAs are designed to connect them with local real estate agents at the moment they begin their search. From the ad unit, buyers can call, message or book an appointment with an agent.

“Our goal is to deliver a helpful real estate experience by acting as a supporting bridge,” the blog post stated.

Existing LSA agents will automatically appear in the enhanced home listing experience. New agents can enroll in Local Services Ads directly, while portal partners can onboard their agents through the LSA managed partner program, Google said.

Google began testing this advertising program that embeds for-sale home listings directly into mobile search results back in December 2025 before appearing to pull these listings in early January. In mid-May, however, the listings reappeared in search results in many of the original test markets, including Miami, New York, Cleveland, Chicago, Austin, San Francisco and Los Angeles.  

As real estate listing portals, including Zillow, Redfin and Realtor.com, have begun launching application integrations within LLMs like OpenAI’s ChatGPT, many in the housing industry have questioned if this usage falls within MLS data usage and IDX feed rules. In turn, this has opened a discussion surrounding both the modernization of MLS rules and listing data control.

This article was written by Brooklee Han and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.

This post was originally published on here. 

The Council of Multiple Listing Services (CMLS) has appointed Jessica Edgerton as its next chief executive officer, effective July 1, the MLS trade group announced on Thursday.

Edgerton joins CMLS from Leading Real Estate Companies of the World, where she has served as chief legal officer for the past nine years. She brings 16 years of leadership experience in organized real estate, including five years as legal counsel at the National Association of Realtors (NAR).

“I am deeply honored to lead CMLS at a moment when our work has never mattered more,” Edgerton said in the announcement. “Our industry created the MLS for a vital purpose: to give real estate professionals a shared foundation of trusted information and to give consumers the data they need to confidently make the most significant financial decisions of their lives.”

As CEO, Edgerton will lead CMLS’s work to advance the multiple listing service community, strengthen member value and promote an accessible, efficient and transparent housing market enabled by the MLS, the organization said in its announcement.

“Jessica brings the vision, credibility and collaborative leadership CMLS needs for this important moment,” said Nicole Jensen, 2026 chair of CMLS and CEO of realMLS. “She understands the essential role MLSs play in creating access to trusted real estate information, supporting informed decisions and helping the market work for consumers and professionals.”

Edgerton is filling a role previously held by Denee Evans. In May of 2025, CMLS announced Evans’ plans to step down from her role after 11 years at the organization, joining in 2014 as CMLS’s first full-time staff member.

At LeadingRE, Edgerton supported a global network of more than 500 brokerages across 70 countries, many of which operate in markets without an MLS system. CMLS said that experience gives her firsthand perspective on the market impact of complete, accurate and trusted listing data.

“Through my work with brokerages around the world, I have seen what real estate markets look like when professionals and consumers do not have access to the complete, trusted information an MLS provides,” Edgerton said. “It gives me an even deeper appreciation for the MLS as essential market infrastructure and for the leaders who make that system work every day.”

Edgerton will work with the CMLS board, staff, members and partners to advance the organization’s mission and “strengthen the role of MLSs across North America,” according to the announcement.

This article was written by Brooklee Han and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.

This post was originally published on here. 

Pini Dunner’s “The Blackest of Lies” opened with: “Benjamin Franklin declared that ‘half the truth is often a great lie.’ Mark Twain put it slightly differently: ‘A half-truth is the most cowardly of lies.’ And this, from Tennyson: ‘The lie which is half a truth is ever the blackest of lies.’”

What Dunner is describing is known as paltering, an active use of selective, factually truthful statements to mislead someone or create a false impression. There is an evidence-based argument that, without needed amendments, the 21st Century ROAD to Housing Act is just the latest bipartisan deception, which strong-willed advocates, Congress and/or the White House should demand be fixed or flushed.

This pushback survey illustrates the following:

Per the Wall Street Journal Editorial Board.

• “A Bipartisan Housing Fiasco,” “The new House legislation will raise costs and give more power to regulators.” “Housing shortages are the result of restrictive state and local zoning and permitting” and “…eager to claim a victory on affordability, even if it’s likely to be pyrrhic.”

Per the WNG.org.

• Heritage economist E.J. Antoni, whose Bureau of Labor Statistics (BLS) nomination was pulled by the White House, said: “Unfortunately, though, a lot of them [aspects of the ROAD bill] are just more demand subsidies, and they’re more government programs, which aren’t actually going to fix the fundamental mismatch between supply and demand that we face today.”
• “Norbert Michel, director of the Cato Institute’s Center for Monetary and Financial Alternatives, told WORLD”…“Whatever outcome current government policy and previous government policies have wrought, that’s where we are now. And you really shouldn’t expect anything radically different from this [housing] bill,” Michel said. “It really doesn’t radically change what we’ve been doing for the past several decades.”
• “Francis Torres, director of the Bipartisan Policy Center’s housing and infrastructure projects…” said: “I wouldn’t say that, as a renter, I would expect my rent to go down the month after this bill passes just because of this bill. I think in the long run, me and other people who rent would benefit from a more abundant rental housing market—would benefit from housing being easier and faster to build in the places where there’s most access to jobs and opportunities.”

AEI Housing Center’s Edward Pinto and Tobias Peter asserted the ROAD bill’s leftward subsidy-minded lurch is a “pork-filled potpourri,” a “ROAD to less housing” and “Elizabeth Warren’s Housing Coup: The GOP Senate Is About to Pass a Bill That Is Great for Progressives.”

Antoni argued that more migrant deportations can help the housing crisis, because it opens up existing housing. Roughly three million people have been deported or self-deported. But at that pace, a housing crisis estimated at some five to eight-plus million units isn’t enough.

Construction is needed near where demand is and requires federal preemption.

HousingWire:

• “Recall HUD’s Pamela Blumenthal and Regina Gray said: “Without significant new supply, cost burdens are likely to increase as current home prices reach all-time highs…” and “The regulatory environment — federal, state, and local — that contributes to the extensive mismatch between supply and need has worsened over time. Federally sponsored commissions, task forces, and councils under both Democratic and Republican administrations have examined the effects of land use regulations on affordable housing for more than 50 years.”
• Perverse incentives and the fingerprints of the Iron Triangle or AmeRegCorp are in evidence.”

For six months, an evidence-backed op-ed series via HousingWire made the argument, advanced by cited sources including MHARR, that without amendments to preempt zoning barriers plus affordable lending for more “inherently affordable manufactured homes” the ROAD bill won’t work.

Stating the obvious can be clarifying.

• The National Association of Realtors (NAR) doesn’t build houses.
• The National Association of Home Builders (NAHB) for years said that without subsidies, conventional building/development is “untenable.”
• Nearly 75% of Americans can’t afford a new site-built house.

Subsidies are a leftist ‘solution.’ Applying economic insights from Thomas Sowell reminds us that subsidies shift and mask costs without fixing problems. “TANSTAAFL” is short for “There Ain’t No Such Thing As A Free Lunch” because someone must always pay.

Both NAR and NAHB have provided research documenting how modern manufactured homes defy decades of outdated mockery as “trailers” or “mobile homes.” HUD and NAR documented that manufactured homes appreciate at similar or sometimes greater rates than conventional housing.

Per Catherine Koh/NAHB.

“The gap widens among homeowners, with manufactured homeowners earning a median of $41,500 versus $93,000 for single-family homeowners.

…The average cost per square foot for a new manufactured home in 2023 was $86.62, compared to $165.94 for a site-built home (excluding land costs)…”

The Biblical wisdom and ancient principle of ‘separating the wheat from the chaff’ must be applied to all sources, including purportedly notorious Manufactured Housing Institute (MHI) member Frank Rolfe. “So don’t tell me ‘we can’t solve affordable housing‘ because the correct statement is ‘we don’t want to solve affordable housing.’ ‘American incomes cannot support $400,000 homes and $2,000 apartment rents. Not even close. How did we end up in such a mess?’ ‘But there’s nothing more annoying than watching state and federal bureaucrats and non-profits that come up with ideas that don’t have a prayer of working and just throw good money after bad…news articles are a cornucopia of such idiocy. If you want to solve U.S. affordable housing you would have to eliminate all the barriers…’”

Per HousingWire: “Manufactured housing is the homeownership solve we keep ignoring” and “Comparing RV and manufactured housing data sheds critical light on U.S. affordable housing crisis.”

National Homeownership Month is typically celebrated by NAR and NAHB to promote their members’ products and services. Understandable. So, why has MHI for years failed to similarly promote it, as MHProNews repeatedly documented?

Why have smaller businesses and professionals within the MHI orbit asked them for years for a proper image and educational campaign, one mimicking for manufactured housing what the GoRVing campaign does for the RV industry?

Will detail- and honest-minded souls gaze beyond half-truths and paltering?

Without more inherently affordable manufactured homes, there will be more homelessness and more struggling to pay rent or higher-cost mortgages. 

Perverse incentives – AmeRegCorp, the Iron Triangle – keep housing constrained due to “man-made barriers.” Who says? Artificial intelligence-powered Gemini, Grok, Copilot and ChatGPT. Let’s be clear, AI and all computing rely on Two GIGOs: “Garbage In-Garbage Out” or “Good In-Good Out.” Given accurate information, AI is adept at pattern recognition.

Most MHI leaders, corporate and staff, for years declined directly mentioning MHARR or yours truly. Why? AIs suggest strategic avoidance. Consolidation-focused MHI insiders want low production. Low 21st-century production, EconomicLiberties.us throttling plus limiting capital access foster consolidation into deeper pockets.

Those tables are evidence that without millions more manufactured homes, the housing crisis will continue. 

Congress and the White House can patch the potholes in the ROAD bill by adding the MHARR amendments. Fix it or flush it. 

L. A. “Tony” Kovach is the co-founder and publisher of ManufacturedHomeProNews.com and ManufacturedHomeLivingNews.com. 
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the editor responsible for this piece: zeb@hwmedia.com.

This post was originally published on here. 

For many lenders, UAD 3.6 (Uniform Appraisal Dataset) may still feel like something the appraisal world needs to own and lenders only need to monitor, but that sentiment may leave some organizations underprepared. 

UAD 3.6 is not a back-office update. It is a meaningful shift in how appraisal data is structured, delivered and interpreted, and lenders who engage with it early will be better positioned for the transition ahead.

The reality is that this change touches both the appraisal and lending sides of the business. For those who haven’t started preparing, now would be a good time to begin.

No one will have all the answers, and that’s OK

Many lenders are asking how to “train for UAD 3.6” as if it’s a one-time event, but the transition will be more of an ongoing adjustment. This is not a system update to install and move on from. It’s a shift that will call for flexibility, patience and a willingness to learn as things unfold.

Your teams shouldn’t expect to have every answer on day one. Underwriters won’t have a perfect playbook, and QC teams won’t immediately know what to prioritize. That’s completely normal for a change of this magnitude. The lenders that navigate it well will be the ones who understand what UAD 3.6 is asking of them and stay open to adapting in real time, rather than waiting for certainty before they act.

A chance to revisit workflows 

One thing UAD 3.6 does is invite lenders to take a closer look at how their appraisal processes are structured today. For years, those workflows have followed a familiar pattern: reports come in, underwriters review them line by line, conditions are issued and revisions follow. The pattern works, but it doesn’t always work efficiently, and many teams have grown so accustomed to it that improvement can be hard to see from the inside.

UAD 3.6 introduces a more structured, data-driven format that changes how information is presented and evaluated. That shift will require some adjustment, particularly for underwriters who have developed precise review habits over time. Those habits are valuable, but they may need revision as teams learn to work with a new data structure.

Rather than treating that adjustment as a disruption, lenders can use it as a prompt to ask which parts of their current workflow genuinely serve the process and which have simply persisted out of habit. There’s often more room to improve than teams realize until something pushes them to look.

What lenders can do right now

For those who want to move into UAD 3.6 smoothly, these steps can make a real difference.

1. Start with education. Rather than reducing UAD 3.6 to a checklist or a single training session, help teams understand what is changing and why. Underwriters, operations leaders and anyone who touches the appraisal process will benefit from a broader context. The goal is to build the judgment to work with new data over time, not memorize a new format.
2. Audit your current workflow. Map out how an appraisal moves through the organization today. Where do delays happen most often? Where do revisions cluster? Which steps consume the most time without necessarily requiring it? Understanding those patterns now means UAD 3.6 doesn’t have to surface them under pressure.
3. Prepare your underwriters. This may be the most human part of the transition. Underwriters are trained to be precise and consistent, and those qualities remain essential. UAD 3.6 will simply ask them to bring an adaptive mindset alongside that precision, with the expectation that they’ll learn and adjust as the new format becomes more and more familiar.
4. Engage partners early. AMCs, valuation providers and technology partners all have a stake in how this transition goes. Lenders that bring them into the conversation early will have a clearer picture of how appraisal data will be delivered and what process changes may follow.
5. Set realistic expectations. There will be an adjustment period. Turn times may fluctuate and review processes may need refinement before they settle. Communicating that now, before the pressure is on, will help teams stay focused on steady progress rather than measuring themselves against a standard of immediate perfection.

Get ahead while there’s still time

It’s easy to defer UAD 3.6 planning when rates are moving, volume is unpredictable and teams are stretched. But that’s precisely when early preparation has the most value. Lenders that build some familiarity with the change now will have a steadier path when volume picks back up. Those that haven’t will likely feel the strain in underwriting queues, extended turn times and operational friction that takes real time to unwind.

UAD 3.6 brings more structure, more consistency and real potential for greater efficiency. Capturing that potential will require a willingness to let go of familiar processes that may no longer be serving the organization well. 

Forward-thinking lenders will resist the urge to simply recreate old workflows in a new format. Instead, they’ll ask where time is being spent, where reviews overlap and where decisions could move faster without sacrificing quality. The inefficiencies that exist in many appraisal processes today aren’t there because they’re necessary, but because they’re familiar. UAD 3.6 gives lenders a reasonable basis to revisit them.

For organizations with appraisal processes that are already efficient and adaptable, UAD 3.6 will likely be an uncomplicated update. For those navigating longer turn times, duplicative reviews or recurring revision loops, this transition offers the opportunity to address those challenges rather than carry them forward.

Nikkita Phanda is Senior Vice President of Digital Operations at Class Valuation.
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. 

When Joe McNally earned his real estate license at age 18, he became the youngest licensed agent in Maine.

That distinction was notable — but early success proved elusive.

“My mother got her real estate license, and I got mine a year later,” McNally told HousingWire. “I was so young, and I never closed a deal. It was hard to earn trust from homeowners, buyers, that sort of thing. I was there more to help my mother close deals.”

Two years later, he moved with his wife to her home state of Michigan, where McNally closed 55 deals in his first year.

Now a 20-year industry veteran, McNally has built one of the nation’s most productive small real estate operations.

The Joe McNally Team — part of REMAX Together in Big Rapids, Michigan — earned the No. 28 national ranking among small teams for transaction sides on RealTrends Verified’s 2026 The Thousand rankings after closing 203 transaction sides last year.

McNally attributes much of his long-term success to a business model centered on referrals and repeat clients.

“I have been extremely intentional about building a relationship-based business,” he said. “It’s everyone’s dream. It’s what everyone obsesses about — every conference, every book, all of it, right? And there’s a good reason for that.

“I’ve been quietly building that foundation for 14 or 15 years. And I’m so blessed. I don’t advertise much for myself at all. I actually don’t advertise myself at all.”

A top 30 ranking during a ‘down year’

Despite national recognition, McNally said 2025 was not one of the team’s strongest years.

“It was a down year,” he said. “I’ve closed over 240 or 250— me and my two buyers agents — every year for the past five or six years. In the past, I want to say that we’ve ranked in the top 10 nationwide a couple times. It’s just me and two agents, and one of them went back to school for her master’s and worked part time through the year, that impacted us.”

Another personnel change added to the challenge.

“My other buyer’s agent actually quit halfway through the year, had to replace her,” McNally said. “So yeah, little speed bump there.”

He continued to carry a significant share of the production himself.

“I personally closed around 138 last year, which was down from 172 the year before,” McNally said. “I just basically remarket to my past clients, I’m coming up on 2,000 personal career transactions under my belt, and it’s served me well. I think last year, 110 of my closings were direct referral, just word of mouth referral, which is a lot.”

Growing through REMAX

McNally has been affiliated with REMAX for 11 years.

“I actually started a REMAX franchise in Big Rapids, Michigan,” he said. “There wasn’t one there. I continued to maintain my personal business, and then I was at a point — I actually came to this point too late, but better late than never — where I knew I needed to find a way to better serve my sellers and the buyers. I wanted a little more of a traditional team structure.

“I say team very loosely, because they’re on my team, but they do their own volume and their volume goes under their name. They close, they list and they buy, but they’re there to help me serve the sellers and the buyers that come along for my listings.”

Looking ahead, McNally believes the team is positioned to return to the production levels it achieved in previous years.

“I think getting my two agents recentered around priorities [will help business],” he said. “One of them graduated school about two months ago, so she’s back rip-roaring. My other girl, she’s back in the saddle full time, so I think we’re looking good.

“I think we’re re-centering around that. I love what I do so much and I’ve got incredible systems in place.”

As for the secret behind his production, McNally insists there isn’t one.

“I’ve been number one agent in in west Michigan market for a very long time, and everyone thinks there’s some big mystery,” he said. “It’s pretty boring. It’s just really about being committed and consistent every single day of the year, and I’ve always been good at that.

“I’m good at being consistent and good at communicating with clients and putting them first. I do it every day, every time, no matter what.”

For McNally, the principle that carried him from a teenager struggling to earn trust to a nationally ranked team leader remains unchanged.

“Never, never put yourself over a client,” he said. “Always making sure they feel like they are number one in every way.”

This post was originally published on here. 

Mark Luzi has joined Logan Finance Corp. as Western managing director of sales as the non-QM lender looks to grow its footprint across more states.

Luzi, who has nearly 30 years of consumer finance and mortgage sales experience, will report to chief operating officer Aaron Samples. His official start date was May 26, according to the company announcement.

In his new role, Luzi will be responsible for leading Logan’s sales strategy and execution across Western markets, including broker and correspondent channels.

“Mark brings a rare combination of scale and relationship depth to this role,” Samples said in a statement. “He has led large, distributed sales organizations and knows how to build the kind of trust that drives long-term growth. As we continue expanding our presence in the Western market, having a leader of his caliber leading that effort is a meaningful step forward for Logan and for the broker and correspondent partners we serve.”

Luzi joins Logan Finance from LendSure Mortgage Corp., where he most recently served as West division sales manager and oversaw three regions across all Western states, including Hawaii. Before that, he was a division manager at Accredited Home Lenders, leading eight regions and a team of 340 people.

He began his career at Ford Consumer Finance in 1997, and he has spent nearly three decades building and managing large, distributed mortgage sales organizations in the western U.S. His background centers on team building and broker relationship management at scale — key capabilities as non-QM lenders lean on third-party originations for growth.

“The non-QM space is evolving fast, and Logan Finance is one of the few genuinely built to keep pace with that,” Luzi said. “I chose to join Logan Finance because of the strong leadership under the executive team, along with the company’s clear focus on competing and growing in such a competitive space. My job is to make sure brokers across the West know what Logan is capable of and feel that difference every time they work with us.”

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. 

This post was originally published on here. 

Unlock Technologies completed a $358.5 million securitization backed by home equity agreements (HEAs), marking the company’s first transaction of 2026 and the largest HEA securitization completed in the market this year.

The financial technology company announced on Tuesday that its Unlock HEA Trust 2026-1 transaction closed on May 21 and securitized approximately $358.5 million of home equity agreements originated and managed by Unlock. The deal was issued and sponsored by D2 Asset Management.

The transaction is backed by a pool of 3,546 HEAs. It represents Unlock’s seventh rated securitization and eighth overall.

According to Unlock, the offering was oversubscribed and attracted strong demand from institutional investors, including six first-time participants in the company’s securitization program.

“That breadth of participation underscores how this market is maturing and how investor appetite for the asset class continues to deepen,” Peter Silberstein, Unlock’s chief capital officer, said in a statement.

The deal marks the first broadly syndicated HEA securitization sponsored by D2 Asset Management. D2 previously sponsored Unlock’s UNLOK 2025-3 transaction, a privately placed securitization completed in December 2025 that the companies said was the largest HEA securitization at the time.

The securitization included $254 million of senior Class A notes rated A (low) (sf), $48.5 million of mezzanine Class B notes rated BBB (low) (sf), and $42.2 million of subordinate Class C notes rated BB (low) (sf), according to Morningstar DBRS. The Class A and Class B notes received investment-grade ratings.

The collateral pool includes both senior- and junior-lien home equity agreements, with first-lien HEAs accounting for about 19% of the pool by investment payment.

Jefferies served as sole structuring lead and bookrunner. Cantor Fitzgerald and TCBI Securities Inc., doing business as Texas Capital Securities, acted as co-managers.

Unlock CEO Jim Riccitelli said the transaction reflects growing institutional acceptance of HEAs as an asset class.

“The strong, oversubscribed demand reflects the continued maturation of this market and the confidence investors have in the HEA,” Riccitelli said.

Luke Doramus, co-founder and managing partner of D2, said the transaction reinforces the firm’s confidence in both the HEA market and Unlock’s growth prospects.

“As one of the most active participants in this market, we bring the structuring and capital markets expertise to scale a strong originator, and Unlock is exactly the kind of partner we want to do that with,” Doramus said.

This article was written by Sarah Wolak and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.

This post was originally published on here. 

No homebuilder would have asked for the headwinds that 2026 brought to both would-be homebuyers and the organizations that serve them.

Still, given the level of preparation and de-risking most homebuilding firms have pursued since before the COVID-19 pandemic in 2020, this year’s raft of challenges may be delivering exactly the operating discipline the business needs.

That probably sounds counterintuitive.

At a moment many U.S. homebuilders are grappling with soft demand, affordability fatigue, fragile consumer confidence, cancellation anxiety, incentive creep, and elevated cost-of-living pressures weighing on would-be buyers, it’s hard to imagine, let alone appreciate, a silver lining.

However, strategic leaders in this business know something others sometimes forget: Downturns reveal operational truths that can create renewed – sometimes redoubled – opportunities when markets recover.

When absorption slows, cycle times matter more. Margin leakage becomes more visible. Hand-off friction among land, design, purchasing, construction, sales, finance and warranty becomes harder to hide. Waste compounds. Delays cost more. Fragmented systems become strategic liabilities.

The companies that emerge stronger from these “middle innings” of constrained demand will likely not be simply those that cut costs the hardest.

They’ll be the ones who improve most continuously, and ultimately, the fastest.

That’s what makes the launch of Stella AI by Constellation HomeBuilder Systems strategically interesting – not as another AI product announcement, but as a marker of where the homebuilding industry’s next operational competitive frontier may be forming.

McKinsey recently argued that “investments into an improved data foundation will always help scale AI in the future.”

A Harvard Business Review analysis we came across in the past few weeks carried an equally pointed warning:

“Instead of testing lots of [AI] use cases across the company, pick one area and go deep.”

For homebuilders, this blend of messages clarifies the context that can offset business leaders’ hesitations about plunging into AI-powered digital transformation of operations and workflows.

Because the industry now faces a classic damned-if-you-do, damned-if-you-don’t moment on AI.

Ignore it and risk falling behind competitors who use technology to compress cycle times, reduce waste, sharpen pricing, and enable faster decision-making.

Chase dozens of disconnected AI experiments, and risk creating expensive noise with little tangible return or durable value.

The better path may be to embed AI operationally into the core enterprise workflow itself.

The hidden cost of “good enough”

Chris Graham, president of Constellation HomeBuilder Systems, framed the issue with unusual clarity in an interview with The Builder’s Daily. Graham’s observation that “data has always been messy” will resonate with almost any homebuilding business or operational executive who has spent years trying to get fast, reliable answers from across a sprawling enterprise.

This is, after all, a business whose workflows evolved in layers.

Land acquisition teams operate on one cadence. Development teams follow another. Product design and architecture often run on their own systems and timelines. Purchasing leaders juggle option libraries, vendor agreements, and price variances. Construction teams live within schedules, starts, inspections, and trade performance metrics. Sales and marketing teams track absorption, incentives, traffic, and cancellations. Finance reconciles it all after the fact, often trying to make sense of data generated by systems that were never designed to talk to one another seamlessly.

For years, “ERP” in homebuilding has too often meant something more transactional than transformational, at least among business leaders who have been reluctant to commit to and invest in it.

Even strategists and operational leaders who have invested may still view such solutions as a necessary but cumbersome infrastructure layer that records activity but doesn’t help leaders interpret, interrogate, and act on it quickly enough to materially improve outcomes.

That’s where the current wave of AI discussion becomes strategically more than just hype.

McKinsey’s recent analysis of AI’s impact on ERP argues that enterprise software may be entering a fundamental reinvention, in which systems of record evolve into systems of decision support.

For homebuilders, that dialed-up capability means even more, as today’s market economics increasingly punish delayed decision-making.

Heading off compromises to net margins

A slowdown in the sales pace doesn’t just reduce revenue velocity. It pressures overhead absorption. It strains construction cycle economics. It can expose latent inefficiencies in subcontractor performance, option pricing, purchasing execution, field scheduling, and customer conversion that are often overlooked in stronger demand environments.

The difference between identifying a margin leak in days versus in weeks can be meaningful. The difference between spotting recurring scheduling bottlenecks in real time and discovering them after quarter-close can be costly.

Bob Swainhart, Constellation HomeBuilder Systems’ General Manager of Enterprise Solutions, framed the operational implications in terms that builders immediately understand. Looking at purchasing, for example.

“Many of our builders might be managing an option library of five to 7,000 options,” Swainhart said. “If they wanted, for instance, to know which are the top 20 options that actually sell, I could probably, if my data is good, pull a full report, and now I’m sifting through five to 7,000 options to try to find the ones that are actually important to me.” 

That’s not a theoretical matter.

• That’s time.
• That’s labor.
• That’s decision friction.
• That’s margin management delayed.

Swainhart continued with an equally recognizable construction scenario.

“If I have 600 or let’s say, 7,000 homes under construction at any one time, the reality is, I’m going to be looking through a lot of scheduling data to try to pinpoint where schedule delays are happening,” he said. “What trades are causing me delays more than others?”

For builders in a cost-sensitive operating environment, those are not peripheral questions. They are material, cost-impacting operating questions.

And they illuminate why the current AI moment feels particularly consequential.

AI’s less-is-more impact

The HBR warning against scattered AI experimentation is especially relevant to homebuilding because fragmentation is already endemic to the business.

The temptation will be familiar: pilot one AI tool for estimating, another for customer care, another for sales scripting, another for marketing content, another for purchasing analytics, another for warranty response.

That approach risks creating exactly the kind of disconnected digital sprawl many builders already struggle to manage.

The stronger strategic question is whether AI can be embedded where operating decisions already happen. That’s what makes Constellation’s Stella AI proposition more compelling than a generic chatbot overlay.

For Chris Graham, that distinction stems from decades of working at a homegrown level with homebuilding operators to unpack every operational workflow in the build cycle and then reassemble them into a cohesive, data-unified system.

“It’s not an experiment for us,” Graham said. “We’ve built a platform. We’ve been at it for many years.”

That proven commitment and investment to operational fluency and business systems alignment shines a bright line that separates AI hype from AI reality.

One of the clearest messages from enterprise AI thinkers right now is that organizations chasing isolated AI pilots without fixing underlying data architecture are likely to create more noise than value.

McKinsey’s point about data foundations is not abstract in homebuilding.

Homebuilders’ operational data often lives in an archaeological landscape of ERP systems, spreadsheets, CRM tools, accounting systems, field reporting platforms, vendor data sources and manually assembled reporting layers.

Working up from well-trained, unified data

AI doesn’t and can’t solve that multilayered mess by magic.

If anything, it amplifies the importance of getting enterprise data discipline right, even as it stands to increase and accelerate the risks of not doing so.

That’s where Constellation’s Director of Data Services, Seamus Mulroy, offers an operational key to grasping the practical, workflow-specific impacts of Stella AI.

“The first thing that comes to mind was really figuring out how we balance both the uniqueness of builder data and the messiness,” he said.

Homebuilders, Mulroy’s observation attests, are each unique even though they may appear to be made out of the same business and operating model.

Regional product differences. Market-specific workflows. Division structures. Trade ecosystems. Land strategies. Sales models. No off-the-shelf abstraction can cleanly capture that complexity and the nuances that go hand in hand with local conditions and resources.

Mulroy described Constellation’s BuilderMetrix infrastructure as a “standardized, intuitive source of truth” feeding Stella AI.

The biggest question: Will builders trust it?

Whether builders embrace that particular architecture remains to be seen. But the broader strategic principle is difficult to dispute: AI without trusted operating data is unlikely to become a durable enterprise advantage.

Trust, in fact, may prove to be the deciding issue.

Homebuilders are not likely to embrace AI enthusiastically if it introduces governance uncertainty, role confusion, data exposure risks or inconsistent outputs. As they say, trust takes a long time to earn, but it can be broken irreversibly in an instant.

Mulroy addressed that concern head-on, emphasizing enterprise-level architecture and protections for the handling of non-public data.  After all, this is not a novelty market. Homebuilders are pragmatic adopters, apt to be ultra-skeptical about shiny new toys for their own sake. Technology is embraced when it demonstrably saves time, reduces costs, improves visibility or strengthens execution.

Not because it sounds innovative.

Improve now … or never

Which brings us to the strategic point. This market moment may feel punishing.

Soft buyer confidence, affordability-struggle fatigue, elevated borrowing costs and persistent uncertainty have given the new-home landscape a grinding, trench-warfare feeling.

However, difficult – specifically “slow” – periods also create clarity in operations. The strongest builders invariably use slower environments not merely to defend margins, but to rewire how the business performs. They become adaptive, nimble, agile.

• To shorten cycle times.
• To remove workflow friction.
• To reduce waste.
• To empower better frontline decision-making.
• To create repeatable operating intelligence rather than episodic problem-solving.

If demand remains sluggish through the balance of 2026, those investments could materially strengthen competitive positioning.

If the market unexpectedly reaccelerates, those same capabilities become even more valuable in revving up the engines of opportunistic growth and market share expansion.

Either way, the risk and cost of standing still grow larger.

In our eyes, the Stella AI capability may be less an AI story and more a continuous improvement story in the Japanese “kaizen” sense. One where technology simply becomes the means, not the end.

This post was originally published on here. 

Veterans United Home Loans and its real estate brokerage affiliate are pushing back against an amended class-action lawsuit that accuses the companies of operating an illegal kickback scheme by misleading consumers about government affiliation and using “bait-and-switch” practices. 

In a motion to dismiss that was filed Tuesday, the companies characterized the expanded lawsuit as a baseless copycat case driven by anonymous competitor complaints rather than actual consumer harm. The lender is seeking a dismissal with prejudice.

“This complaint is recycled from lawsuits filed against other large mortgage lenders, fueled by anonymous competitor remarks, and built on allegations that this complaint itself contradicts,” Chad Moller, corporate communications manager at Veterans United, told HousingWire. “As we have said from day one, these allegations are false.”

Hagens Berman, who represents the plaintiffs, did not immediately respond to a request for comment.

The lawsuit names Mortgage Research Center (doing business as Veterans United Home Loans) and Veterans United Realty (VUR), along with its marketing subsidiary Realty Search Solutions, as defendants. Veterans United employs roughly 4,500 people, while VUR operates a referral network of 5,000 agents, including more than 200 licensed in Missouri.

The plaintiffs allege the companies intentionally misled consumers into believing Veterans United is affiliated with the U.S. Department of Veterans Affairs (VA). They also claim the companies operate an illegal kickback scheme in which VUR provides leads to network real estate agents, who in turn pay the company about 35% of their commissions upon closing (roughly 1.05% of the home sale price) and steer buyers back to Veterans United for financing.

The amended complaint brings claims of Real Estate Settlement Procedures Act (RESPA) violations, unjust enrichment, and violations of consumer protection laws in Missouri, Illinois, New York, Ohio and Texas. Plaintiffs allege the “bait-and-switch” and misleading advertising tactics ultimately caused them to overpay for their mortgages.

‘No concrete injury’

In their motion to dismiss, the defendants argue the borrowers fail to allege a concrete and specific injury. According to the filing, each plaintiff uses identical boilerplate language to claim they “overpaid” without providing specifics on interest rates, fees or costs, nor do they allege they qualified for better terms from another VA lender.

“Rather than including allegations about Plaintiffs’ specific experience, the amended complaint contains 57 paragraphs of hearsay from ‘confidential’ real estate agents and loan officers who presumably compete with Defendants,” the motion states.

Addressing the “bait-and-switch” rate claims, the defense said just one named plaintiff, Scott Brickey, claims his rate suddenly increased at closing. The defendants argued Brickey failed to detail what he actually paid versus prevailing market rates or whether he qualified for better terms elsewhere, noting he received standard disclosures and was free to shop around for other lenders.

The companies denied claims of deceptive marketing regarding their VA relationship. Moller said that the plaintiffs’ attorneys unsuccessfully scoured the internet — including websites, social media, emails and brochures — when looking for instances of the companies holding themselves out as the VA.

“They could not find a single instance. That is because VUHL and VUR have never done so. Never,” he said.

RESPA defense

Regarding the RESPA claims, Veterans United argues the referral arrangement between VUR and its network agents falls within a safe harbor for “cooperative brokerage and referral arrangements between real estate agents and brokers.”

Even outside the safe harbor, the company said the borrowers failed to adequately plead the statutory requirements for RESPA liability, such as a “thing of value,” an “agreement or understanding,” or a “charge” paid by them. The possibility of future referrals, the lender argues, is too speculative.

The motion highlights that 13 of the 14 plaintiffs asserting RESPA claims do not allege they closed with an agent within the VUR network, thereby failing to connect the alleged scheme to their specific transactions. The lender also asserts that 11 of the 14 RESPA claims are time barred.

Additionally, the defendants took aim at the state consumer protection claims, arguing there was no deceptive conduct or actual damages. Claims in Missouri and Ohio exceed their respective five- and two-year statutes of limitations, the filing states, while claims in Texas failed to provide mandatory pre-suit notice.

This post was originally published on here. 

Brands By Integra has been named a 2026 GameChanger by RealTrends Verified — increasing transaction sides by 65% between 2021 and 2025 as it navigated one of the most challenging housing environments in recent memory.

The real estate platform operates prominent Century 21 and Coldwell Banker affiliates alongside New Fed Mortgage Corp., New Fed Insurance and James Rose Asset Management.

Founder Jim D’Amico told HousingWire the company’s growth has been driven less by market conditions and more by a disciplined focus on recruiting, retention and production.

“Most of the growth has been national,” he said. “I would say the biggest differentiator for us is just recruiting and growth. It’s also about knowing that it doesn’t matter how many transactions there are [in the entire housing market], it matters how many you do.”

That mindset has helped the company maintain momentum even as many brokerages faced slower transaction activity amid elevated mortgage rates and affordability challenges.

Today, Brands By Integra encompasses approximately 2,000 agents across 18 states and tracks roughly 6,000 annual transaction sides and $2.64 billion in annual sales volume.

Preparing for leadership transition

GameChanger recognition comes as D’Amico prepares to transition from CEO to chairman — a move that will allow him to focus more heavily on long-term strategic initiatives, acquisitions and growth opportunities.

Although his title is changing, D’Amico said he expects many of his day-to-day responsibilities to remain similar.

“My job is to bring in excellent talent to run the company for the agents here and for the businesses here that we own and operate,” he said. “I think having someone like [incoming CEO Dan Firda], who’s been in the industry for a very long time and has the type of experience that I value here, is huge. He definitely has the disposition of a leader.”

Firda will take over as CEO after serving as national vice president of franchise growth at Compass International Holdings — formerly Anywhere Real Estate — and at Century 21

“[Firda] will be effective within this culture,” said D’Amico. “He’s a very humble guy who’s going to be very collaborative with the team. I think I’m handing that torch to someone who’s going to maintain what I feel I’ve brought this business to. I do think that, as chairman, I’ll have a lot of time to spend in the field, at events and meeting with broker-owners that want to join and consolidate with us.”

A numbers-driven growth strategy

D’Amico described the company’s approach as a constant evaluation of production levels rather than simply agent headcount.

Whether replacing departing top performers or recruiting multiple agents with smaller books of business, the objective remains achieving transaction targets.

The strategy has produced consistent results. Brands By Integra has become a familiar presence in the RealTrends GameChangers rankings over the years — reflecting sustained commitment to expansion through recruiting and acquisitions.

“This year the goal is 7,000 [transaction sides] and we’re on pace right now for that,” D’Amico said. “It’s still early in the year, even though we’re in June. I always feel like you end up paying 35% of your overhead in the first quarter, so it’s always lopsided for us this time of year.

“We do have some acquisitions that we’re looking at, and some really great growth opportunities.”

While the company operates across multiple market segments, D’Amico noted that its core business remains focused on everyday homebuyers rather than luxury clientele.

“We do luxury brokerage, but we don’t have a reliance on that end of the business,” he said. “We kind of touch everything, but I would say our meat and potatoes is the first-time home buyer and the move-up or move-down buyer.”

Building density and consumer value

Looking ahead, D’Amico sees the Brands By Integra’s next chapter centered on deepening its presence within existing markets — while creating stronger connections among its brokerage, mortgage, insurance and wealth management businesses.

He also sees opportunities to develop additional consumer-focused programs that leverage the company’s scale while strengthening its role in local communities.

“I do think we can help consumers, and I also would like to be at the helm of our community interactions,” D’Amico said. “I think that we’ve always been big with our communities and really try to give back, so I’d like to spend a little bit more time ensuring that we’re continuing to do that, but at a higher level.”

As Brands By Integra enters its next phase, the company’s 2026 GameChanger recognition highlights a growth strategy that’s remained consistent through changing market cycles — focusing on recruitment, production and long-term scale while preparing for continued expansion across a national footprint.

This post was originally published on here. 

For much of the past year, the housing conversation has focused on whether demand is improving.

Weekly pending sales continue to run ahead of last year’s pace despite mortgage rates hovering near 2026 highs. Purchase applications have remained positive for most of 2026, reinforcing a broader trend of housing demand holding up better than many expected under elevated borrowing costs.

On the surface, that looks like a straightforward demand recovery.

But beneath the encouraging national numbers, a growing divide is emerging.

The latest HousingWire analysis suggests demand growth is being generated in very different ways across local markets. In some markets, demand is returning as sellers adjust to post-pandemic realities. Price cuts remain elevated, inventory levels are higher and absorption rates remain relatively weak. Transaction activity is improving, but much of that improvement is being driven by repricing and market correction.

In other markets, demand is growing while inventory remains tight, absorption rates remain strong and sellers are making fewer concessions. These markets are generating positive sales growth without the same degree of adjustment.

Both can produce positive demand growth. But the underlying market conditions driving that growth can look dramatically different.

Demand is holding up nationally

The broader housing market continues to show resilience despite elevated mortgage rates.

Weekly pending sales reached 75,935 last week, up from 69,636 during the same week a year ago. Mortgage purchase applications, a leading indicator of future sales activity, were also up 7% year over year.

“Last week was another example of that, as our weekly pending home sales data and purchase application data were both positive year over year, even with rates near yearly highs,” HousingWire Lead Analyst Logan Mohtashami wrote in this week’s Housing Market Tracker.

At the national level, the story remains encouraging. Buyers continue to engage with the market despite affordability pressure, geopolitical uncertainty and mortgage rates that recently approached 6.75%.

Not all demand growth is created equal

HousingWire compared a group of pandemic boom markets, including Phoenix, Austin, Tampa and Miami, against a group of markets showing stronger underlying market fundamentals, including Rochester, Hartford, Detroit and Worcester.

Both groups are generating positive demand growth, but the similarities largely end there.

The pandemic boom group is posting average pending sales growth of 11.2%. The structurally stronger group is posting average pending sales growth of 21.0%.

The difference becomes even more pronounced when looking at the underlying market conditions supporting that growth.

The stronger markets are posting an average absorption rate of 18.5%, compared with just 9.0% in the pandemic boom group. They are also carrying an average of 1.4 months of inventory, while the pandemic boom markets are carrying 2.9 months.

Price reductions reveal perhaps the most important distinction.

The pandemic boom markets are seeing price cuts on 43.9% of active listings. The stronger markets are seeing price cuts on 28.2% of listings.

In other words, the markets generating stronger demand growth are often the markets requiring fewer concessions.

The pattern extends beyond a handful of individual metros. Across hundreds of markets analyzed by HousingWire, stronger absorption, tighter inventory and fewer concessions were consistently associated with stronger demand growth.

Growth through adjustment

Many of the markets that defined the pandemic housing boom continue to attract buyers.

Phoenix posted pending sales growth of 28.6% year over year. Austin posted growth of 15.2%.

Those numbers appear strong in isolation. But they exist alongside elevated inventory levels, weaker absorption rates and significant seller concessions.

More than half of active listings in Phoenix have taken price cuts. Austin continues to post elevated price-cut activity while carrying nearly three months of inventory.

These markets are not failing. In many cases, demand is improving because sellers have adjusted to today’s affordability realities.

That adjustment is helping restore transaction activity. But it is also a reminder that positive demand growth can emerge from a market still working through correction.

Growth from strength

A different pattern is emerging in several Midwest and Northeast metros.

Many of these markets experienced more measured appreciation during the pandemic and avoided some of the inventory distortions that later emerged in faster-growing markets.

Rochester is posting 41.1% pending sales growth while just 13.0% of listings have reduced prices. Hartford is generating 22.3% pending growth with price cuts on only 21.2% of listings. Detroit is posting 27.7% pending growth while maintaining stronger absorption and tighter inventory conditions than many larger markets.

These markets are not generating demand through aggressive repricing. Instead, they appear to be benefiting from healthier alignment between supply, demand and pricing.

Inventory remains relatively constrained. Buyers and sellers appear closer to agreement. Homes continue moving through the market without requiring the same degree of adjustment.

The distinction matters because two markets can both report positive demand growth while operating from very different positions of strength.

One market may be improving because sellers have finally adjusted expectations. Another may be improving because buyers never left in the first place.

What housing leaders should watch

For much of the past year, the housing market debate has centered on whether demand would return under higher mortgage rates.

In many markets, it already has.

The more important question now may be what kind of demand is driving growth.

HousingWire’s analysis suggests the strongest housing markets are not necessarily the markets cutting prices the most or posting the biggest year-over-year sales gains. Instead, they are the markets where demand growth is supported by stronger absorption, tighter inventory and fewer concessions.

That distinction matters because not all demand growth is equally durable.

Markets generating demand through repricing may continue improving as sellers adjust expectations, but their recovery remains more dependent on continued buyer engagement and affordability conditions.

Markets generating demand while maintaining stronger absorption and tighter inventory may be operating from a healthier foundation.

In today’s housing market, demand growth alone may no longer be enough to identify strength. The more revealing question is whether that growth is supported by strong absorption, constrained inventory and pricing power, or whether it is being sustained through concessions and repricing.

As mortgage rates remain elevated and affordability continues to pressure buyers, understanding what is driving demand may become just as important as measuring demand itself.

To track these trends and current pricing, demand and market signals at the national, metro and ZIP-code level, explore HousingWire Intelligence. For deeper context on rates, demand signals and the macro backdrop shaping housing activity, read HousingWire’s Housing Market Tracker weekly analysis.

HousingWire used HousingWire Data to source this story. This article is based on single-family residence data through June 5, 2026. For enterprise clients looking to license the same market data at a larger scale, visit HousingWire Data.

This post was originally published on here. 

On Wednesday morning, Figure Technology Solutions announced it would acquire fix-and-flip lender Kiavi, a move executives say will add about 40% to Figure’s first-lien volume and extend its lead in real-world asset tokenization.

The move marks Figure’s first acquisition and is expected to close in August, according to a company spokesperson. Under the agreement, Figure will acquire Kiavi’s technology and operating platform, while a joint venture formed by Figure and investment firm Sixth Street will acquire Kiavi’s balance-sheet assets.

In a note to investors, Keefe, Bruyette & Woods said that the deal was viewed favorably as it expands Figure into a new category of residential transition loans (RTLs) and “adds scale with a 40%+ immediate uplift to Figure’s loan volume.”

Just hours after the acquisition was announced, Figure CEO Michael Tannenbaum sat down with HousingWire to share his expectations for how the deal is designed to turn Kiavi’s valuation and lending technology — which also covers debt-service-coverage ratio (DSCR) products — into a marketplace offering for Figure’s 380 partners. Kiavi will also serve as the inaugural use case for Adaptor, Figure’s new AI product aimed at automating agent-to-agent onboarding.

Editor’s note: This conversation has been lightly edited for length and clarity.

Sarah Wolak: Michael, what made Kiavi the right acquisition target for Figure and how did this deal come together?

Michael Tannenbaum: We have some shared investors, so that kind of introduced us to the name. They’re also professionally invested; they had some venture capital financing when they started, so we’re familiar with the name. I actually had dinner with the CEO, Arvin Mohan — we were introduced by one of our mutual investors in January 2025. So, it’s been a pretty long time since we’ve been tracking the opportunity and it always seemed like a great fit.

They’re in the housing space; they’re a market leader in what they do. There’s a lot of alignment with them as a company, but also the products that they’re in, because we really focus on home equity and mortgage. They’re also kind of broadly non-QM, but at the same time they have focused their business more on direct to consumer, whereas we are a marketplace for our partners. And that’s also why we worked with Sixth Street as a partner here to essentially turn their platform into a marketplace.

Wolak: What do you think the main selling point was for Kiavi in agreeing to this partnership/acquisition?

Tannenbaum: Kiavi is going to still do RTL, fix-and-flip loans and DSCR, it’s just going to be that they’re offering that technology to all of the 380 partners that we work with. So it’ll become more of a marketplace versus a direct-to-consumer lending company.

I think, for them, they want to grow in the partner space very much. That was a big part of their growth plans. We already have that business and we have these partners we’ve been working with — sometimes as long as five years — and doing lots of business with us, running their platforms on Figure Technology. Being able to combine made a lot of sense.

Wolak: Thinking about the umbrella that this acquisition creates, how will Kiavi continue to operate after the transaction closes? Will it remain a distinct brand?

Tannenbaum: We do want to keep their brand because I think they have a great brand in the investor market. We probably will include some of Figure in that as well, but our brand tends to be more in the capital markets and more as a private label, right?

Most of the people that partner with us use their own name and brand, so it actually makes it easier because the Figure brand — as an investor brand and as a partner brand — is really strong. But as a customer brand, I think we’ll keep Kiavi.

Wolak: Part of the acquisition has to do with Kiavi’s technology platform. Can you talk about why that was attractive to Figure?

Tannenbaum: Yes, it was primarily due to their valuation technology. They ingest documentation from contractors and investors that helps determine what post-renovation value will be and what the power of that is.

Ultimately, people tend to focus on two things when they borrow in this space. One is rate and the other is loan to value, meaning maximizing the amount of loan they can get relative to the future value. And Kiavi is the best at that. They have a lot of investor support for what they do, so we can take that technology and help improve our home valuation approach.

As an example, a lot of homes are newly developed or newly renovated, it’s hard to understand what they might be valued at. Our existing Figure approach may undervalue them, because as you know, if you redo your kitchen, Zillow doesn’t necessarily know that. But what this now allows people to do is prove that the house is worth more with investor support for that, and that’s a technology we can actually use to improve our own business as well.

And when you think about what we announced with Adaptor, that’s also relevant here. What we can do is convert the schema of how Kiavi funds its loans and how it uses its capital market, adapt that to what we’re doing and get those synergies — for example, this post-renovation value.

Wolak: I’m glad you brought up Adaptor, because Kiavi is going to be the first use case for that product. Why start there?

Tannenbaum: When we add a new asset class onto Figure Connect, we want to make sure that existing investors on Figure Connect can understand the data approach that Kiavi is taking, because it’s a new asset class for them. What we build with Adaptor is, people can have all kinds of naming conventions and spreadsheets that are hard to match. Someone might call something LTV, other people call it loan to value, and so Adaptor is a valid and important use of AI to kind of smooth this out and save a ton of time.

We’ve also launched it with an agenda functionality, so it’s basically like an API that also has APIs for agents. If an agent were going to be performing this activity as a customer, it could access the Adaptor agentically, so it’s kind of like an MCP server and you can access their technology agentically.

Wolak: You mentioned earlier how Kiavi will still be doing RTL and DSCR loans. Are those attractive asset classes for Figure today?

Tannenbaum: They’re attractive today in that we have about 10 partners that do those loans with us, so we do offer those products. We’re not the market leader the way that Kiavi is, and so now we’re bringing on the market-leading technology to do that.

They’ve been doing it for 13 years, and what we’re going to do is jointly roll out the Kiavi RTL and DSCR products to our 380 partners later this year, once we close the acquisition. But we’re going to also keep the relationships that Kiavi has, because one thing that’s unique about the RTL space is that these fix-and-flip investors are repeat borrowers. We want to keep those valuable relationships, and nurture and grow them as well.

Wolak: You’ve mentioned how Figure has been growing its first-lien business organically and that these products could reach roughly 40% of marketplace volume by the end of 2027. How much of that growth is expected to come from this acquisition/partnership?

Tannenbaum: We can never talk too much about forward guidance, because we’re a public company. But today, roughly, we have about $17 billion of volume that is standalone. And we’re adding another $7 billion, which is all first liens, so we’re adding 40% of our volume. Of course, Figure itself is growing really quickly, so you know we’re kind of making some projections forward there when we say 40% in 2027. But we do expect this to be a very material “pole vault” in our efforts in first lien.

Wolak: Given that this is Figure’s first acquisition, what does this signal about the company’s future M&A strategy?

Tannenbaum: Well, we are a really disciplined company. We went public back in the fall, and that does make it easier to do acquisitions. When you have a company that has access to the public markets, can raise capital, is well known, our financials are visible, it makes people more likely to want to sell to us than they would otherwise. And that does open up opportunities.

We probably saw around 30 or so opportunities over the past nine months or so, and this is the one that we chose to act on. So I think we are going to be very disciplined and continue to be good stewards of capital.

One of the things that we shared was that the unlevered — meaning without the debt payback — is under four years, which is really strong from an acquisition perspective. This is also something that we really know how to do; it’s very adjacent to our core business. It’s not like running this company is going to be a huge challenge, because we’re familiar. And I think it’s a good opportunity to leverage Figure’s really strong distribution network of tens of thousands of loan officers to scale this product quickly.

Wolak: It sounds like it was a very intentional process if you evaluated nearly 30 other options. What were the specific metrics Figure was looking for?

Tannenbaum: Profitability is important. As a company, we’re really high margin. We confirm that we’re going to stay on our medium-term goal of 60% EBITDA margin, so we want to make sure that the fact that Kiavi made money is really valuable.

We use this concept of the rule of 40, which is like your margin plus your growth rate should equal 40, and Kiavi was well above that. They were growing fast, but also high margin, so that was important to us. And I think the distribution that we have with the loan officers, a lot of things we see are much more tangential to what we do, versus this is really kind of focused in our core. And when you’re doing your first acquisition, I think it’s helpful to have something where you feel like you know what makes that company tick. This was definitely that transaction for us.

I think this deal is accelerating and amplifying. We’ve been clear that we want to be the future of the capital markets on blockchain rails, and we’ve also been clear that this includes asset classes that we’re not in today.

This post was originally published on here. 

The Agency, a global luxury real estate brokerage founded in 2011 by Mauricio Umansky, is adding a tri-state brokerage operation formerly affiliated with Christie’s International Real Estate, according to an announcement on Wednesday.

The incoming operation, led by industry veteran Ilija Pavlovic, will operate as The Agency One Rock, and have its headquarters at Rockefeller Center in Manhattan and an additional flagship office in the Flatiron District. The group brings approximately 1,200 agents and 26 offices across New York City, Westchester County, the Hudson Valley and New Jersey into The Agency’s network, which currently includes roughly 2,500 agents and more than 160 offices across at least 16 countries, according to the company announcement.

Pavlovic will serve as president and CEO of The Agency One Rock, the firm said in the announcement.

“At this historic crossroads within the real estate industry, we had to make a choice between a corporate Wall Street driven model that prioritizes a fiduciary duty to investors and a model that still protects the best interests of both our clients and our agents,” Pavlovic said in a statement. “We decided to align ourselves with a company that unites boutique culture, a global luxury brand, ensures maximum exposure for our clients’ properties and provides a cutting-edge, custom, advanced technology base in order to focus on the permanent growth of individual agents.”

The tri-state expansion builds on the firm’s existing New York and New Jersey footprint. The move comes as large brokerages and franchises continue to consolidate market share through mergers and acquisitions, while independent firms evaluate whether to join larger platforms to gain access to technology, marketing and referral networks. 

Growth over volume

Umansky framed the affiliation as part of a deliberate, culture-first growth strategy rather than a pursuit of raw transaction volume.

“We are in a moment of remarkable opportunity. While the industry consolidates around transaction volume and scale, we are growing around something more enduring: shared values, genuine culture, and a commitment to our agents’ success,” Umansky, founder and CEO of The Agency, said in the announcement. “The New York metro has always been a cornerstone market for us, and today it becomes even stronger.”

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

This post was originally published on here. 

Leaders at the National Reverse Mortgage Lenders Association offered updates on key regulatory and legislative initiatives at this week’s NRMLA Western Regional Meeting in Irvine, California.

NRMLA President Steve Irwin, alongside board co-chairs Jim Cory of Guild Mortgage and Mike Kent of Onity Mortgage, spoke about the trade group’s engagement efforts with Congress. They noted that the House appropriations committee passed a funding package for the next fiscal year that ensures the operations of the federally insured Home Equity Conversion Mortgage (HECM) program.

They also said that NRMLA successfully lobbied to have funds for housing counseling assistance included in the package after President Donald Trump’s proposed budget for fiscal year 2027 sought to eliminate it. Counseling is a pre-funding requirement for all HECM borrowers and the current budget for FY 2026 includes $57.5 million in assistance across all types of counseling.

“We have dodged that bullet once again on your behalf and on behalf of the consumers you oversee,” Irwin told the audience.

Second appraisals

The NRMLA officials also spoke to key components of the HECM and HECM Mortgage-Backed Securities (HMBS) programs that are being scrutinized after the U.S. Department of Housing and Urban Development (HUD) issued a request for information in October 2025.

A rule that requires lenders to order second appraisals on a portion of HECM applications is something the trade group has wanted to eliminate for many years. Irwin said recent discussions with HUD and Federal Housing Administration (FHA) officials were more productive in that regard compared to previous efforts.

“This is not the first time we fought the second appraisal,” he said. “This is the first time that they’ve actually listened.”

Second appraisals add significant time and cost to the HECM origination process, lenders say. Estimates on how often they’re required vary. Former FHA Commissioner Brian Montgomery said that prior to the COVID-19 pandemic, they represented 20% to 30% of transactions. Erik Morin, CEO of appraisal management company Atlas VMS, recently told HousingWire’s Reverse Mortgage Daily that roughly 8% to 10% of his company’s business in the past year included a second appraisal.

“A second full appraisal is not only excessively expensive for the consumer, it’s very time intensive,” Kent told the audience. “It drags out the process. It’s very difficult to explain to seniors why yet another appraiser is coming out to their house.”

While the trade group said that collateral risk assessment remains integral to safe and sound reverse mortgage practices, it is calling for automated valuation models (AVMs) to be used more frequently. They noted that in traditional forward lending, Fannie Mae and Freddie Mac already use alternative valuation methods that have collectively saved borrowers billions of dollars.

“You bring into it a certain level of appraisal bias that AI and technology doesn’t really have,” Kent said. “We think by using technology tools to eliminate appraisal bias, you eliminate the problems you may have in the first appraisal that you can have in the second appraisal — and we think it’s cheaper, it’s faster and it’s more efficient.”

Mortgage insurance premiums

Initial mortgage insurance premiums (IMIP) are another prime target for change across the industry. Loan officers and executives say that paying 2% of the property value or 2% of the maximum claim amount (MCA) — whichever is lower — is a hurdle that many borrowers cannot overcome, which has contributed to low origination volumes for years.

“We think that 200 basis points of MCA is excessive, especially as interest rates rise, because it becomes a bigger percentage of the proceeds,” Kent said.

NRMLA has proposed a risk-based structure for IMIP and has suggested a figure as low as 50 basis points for borrowers who want to withdraw 60% or less of their available proceeds. Kent said the trade group is pushing ideas that will have positive or neutral impacts to the FHA’s Mutual Mortgage Insurance Fund.

FHA reported that the MMI Fund ended the 2025 fiscal year with a capital ratio of 11.47%, nearly six times higher than its statutory minimum requirement of 2%. And the HECM portfolio’s standalone capital ratio was 24.06%, meaning that revenue from current premiums are more than offsetting any losses.

Kent said that HUD and FHA officials have been receptive to the concept of lower premiums. He placed the odds of a 50-bps IMIP requirement at “maybe better than 50/50.”

“We’re trying to propose them in a way where it’s kind of an easy lift, where it doesn’t take a lot of work on their end, because time is short, right? This administration has a couple years left — that’s it,” he said.

“Lowering costs to homeowners is one of the central pillars of this current administration, and this aligns with that. We think it comes at a very good time, because the health of the MMI Fund is very solid.”

This post was originally published on here. 

For James Harris, the leader and founder of Harris & Partners, a top-producing large team based in Beverly Hills, California, the key to his team’s success is its size and tight-knit culture. 

“I’ve always run a very lean and mean team,” Harris said. “I don’t want 50 agents because with a team that large it is hard to incentivize and support everyone.” 

Harris said the smaller size of his team, allows him to easily host a weekly Monday meeting with the entire team where everyone discusses the deals they are working on or challenges they may be having with a buyer or seller, which he said fosters a collaborative culture and incentivizes the agents to make sure they aren’t the only one turning up to the meeting with no projects going on. 

This approach helped Harris and his Carolwood Estates-brokered team close 83 transaction sides totaling $938.0 million in sales volume in 2025, earning the team the No. 2 rank in the country for sales volume among large team, according to the 2026 RealTrends Verified The Thousand rankings. 

Harris says he values quality over quantity

“I would rather have 10 superb agents than 100 where the vast majority are mediocre,” he said. “If I have a smaller team, it helps with camaraderie, but it also allows me to be more hands-on in an individual way with each of those team members and ensuring that I am doing everything I can as a team lead to support each of them. But most importantly, it allows me to work alongside each of my team members, who I really consider partners.” 

Harris said he finds it incredibly rewarding to watch the agents grow and evolve into better versions of themselves. Having started in real estate at just 15-years-old, Harris said he thinks it is very important for him to give back to and support the younger generations of agents entering the business in the same way he was mentored and supported in the early days of his career. 

A focus on retention

Right now, Harris said he is thrilled with the current make up of his team and he is not looking to recruit, but he would not pass up any perfect opportunities that presented themselves. However, due to this his primary focus as a team leader is on agent retention.

“For me, it is really about how do I focus my attention and time towards the people that I already have to ensure that they’re becoming the best version of themselves?” he said. “If I have someone great, I want to do everything in my power to never lose them.”

According to Harris, this means making sure that he is incentivizing agents, building them up and collaborating on deals with them. He added that this desire to support his agents and help them better serve their clients is what inspired him to create Breezy, an AI operating system tool. 

It is with tools like Breezy as well as the collaborative culture he has built, that Harris hopes will enable his team to close over $1 billion in sales volume in 2026. 

“I am feeling more and more confident that we can do it,” Harris said. “But we are always looking ahead of us and thinking about how we can beat last year, but more importantly, how I can enable every agent to achieve to the best of their ability.”

This post was originally published on here. 

Affordable housing developers are being squeezed from all sides as operating costs surge, supply shrinks and policy responses race to keep pace, according to a June 2026 report from the Local Initiatives Support Corporation (LISC). 

The report, “The State of Affordable Housing: Saving Affordable Housing Assets,” identifies five major headwinds reshaping the economics of affordable housing — supply constraints, rising insurance premiums, escalating utility costs, inflation and broad-based operating cost increases. 

Valerie White, Head of National Housing Strategic Initiatives at LISC, told HousingWire’s The Builder’s Daily that these pressures and cost increases make it increasingly difficult to develop and preserve affordable housing at the scale needed to meet demand.

“When you have this multitude of factors that are happening all together, what started out quiet now becomes a noisy storm,” White said. “There’s not a lot of cushion to absorb these market changes.”

The report also outlines how LISC plans to deploy more than $5 billion by 2027 for the development of 57,000 affordable housing units, as well as policy reforms that the organization believes would help stimulate more affordable housing creation and preservation.

The following analysis digs into some of the main findings of the report and how organizations like LISC can help affordable housing developers deliver and preserve more units.

The five main headwinds for affordable housing developers

1. Supply constraints and expiring affordability

The report noted that homebuilders and developers, both market-rate and affordable, are operating in a market defined by chronic underbuilding and shrinking affordability restrictions. Most economists argue that there is a housing shortage of several million homes in the United States. 

For affordable housing, a growing concern is that many subsidized units may lose that status in the coming years. Affordability restrictions on 374,497 federally assisted homes are expected to expire over the next five years, based on data from the National Housing Preservation Database. 

The National Low Income Housing Coalition (NLIHC) estimates a national shortage of 7.2 million affordable homes for extremely low-income renters. Yardi Matrix further forecasts affordable unit starts falling to 68,000 in 2026 and 51,000 in 2027, widening the gap just as restrictions roll off.

For affordable housing developers, this combination of fewer starts and expiring subsidies means more competition for capital, tougher preservation decisions and a rising risk of displacement for low-income renters. 

2. Inflation and the cost of housing

Inflation has widened the gap between incomes and housing costs. JCHS estimates, as cited by LISC, show:

• The annual income needed to afford the median-priced U.S. home rose from roughly $68,000 in 2020 to more than $130,000 in 2025.
• A first-time buyer’s monthly mortgage payment on a median-priced home jumped from about $1,200 in 2020 to more than $2,500 in mid-2025, assuming a 3.5% down payment and a 30-year fixed-rate mortgage.

For affordable housing developers, this sustained affordability gap means continued and growing demand for rental housing, including below-market units. 

3. Surging insurance premiums

Insurance has become one of the fastest-rising line items in affordable portfolios, according to LISC. Some notable data points include the following:

• Property insurance costs for Low-Income Housing Tax Credit (LIHTC) properties have posted six consecutive years of double-digit increases, Novogradac data show.
• The median per-unit insurance cost on LIHTC-financed homes reached $697 in 2023, more than 20% above 2022 and well above the 2016 level of $286 per unit. The report notes some owners have seen premiums jump as much as 300% despite not filing claims.

Because LIHTC and other regulated properties face rent caps, owners cannot easily pass along higher premiums to tenants. The U.S. Department of Housing and Urban Development (HUD) also capped maximum rent increases at 10% in 2024, and local jurisdictions can restrict rent growth even further.

For nonprofit developers operating on thin margins, rising insurance costs can erode debt coverage ratios and can trigger compliance problems or forced sales. 

4. Escalating utility costs and pressure from data center demand

Utility costs are another major driver of operating pressure for affordable housing operators. LISC highlights that residential electricity prices have outpaced inflation from 2018 to 2026, with more increases projected through at least 2027:

Between 2018 and 2026, residential electricity prices rose faster than the Consumer Price Index, while residential natural gas and gasoline prices swung sharply.

The report also flags a newer structural factor in rising utility prices: rapid growth in data centers and artificial intelligence. Data centers draw heavily from the same power grids used by households, contributing to higher systemwide energy costs. 

While some affordable housing operators are pursuing energy-efficient designs, revenue-sharing and local benefits like broadband builds, the near-term impact on electricity prices is an additional burden on properties and tenants.

5. Rising labor, materials and operating costs

Expenses are rising faster than revenues in affordable portfolios across the board. LISC’s analysis of operating cost trends since 2017 shows severe pressure in several categories:

• Insurance costs are up 110%.  
• Administrative costs, including staffing, health insurance and payroll taxes, are up 51%.
• Repairs and maintenance are up 35%. 
• Overall operating expenses per affordable housing unit have increased 35.3% since 2018, when they averaged $6,089 per unit.

On the development side, JCHS data show a 42% increase in multifamily material costs from 2020 to 2025, compared with just 7% from 2014 to 2019. This cost spike pushes rents higher across the board. 

The number of units renting for less than $1,400 fell by 9.3 million from 2014 to 2024, including a 2.5 million decline in units under $600. This upward shift in rent distribution leaves fewer “naturally affordable” options and increases reliance on subsidized developments, which are themselves under financial strain.

LISC’s $5.2 billion affordable housing response

Given these headwinds, LISC plans to invest $5.2 billion by 2027 to aid with the development or preservation of more than 50,000 affordable housing units across the country. with a housing-focused strategy for 2025–2027. The strategy involves:

• Scaling affordable housing production through lending, fund structures and tax credit investments.
• Preserving and improving existing single-family and multifamily housing
• Advancing “industry-leading innovation” with replicable investment models

LISC’s housing work centers on three core approaches. 

1. Creative capital deployment and financing innovation

LISC describes a financing environment where all types of sponsors — for-profit, nonprofit and public agencies — are seeking new ways to raise capital for development and preservation. The report highlights several emerging practices and tools:

• Credit-rated housing authorities issuing bonds backed by their balance sheets to support new production and preservation.
• Nonprofit 501(c)(3) organizations exploring “as-of-right” bond issuances to fund mission-driven projects. 
• Workforce housing and Naturally Occurring Affordable Housing (NOAH) strategies that preserve existing moderate-rent stock and address housing stress for working families, including first responders and health care workers.

LISC positions its own lending and fund-management activity as a way to structure this capital efficiently and steer it toward developments most at risk from today’s cost and revenue pressures.

“Affordable housing in general is a very, very complex financial endeavor. Underwriting the parts of the capital stack that you need to even get it done — it’s a lot. It’s a combination of subsidies, some soft debt and regular debt, some is market rate interest and some is lower interest; it’s a really complex puzzle that you have to put together,” White said in an interview. 

2. Capacity building for emerging and nonprofit developers

The report underscores the importance — and vulnerability — of smaller, mission-driven developers. Emerging and nonprofit sponsors often spearhead projects in under-resourced communities but operate with thin staff, limited balance sheets and constrained back-office capacity.

LISC’s strategy to help these developers includes:

• Developer training through the LISC Developers Training Program.
• Operational and technical support for community development corporations (CDCs).
• Capacity-building grants and advisory services aimed at improving pipeline management, financial structuring and long-term asset management.

LISC argues that scaling this capacity-building support is essential to increasing both production and preservation opportunities, particularly for organizations that are closest to communities but least able to absorb today’s financial shocks.

3. Policy advocacy at federal, state and local levels

LISC’s report outlines policy moves that could materially change affordable housing economics if adopted or scaled. On the federal level, these reforms include the following:

• LIHTC expansions: Recent changes could add 1.2 million units over 10 years, with Congress considering more allocation authority and deeper-targeting tools for extremely low-income households
• Neighborhood Homes Investment Act: A proposed tax credit would fill the gap between development costs and sale prices for starter homes, aiming to support 500,000+ homes over a decade.
• Broader housing measures: Housing provisions embedded in larger federal bills could shift capital flows, incentives and the scale of subsidized production.

The report flagged some state and local policy reforms, including:

• By-right zoning and faith-based development, including by-right policies that cut discretionary approvals, and let faith-based institutions develop housing on their land.  
• New York City insurance pooling: A new program in NYC will pool property and liability coverage for affordable and rent-stabilized housing, targeting 20,000 homes in year one and 100,000 by 2030.
• PILOT tax tools: Some cities support a Payment In Lieu Of Tax (PILOT) program to reduce tax burdens and encourage new and preserved affordable units.
• Local zoning reforms: Cities like Cambridge, Massachusetts, now allow four-story multifamily buildings in all residential zones to boost supply and support small-scale infill.

LISC argues that these local tools and reforms must be paired with federal credits and flexible Community Development Financial Institution (CDFI) capital for projects to remain viable amid rising costs and flat revenues.

This article was written by Tyler Williams with the assistance of HousingWire Automation. It was reviewed by a HousingWire editor before publication.

This post was originally published on here. 

Author’s Note: I worked for KB Home during two periods of my career and remain grateful for the experience. This analysis is based solely on publicly reported information and reflects my independent views on the company’s land strategy and industry positioning.

Regardless of whether Dream Finders Homes succeeds in its pursuit of Beazer Homes, the case for its further acquisitions is easy to make.

The company has used M&A as a growth strategy, from its 2021 acquisition of McGuyer Homebuilders’ assets to its 2024 acquisition of Crescent Ventures and its 2026 public proposal to acquire Beazer Homes.

That track record raises a natural question for investors: if Dream Finders continues down the consolidation path, what could come after Beazer?

One logical name is KB Home. There is no public indication that either company is pursuing such a transaction. From a purely strategic standpoint, KB is one of the few remaining public builders with the scale, geographic reach and market positions that could transform Dream Finders overnight.

Homebuilding is increasingly a scale business

The strategic backdrop is straightforward. In U.S. homebuilding, scale creates purchasing power, capital flexibility, land access and better absorption of overhead across a broader production base. Builders already operating at substantial scale can spread fixed costs across more closings, negotiate more effectively with suppliers and trades, and maintain stronger balance-sheet flexibility during cyclical downturns.

Dream Finders has demonstrated that it understands this dynamic. Its proposed all-cash acquisition of Beazer Homes at $25.75 per share, implying an equity value of roughly $704 million, was presented as a way to create a larger builder with expected cost synergies, complementary geography and a land-light structure.

That framing makes clear that management is not treating acquisitions as merely opportunistic. They are part of a broader strategy to accelerate scale rather than wait years to build it organically.

Why KB Home stands out

KB Home brings something difficult to recreate organically: long-established operating positions in harder-to-enter markets. The company says it operates in 49 markets across nine states, with its strongest strategic positions on the West Coast: California, Arizona, Las Vegas and Orlando.

These are markets where local relationships, entitlement history and operating infrastructure are often built over decades, not quarters.

That matters because these are not easy markets to expand into. California, in particular, remains one of the most complex housing markets in the country, with long entitlement timelines, regulatory friction, infrastructure burdens and persistent land scarcity that favor builders already operating at meaningful scale.

For Dream Finders, acquiring established positions in those markets would be much faster than building them from the ground up.

The Texas gap

The strategic logic is more compelling through a Texas lens. Dream Finders has spent years deepening its presence in Texas and the Southeast, including the McGuyer transaction, which added backlog and lot positions in Houston, Dallas-Fort Worth, Austin and San Antonio. Crescent Ventures also extended the platform to Nashville and South Carolina, reinforcing the company’s pattern of expanding along growth corridors tied to migration and job creation.

KB’s story is different. It remains a respected national builder, but its footprint is better known in California, Arizona, Las Vegas and Orlando than its dominant scale in Dallas-Fort Worth.

DFW continues to rank among the country’s most important real estate and housing markets, supported by strong population growth, corporate relocations and broad investor attention heading into 2027 and beyond. A combination would effectively merge Dream Finders’ stronger growth orientation in Texas and the Southeast with KB’s entrenched positions in the West and Orlando.

From a map perspective alone, the fit is easy to understand. Dream Finders would gain immediate scale in high-barrier Western markets, while KB would be paired with a company that has demonstrated a greater appetite for aggressive expansion in Texas and adjacent Sun Belt growth markets.

Leadership adds intrigue

Leadership is another area to watch. Dream Finders recently appointed Clint Szubinski as Chief Operating Officer following his tenure as Executive Vice President and COO at Meritage Homes.

Szubinski also spent nearly a decade at KB Home in a variety of leadership roles, giving him firsthand knowledge of the company’s operations, markets, culture and strategic strengths. Meanwhile, KB Home is undergoing a leadership transition, with longtime CEO Jeffrey Mezger stepping down and moving into the role of Executive Chairman as part of a planned succession. 

Leadership changes alone do not create acquisition opportunities, but they often catalyze a fresh review of strategy, capital allocation and long-term competitive positioning.

When a potential acquirer has a senior executive who knows a target company exceptionally well, future strategic discussions become easier to envision. That matters in an industry where scale has become more valuable, technology investments are increasingly costly and competition for finished lots and land positions remains intense. A new CEO inherits not only the existing business but also a strategic environment different from the one that shaped the prior two decades.

That does not mean a transaction is likely, but it does strengthen the argument that if Dream Finders were to study a larger public-builder acquisition, KB would be one of the few companies the leadership team could assess with a meaningful degree of firsthand operating context.

The platform math

The financial case would make the story truly transformational. KB generated approximately $6.24 billion in revenue in fiscal 2025. Dream Finders generated approximately $4.32 billion in revenue in 2025.

Combined, that implies a builder with annual revenue of $10.5 billion to $10.6 billion, before considering any subsequent growth or synergies.

That would catapult the combined enterprise into a different competitive category. The strategic appeal would extend beyond geography to operating leverage. A larger platform could improve purchasing leverage, supplier negotiations, trade relationships, overhead absorption, capital efficiency and land sourcing opportunities.

It would likely be marketed not simply as an acquisition but as a platform-enhancement story.

The cultural story would also be easy to frame. Dream Finders brings an entrepreneurial, acquisition-driven model and a more capital-efficient land strategy. KB brings mature operating systems, larger scale and longstanding positions in difficult-to-enter markets.

In theory, the combination would be positioned as complementary strengths rather than redundant overlap.

The obstacle: size

The reason this remains a strategic thought exercise is simple: KB is large. Recent reporting has placed KB Home’s market value in the several billion-dollar range, with one report citing around $3.7 billion in spring 2026. Any transaction would likely require a substantial stock component, meaningful financing commitments and probably support from institutional capital providers.

Dream Finders has already shown a willingness to pursue ambitious deals. Its Beazer proposal was backed by highly confident financing letters from Kennedy Lewis, Goldman Sachs and Bank of America Securities. But moving from transactions measured in the hundreds of millions to one measured in multiple billions would pose a very different set of challenges around leverage, dilution, execution risk and shareholder approval.

Complexity does not invalidate the strategic rationale. It simply means the financial structure would need to be compelling enough to justify the effort.

Why this deal will appeal to institutional investors

Dream Finders is arguably a more efficient organization because it generates outsized earnings and growth from a smaller capital base by running an asset-light, high-turnover model. The company’s own filings describe an asset-light lot acquisition strategy that relies heavily on options, allowing it to secure land “just-in-time” with reduced upfront capital and higher inventory turnover, which in turn has boosted returns on equity relative to traditional, land-heavy builders. 

Independent analyses show that Dream Finders’ ROE is in the low to mid-teens today and, at times, above 30%, materially above typical industry averages and ahead of many larger peers, indicating that each dollar of equity generates more profit than at most competitors. 

As of late 2025, roughly 98% of its controlled lots were held under options, an extreme level of land-light exposure that keeps land off the balance sheet and supports very high returns on equity by minimizing idle capital tied up in raw and developed land.

In addition, Dream Finders has achieved rapid growth in homes closed and revenue over a relatively short operating history while maintaining positive net margins and strong ROE, indicating it is not just growing but doing so with disciplined capital deployment rather than bloating the balance sheet with owned land.

Why KB Home might attract activist investor pressure

KB Home appears bloated relative to more efficient peers because it has a heavier fixed-cost structure and more capital on its balance sheet for the level of output it generates. Recent results show SG&A running at roughly 12.2%-12.8% of housing revenues, compared with Lennar’s 7.9%-8.8%, a gap that external analysts estimate could translate into about $250M–$300M in annual cost savings if KB operated at peer efficiency levels. 

At the same time, KB has seen revenue down more than 20% year over year and EPS down roughly 60–70% in recent quarters, which means that a relatively high SG&A base is being spread over fewer closings, compressing margins and highlighting the extent of fixed overhead embedded in the model. 

On the balance-sheet side, KB controlled about 63,257 lots as of early 2026, with roughly 59% owned and only 41% under contract, indicating a more land-heavy, capital-intensive posture than option-heavy builders that keep a higher share of lots off the balance sheet. Put together, KB is tying up more capital in owned land while running a structurally higher SG&A load than the leanest operators. As a result, each dollar of deployed capital supports more overhead and land carry and less pure margin and growth than you’d see in a truly optimized, asset-light platform.

End game

The real question is not whether KB Home is a strong standalone builder. Its scale, long operating history and market positions make that clear. The more interesting question is whether KB’s valuable positions in California, Las Vegas, Arizona, Orlando, and other key markets could eventually be worth more within a larger consolidating platform than as a standalone company.

As homebuilding continues to reward scale, capital efficiency and market access, investors ask exactly that question before consolidation occurs.

Regardless of the outcome of the Beazer proposal, one conclusion appears reasonable: Dream Finders has given investors every reason to believe it is unlikely to complete the acquisition.

This post was originally published on here. 

Rocket Companies has priced the issuance of $1.5 billion in senior notes in an oversubscribed transaction, with proceeds to refinance an existing term loan, the company announced Tuesday.

The Detroit-based parent of Rocket Mortgage priced $900 million in 6.125% senior notes due in 2031 and $600 million in 6.5% senior notes due in 2034. The aggregate principal amount was upsized from a previously announced $1.2 billion.

The offering is expected to close June 16, subject to customary closing conditions. The notes will be fully and unconditionally guaranteed on a senior unsecured basis by Rocket’s direct and indirect domestic subsidiaries that guarantee its existing senior notes.

The company plans to use proceeds to repay Rocket Mortgage’s 2.875% senior notes due in 2026 and to pay down other indebtedness across the platform. Any remaining proceeds will be used for general corporate purposes.

The transaction extends a portion of Rocket’s debt profile into the next decade and locks in fixed-rate funding. But it comes at higher rates due to the current macroeconomic environment.

The notes are being offered in a private placement to qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S. They will not be registered under the Securities Act of 1933, and may not be offered or sold in the U.S. absent registration or an applicable exemption.

Rocket’s move comes amid rate volatility and compressed margins across the mortgage sector, where access to term funding and balance-sheet flexibility remain key advantages for large originators and servicers.

Companies that recently issued debt include Mr. Cooper Group — which was recently acquired by Rocket — as well as Pennymac Financial Services, loanDepot, and Rithm Capital.

This article was written by Flávia Furlan Nunes and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication. 

This post was originally published on here. 

Prices of goods and services continued to climb in May, according to data released Wednesday by the U.S. Bureau of Labor Statistics (BLS). 

In May, the Consumer Price Index for all items rose 0.5% from a month, down from a 0.6% monthly increase in April. However, annually, the all items index rose 4.2% in May, up from the 3.8% annual increase recorded in April. This is the fastest annual pace of inflation since April 2023. 

According to the BLS, the energy index, which rose 3.9% month-over-month and 23.5% year-over-year,  accounted for over 60% of the monthly all-items index increase. 

The index for all items less food and energy rose 0.2% month-over-month in May, thanks to increases in the indexes for communication (+1.3%), airline fares (+2.7%), medical care (+0.3%), personal care (+1.0%) and recreation (+0.3%). Year-over-year, the all items less food and energy index rose 2.9%, up from a 2.8% increase in April.

“May’s inflation report was a tale of two CPIs: higher energy costs pushed headline inflation to its fastest pace in two years, but underlying inflation remained relatively contained,” Odeta Kushi, First American’s deputy chief economist, said in a statement. 

The index for shelter rose 0.3% month-over-month and 3.4% compared to a year prior, while the food index jumped 0.2% on a monthly basis and 3.2% on a yearly basis. 

Fed unlikely to change its near-term policy outlook

Economists said that due to the softer increase and relative stability of core inflation, the Federal Reserve is unlikely to change its near-term policy outlook. 

“Inflation remains higher than policymakers would like and a resilient labor market gives the Fed little urgency to lower interest rates,” Khushi said. “At the same time, the relatively tame core reading should provide some reassurance that underlying inflation has not reaccelerated. The result is likely to reinforce the Fed’s current wait-and-see approach and keep rate cuts on hold for now, as officials look for greater confidence that inflation is moving sustainably back toward target before considering any policy easing. The softer-than-expected monthly core reading also reduces the likelihood that policymakers will need to consider rate hikes.”

While mortgage rate relief may not be coming anytime soon, Khushi believes increasing inventory levels and improving consumer confidence in the labor market and overall economy will still help propel the housing market forward. 

“The encouraging news for housing is that demand appears to be waiting on the sidelines, rather than disappearing altogether,” she said. “Existing home sales posted their strongest monthly gain of the year in May and reached their highest level since December, despite mortgage rates moving higher during the month.”

This post was originally published on here. 

While most of the industry kept its eyes on Zillow and the portals, a bill quietly cleared a full chamber of the New York State Legislature, and almost nobody noticed. On May 29, the Assembly passed the Fair and Transparent Real Estate Listings Act, which now sits in the Senate Judiciary Committee. When it was introduced in March, it earned a polite round of coverage. The passage, the part that actually matters, has gone almost entirely unreported.

Here is why broker-owners and brokerage executives should care — and care now. The bill does what the Clear Cooperation Policy never could. CCP was an association rule that the industry could amend, dilute or walk away from. This is statute with license revocation standing behind it.

The mechanics are simple. A listing agent representing a seller or a landlord must publicly market the property on an MLS or a platform that costs the consumer nothing and does not require them to work with the listing brokerage to see it. The agent also has to share listing information with buyer agents, respond to their inquiries and make the property available for showings.

The provision aimed at one company

Compass built its growth engine on the three-phase marketing strategy. Phase one is the Private Exclusive, marketed only to Compass agents and their buyers, off the public market. Phase two is Compass Coming Soon, launched only on Compass.com. Phase three is the public launch on the MLS and the portals. The first two phases are the entire product.

Read New York’s definitions against that model and the target comes into focus. A platform that requires a consumer to work with the listing brokerage to view a listing does not count as public marketing. Compass Private Exclusives fail that test by design. Then comes the line that does the real work: If a property sits on a private or limited-access channel, the agent must concurrently market it publicly. That one word, concurrently, collapses the dark-launch window. There is no phase one anymore.

Compass has a ready answer, and you should expect to hear it. After Washington passed its ban, CEO Robert Reffkin argued that such laws do not block the phased strategy, because Private Exclusive is merely a label and, as he put it, you cannot sell something to yourself, so the listings end up publicly marketed anyway. That is a tidy argument against a sloppy ban. New York did not write a sloppy ban. The definitions read as though they were drafted with that quote taped to the wall.

The opt-out is the real weapon

Here is the part that should hold a broker-owner’s attention. New York did not outlaw the model. It left an opt-out. A seller can sign a state-prescribed disclosure and direct the agent to keep the listing private. The mechanism survives. The sales story does not. That form makes the seller initial, line by line, that they understand a private listing may mean reduced visibility, fewer offers, and a lower sale price.

Picture the moment. Your agent is selling the homeowner on the brilliance of going private, and the State of New York hands that same homeowner a document that says, in plain English, this choice may cost you money. The state is not banning the pitch. It is making your client sign a sworn rebuttal to it.

Teeth, data and a trend line

The enforcement is not symbolic. The bill raises the maximum fine from $2,000 to $5,000, routes half of every penalty to the state’s anti-discrimination in housing fund, and treats each listing marketed in violation as a separate offense. For a firm carrying hundreds of listings, that arithmetic compounds quickly, and a license suspension sits at the end of the road.

It is not landing in a vacuum either. A Consumer Federation analysis found Compass double-ending, both sides of the deal kept in-house, at 41% in Washington, D.C., against a historical norm that researcher Stephen Brobeck put at 3% to 12%. The bill’s findings section, with its language about shrinking the pool of offers and making homes invisible to certain buyers, reads almost like a summary of that report. And New York is not first. Washington and Wisconsin already have laws on the books, with bills pending in Illinois, Connecticut and Hawaii. The fight that began inside MLS policy committees has moved to the statehouses, and the statehouses hit harder.

What to do before it becomes law

Two caveats, because precision matters. This is not law yet. It cleared the Assembly, but it still needs the Senate and the Governor’s signature, and the New York State Association of Realtors has not taken a position. Plenty can still change. But a bill that clears a full chamber in one of the country’s largest housing markets is not background noise. It is a signal flare.

So treat it like one. Read the actual bill, not the summary. Ask whether your firm’s pre-marketing playbook can survive a concurrent-publication requirement, and what your disclosure paperwork looks like if it cannot. Decide now whether your value proposition rests on transparency or on controlling who gets to see a listing, because New York is about to make that a very expensive distinction. What we teach is that the value was never the listing you controlled, it was the expertise and the trust you brought to the table. A law like this rewards the firms that already believed that.

The walled garden was always going to meet a fence law eventually. New York just poured the footings.

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

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

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

This post was originally published on here. 

Figure Technology Solutions will acquire Kiavi in a $717 million deal that increases its exposure to real estate investor loans and the first-lien mortgage market, the companies announced Wednesday.

Under the deal, Figure will acquire Kiavi’s technology and operating platform, while a joint venture between Figure and global investment firm Sixth Street will purchase Kiavi’s balance-sheet assets.

Figure said the transaction will add more than $7 billion per year in new first-lien volume to its Figure Connect marketplace and more than $100 million in monthly volume to Democratized Prime, its on-chain warehouse platform. Kiavi’s products include short-term residential transition loans (RTLs) and long-term rental property loans known as debt-service-coverage ratio (DSCR) loans.

Following the close of the transaction, Kiavi CEO Arvind Mohan will join Figure’s executive team as chief business officer.

The deal deepens Figure’s push into first-lien products and investor-focused credit at a time when aging housing stock and tight for-sale inventory are driving demand for renovation and rental strategies. 

“The rental market is booming and many properties require short-term transition financing to cover renovation before they’re made rental-ready. Then, they’re often refinanced with DSCRs to cover permanent upkeep,” Figure CEO Michael Tannenbaum wrote in a blog post.

According to Tannenbaum, Figure’s first-lien business grew from 10% to 20% of its mix last year. It expects first-lien products to reach about 40% of its marketplace volume by the end of 2027. 

Deal financing

Figure plans to contribute $538 million to the acquisition via a $600 million issuance of senior unsecured notes. Ryan Tomasello, an analyst at Keefe, Bruyette & Woods, noted after the announcement that this will result in an estimated pro forma corporate leverage of about 2x. Sixth Street will contribute $179 million and is providing $3 billion in forward purchase commitments, he added. 

Figure characterized the Kiavi platform as high margin and asset light, and it reaffirmed its medium-term EBITDA margin target of roughly 60%. It expects the transaction to be accretive to earnings per share and to deliver an unlevered cash payback in less than four years.

The companies said the combination represents a roughly $200 billion annual addressable origination opportunity that Figure intends to move onto its tokenized rails. 

Figure said it currently accounts for about 75% of real-world asset tokenization. The Kiavi deal is meant to scale that foothold and accelerate its shift toward first-lien assets, a market it estimates is about 25 times larger than second liens.

Founded as LendingHome in 2013, Kiavi focuses on financing investors who buy, renovate, and rent or resell properties. It reported more than $250 million in revenue and more than $100 million in EBITDA last year, and it has funded more than $30 billion in loans to date, according to the announcement. 

“For the past 13 years, Kiavi has been focused on powering our data flywheel and proving what’s possible when technology and industry expertise converge,” Mohan said. “This transaction represents a massive leap forward for the asset class.”

Artificial intelligence

Kiavi’s loans will be the first use case for Adaptor, Figure’s new AI product aimed at automating agent-to-agent onboarding by normalizing originator data across assets on Figure Connect and Democratized Prime.

“Blockchain is a big idea, but the on-chain capital markets are in their infancy,” Mike Cagney, Figure co-founder and executive chairman, said in the announcement. “Figure needs to make bold moves to bring entire asset classes on chain.”

Barclays Capital Inc. served as exclusive financial adviser to Figure and Sixth Street, while Jefferies LLC advised Kiavi.

This article was written by Flávia Furlan Nunes and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication. 

This post was originally published on here. 

The Bringas Home Team, a California real estate team serving Riverside and San Diego counties, has left LPT Realty to join simpliHŌM, a national brokerage that has expanded to more than 1,100 agents across 22 states since 2024.

Led by founder Justin Bringas, the 20-agent team serves Murrieta, Temecula and surrounding communities.

Partnering with simpliHŌM is expected to support the team’s continued growth, with plans to expand to more than 40 agents and open a dedicated office in northern Murrieta by the end of 2026.

The Bringas Home Team has completed more than 450 home sales throughout its history. In 2026, the team said it has already closed more than $61 million in sales volume, with an additional $28 million currently under contract.

“Joining simpliHŌM was an easy decision because I was looking for more than just a brokerage — I was looking for leadership, vision and a community that truly supports its agents,” said Bringas. “Agents aren’t treated like competitors here. They’re treated like partners.”

Bringas also brings more than 19 years of experience in both real estate and mortgage lending.

“We are incredibly excited to partner with a top-producing team that has a massive vision for continued growth,” said Sean Miku, founder and CEO of simpliHŌM. “Justin Bringas is exactly the kind of leader we built simpliHŌM for. We created this company so that people like him can realize that whatever they dream, they can achieve it — and we’ll be right by their side.”

For Bringas, the move provides additional resources and opportunities for his team while supporting agents in building long-term careers within the industry.

“Real estate is more than a business — it’s about helping people realize their dreams,” he said. “I want every agent on my team to feel that same level of support in building their own careers.”

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

This post was originally published on here. 

CoStar Group is looking to insert itself into Zillow’s ongoing antitrust battle with Midwest Real Estate Data (MRED) and Compass International Holdings. 

On Wednesday, the parent company of residential real estate listing portal Homes.com, filed an amicus brief in opposition to Zillow’s motion for a preliminary injunction seeking to prevent MRED from suspending its listing feed. A hearing on this motion is scheduled for early July. 

“Zillow’s Motion paints Zillow as a fledgling, pro-transparency actor victimized by the powerful Defendants because Zillow courageously spoke out against them,” the filing states. “That narrative could not be further from the truth. Zillow’s Motion is just another tool for Zillow to kneecap competition in an apparent effort to replace the current MLS regime.”

In the filing, CoStar claims that Zillow’s motion is part of its “scheme to expand its ecosystem and replace the non-profit MLS system.” 

“It seeks to fragment the market in its favor, locking out rivals like Homes.com, while barring others’ pre-market listings and maintaining broad access to MLS feeds, until it no longer needs them,” the brief states.

According to CoStar, Zillow believes that it has grown so large that a listing on Zillow’s network alone is, by definition, pro-consumer. Thus, Zillow need not share it further. And a listing not available to Zillow’s network is, by definition, anti-consumer. Zillow needs a reality check.”

CoStar claims in the brief that Homes.com has been “directly harmed” by Zillow’s exclusive pre-market listing practices. 

In mid-March, Zillow launched Zillow Preview, a new offering providing agents and their sellers with the option to publicly pre-market their listings before the properties transition to an active listing status. Zillow launched the product in partnership with Keller Williams, REMAX, HomeServices of America, United Real Estate and Side but it has since expanded the offering to include dozens of other brokerages and franchisors. 

According to Zillow, listings may only be in a preview status for as long as local MLS rules allow and agents are responsible for understanding and complying with their local MLS rules regarding pre-marketing and statuses like ‘coming soon.’ 

“Hypocritical”

In the brief, CoStar calls the product “hypocritical,” claiming that Zillow Preview is the same thing as the defendants’ private listing networks, stating in the filing that the losing portal “trumpeted the very thing it had said was anathema when offered by a rival.”

According to CoStar, Zillow “audaciously complains about brokerages (1) ‘walling off the listings in their large networks from outside competitors,’ and (2) ‘using their large networks to lure buyers and sellers, capturing so-called network effects.’ But the practices that Zillow vociferously condemns describe precisely Zillow’s own behavior and objectives with respect to Zillow Preview.”

The Andy Florance-helmed firm goes on to claim that not only does it feel Zillow Preview anticompetitive but it is also anti-consumer. 

“Zillow uses sellers’ listings as bait to divert consumer leads toward Zillow’s affiliated buy-side brokers, so that Zillow can obtain a cut of the buy-side commission,” the filing states. “Zillow dupes consumers by presenting a ‘Contact Agent’ and ‘Request a Tour’ button beside property listings . . . And the vast majority of consumers do not understand this deception, evidenced by a recent study that found 99.7% of respondents incorrectly identified whom they were contacting on the Zillow platform.”

Zillow has previously stated that on Preview listings, consumers will be able to contact the listing agent directly via the “Contact Agent” button or schedule a tour of the property after the listing becomes active with the help of a Zillow Preferred buyer’s agent through the “Schedule a Tour” button. Additionally, Zillow has said that agents with Zillow Preview listings will not be charged for any leads they obtain through the contact agent button on their own listings when they are in the preview status.

In CoStar’s view, Zillow wants things “both ways.”

“On one hand, Zillow wants immediate access to brokerages’ MLS listings so it can profit from those listings as a brokerage competitor and an MLS replacement,” the filing states. “On the other, Zillow wants to hoard pre-market listings and market them exclusively through Zillow’s own channels, to the detriment of competition and consumers.”

Zillow’s agreement with Realtor.com

The filing, which also claims that Zillow is a “monopolist,” examines Zillow’s agreement with Realtor.com to syndicate Zillow Preview listings on the site. CoStar argues that the agreement allows Zillow “to lock up high-value ‘coming soon’ listings provided by brokerages, while its exclusive horizontal partnership with Realtor.com allows Zillow to capture a dominant marketplace share through elimination of a major competitor and exclusion of all others.”

“Zillow wants a court order forcing MLSs to hand over their listings while Zillow hoards its own exclusive pre-market inventory — a breathtaking ‘heads I win, tails you lose’ proposition,” Gene Boxer, CoStar’s general counsel, said in a statement. “The Court should see this motion for what it is: an attempt to weaponize the judicial system to  entrench Zillow’s dominance at the expense of competition, consumers, and the MLS system  that has served the industry for decades.” 

According to Boxer, CoStar filed the brief “because the Court deserves the full picture, and the full picture reveals that Zillow’s claims of concern for consumers and competition are a smokescreen for its own anticompetitive ambitions.”

Zillow did not immediately return HousingWire’s request for comment. 

CoStar and Zillow are currently locked in a legal battle of their own over alleged copyright infringement related to photos of rental listings. In an amended complaint filed in March, CoStar claimed  that Zillow has infringed on CoStar’s copyright on more than 53,000 watermarked photos across Zillow and the platforms it syndicates rental listings to, including Redfin and Realtor.com.

This post was originally published on here. 

PennyMac Financial Services Inc. announced on Tuesday that Tiffany To, the CEO and co-founder of AI and operational intelligence software company Ontollo, has joined its board of directors.

David Spector, chairman and chief executive officer of PennyMac, said To’s experience in AI, business transformation and enterprise technology will help support the company’s continued investment in technology-driven mortgage operations.

“We are pleased to welcome Tiffany to PFSI’s Board of Directors,” Spector said in a statement. “She has spent her career at the forefront of AI and business transformation, building products, leading organizations and helping enterprises turn technology into real competitive advantage.”

Before founding Ontollo, To served as executive vice president and general manager of enterprise and platform at Atlassian, where she oversaw the company’s enterprise business and platform teams and helped develop AI-powered tools for customers.

Earlier in her career, To was chief operating officer and a board member at cybersecurity company ForAllSecure, where she helped commercialize technology developed at Carnegie Mellon University for government and enterprise customers. She also held leadership positions at Cohesity, Coho Data, Nutanix, VMware, Intel, Silicon Graphics and Symbol Technologies.

To earned a bachelor’s degree in computer systems engineering from Stanford University and an MBA from the University of California, Berkeley’s Haas School of Business.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. 

This post was originally published on here. 

Every year, thousands of aspiring real estate agents complete their pre-licensing education only to discover that earning course credit and passing the licensing exam are not the same thing. Industry estimates suggest that only about 50% to 60% of candidates pass the real estate licensing exam on their first attempt.

One reason so many candidates struggle is that the exam tests more than vocabulary. Knowing a definition is one thing; applying that knowledge in a scenario-based question is another. Success depends on understanding how concepts connect. That’s why practice exams, targeted review and personalized study plans have become some of the most effective tools for exam preparation.

Exam prep is also becoming more personalized. Today’s students have access to AI-powered study tools that can help pinpoint weak areas, generate targeted practice questions and tailor review sessions based on where they need the most support.

From your first pre-licensing lesson to the weeks leading up to exam day, the right study strategy can help you prepare more efficiently and improve your chances of passing on the first try.

Tip #1: Understand what you’re preparing for

Before creating a study plan, it’s important to understand how the real estate exam is organized.

Real estate licensing exams vary by state, including the number of questions, time limits and passing score requirements.

Most licensing exams include both a national and a state-specific portion. The national section covers foundational topics such as property ownership, contracts, financing, agency relationships, valuation and real estate math. The state portion focuses on local laws, regulations and licensing requirements.

Knowing how your state’s exam is organized can help you allocate study time appropriately and avoid focusing too heavily on one topic at the expense of another. AI-powered study tools can further support this process by generating practice questions tied to specific content areas, helping you reinforce concepts as you learn them.

Tip #2: Build a real estate study plan that works for you

The most effective exam prep doesn’t happen after you finish your coursework. It happens alongside it.

Rather than treating exam preparation as a separate phase, build review and practice into your study routine from the start. Revisiting material as you learn it can improve retention, reinforce key concepts and help you identify weak areas early.

Just as important, leave time for a final review period before your exam. The weeks leading up to test day should focus on practice exams, reinforcing knowledge and addressing weaker areas, not learning everything for the first time.

AI-powered learning tools can make it easier for you to stay on track by providing support whenever questions arise. Colibri Real Estate’s Rubi AI Tutor is built directly into the learning experience, allowing you to ask questions, get explanations for difficult concepts and generate practice questions based on the material you’re currently studying.

Tip #3: Prioritize real estate practice exams

If there is one study strategy that consistently separates successful candidates from unsuccessful ones, it’s practice testing.

Many students spend too much time reading and highlighting materials. While those activities may feel productive, they often create a false sense of confidence. Practice exams require you to recall information, apply concepts to realistic scenarios and think the way you’ll be expected to on test day.

A quality real estate practice test also helps candidates:

• Become familiar with exam wording
• Improve pacing and time management
• Identify areas that need additional review
• Build confidence through repetition

The most effective approach is to review every question after completing a practice exam, not just the ones you answered incorrectly. Understanding why an answer is correct is often just as valuable as understanding why another option is wrong.

AI-powered study tools can make this review process more effective by turning missed questions into learning opportunities, helping students explore the reasoning behind correct answers, clarify confusing concepts and deepen their understanding before moving on to the next topic.

Tip #4: Focus on the topics that matter most

Although every state has its own exam requirements, several subject areas consistently appear on licensing exams.

Pay particular attention to:

• Property ownership and land use
• Contracts and agency relationships
• Financing and settlement procedures
• Property valuation and market analysis
• Real estate mathematics
• State-specific laws and regulations

Many students spend too much time reviewing topics they’re already comfortable with. Concentrating on weaker areas often produces greater score improvements than repeatedly reviewing familiar material.

AI-powered learning tools can make this process more efficient. Instead of spending equal time on every topic, students can use AI to identify weaker areas, reinforce difficult concepts and generate targeted practice questions that focus on the subjects most likely to impact their exam performance.

Tip #5:  Get personalized support throughout the learning process

Traditional study guides provide the same experience for every learner. AI real estate exam study tools can help create a more personalized approach.

AI can help students spend less time guessing what to study next and more time focusing on the material that will have the greatest impact on exam readiness.

Ready to study smarter?

Passing the real estate exam takes preparation, but it doesn’t have to be overwhelming.

Candidates who create a structured study plan, prioritize practice testing, focus on high-value content areas and consistently monitor their progress give themselves the best opportunity for success.

Passing the real estate exam starts with the right foundation. Colibri Real Estate’s pre-licensing courses combine state-required education with exam prep resources and AI-powered support through Rubi AI Tutor, helping students build confidence from their first lesson through exam day.

Click Here

This post was originally published on here. 

As mortgage originators navigate one of the tightest margin environments in a generation, the pressure to slash operational costs has reached a fever pitch. In response, a polarizing debate has emerged across the industry: Can lenders safely cut corners on credit data to achieve short-term line-item savings?

While comparing a 30-year home loan to a 60-month auto loan is a risky race to the bottom, understanding the reality of the single-bureau blind spot is critical for lenders trying to protect thin margins without choking off vital origination volume.

A history of safety and soundness in housing finance

To understand why this standard matters, we must look at the history of housing finance. Prior to the 1990s, fragmented credit data frequently resulted in inconsistent lending decisions.

The Tri-Merge Credit Report was established to solve this systemic problem, ensuring all lenders had access to the comprehensive data needed to evaluate a 30-year financial commitment. This standardized system was specifically designed to shield the secondary market from systemic risk and ensure the ongoing safety of government-sponsored enterprises (GSEs).

Debunking the myth of data uniformity and the “66% risk”

Despite decades of consistency, a misconception has emerged: the idea that a single-bureau report is sufficient for comprehensive risk assessment. This perspective overlooks how data is gathered. Because lenders are not legally mandated to report data to all three National Credit Reporting Agencies (NCRA), data furnishing remains voluntary. Consequently, credit profiles are rarely uniform across the three major bureaus.

Moving to a single-file system introduces a dangerous blind spot, effectively ignoring 66% of available national credit data. A single-bureau credit pull can completely miss past delinquencies, high revolving utilization or other critical financial insights reported to the other two bureaus. This lack of visibility ultimately increases borrower defaults and exposure to risk downstream.

To visualize this disparity, consider a typical consumer profile where data varies dramatically:

• Bureau 1: Reflects a 720 score with few recent inquiries.
• Bureau 2: Reflects a 634 score, driven down by high utilization.
• Bureau 3: Reflects a 618 score, severely impacted by an active 90-day auto loan delinquency.

A lender relying solely on Bureau 1 remains completely blind to the critical risks exposed by Bureaus 2 and 3. The industry widely recognizes this danger. In a recent National Mortgage News (NMN) survey of 123 mortgage professionals, lenders ranked comprehensive three-bureau data as essential to avoiding hidden liabilities during origination. Furthermore, high-volume originators emphasized that missing even a single tradeline can significantly shift an applicant’s score band, drastically altering their perceived underwriting risk.

Exposing the “700+ score” shortcut

Some observers argue that single-file reports predict risk equally well for borrowers with credit scores over 700. However, this argument contains a fundamental analytical flaw: their conclusion is based entirely on historical loans that were already fully vetted through a complete Tri-Merge pull.

The similar performance observed in these profiles is the direct result of the Tri-Merge filtering out high-risk anomalies before closing. Localized reporting variations mean a 700+ score at one bureau can easily mask a 600-level reality at another.

The high stakes of short-term cost-cutting

In an environment focused on margin compression, comparing the extensive due diligence required for a 30-year mortgage to a 60-month auto loan is a dangerous race to the bottom. A mortgage is a multi-decade asset demanding the highest scrutiny.

The NMN survey reinforces this, finding that mortgage professionals rank accuracy of risk assessment as the single most important factor when evaluating credit models. Reducing transparency for short-term cost savings inevitably increases defaults. If this erodes credit quality within the Mortgage-Backed Securities (MBS) market, taxpayers will ultimately bear the cost of GSE volatility.

Protecting the future of homeownership safely

Protecting the housing ecosystem from systemic risk does not mean shutting down growth. By providing a 360-degree view, the Tri-Merge Standard prevents the blind spots that lead to taxpayer-funded volatility. At the same time, legacy credit models often leave creditworthy Americans underserved. Lenders can safely expand homeownership by pairing comprehensive three-bureau data with modern, forward-looking scoring models like VantageScore 4.0.

For instance, VantageScore 4.0 illuminates these consumers by using a 24-month lookback period to assess credit trajectories. This enhanced visibility allows lenders to safely expand their traditional buy box, uncovering highly qualified borrowers legacy systems miss entirely. Ultimately, this methodology helps qualify 10% more borrowers, many of whom are first-time homebuyers.

The Tri-Merge Credit Report is not an outdated hurdle; it is the fundamental safeguard protecting the safety, soundness and long-term stability of the American mortgage market.

Want to see how the Tri-Merge Standard became the definitive shield for the U.S. housing market and unpack the historical data behind the 66% risk gap?

Click Here

This post was originally published on here. 

Every technology adoption cycle reaches a point where the question shifts from “should we?” to “how fast can we?” In mortgage lending, AI has reached that moment. Lenders are deploying AI tools for document processing, income analysis, borrower communication and, increasingly, credit decisioning. The productivity gains are real, the efficiency improvements are measurable and the competitive pressure is accelerating.

But mortgage lending is not a typical industry when it comes to deploying new technology. It is one of the most heavily regulated consumer finance activities, with obligations spanning the Equal Credit Opportunity Act, the Fair Housing Act, RESPA, TILA, TRID and a growing body of state-level AI-specific legislation. The consequences of getting AI deployment wrong aren’t just technical—they’re legal, reputational and, in some cases, tied directly to individual loans.

The good news is that responsible AI deployment isn’t the enemy of competitive advantage. Done correctly, it is the foundation of it.

The regulatory environment has already changed

Lenders who believe they can deploy AI now and figure out compliance later are misreading the regulatory environment. The rules are still evolving—but they are further along than most executives realize.

Freddie Mac updated its servicer guide in late 2025 to include explicit requirements for AI and machine learning governance, covering transparency, accountability and ethical stewardship of AI systems. Those requirements went into effect on March 3, 2026. Fannie Mae separately published cybersecurity and business resiliency requirements that apply directly to lenders using technology platforms with AI components.

At the state level, the patchwork is developing rapidly. Colorado was the first state to enact AI-specific legislation governing automated decision-making tools in 2024; Texas followed in 2025. New York has proposed legislation that would directly regulate automated decisioning in lending. California has clarified that existing consumer protection laws apply to AI-driven decisions, with explicit application to mortgage companies. 

Meanwhile, the Consumer Financial Protection Bureau (CFPB) has been clear for several years that AI-driven credit decisions must produce specific, explainable reasons for adverse action, not generic ones. An AI model that cannot generate a precise, accurate explanation for why it denied a borrower isn’t just a compliance risk; it’s a loan that cannot be defended if challenged.

The four pillars of a responsible AI framework

Across regulatory guidance, industry standards and recent enforcement trends, four consistent requirements define responsible AI in lending:

1. Explainability: Every AI-influenced decision must be traceable to a clear, documentable rationale. 
2. Fairness testing: Models must be tested for disparate impact before deployment and monitored continuously. Neutral data inputs can still function as proxies for race, income or geography.
3. Human oversight: AI should assist decisioning, not replace accountability. A clear escalation path with human review and override.
4. Audit readiness: Lenders must be able to document how models are built, trained, monitored and governed over time.

These pillars are worth examining not just as compliance checkboxes, but as operational commitments that require infrastructure, process and accountability structures to support them.

The ‘black box’ problem is not theoretical

One of the most significant risks in AI deployment is model opacity. Many AI and machine learning systems used in lending today function in ways that are difficult to interpret from the outside. The model produces an output—but the path from input to conclusion isn’t easily explainable.

This creates a specific compliance problem in the mortgage industry. The CFPB has been explicit: When AI influences a credit decision, lenders must be able to provide specific, accurate reasons for adverse actions. A lender that cannot identify why their AI scored a particular borrower the way it did cannot meet this obligation, regardless of how good the model’s aggregate performance statistics are.

There is also a subtler risk. AI models can inadvertently use seemingly neutral data — device type, application timing, behavioral patterns during the application process — as proxies for protected characteristics. A model that’s never been tested for disparate impact on race, income or geography may be producing discriminatory outcomes without anyone at the lender realizing it. Regulators are increasingly equipped to detect these patterns, with agencies building out their own analytical capabilities to flag lending anomalies.

The responsible answer to this is not to avoid AI — it’s to choose and monitor AI tools that are designed for explainability from the ground up, and to build testing protocols that surface these issues before regulators do. 

Governance is a program, not a policy document

One of the most common mistakes lenders make in AI deployment is treating governance as a documentation exercise. A policy is written, a vendor attestation is collected and the system goes live. That approach may satisfy a checklist momentarily; it won’t hold up under scrutiny.

Effective AI governance in lending requires a living inventory of every AI tool in production — what it does, what data it uses, who is accountable for its performance and how it is monitored over time. Models drift. Data distributions change. A model trained on one market environment may behave differently as rates, demographics or economic conditions shift.

Without ongoing monitoring, a system that was fair and accurate at launch can degrade in ways that create both performance and compliance risk. Governance is not a document—it’s an operating system.

Responsible AI is a competitive advantage, not a constraint

It is worth being direct about something that sometimes gets lost in compliance discussions: Lenders who build responsible AI frameworks are not just protecting themselves from downside risk. They are building infrastructure that gives them durable advantages.

A lending operation with explainable AI can defend its decisions — to regulators, to borrowers and to investors. That defensibility reduces legal exposure and audit risk in ways that translate directly to cost. An operation with strong fairness testing and bias monitoring can serve a broader borrower population responsibly — including the underserved segments that represent significant future market opportunity as demographics shift. And an operation with genuine human oversight and clear escalation paths builds the kind of borrower trust that drives retention and referrals in ways that pure automation cannot.

The lenders racing to deploy AI without this foundation are taking on risk they may not fully see yet. The lenders building the framework first are creating something harder to replicate: The operational credibility to scale AI confidently as the technology and regulatory environment continue to evolve.

Where to start

For lenders who are early in their AI governance journey, the most useful first step is an honest inventory. What AI tools are currently in production or being evaluated? What decisions do they influence? Who owns each tool’s performance? What documentation exists for how they were trained, validated and tested for bias?

Most lenders find that this inventory reveals gaps — not because of negligence, but because AI capabilities have been adopted incrementally, often through vendor relationships, without a unified governance view across the organization. That gap is solvable, but it needs to be visible before it can be addressed.

From there, the priority should be building monitoring and human oversight into deployments before expanding them — not as an afterthought once scale is reached. The regulatory and reputational cost of a compliance failure in AI-driven lending will far exceed the cost of building the governance infrastructure upfront.

The lenders who treat responsible deployment as foundational — not optional — will be the ones who can scale it furthest, fastest, and with the least exposure when the scrutiny inevitably arrives.

David Aach is the COO of Blue Sage Solutions
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. 

Part of this is telling you what you already know. So, make sure you get to the second part.

A string of better-than-expected quarters for new-home development players following the pandemic’s onset in 2020 had to end sometime. It did. The first half of 2026 delivered a worse-than-expected spring selling season for many homebuilders — particularly those focused on first-time and entry-level buyers.

Heading into 2026, expectations for lower mortgage rates, cooling inflation and modest affordability gains were supposed to pull more buyers off the sidelines. Instead, the season underscored how fragile demand remains when the monthly payment is still out of reach.

For builders that rely on renters becoming first-time homeowners, the problem is not a lack of interest. It’s conversion.

Demand is there: the issue is turning it into orders

Entry-level buyers aren’t simply rate-sensitive. They are payment-sensitive, job-security-sensitive and cost-of-living-sensitive. For many households, buying a home is a budget decision, not a lifestyle upgrade.

That shift has made 2026 a different kind of test. Few doubt whether demand exists. It does. Can homebuilders convert that demand into signed contracts without sacrificing margins, schedules or customer experience?

Not right now.

And, not unless friction – ranging from global political, trade and economic risk, to AI-fueled business disruption, to local policy chokeholds, labor capacity constraint, to consumer angst, to homebuilders’ own chronic struggles with cost and systems efficiency – subsides.

Homebuilders, almost everywhere, are buying their sales. They can’t do that forever. How long they can is a function of how well many of them have prepared their firms, de-risked their balance sheets, and toughened up through bumpy, earlier warnings of rigors ahead. But it’s also a function of money’s cost, and to whom and when it’s got to be paid back.

Now that the year’s “bumper-crop” selling season is winding down, the mantra, like old Brooklyn Dodgers fans, is “wait’ll next year.”

Is your firm fit to do that? Here’s what operators and enterprises face for the back half.

The latest data points to a familiar affordability ceiling

Affordability improved modestly in the first quarter, but not enough to bring the entry-level buyer meaningfully back. A median-income household still needed roughly one-third of its income to cover the mortgage payment on a median-priced new home. For lower-income households, the burden remained far above traditional affordability thresholds.

April new-home sales added to the picture. Sales fell from March and were down year over year. Inventory stayed elevated, increasing pressure on pricing, incentives and margin discipline. Completed inventory remains a key watch point because standing homes force faster operating decisions than starts or permits.

Feedback from private builders has largely matched the data. May orders were not a collapse, but they were not strong enough to support the idea of an extended spring selling season. Incentives increased, gross margins weakened, and many operators expected normal or below-normal summer seasonality.

The industry did not get a clean handoff from spring to summer.

For the back half of 2026, many builders are looking at a more demanding operating environment that will require tighter control over pricing, product-market fit and the sales process.

Geography is becoming an operating decision, not just a land decision

Single-family construction declined across regions in the first quarter, with sharper pullbacks in large metro core counties. The longer-term shift toward smaller, outlying and more attainable geographies continues — but it brings additional challenges.

Moving farther out can reduce land costs and create more room for product and community design. It can also mean longer entitlement timelines, weaker infrastructure, tougher trade coverage, longer commutes and more consumer hesitation about location.

In this environment, land strategy and operating strategy must move together.

A lower-cost land position is only an advantage if the builder can deliver the right home at the right monthly payment, on schedule, without adding hidden complexity that later shows up as cycle-time delays, purchase-order variances, warranty claims or margin leakage.

In a slower market, complexity gets expensive

In stronger markets, complexity can ride along with accelerated turns and higher margins. Builders can carry too many plans, elevations and options, rely on workarounds, and operate with disconnected systems because demand absorbs the mistakes.

That cover is gone for now.

In a weaker demand environment, complexity shows up quickly: bad handoffs, higher direct costs, longer cycle times, field errors, purchasing leakage, construction manager overload, sales confusion and buyers who demand more certainty before signing.

Not to mention morale doldrums and accountability lapses in the people value chain.

That is why the response to a disappointing spring selling season can’t rely solely on price cuts and incentives. Mortgage buydowns and standing-inventory tactics may be necessary, but they don’t fix the business — they buy time.

Builders that are holding up best are using that time to reduce friction: tightening plan libraries, rationalizing options, aligning product architecture with purchasing, attacking cycle-time bottlenecks and using data to identify recurring variance. Many are also pulling trade partners into earlier planning and training field leaders to manage by process instead of heroics.

Leadership is the constraint

Most organizations already know where friction lives. They can name the plans that cause problems, the options that break schedules, the communities that are hardest to build and the handoffs where sales promises and field reality diverge.

The challenge is acting on what the organization already knows.

That requires leaders who can connect departments that historically optimized around their own goals. It also requires a deliberate handoff of operating knowledge: younger leaders tend to be fluent in data, dashboards, automation and AI-enabled tools, while experienced leaders bring cycle-tested judgment about land risk, trade relationships and consumer behavior.

The companies best positioned for the next phase will combine both. They will use technology to expose friction, not bury it — and they will use AI to speed up work where it fits, without treating it as a substitute for judgment.

What the back half of 2026 will test

For many builders, the next six months will come down to execution:

• Can they reset pricing without training buyers to wait?
• Can they reduce incentives without losing conversion?
• Can they open communities at market-clearing prices without damaging backlog value?
• Can they slow land spend without starving 2027 and 2028 growth?
• Can they simplify product without weakening buyer appeal?
• Can they improve workflow with tech and AI rather than layering software on top of a fragmented process?
• Can they retain and develop rising leaders through a lower-velocity market?

A weak spring does not mean housing demand has disappeared. The structural need for homes remains. But the path from demand to signed contract has narrowed, and operating discipline will determine which builders emerge stronger — not just smaller.

The market may improve. Still, fact is, internal work cannot wait

This post was originally published on here. 

From teaming up with brokerages to expand private listing networks nationwide, to opening up membership to real estate professionals outside of their traditional service area, to launching joint ventures supplying listing input and distribution technology, MLSs are employing a variety of diverse strategies as they look to compete with one another. 

For Saul Klein, a real estate industry veteran and the CEO of San Diego MLS (SDMLS), these different strategies and partnerships, on top of the changes experienced by the industry via the National Association of Realtors (NAR) commission lawsuit settlement agreement, have led the industry to split into four camps: 

• Brokerage-controlled listing networks that want more power over their own inventory.
• Portal-driven consumer platforms that want comprehensive public visibility on every home.
• MLSs trying to preserve the cooperative marketplace while adapting to new competitive realities.
• Regulators and lawmakers stepping into a space that used to govern itself.

According to Klein, these camps are the different ways industry players are trying to answer the question of who controls a listing and while some may feel this debate may lead to the death of the MLS, Klein believes it will only lead to the demise of those MLSs that refuse to grow and change with the industry. 

“With NAR derisking and leaving more to local decision-making, it is very logical that this is leading to different models and creating, in some cases, a lack of continuity where we once had more continuity,” Klein said.

Despite all of the changes, Klein feels the core function of the MLS as the “apparatus to maintain and enforce standards, creating a clean and accurate” source of true listing information is essential, and issues may arise if MLSs start pulling away from this core function. 

“Because of this competition, we are seeing different MLSs around the country looking at these beliefs that were once universal that are now being challenged or having alternatives being offered,” he said. “On top of this you have legislators stepping into things with laws surrounding public marketing and industry consolidation, so the question becomes: how do MLSs continue to provide this resource to everyone without tearing it apart?” 

For Klein, there are five competing forces currently influencing the MLS industry: litigation, regulation, legislation, consolidation and innovation. And while he feels we are starting to see these forces make their presence known, he believes it is still unclear where things are headed, leading different MLSs to create different visions of the future. 

A source of truth

According to the Council of MLSs (CMLS), however, these disparate visions and strategies should not be a detriment to the industry. 

“Diversification should strengthen, not fragment, the marketplace. MLSs can innovate and differentiate while preserving the shared data infrastructure that makes the market more transparent, more competitive and more useful for consumers and professionals,” A CMLS spokesperson told HousingWire. “No two MLSs operate in exactly the same environment, and CMLS does not dictate how an MLS should structure local rules, services, or strategic priorities.”

Like Klein, CMLS also rejects the idea that the MLS is becoming irrelevant. 

“MLSs are and always have been the source of truth for local market information,” the spokesperson said. “The MLS keeps the housing market open, transparent, fair, accurate, and competitive. It gives buyers a more complete view of available homes, gives sellers broad exposure to the market, and gives brokerages of all sizes access to the same factual information. That shared access allows brokers to compete on service, expertise and client outcomes rather than on control over information.”

For CMLS, the MLS will remain relevant as long as it continues to solve the industry’s need for someone or something to gather, verify and distribute listing information in a way that helps consumers and professionals make informed decisions.

In Klein’s view, this is why the view of the future that will ultimately succeed and benefit everyone is the one with the MLS at the core.

“All of these different models are in need of a source of truth, otherwise they are not going to be able to serve whatever constituencies they think they are serving — they all need the same thing,” Klein said. “So, I think the model that reinforces clean data, up-to-date data, accuracy of status and benefits practitioners, appraisers, consumers, the lenders and housing finance industry that make all of this possible, and the secondary money market, that is who is going to succeed. There might be different models for a while, but it is going to come back to having access to timely, accurate, clean and transparent data.”

Strengthening the agent-client relationship

CMLS echoes this, noting that the “MLS is essential transaction infrastructure that strengthens the agent-client relationship.”

“When listings don’t flow through the MLS, buyers see an incomplete market and sellers may lose exposure,” the CMLS spokesperson said. “Agents caught in the middle are left trying to advise clients without the full picture. The agent-client relationship depends on complete information. The MLS is how that information gets delivered in a fair and efficient way.”

Although this may be the eventual future the industry arrives at, in the meantime, there is a real concern about listing fragmentation as brokerages, portals and MLSs explore private listing networks and coming soon or pre-market listing statuses.

Tech could make the debate irrelevant

According to Marx Sterbcow, an industry expert and the managing attorney at Sterbcow Law Group, technology should make this should less of a concern, regardless of what happens in this new phase of MLS competition. 

“The thing that no one is really talking about is the ability of these LLM AI agents to go in and scrape the data off of sites with private listing networks and aggregate that with the stuff that is publicly available through IDX and VOW data feeds,” Sterbcow said. “This makes so much of this debate obsolete.”

While this may be a period full of growing pains for the MLS industry, CMLS is confident that the MLS will be here to stay even as the housing industry continues to evolve. 

“MLS growth will come from leaning into what makes it uniquely valuable and genuinely difficult to replicate: shared information, broad participation, reliable data, and open market access,” the CMLS spokesperson said. “This is not the first evolution of the MLS. From printed books to the internet to AI, MLSs have always adapted.” 

However, the spokesperson warned that any evolution the MLS undergoes as MLSs compete more with one another “should not come at the expense of transparency and reliability.”

This post was originally published on here. 

Illinois Gov. J.B. Pritzker’s push to reshape the state’s housing landscape ended with nary a whimper last week, with no votes as National Homeownership Month began.

His sweeping Building Up Illinois Developments plan stalled before the legislature adjourned, leaving the most ambitious housing proposals with little room to maneuver until fall.

His plan sought to strip local governments of broad zoning authority, legalize missing-middle housing and accessory dwelling units statewide, and set hard deadlines for permit reviews. It also would have eliminated excessive parking minimums, allowed single-stair construction in buildings up to six stories and replaced unpredictable local impact fees with a uniform formula.

The stall is a reminder of how powerful – and intractable – municipalities can be when arguing that state mandates have no place in local planning decisions. But there have been victories.

In Texas, California, Florida, Colorado and other states, lawmakers have passed legislation that preempts local zoning authority. Even so, they have had to continue strengthening those laws to prevent local governments from circumventing them.

Pritzker’s plan wasn’t the only failed housing effort in the spring legislative session. A separate bill targeting large institutional investors scooping up homes passed the Senate but never reached a House floor vote.

Plans to fight on

At a news conference, Pritzker noted that some legislation takes years to pass. Illinois REALTORS have spent five years pushing for policies to address a housing shortage estimated at 270,000 units statewide.

“I believe that the people of Illinois want action on housing,” he said. “They want to make sure we make it easier for people to build homes.”

He vowed to continue his housing push, framing the Spring setback as a delay rather than a defeat.

Although most of his plan stalled, the state’s new budget includes the $250 million he sought when he unveiled his BUILD plan in February during his State of the State address. The funds target site preparation, middle housing development, and first-time homebuyer assistance.

How his plan stalled

The Illinois Municipal League led the charge against the package’s zoning elements, arguing that the plan would preempt zoning authority, which cities and villages consider a core function of self-governance. Suburban mayors were particularly vocal, with several holding news conferences in May to declare their opposition.

Pritzker’s plan would have allowed multifamily housing by right on residential lots larger than 2,500 square feet, legalized accessory dwelling units statewide, and standardized impact fee practices. Illinois REALTORS, which has spent more than five years pushing to expand housing opportunities, backed the effort.

Taking on institutional rental owners

In last-minute maneuvering, state Sen. Rachel Ventura moved to put Illinois on a nationwide legislative trend to limit institutional single-family ownership.

A bill that originated as a measure requiring menstrual hygiene dispensers in state buildings became the Restock the Block Act. Ventura’s amendment, filed May 31 and passed by the Senate that same day, gutted the original bill and replaced it with new language targeting institutional real estate investors owning 10 or more residential properties with $30 million or more in assets under management.

Those investors would pay an annual fee equal to 10% of each home’s property value beyond 10 properties, escalating to 50% as a portfolio of single-family holdings grows. They would also face a 90-day waiting period before purchasing any home listed for public sale, giving individual buyers first crack. Penalties for violations could reach $250,000.

Revenue would flow into the Illinois Affordable Housing Trust Fund to support public housing development and rental assistance.

The amended bill passed in the early morning hours of June 1, went to the House calendar, and did not move.

Pritzker’s BUILD plan and Ventura’s bill remain alive. The 104th General Assembly does not adjourn “sine die” – used to signify that a meeting, session, or case has been adjourned or suspended indefinitely, without a specific date set to reconvene – until January 2027, leaving open the possibility of action when lawmakers return for the fall veto session.

This post was originally published on here. 

AppFolio has announced a new integration between its Realm-X AI platform and Anthropic’s Claude, enabling property management professionals to trigger and execute operational tasks directly through Claude while maintaining AppFolio’s built-in compliance, accounting and workflow safeguards.

The new agent-to-agent connection allows Claude to initiate operational jobs that are executed within AppFolio’s platform.

Unlike traditional integrations that primarily provide access to data or API results, the connector is designed to perform operational work while adhering to the rules, permissions and governance structures already established within the AppFolio ecosystem, leaders said.

“Our mission has always been to build the platform where real estate comes to do business, and we recognize that our customers are more than just consumers of our platform – they are builders of real businesses and thriving communities,” said Kyle Triplett, chief product officer at AppFolio. “By bringing the power of Realm-X to Claude, we are giving those builders the access and capabilities to deliver unparalleled performance. Whether they are at their desk or mobile, they can work through Claude, and have the same trusted AppFolio Performance Platform with a unified system of action.”

The integration combines Claude’s reasoning capabilities with Realm-X’s understanding of property management operations, including workflows, accounting practices, compliance requirements and business processes.

“The next frontier of AI is moving beyond simple chat to sophisticated agents that can execute meaningful work within complex industries,” said Travis Bryant, head of Americas mid-market at Anthropic. “By leveraging Claude’s high-reasoning capabilities and AppFolio’s deep real estate expertise, this connector demonstrates how AI can safely navigate professional workflows.”

The companies highlighted several potential use cases for the integration, including portfolio reporting, occupancy and maintenance monitoring, leasing and marketing optimization, accounting reconciliation and resident experience management.

Property managers can combine AppFolio portfolio data with external market research through Claude to create investor-ready reports, analyze maintenance and occupancy trends, update marketing content and property listings, review financial exceptions and evaluate resident interactions to improve service levels.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

This post was originally published on here. 

The Mortgage Bankers Association (MBA) on Tuesday announced the launch of a new member forum dedicated to reverse mortgages and other senior-focused mortgage products.

The Senior Mortgage Solutions Network (SMSN) will provide MBA members a venue to discuss emerging trends, policy developments and business challenges tied to lending to older homeowners. Its scope includes Home Equity Conversion Mortgages (HECMs), proprietary reverse mortgages and other home equity products designed for seniors.

MBA said the network will work to identify key policy, regulatory and operational issues affecting senior-focused products and the broader age-based mortgage market. The group is also intended to ensure senior-lending priorities are reflected in MBA’s advocacy agenda, education programming and member engagement efforts.

The inaugural co-chairs — serving two-year terms — are Longbridge Financial CEO Christopher Mayer and Guild Mortgage managing director of reverse Jim Cory.

“MBA has recognized that there’s really an opportunity in supporting senior lending,” Mayer said in an interview with HousingWire’s Reverse Mortgage Daily. “If you want growth, you’re either going to have to help more people buy homes at a younger age — you’re going to have to focus on first-time home buyers — or you’re going to have to focus on seniors, where there’s a lot of demand for using home equity and for products that support seniors in retirement.”

The announcement comes as reverse and proprietary lending expands. In 2025, roughly $4 billion in first-lien reverse mortgages were originated in the U.S., with proprietary (non-HECM) products accounting for about half of all volume — roughly double 2024’s proprietary production.

Major forward lenders including Rate, Guild, and loanDepot have also been moving into the space, Mayer said.

According to Cory, the network is intended for companies already active in, or evaluating entry into, the senior-lending segment. “The challenges and opportunities in this segment are immense, and this network will play a key role in advancing solutions that make a real difference for borrowers and lenders alike,” he said in a statement.

Broader than just reverse

Mayer added that the group was intentionally not branded as a reverse-mortgage forum because it is designed to address the senior demographic broadly, not a single product. He pointed that 1.5 million people age 62 and older applied for a mortgage last year, and 29% — about 450,000 — were rejected, often due to income-related qualification hurdles despite significant home equity.

Mayer also emphasized that SMSN is meant to complement, not compete with, the National Reverse Mortgage Lenders Association (NRMLA). Mayer sits on NRMLA’s executive committee, while Cory co-chairs NRMLA.

“NRMLA does a really good job supporting reverse mortgages, and what MBA is able to bring to the table, that’s additive here, is institutions that don’t offer reverse mortgages,” Mayer said. “This is sort of: ‘How do we grow the pie? How do we bring people in?’”

Participation in SMSN will require MBA membership, and operational details are still being finalized. MBA said the network will meet quarterly — primarily virtually — with at least one in-person meeting each year at an MBA conference. A kickoff call is scheduled for July 8.

“Older borrowers are a vital segment of today’s housing market, and it is important for the mortgage industry to support innovative solutions that will help seniors achieve greater financial security,” said Anthony Siller, MBA’s policy manager for strategic industry engagement and staff lead for SMSN, in the announcement.

This post was originally published on here. 

As the real estate sector continues to recover from the stagnation of 2025, asset managers are repositioning themselves to best navigate a softened market. Amid AI-driven trends and shifting investor attitudes, novel priorities are emerging with regard to property performance.

With mortgage rates remaining around 6% and home prices expected to rise by 4% through 2026, asset managers face some uncertainties. To help secure net operating income (NOI), many consultants are reevaluating how security influences long-term property performance.

The value-driving benefits of strong security

Physical security solutions deployed to protect real estate assets are no longer considered purely defensive measures as more stakeholders begin to notice their value-driving benefits.

Data suggests almost 60% of renters prioritize properties with smart home features, namely smart locks and security cameras, with almost 55% expecting such features as standard. In addition, smart security systems have been shown to raise property value by at least 5%, as well as contribute to homes selling up to 8.5 days faster than those without security features.

Properties with strong security features can command higher sale prices and appreciation rates by way of both enhancing the intrinsic value of the asset and limiting operational risks. 

Considering that around 2.5 million burglaries are reported across the U.S. in an average year, and that 83% of criminals look for signs of security measures like alarms before attempting break-ins, strong security measures can be attractive features for both investors and buyers.

The link between security and tenant retention

Asset managers are increasingly considering the importance of strong, adaptable and visible security systems installed at rental properties as a way to improve the long-term performance of real estate assets, primarily as features deployed to attract and retain high-quality tenants.

Systems and infrastructure designed to ensure safe and secure living environments continue to rank as top priorities for high-value tenants, with almost 50% of renters ranking safety and security among their top priorities and 66% citing safety concerns as tenancy deal breakers.

Research suggests a clear link between strong property security measures and high tenant retention rates. Physical security technologies like coded entries have been linked to a 40% increase in retention rates, while video intercom systems and access control measures have been shown to improve tenant satisfaction scores by as much as 40% and 24%, respectively.

By facilitating a safe and secure environment for tenants via visible, well-maintained and convenience-focused physical security measures, asset managers can raise the perceived value of real estate assets on the rental market and improve long-term property performance.

How proactive security measures minimize risk 

The presence of smart, integrated physical security systems can also be leveraged as a way to minimize operational risks for asset owners. Proactive security measures can be used to lower risk profiles and, in turn, decrease insurance premiums, a major expense area in 2026.

With the average annual cost of home insurance projected to reach over $3,000 by the end of 2026 and premiums expected to surge by 10% or more across some states, asset holders are viewing practical ways to minimize risk as attractive investments in property performance.

Research suggests that proactive security measures such as monitored alarms, surveillance systems and access control solutions can help to reduce insurance premiums by minimizing liability risk, with proactive security measures linked to an 80% reduction in physical security incidents in some instances and as high as a 20% reduction in property insurance premiums.

By leveraging proactive security solutions to lower risk profiles, asset managers can protect the physical asset value of real estate and reduce unexpected repair costs, thereby improving long-term property performance by safeguarding assets against physical damage.

Final word

As asset managers look to make the most of 2026’s housing market reset by implementing strategies to improve long-term property performance, many stakeholders are reconsidering the potential for proactive physical security measures to boost the value of real estate assets.

By installing new and upgrading existing security protections at residential and commercial properties, asset holders can raise property value, meet the needs of high-value tenants and safeguard themselves from risk, helping to positively impact long-term property performance.

Emma Williams is the founder and CEO of seene.online
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. 

Trinity Family Builders, a family-owned homebuilder in Central Florida led by the Orosz brothers, earned the title of the fastest-growing homebuilder in the country in 2025, according to HousingWire’s inaugural Homebuilder Rankings. 

The builder grew sales volume by an impressive 373.7% in its second year of operations to just over 200 homes in 2025, despite navigating soft Central Florida market conditions.

The results, while impressive, have become standard operating procedure for Co-Presidents/Co-Owners Steve, Andrew and Matt Orosz. Together, they have founded, scaled and sold two other fast-growing homebuilding companies in the Greater Orlando area. Now, the brothers are leveraging the strategy that has proven successful in their earlier ventures to fuel Trinity Family Builders’ growth. 

Steve, a CPA by training, acts as the company’s CFO, overseeing finance, lender relationships, cash-flow planning, back-office operations and strategic financial management. 

Andrew, an attorney, provides in-house legal counsel, helping with land acquisition negotiations, HOA relationship management, closing matters, loan documentation and other legal and operational matters. 

Matt heads up the company’s growth initiatives, with a focus on marketing, sales, land acquisitions and commercial investments.

Together, they lead Trinity Family Builders, the latest chapter in a multigenerational family legacy of homebuilding. Following their landing at the top of the fastest-growing list, the Orosz brothers sat down with HousingWire’s The Builder’s Daily to discuss the company’s origins and the strategy that has propelled them to success in both their current and former homebuilding ventures. 

The brothers cited the company’s land strategy, which prioritizes acquiring and developing entitled land through its affiliated land company, as the primary driver of the trio’s achievements over the last 15 years.

The land strategy fueling the company’s growth

The Orosz brothers own another company, Hanover Capital Partners, that handles the land development side of the business. Over the years, the family has developed more than 25,000 residential lots. 

“We’ve always been a land company first, and a builder second. I think we’ve been really good at positioning our acquisitions and entitlement to the point where it makes things easy to scale,” Steve said. 

This land-leaning business and investment model – not subject to the ticking stopwatch of interest on debt and lot take-down obligations – gives Trinity Family Builders “optionality” to sit patiently on their lots until challenging conditions show signs of improvement. Once that shift occurs, the company can immediately activate fully developed and entitled lots, allowing it to capture demand nimbly as it arises. The brothers likened their operation to “a snake that’s coiled up, and ready to go at all times.”

“Sourcing our own land is a huge advantage. We operate our land company as a completely separate entity. It’s got a different capital structure, and it gives us more flexibility than we’d have otherwise. If we had all of our deals contracted with third parties who were like, ‘Hey, you have a takedown this month,’ this would be a different story,” Andrew said. 

“But we have the ability to just … wait this out. We see all these other builders in town burning through their inventory to make up 2% margin, and we would rather save the land and wait for sunnier skies. The ability to control our land pipeline is huge,” Andrew added. 

Trinity Family Builders currently sits on about 8,000 lots, with roughly half set aside for its own homebuilding operations, about a quarter for other builders, and a quarter earmarked for a to-be-determined use. The team sells lots mainly to competing public builders. 

“Our primary strategy is to sell out the first phase to a public builder, get a big number that returns all your capital in the land deal, and then you have flexibility to wait and see what you want to do,” Steve said. 

This land strategy, which enables the flexibility to go at their own pace, is something that the Orosz brothers have successfully leveraged in past business ventures, to great success. 

Carrying on a family legacy

The Orosz family homebuilding legacy goes back multiple generations. The brothers’ grandfather, William Orosz, Sr., was a homebuilder in Royal Oak, Michigan. Their father, William Orosz, Jr., moved to Orlando in the 1980s, where he became the President of Catalina Homes, which grew to 1,200 annual home deliveries by the end of his tenure. 

In the early 1990s, Orosz, Jr. founded Cambridge Homes, which grew to become the most prominent private homebuilder in Central Florida before being acquired by K. Hovnanian Homes in 2005. 

The next generation of brothers, inspired by this family legacy, teamed up to found Royal Oak Homes in 2011. The company grew quickly and earned recognition as one of the fastest-growing homebuilders in the nation before selling to AV Homes, now part of Taylor Morrison, in 2014 for $65 million in cash. Royal Oak Homes had 8 closings in year one, 100 in year two, and 273 in year three.

“We were just three guys who had knowledge of homebuilding, but had never run a company before,” Steve said. 

Shortly after selling Royal Oak Homes, the Orosz brothers founded Hanover Family Builders, which the Orlando Business Journal named as Central Florida’s fastest-growing company in 2020. 

The company grew exponentially year after year, growing from 98 closings in year one to 535 in the third year. By the time it sold to Landsea Homes, now rebranded along with New Home Company as Risewell Homes, in 2022 for $179.3 million plus the assumption of $69.3 million in debt, the company had grown to 1,250 annual closings.

In just under five years of operations, it had eclipsed the 3,000-home mark. 

In their latest move, the Orosz brothers founded Trinity Family Builders in 2024. Even in the throes of a volatile, choppy and air-pocked-filled housing market, they are leaning on the same playbook that proved successful in earlier ventures.

The company got off to a quick start. The builder, which has focused on tertiary markets outside Orlando, opened Trinity Family Builders with eight projects on day one, with a sales team assembled in advance. 

“We had all the trades already lined up. Our software system was already done and set. We basically just turned it off for the acquisition, then turned it back on for the new company, and used all the same option codes and everything,” Steve said. 

Kickstarting in a challenging market

The brothers officially launched in March 2024, at a time when the Orlando market had already become fickle and uncertain. Like many markets in Florida, the Greater Orlando area saw a surge in population growth during and immediately after the pandemic. 

By 2024, however, that population growth had begun to moderate, and so had home prices. According to Zillow’s Home Value Index, the average home value in the Orlando market peaked at $393,500 in 2024 and has since fallen nearly 5% to just over $375,000. Prices have held roughly steady over the last six months but remain below peak levels. 

The Orlando market, similar to many other regions in the country, hasn’t been favorable to homebuilders over the last couple of years. 

“We’re on the same type of growth trajectory, although the market’s not as complementary as it used to be,” Steve said. 

The brothers believe that the market in Central Florida is going to pick up again in about 12 months. When conditions do improve, the company can lean on its land-first formula to quickly capture that demand. For now, though, Trinity Family Builders is focused on keeping its sales pace slow and preserving margins until that improvement materializes.

Running a tight ship

As a private builder, the Orosz brothers understand the importance of running a tight ship, with a strong focus on operational efficiency. One way to compete with the public operators is by being more hands-on with customers and handling customer problems and concerns as soon as possible. 

A third-party firm, Woodland, O’Brien & Scott, which the Orosz family contracted while running their previous company, Hanover Family Builders, found that the Orosz-run company had high marks from surveyed customers. This included a 98% approval rating and a 96% willingness to refer rating, which ranked highest among Woodland, O’brien & Scott’s homebuilder clients. 

Within their own organization, Trinity Family Builders also hosts monthly interpersonal development programs for both the land and homebuilding teams, as well as trades partners that have decades-long relationships with the Orosz family. Speakers on topics like land development, retirement planning, financial literacy, leadership and business ethics share their insights with the team and partners, fostering continued career development. 

Among all of the company’s core operations, its disciplined approach to finance may be one of the most important drivers of its long-term success.

Trinity Family Builders’ financial strategy centers on maximizing return on capital rather than focusing solely on return on equity or closing volumes. A key component of the company’s capital management is looking at cash flow daily for 90 days. This detailed visibility allows the company to optimize construction loan draws, reduce financing costs and identify potential liquidity challenges months before they become problems.

However, Trinity Family Builders views its land strategy as the primary differentiating factor behind its success.

“I think it is why we’ve been a successful acquisition target in the past. We have the flexibility to make a builder look however the buyer wants it to look. We can be on balance sheet, we can be off balance sheet, we can use option contracts, we can develop for you and we can be a land bank. We’ve just got a ton of built-in flexibility by virtue of the land operation,” Steve said.

This post was originally published on here. 

MISMO, the real estate finance industry’s standards organization, released an update to its Property and Valuation Services (PaVS) Procurement Dataset Specification on Tuesday, aiming to modernize how valuation services are ordered across the mortgage ecosystem.

The updated specification replaces legacy form-based ordering with a standardized, data-driven framework for exchanging valuation service orders. It is designed to support the industry’s transition to UAD 3.6 and uses structured data elements to streamline communication between lenders, appraisal management companies (AMCs) and valuation service providers such as appraisers.

The intended users are primarily technology teams responsible for integrating order data across those systems.

“The Property and Valuation Services Procurement specification provides a standardized approach to requesting services using the MISMO vocabulary. This enables trading partners to more quickly develop and deploy integrations to transact services without getting bogged down in proprietary approaches,” said Elizabeth Green, SVP of valuation solutions at ServiceLink. “Further, the specification provides for recommendations that support the new UAD 3.6 style of valuation services and includes the GSE recommended elements for ordering without form numbers.”

The standard was developed by the MISMO Property and Valuation Services Community of Practice in response to industry demand for a more data-centric approach to valuation ordering. The group is led by Green as chair and Darlene Swain, executive vice president at Consolidated Analytics, Inc., as vice chair.

MISMO said the specification has reached “Candidate Recommendation” status, meaning it has undergone broad industry review, achieved consensus and is ready for implementation.

The organization is encouraging lenders, AMCs, valuation providers and technology vendors to download and evaluate the standard as adoption efforts move forward.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

This post was originally published on here. 

When Kelli Salter launched Anchor Real Estate in 2020, the military spouse and real estate professional was searching for a better way to serve members of the armed forces who form the backbone of the Jacksonville, North Carolina, housing market.

Six years later, that decision has helped propel Anchor Real Estate to national recognition.

The business earned the No. 16 spot for transaction sides among medium-sized teams in RealTrends Verified’s 2026 The Thousand rankings — closing 285 transaction sides last year and accounting for nearly $86 million in volume.

Anchor has built its business around helping service members and their families navigate frequent relocations, tight timelines and long-distance transactions.

The team’s growth has continued through changing market conditions and affiliation with eXp Realty in February 2025.

“I founded Anchor when I did not see what I needed in the marketplace to support me in growing my business, so we created what I needed,” Salter said. “We certainly appreciate our military families for trusting us with the buying and selling of their homes as they come to our area for to be stationed here and trust us with selling them when they leave.”

Meeting the needs of military families

Jacksonville’s market is heavily influenced by military assignments and transfers, creating a unique environment for real estate professionals.

The city is primarily built around Marine Corps Base Camp Lejeune and the adjacent Marine Corps Air Station New River. They support a massive military community of more than 130,000 individuals — including active-duty personnel, family members, civilian employees and retirees.

Salter noted that market conditions and national events often affect the pace of military relocations and, in turn, local transaction activity.

Despite those variables, Anchor said its production levels last year were consistent with other recent periods.

“Open, transparent communication is so important,” Salter said of working with military clients. Understand that timelines are critical and that those timelines are changing — they’re moving targets. They’re often trusting [real estate agents] with a purchase or sale while they are not local. You need to truly understand what being their fiduciary means, that you are their eyes and ears on the ground.

“They are trusting you with a substantial purchase, and we have to treat it with that kind of importance. In my opinion, there is a much greater level of skill and care that is required when you are working with a client that has extenuating circumstances.”

Why Anchor joined eXp

Salter said the move to join eXp Realty was the result of careful evaluation rather than a sudden change in strategy.

“Anybody who’s ever owned or operated an independent brokerage understands the level of work that comes with that,” she said. “[eXp] provided me, as a broker, with a platform to be able to do what I love, which is coach agents and take care of the consumer without the need to have to deal with back office or with legal accounting and broker compliance support.”

Seeing respected leaders and major franchise operators move their businesses to eXp prompted a closer look at whether an independent model would continue to support long-term growth goals, Salter added.

“Ultimately we decided that we had spent our entire real estate careers ensuring that we were in the right rooms, and it became very apparent that eXp was the right room for us to move to — moving our independent brokerage to the eXp platform,” she said.

The business mindset behind transaction success

While technology has transformed many aspects of real estate, Salter believes many fundamentals remain unchanged.

“Always understand that real estate is a business,” she said. “I oftentimes see agents get in the business for a plethora of reasons, but not truly understand that real estate is a business. I have been known to say, ‘You are the CEO of You Incorporated, so hire, fire and promote accordingly.’

“If you don’t work your business, your business is not going to be where you want it to be or provide the life for your family that you want. As flashy and fun as it is, at the end of the day, it is a business and it is a full contact sport.”

Salter said agents often become distracted by technology platforms, marketing tools and industry trends while overlooking the most important aspect of the profession: relationships.

“The people that win in real estate are the people who talk to the most people who want to buy and sell real estate,” she said. “The tech is great. I have wonderful tech partners that I absolutely love and would consider friends, but your tech, your platform, your broker — all of the tertiary things mean nothing if you don’t actually work your business and go talk to the consumer.”

Advice for agents considering a major move

Having successfully launched an independent brokerage and later transitioned it to a national platform, Salter encourages agents considering major career moves to seek guidance from the right sources.

“Ensure that you explore your options and talk to people that are doing what you want to do,” Salter said. “Go outside of your current peer group to talk to people who are actually at the level that you want to be at and understand that they’re talking to people that are also at the level that they want to be at.

“There are a lot of people who want to reach back and help you on your journey. Ask a lot of questions. In the real estate industry, it’s so important that you ensure that you are talking to people who have a business and live a life that you actually want to live.”

For Anchor Real Estate, that willingness to evaluate options, embrace change and remain focused on serving military families has helped transform a brokerage founded to solve a local need into one of the country’s top-performing real estate teams.

This post was originally published on here. 

MetroList, northern California’s largest multiple listing service (MLS), has partnered with Lundy, Inc. to introduce nora, an AI assistant designed to help real estate professionals manage daily tasks across multiple business platforms.

Through natural language interactions, agents can manage emails and calendars, search property and market data, answer MLS compliance questions and more.

The platform is also designed to learn user preferences and workflows over time, allowing it to provide increasingly personalized support while handling tasks in the background.

“MetroList has embraced several products from Lundy because we are committed to delivering practical innovation that helps our subscribers succeed,” said Dave Howe, president and CEO of MetroList. “nora represents the next step forward providing agents with a powerful new way to save time, reduce administrative work and stay focused on the needs of their clients.”

By combining MLS-connected intelligence with workflow automation and system integrations, nora is intended to help agents spend less time on administrative tasks, the company said.

“nora was built to give real estate professionals a true AI assistant that can help with the work they do every day,” said Justin Lundy, CEO of Lundy, Inc. “This is another collaboration with MetroList to provide an AI assistant that understands which tasks agents need to succeed.”

The platform operates on a wallet-based payment system powered by Stripe. To encourage adoption, MetroList is providing subscribers with an initial balance that allows them to test the platform and evaluate how it fits into their business operations before deciding whether to purchase additional services.

MetroList Services serves real estate brokers and agents across 15 northern California counties.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

This post was originally published on here. 

The Insurance Institute for Business & Home Safety (IBHS) has expanded its Wildfire Prepared program with new standards for neighborhoods and multifamily buildings and updated requirements for single-family homes, creating a more complete design roadmap for builders in fire-prone communities.

The nonprofit research organization announced the changes in an IBHS release, framing them as the final major pieces of a program aimed at helping the housing industry reduce wildfire losses through design, materials and site planning, rather than relying solely on emergency response.

For homebuilders working in the West and other wildfire-exposed regions, the expanded standards offer a clearer set of design and construction practices that can be applied at the lot, building and community scale. They are intended to complement model codes and may be adopted voluntarily by developers, builders, local governments and HOAs.

What changed in the Wildfire Prepared program

According to IBHS, the program now includes:

• Neighborhood standards that address how homes are sited and spaced, street layout, vegetation management in common areas and edge conditions at the wildland-urban interface.
• Multifamily standards focused on attached and stacked housing types, where shared walls, decks and vents can increase pathways for ember intrusion and structure-to-structure fire spread.
• Updated home requirements for single-family detached homes, refining earlier guidance on roofs, vents, decks, gutters, siding and the immediate 0–5 foot zone around structures.

The neighborhood and multifamily components are meant to “round out” earlier single-family guidance, creating a more integrated framework so that resilience is not undermined by adjacent properties or common spaces, IBHS said.

Why this matters for builders and developers

Wildfire risk has become a core land-use and underwriting issue in much of the West. In California and other high-risk states, insurers have pulled back in some markets, regulators are reassessing property-insurance rules and local governments are tightening building and defensible-space requirements.

For production and custom builders, the IBHS framework may serve several functions:

• Design baseline in high-risk markets: A structured checklist of wildfire-resistant assemblies and site features that can be integrated into standard plans and community design guidelines.
• Risk conversations with capital and insurers: A third-party, research-based framework that can be cited in discussions with insurers, equity partners and lenders about long-term property risk and insurability.
• Differentiation in competitive subdivisions: A way to formalize “fire-wise” or resilience branding through specific standards on lot layout, materials and landscape, rather than general marketing language.

IBHS bases its recommendations on testing at its research facility, where it studies how embers, direct flame contact and radiant heat cause home ignition. The updated program continues to emphasize the vulnerability of the first five feet around a building and details how to treat that zone with noncombustible materials and controlled vegetation.

Key elements for neighborhood and multifamily design

While the press materials do not read like a prescriptive code, they highlight several themes that can be translated into development decisions:

• Building separation and orientation: Guidance on spacing, staggering and orientation to reduce structure-to-structure ignition potential.
• Common-area fuels: Treatment of open space, slopes, greenbelts and recreational areas so they do not become conduits for fire approaching homes.
• Edge conditions: Specific attention to lots that back up to wildland fuels, including fencing, outbuildings and landscaping at the perimeter.
• Multifamily vulnerability points: Details for attached garages, shared attics, exterior stairs and stacked decks/balconies that can otherwise allow fire to move quickly through a building.

For multifamily developers, incorporating these details at the entitlement and early design stages can be less costly than retrofitting later and may support more stable operating costs if insurance markets continue to tighten in wildfire corridors.

How builders can use the IBHS standards

Unlike building codes, participation in the Wildfire Prepared program is voluntary. IBHS positions it as a resource that can be written into:

• Developer design manuals and pattern books
• Architect and engineer scopes of work
• HOA CC&Rs and landscape guidelines
• Local incentive programs for resilient construction

Embedding wildfire-resilient details at the community planning level can also reduce friction with local fire authorities during approvals, particularly in jurisdictions where wildfire evacuation and access are already political flashpoints.

For builders, the practical question is cost and constructability. IBHS materials note that many wildfire-resistant features involve material substitutions (such as ember-resistant vents, Class A roofs and noncombustible surfaces near the home) and site-planning decisions that can be incorporated into standard workflows, rather than bespoke custom solutions.

Regulatory and market backdrop

The expanded Wildfire Prepared program lands amid a broader recalibration of fire risk in the housing market:

• Western states continue to rewrite codes and defensible-space rules as fire seasons lengthen.
• Insurers in California, Colorado and other states have either tightened underwriting or requested rate increases tied in part to wildfire exposure.
• Investors and lenders are asking more pointed questions about physical climate risks to housing assets.

In that context, standardized, research-backed design guidance can help homebuilders and multifamily developers respond consistently across projects, rather than on a jurisdiction-by-jurisdiction basis.

This post was originally published on here. 

All 11 Democrats on the Senate Banking Committee have introduced legislation that would
“automatically and fully fund” the Consumer Financial Protection Bureau, seeking to shield the agency from future funding cuts and political interference.

The bill, introduced June 4 and led by Ranking Member Sen. Elizabeth Warren, would require mandatory transfers to the CFPB equal to at least 12% of the Federal Reserve’s total operating expenses. The Federal Reserve is typically the agency’s primary source of funding.

Funding would continue up to the amount deemed reasonably necessary for the agency to carry out its responsibilities under federal consumer financial laws.

“The Trump Administration launched an assault on the Consumer Financial Protection Bureau, trying to drain it of its resources so it could no longer stop big banks and giant corporations from scamming Americans out of their money,” Warren said in a statement. “Democrats are united in fully funding the CFPB when we take back Congress.”

According to Warren and her colleagues, the CFPB has returned more than $21 billion to consumers through enforcement actions and other remedies since its creation following the 2008 financial crisis.

The legislation is backed by several consumer advocacy groups, including the National Consumer Law Center, Consumer Federation of America, the National Community Reinvestment Coalition and more.

Alys Cohen, director of federal housing advocacy and acting co-director of federal advocacy at the National Consumer Law Center, said restoring CFPB funding is critical as consumers face growing threats.

“The cost of living has skyrocketed, and in the face of growing risks from predatory payday lending apps and crypto scams, this Administration is actively gutting the Consumer Financial Protection Bureau,” Cohen said in a statement.

Adam Rust, director of financial services at the Consumer Federation of America, said the legislation would establish a funding floor and make transfers mandatory, ensuring the agency can continue pursuing enforcement actions against financial firms.

“This bill ensures that invented legal theories cannot sideline the CFPB from protecting people from financial predators. The CFPB’s record speaks for itself. Every dollar the Fed has sent to the CFPB has been returned many times over to consumers through direct remedies and avoided harms,” Rust said.

The backstory

The proposal comes as Democrats accuse President Donald Trump and his administration of weakening the consumer watchdog by restricting its resources. In November of last year, the administration declared that the agency’s funding is unlawful in a court filing and that the agency cannot legally request funds from the Federal Reserve under the Dodd-Frank Act.

Following that filing, a coalition of consumer advocacy groups sued Dec. 5 to block what it described as an effort by acting CFPB Director and White House budget chief Russell Vought to effectively dismantle the agency by cutting off its funding. The coalition’s suit claimed that since February 2025, Vought has not sought new funding for the CFPB, instead relying on reserve funds, which were expected to be depleted in early 2026.

In March, a federal judge ruled that the agency must continue to get its funding from the Federal Reserve as the law requires, ultimately squashing Vought’s public intentions to shut the agency down that he vocalized in October 2025.

This post was originally published on here. 

Dan Firda moves to Brands By Integra as CEO from Compass International Holdings, taking the reins of a 2,000-agent, multi-brand real estate platform operating across 18 states, the company announced on Monday.

As part of the leadership transition, the company said founder and current CEO Jim D’Amico will become chairman of Brands By Integra and will focus on long-term strategy while Firda oversees day-to-day operations and national growth.

Firda joins the firm after serving as national vice president of franchise growth at Compass International Holdings, formerly Anywhere Real Estate Inc., and at Century 21, according to the announcement. He brings more than 20 years of corporate real estate experience, including leading a growth consultant team focused on franchise retention and franchisee growth.

Between 2018 and 2025, Firda’s division achieved a 96% franchisee renewal rate and executed some of the largest franchise mergers in the corporation’s history, the company said. 

“Dan Firda is a generational talent in real estate brokerage growth, and his track record of scaling operations while maintaining elite franchise retention levels speaks for itself,” D’Amico said in the announcement. “We started this company with just two agents in Massachusetts, and today we stand as a 2,000-agent company that is generating over $3 billion in sales volume.”

Brands By Integra has built what it describes as a “house of brands” model, operating prominent Century 21 and Coldwell Banker affiliates alongside New Fed Mortgage Corp., New Fed Insurance and James Rose Asset Management. The platform encompasses roughly 2,000 agents across 18 states, tracking about 6,000 transaction sides and $2.64 billion in annual sales volume, according to the company.

The firm said Firda’s appointment will support a strategy centered on building deeper market density, advancing corporate technology and pursuing additional independent brokerage acquisitions. That focus aligns with broader industry consolidation as brokerages seek scale, diversified revenue streams and tech-enabled efficiencies to offset margin compression and rising compliance costs.

“I am incredibly honored to join Brands By Integra during such a transformative era for residential real estate,” Firda said. “Jim D’Amico has built an extraordinary culture that successfully blends a family-first environment with institutional-grade scale. My primary objective is to preserve this incredible momentum, unlock new value for our franchise partners, and aggressively drive our growth infrastructure forward into the company’s next phase.”

In 2025, agents at Brands by Integra closed 5,839 transaction sides totaling $2.64 billion in sales volume, according to RealTrends Verified data.

This article was written by Brooklee Han with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication. 

This post was originally published on here. 

Wendy Forsythe has been promoted to chief operating officer of eXp Realty, moving into the role after two years as the brokerage’s chief marketing officer, the company announced Tuesday.

Forsythe brings experience as an agent, brokerage owner and senior executive at multiple large firms. Before joining eXp, she served as chief operating officer at HomeSmart International, president for Compass’ California and Hawaii region, and chief strategy officer at Fathom Holdings, according to the announcement.

She began her career as a real estate agent and later owned and operated a brokerage, a background eXp is highlighting as the company focuses on what it calls an “agent-centric” model across its cloud-based platform.

“As eXp Realty continues to scale, our operations must be as agile and innovative as our brand,” Leo Pareja, CEO of eXp Realty, said in a statement. “Wendy’s combination of field-level agent empathy, operational excellence, and a proven track record of scaling large brokerages and brands makes her the right leader for our next chapter.”

During her tenure as CMO, Forsythe led what the company described as its most significant brand transformation to date, including modernizing its global brand identity, expanding social media reach and elevating agent events such as eXpcon.

In the new role, Forsythe will oversee brokerage operations, technology integration, agent programs and transaction support. She will also continue to provide strategic direction for the marketing organization during a transition period, the company said in its announcement.

“Having started my career as an agent and a brokerage owner, I view every operational system and technology tool through the lens of our customer, the eXp agent and team leader,” Forsythe said in the release. She added that the company is positioning for an inflection point driven by AI, technology and a shifting competitive landscape.

Forsythe succeeds Patrick O’Neill, who is departing the company. eXp thanked O’Neill for his “leadership and operational contributions” in the announcement.

The COO change comes as large national brokerages work to streamline operations, integrate new technology and manage margin pressure in a slower transaction market. For brokers and team leaders at eXp, operational leadership will shape how quickly new tools, support programs and process changes reach the field and impact agent productivity and profitability.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

This post was originally published on here. 

WINCHESTER, Va. — Trex Company has formed a brand partnership with Martha Stewart to promote composite decking and outdoor living products, a move aimed at driving higher-end exterior upgrades among homeowners, the company announced.

The collaboration grew out of Stewart’s decision to use Trex decking, railing and other products in an outdoor renovation at her Bedford, New York, property, according to the announcement. That project is now the centerpiece of a broader content and marketing push built around design guidance, product selection and the contractor–homeowner process.

For homebuilders and remodeling firms, the tie-up pairs one of the most recognizable home-design personalities with what Trex describes as the world’s No. 1 brand of wood-alternative decking and residential railing. Trex products are sold through more than 6,700 retail outlets across six continents.

Under the agreement, Stewart will collaborate with Trex on educational and inspirational content that walks through the deck planning journey, from layout and aesthetics to product specs and installation considerations. The companies plan to share updates, behind-the-scenes footage and design takeaways from the Bedford project throughout the summer on Trex.com and across both brands’ social channels.

The Bedford outdoor space, now under construction, will showcase a mix of Trex products, including Trex Transcend Lineage decking, Trex Select aluminum railing, a custom Trex Pergola and Trex Outdoor Deck Lighting. Trex said Stewart personally curated the package to balance appearance, long-term performance and sustainability, a key selling point for many production and custom builders trying to meet buyer expectations on durability and environmental performance.

“Partnering with Martha Stewart feels incredibly natural,” Jodi Lee, senior vice president of marketing for Trex, said in the release. “She is the trusted authority on all things home, and Trex is the most trusted authority in outdoor living. Together, we aim to give homeowners the confidence to create beautiful outdoor spaces with the right guidance and products.”

Stewart said she chose Trex in part because of the company’s focus on design options and recycled content. “Their attention to detail, design versatility and wide range of products make it easy to create outdoor spaces with the warmth of wood and far less upkeep,” she said. “I also value that Trex prioritizes sustainability by using recycled and reclaimed materials, proving homeowners don’t have to sacrifice beauty, quality or performance to make a responsible choice.”

Trex emphasized that Stewart is closely involved in design and product decisions for the project, with the company’s TrexPro contractors handling installation. “She was deeply involved in every detail and extremely intentional about balancing elevated aesthetics with sustainability and long-term performance,” Mike Onderko, senior director of product management for Trex, said.

Why this matters for builders and remodelers

The partnership underscores how outdoor spaces remain a key battleground for differentiation in both new-home construction and large-scale remodeling. Higher interest rates have slowed transaction volume but pushed more households toward stay-in-place upgrades, with decks, patios and outdoor kitchens among the top-ticket exterior projects.

For production builders, the collaboration is likely to push more consumers toward composite systems and aluminum railings instead of pressure-treated lumber, especially at mid- to upper-price points where buyers follow design media and influencer trends. That can reshape option menus and supplier negotiations as more buyers come in asking for specific SKUs or finishes they see in Stewart-branded content.

For remodelers and design-build firms, the Trex–Stewart project will effectively serve as a case study in premium outdoor living — one that homeowners will be able to reference in consultations. The focus on planning, product mix and working with qualified contractors may also help set expectations around budget, lead times and trade coordination for complex outdoor rooms that incorporate lighting, shade structures and integrated furnishings.

Trex, which has been named to sustainability and “most trusted” brand lists by multiple outlets in recent years, is also leaning into ESG themes that resonate with institutional investors and municipal stakeholders on larger developments. Builders working in jurisdictions with green-building incentives or HOA-driven design controls may find it easier to justify composite systems when consumers see them framed through a mass-market lifestyle brand.

The companies encouraged design professionals and homeowners to follow progress on the Bedford project via Trex’s Instagram account (@trexcompany) and Trex.com, where additional design resources and product details are available.

This post was originally published on here. 

Mortgage rates continue to stay above 6.7%, but housing demand remains positive, with growth in weekly pending sales, new listings and active inventory combatting a high rate cycle.

At HousingWire’s Mortgage Rates Center on Tuesday, 30-year conforming loan rates averaged 6.78%, while rates for 30-year jumbo loans averaged 6.77% and rates for 30-year loans backed by the Federal Housing Administration (FHA) were at 6.33% — all increases from data one week ago.

HousingWire lead analyst Logan Mohtashami recently noted that weekly pending home sales continue to post year-over-year gains, while active inventory and new listings have increased, suggesting that buyers are continuing to engage with the market despite elevated borrowing costs.

In an analysis published June 6, Mohtashami attributed the recent rise in mortgage rates largely to higher bond yields rather than weakness in housing fundamentals, arguing that demand has held up better than many analysts anticipated.

Analysts like Mohtashami are paying attention to what the Federal Reserve will do and the ongoing conflict in the Middle East.

“Mortgage rates are near yearly highs because the conflict is still going on, and the Fed is talking about rate hikes instead of cuts now. With that said, we still haven’t gone above my yearly peak forecast in rates, but that is in jeopardy if this conflict lasts until the end of summer,” Mohtashami said.

Kyle Bass, production business manager at Refi.com — an affiliate of Veterans United Home Loans — pointed out that while Freddie Mac reported a slight decrease in rates last Thursday, refinance activity remains “repressed.”

“Recent application trends show many homeowners choosing to remain on the sidelines as they wait for a more meaningful decline in borrowing costs,” Bass said. “As a result, today’s refinance market is increasingly driven by borrowers with specific financial goals rather than those simply seeking a lower interest rate.”

However, Bass said that borrowers who have improved their credit scores, reduced other debts or accumulated substantial home equity “may find opportunities that make financial sense” regardless of where mortgage rates are today.

What it means for refis

Optimal Blue’s May 2026 Market Advantage report, released today, also saw refinance activity drop. The refinance share declined to 19% of total lock volume in May, its lowest level since June 2025. As a result, the company observed that borrowers are turning to adjustable-rate mortgages (ARMs), which accounted for 11% of total production in May, the highest level since October 2022 outside of March 2026.

Mike Vough, senior vice president of corporate strategy at Optimal Blue, said pull-through rates, which measure the percentage of locked loans that ultimately close, declined for both purchase and refinance loans as borrowers reacted to changing rate conditions.

“Instead of waiting on the sidelines, [buyers] are doing things like pursuing rate buydowns, ARMs, and buying now with the intention of refinancing later,” said John Donikian, vice president at Best Interest Financial. “The market is also now adversely selecting borrowers.”

He continued, “Mortgage rates aren’t high because of a weak housing market. They’re remaining elevated because of inflation and widespread economic uncertainty pushing bond yields. Until investors believe inflation is fully controlled, many prospective homebuyers will see elevated mortgage rates as the new norm.

Inflation, jobs data shape rate outlook

Other mortgage professionals point to broader bond-market dynamics as a key driver of borrowing costs. Cody Schuiteboer, president and CEO of Best Interest Financial and Donikian’s colleague, noted that the spread between mortgage rates and Treasury yields remains wider than historical norms, reflecting investors’ continued caution toward mortgage-backed securities.

“There are three main factors that keep rates high. The Treasury Department needs to sell lots of bonds due to the growing budget deficit. Increased supply means investors need higher returns on their investment, which results in increased rates for mortgages,” Schuiteboer said. “Inflation, [ too]. Prices are stubborn and haven’t stopped growing, which means the markets are preparing for potential future hikes and/or rate cuts from the Fed.”

Schuiteboer added that he’s watching the ongoing geopolitical uncertainty and rising oil prices.

Steven Parangi, a loan officer and owner of Alpine Mortgage Services, said stronger-than-expected employment data and persistent inflation pressures have contributed to the recent rise in mortgage rates. Data released last week by the U.S. Bureau of Labor Statistics found that 172,000 total nonfarm payroll jobs were added, and April’s job numbers were revised upward from 115,000 jobs to 179,000 jobs added.

Mike Fratantoni, the senior vice president and chief economist of the Mortgage Bankers Association, said last week that the job market is showing “surprising resilience” but that overall inflation is too high.

“MBA continues to anticipate that the Federal Reserve’s next move will be a rate hike, and that means mortgage rates are unlikely to drop anytime soon,” Fratantoni added.

Parangi shares this sentiment.

“When inflation is reaccelerating at the same time employment is holding firm, it becomes very difficult for the Fed to justify cutting rates,” he said. “Until investors see evidence of softer inflation and a weaker economy, mortgage rates will have a hard time moving much lower.”

Affordability challenges

Parangi added that although mortgage rates remain near historical norms, affordability challenges are being amplified by home prices that have risen sharply since 2020, making today’s borrowing costs more difficult for prospective buyers to absorb.

“While today’s rates are not unusually high from a historical perspective, what makes them feel so high is the combination of today’s rate with today’s home prices. Home prices moved up dramatically over the past few years and wages have not kept up in many markets. A 6.5% mortgage rate on a home price that already rose 40%, 50% or more since 2020 is significantly different than the same rate ten years ago,” he said.

Melissa Cohn, regional vice president of William Raveis Mortgage, said that market sentiment has shifted from hopes for a rate cut to “fears of a rate hike” by the Fed this year.

“Mortgage rates are hovering at 9-month highs due to war-driven energy shocks, persistent inflationary fears and a stronger-than-expected employment sector,” she said. “All of these factors are keeping mortgage rates higher than we had hoped for this year.”

This post was originally published on here. 

A federal judge has ordered United Wholesale Mortgage (UWM) to make its CEO, Mat Ishbia, available for a deposition in a dispute with Atlantic Trust Mortgage Corporation. The judge also imposed a sanction for civil contempt due to UWM’s failure to obey a previous court order regarding this matter.

U.S. District Judge Terrence Berg ordered on Monday that Ishbia must be available for a deposition of up to four hours within the next 30 days in the case filed by UWM against the brokerage shop two years ago.

The judge granted Atlantic Trust’s motion to hold UWM in civil contempt, ordering the company to pay the brokerage attorney’s fees related to bringing the motion. Atlantic Trust has 14 days to submit its bill to the court for approval.

“Failure to comply with this Order will be grounds for a second finding of contempt of court and will result in additional financial sanctions,” Judge Berg wrote.

In a statement to HousingWire, a UWM spokesperson said, “While UWM disagrees with this finding, UWM respects the Court’s order and will comply with the order. UWM remains confident in its position and this should not detract from the substance of the matter.”

UWM filed the lawsuit in a U.S. district court in Michigan in 2024 against Atlantic Trust, a Florida-based broker shop with 20 loan officers, according to the Nationwide Multistate Licensing System (NMLS).

The lender sued Atlantic Trust for breach of contract, specifically for violating its “All-In Initiative.” This initiative required independent mortgage brokers to stop working with two competitors to continue doing business with UWM. UWM alleges that Atlantic Trust submitted 71 loans to these competitors, resulting in $335,000 in liquidated damages.

During a telephonic conference on December 12, the court ordered UWM to produce Ishbia for a deposition to answer questions about the lawsuit, as the defendant had identified him as a person with relevant information.

In March, Atlantic Trust reported that UWM indicated it would not comply with the decision, and the court reaffirmed its order. UWM then filed a motion opposing the determination. 

“From the Court’s perspective, this appeared to be a contumacious stratagem because by then the Court had twice ordered UWM to conduct the deposition,” the Judge wrote. “Nevertheless, the Court carefully considered the motion and on April 9, 2026, because the motion violated the Local Rules, the Court struck the motion.”

The judge gave Atlantic Trust the opportunity to file a motion addressing whether Ishbia’s deposition was lawful and whether the company should be held in contempt for not complying with the previous order.

At some point, UWM proposed producing its chief legal counsel, Adam Wolfe. Atlantic Trust rejected, stating that Wolfe is not an adequate or appropriate substitute. 

Atlantic Trust argues that Ishbia has unique, direct personal knowledge regarding the creation of the “All-In Initiative” and its liquidated damages provision. Meanwhile, UWM contended his deposition would provide no relevant information, be exceptionally burdensome and appear to be sought solely for the purpose of harassment.

The judge rejected UWM’s arguments, noting that under the Sixth Circuit, corporate officers cannot avoid depositions simply because of their high-ranking titles. 

This post was originally published on here. 

Mortgage credit availability inched higher in May, driven by a modest loosening in jumbo loan programs, according to the Mortgage Credit Availability Index (MCAI) from the Mortgage Bankers Association (MBA) that analyzes data from ICE Mortgage Technology.

The MCAI rose 0.1% to 108.0 in May. The index, which was benchmarked to 100 in March 2012, increases when lending standards loosen and declines when credit tightens.

The Conventional MCAI increased 0.2%, while 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 — was unchanged.

Within the conventional segment, the Jumbo MCAI rose 0.3% and the Conforming MCAI was flat, MBA reported.

“Mortgage credit availability in May stayed close to the previous month’s levels,” said Joel Kan, CMB, MBA’s vice president and deputy chief economist. “Mortgage rates reached 9-month highs over the month, which put pressure on homebuyers and reduced the demand for refinancing. Given the economic uncertainty and rate volatility, lenders held their loan program offerings fairly stable, although based on the subindexes, jumbo credit availability increased slightly over the month. The jumbo index increased 0.3 percent, with most of the increase coming from ARM loan offerings.”

The flat overall credit profile underscores that lenders are still cautious despite pressure from weak refinance volume and affordability-constrained purchase demand. Small changes in the jumbo segment — particularly growth in adjustable-rate mortgage (ARM) offerings — suggest some lenders are targeting higher-income borrowers who are less rate-sensitive and may still transact despite elevated rates.

The MCAI is a standardized, quantitative index focused exclusively on mortgage credit availability. It is calculated using borrower eligibility factors such as credit score, loan type and loan-to-value ratio, along with underwriting criteria from more than 95 lenders and investors.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

This post was originally published on here. 

Eric Gedalje has been a staple of the Lake Havasu City, Arizona, real estate scene since he made his first commercial real estate investment at the age of 19.

“No one in my family had ever owned a home, let alone invested in real estate, but I did it. And then I did like six more times, and then eventually I got my real estate license,” said Gedalje, the leader of the eXp Realty-brokered large team The Gedalje Group.

After his early days as a solo agent, Gedalje went on to form his team in 2016. Since then, the team has grown to 20 agents, who closed 468 transaction sides totaling $245 million in sales volume in 2025. This earned the team the No. 10 and No. 48 ranks in the nation for sides and volume, respectively, in the 2026 RealTrends Verified The Thousand rankings. 

Gedalje credits both the drive and productivity of his agents — each of whom average roughly 25 units per year — as well as his strong roots in Lake Havasu City for helping the team achieve strong results. 

While the team does have a Zillow Flex partnership, which Gedalje said is helpful for some agents with a less established business, he feels his team is best suited for agents with an established book of business looking to up their game. 

“Depending on the agent, their skill set and their personal book of business, the leads they receive from me or our online lead generation are individually tailored to what they need,” he said. 

Due to Gedalje’s hands-on leadership with his team members, he said he plans on capping the team at 20 agents. 

“Real estate sales is only part of my business. I started in the industry as an investor and that organically grew into real estate development,” he said. “So to keep the quality there for the agents and for them to still find value in being part of the organization, I think if there were more than 20 agents, it just wouldn’t be sustainable for me as a team leader.” 

As for the team’s high volume of production in 2025, Gedalje said much of the success comes from the self-discipline and lead generation skills of his agents. 

“A lot of my team members have come from firms or teams that gave them really strong foundations in the business — and we have seen them join us and just really take off,” he said. 

While Gedalje said the team is not set up to take on inexperienced agents, he does assign each new team member a mentor whom they can consult with as they look to further develop their own business. 

Looking ahead to the second half of 2026, Gedalje said that despite continued slow housing market conditions nationwide, his team is on track for potentially its biggest year ever. 

“I’m not superstitious — but I hate to even say it out loud — but we are on track for June 2026 to be our best month ever, and it looks like 2026 will be our best year by quite a distance,” he said. “I know the market is not as strong as some people hoped and that interest rates aren’t improving, but we are just keeping our heads down and continuing to work.”

This post was originally published on here. 

HousingWire has acquired Keeping Current Matters (KCM), adding the subscription content platform for real estate professionals to its HousingWire Solutions division and expanding local market intelligence inside the tools agents use to win listings.

The deal, announced Tuesday, makes KCM a core component of HousingWire Solutions alongside Altos and RealTrends under the leadership of Mark Adams, executive vice president. It is HousingWire’s fifth acquisition since 2020 as the company broadens its platform for real estate, mortgage and homebuilding professionals.

For the tens of thousands of agents who subscribe to KCM, the company said the move is aimed at one outcome: helping them win more business in a market where listing opportunities are scarce and sellers are more selective about who they hire.

“Agents don’t need more data, they need the right intelligence in the moment they’re sitting across from a client,” HousingWire CEO Clayton Collins said. “KCM has earned agents’ trust for years by making the market easy to explain. With HousingWire’s data behind it, that story becomes local and specific to the exact market each agent works in — driving sharper conversations, stronger listing presentations and more transactions.”

KCM delivers presentations, charts, scripts and ready-to-use content that agents use in listing appointments, buyer consultations and ongoing client outreach. By integrating KCM with HousingWire’s data infrastructure, the companies said they will deliver more localized and timely views of the housing market directly inside those assets.

HousingWire data already powers KCM Local, which brings property-level market intelligence into the KCM platform. The companies plan to extend that local data across KCM’s content, scripts and client-facing materials so agents can ground their messaging in hyperlocal pricing, inventory and demand trends.

“We built KCM to help agents explain the market with confidence, and our members have rewarded that with their trust for years,” said Bill Harney, CEO of Keeping Current Matters. “With HousingWire’s data and resources behind the platform, our customers get a more local, more powerful product and an even better reason to bring KCM into every client conversation.”

David Childers, president of KCM, said the integration aligns with how KCM members already use the platform in their day-to-day business.

“The integration with HousingWire makes our users more local, more relevant and more valuable to the clients they serve,” Childers said. “It’s a natural next step in the direction our members have been moving all along.”

Why this matters for housing professionals

The acquisition comes as agents navigate a low-inventory, high-competition landscape, shifting commission structures and more scrutiny of agent value. In this environment, listing agents in particular need to demonstrate local expertise and use data-driven narratives to justify pricing and marketing strategies.

For real estate teams and brokerages, the combined HousingWire-KCM platform could streamline how market data and messaging flow into listing presentations, CMA tools and automated marketing. Embedding local-level data into scripts and client-facing content may help standardize how agents talk about rates, inventory and affordability in specific ZIP codes or neighborhoods.

For lenders and other housing companies, the deal signals HousingWire’s continued push to pair media and data with workflow-oriented tools, potentially opening up more integration points into loan officer, agent and builder tech stacks over time.

Monhegan Partners LLC and Newport LLC served as transaction advisers, and The Miller Law Firm PLLC served as legal counsel to Keeping Current Matters.

Members can expect more local depth across the content, scripts and presentations they use every day, according to the companies. Prospective members can explore KCM Local at KeepingCurrentMatters.com.

This post was originally published on here. 

Rocket Companies plans to issue $1.2 billion in debt, with proceeds earmarked to pay upcoming maturities and other debt obligations, the company announced Tuesday.

The move comes as nonbank mortgage lenders continue to manage liability profiles built during the low-rate era and address “maturity walls” in 2025-2027.

In this case, Rocket intends to sell $600 million of notes due in 2031 and $600 million of notes due in 2034, with the notes fully and unconditionally guaranteed on a senior unsecured basis by Rocket Companies’ direct and indirect domestic subsidiaries that already guarantee the firm’s existing senior notes. The Detroit-based firm is the parent of companies like Rocket Mortgage and Amrock. 

The company plans to use proceeds to repay Rocket Mortgage LLC’s 2.875% senior notes due in 2026 and to pay down other indebtedness across the platform. Refinancing the 2026 issue in the current rate environment is likely to increase Rocket’s interest expense, but it can extend the company’s debt stack and preserve liquidity.

The offering will be exempt from registration under the Securities Act of 1933 and is being marketed only to qualified institutional buyers under Rule 144A and to certain non-U.S. investors under Regulation S, according to the company announcement.

Rocket has previously issued unsecured senior notes, including the 2.875% 2026 notes now targeted for repayment, as part of a broader strategy to diversify funding beyond warehouse lines and mortgage servicing rights (MSR) financing. 

Mr. Cooper Group, recently acquired by the company, has repeatedly tapped the unsecured bond market, including multiple nine-figure senior note offerings, to refinance existing debt and fund MSR acquisitions.

Pennymac Financial Services has issued senior notes to term out corporate borrowings and reduce reliance on shorter-term warehouse and secured financing. loanDepot, Rithm Capital and others have used corporate debt markets and convertible notes at various points to shore up liquidity and extend maturities as origination volumes fell from 2020–2021 peaks.

This post was originally published on here. 

For Noble Black and his New York-based mega team Noble Black & Partners, 2025 was an eventful year. Not only did the team of 25 licensed agents close 220 transaction sides totaling $546.03 million in sales volume, earning the team the No. 7 rank in the nation among mega teams for sales volume in the 2026 RealTrends Verified The Thousand, but after a decade at Douglas Elliman, the team moved to Corcoran in September 2025.

The move was a homecoming of sorts for team lead Black, who had previously been brokered with the Anywhere brand. 

“Culture was part of why we moved to Corcoran from Elliman last year,” Black said. “Culture has always been important at Corcoran — what they value, how they treat people — and I think everyone on the team has recognized and really appreciated the support, culture and how well the company is run, since we moved here.” 

Black acknowledges that a team the size of his is not typical for Corcoran and he is grateful for the support of Pamela Liebman, the president and CEO of Corcoran. 

“With Corcoran we appreciate that it is such an established brand and Pam just runs a great business and she makes very logical business decisions that are good for the health of the overall company,” Black said. “For us that was really important, plus the systems, the advertising, the staff here — they are all amazing. It is a great backbone for us to build our business off of.” 

Building a team

He added that Liebman is also a great mentor, something he greatly values and something that he has worked to cultivate in his team, creating a collaborative culture among the agents. 

“I think there are so many teams out there that are just a bunch of agents putting their numbers together to get a ranking, but we are very much a team in the sense that people are pitching in to help each other out with showings or sharing information   — it is just a very collaborative group,” he said. 

Having worked so hard to create this collaborative, tight knit group, Black said he is very careful with who he adds to the team. 

“There have been cases where I have foregone hiring somebody because I didn’t think they were a fit personality-wise or ethics-wise because I want my people to enjoy working with one another,” Black said. “We are not looking to grow for the sake of growing. I am very aware of the downside of having a bigger team because it makes it harder to keep that culture and it’s harder to make everyone feel like they are valuable and that they have time to work with me.” 

While Black is selective about who he brings into the team, one person he now couldn’t imagine running the team without is COO Jamie Gagliano.

“Jamie joined me going on four years ago and that has been the biggest difference,” Black said. “I really wanted someone that could help organize the team structure and we are very big on making sure we meet a certain standard of service we are delivering to clients and she has been so good with that. Having her part of the team is what has allowed us to produce the larger numbers we are now and do things like open up a wing of the team in the Hamptons.” 

While Black is thrilled with where his career has gone, he said he never thought he would be the guy with a team of over 20 agents. 

“I’ve been doing real estate for 22 years now and about two years in it became clear that I have more business than what I could handle on my own, so I hired somebody and then eventually needed to hire a second and a third and we’ve grown from there,” Black said. 

Market conditions

As he looks ahead to the rest of the year, despite the continued slow market conditions and the recently enacted “pied-à-terre” tax enacted in New York, Black said he and his team are looking to continue to grow and improve productivity. 

“The main lesson for us that we keep coming back to is that there are always going to be people buying and selling, so it is important that we always know what we are talking about from the latest market conditions to home values and then just making sure we are delivering a product that is at the very top of the market,” Black said. “We want to be distinct from others in the city and make sure that we are putting their interests ahead of ours.” 

This post was originally published on here. 

Mortgage activity slowed in May as rising interest rates dampened both purchase and refinance demand, according to Optimal Blue‘s May 2026 Market Advantage report.

The report, released Tuesday, found that total mortgage rate lock volume fell 9% from April, although it remained 7% higher than a year earlier. Purchase loans continued to dominate the market, accounting for more than 81% of all rate locks, while refinances represented 19% of volume, the lowest share since June 2025.

The average 30-year conforming mortgage rate, as measured by Optimal Blue’s Mortgage Market Indices, rose 13 basis points during the month to 6.44%. The yield on the 10-year Treasury note increased 5 bps to 4.45%, while the spread between mortgage rates and Treasury yields widened to just under 200 basis points.

“Purchase activity continues to be the loan purpose leader in spite of affordability pressures,” Mike Vough, senior vice president of corporate strategy at Optimal Blue, said in a statement. “More than four out of five mortgage locks were tied to purchase transactions in May, but the more notable shift may be what happened after borrowers locked.”

Vough said pull-through rates, which measure the percentage of locked loans that ultimately close, declined for both purchase and refinance loans as borrowers reacted to changing rate conditions.

Refinance activity saw some of the sharpest declines. Rate-and-term refi volume fell 34% from April, although it remained 46% above year-ago levels. Cash-out refinances declined 13% month over month but were still 7% higher than in May 2025.

Purchase lock volume decreased 5% from April but remained 3% above the same period a year earlier.

The report also showed borrowers increasingly turning to alternative loan products. Adjustable-rate mortgages accounted for 11% of production in May, the highest level since October 2022, excluding March 2026. Nonqualified mortgage (non-QM) loans made up 9% of total lock volume, up 83 bps from April and 207 bps from a year earlier.

Meanwhile, conforming loans continued to lose market share. Conforming mortgages accounted for just under 49% of total lock volume in May, extending a decline that pushed the category below 50% for the first time in April.

Federal Housing Administration (FHA) and nonconforming loans each accounted for 19% of volume, while U.S. Department of Veterans Affairs (VA) loans accounted for 13%.

On the secondary market side, lenders shifted execution strategies. Hedged loan sales into agency mortgage-backed securities fell to 41% of funded loan sales, while cash executions increased to 32%.

“We saw lenders continue to balance different execution options during May,” Vough said. “Agency MBS share declined while cash executions gained ground.”

Mortgage servicing rights (MSRs) values also increased during the month. Servicing values on conforming 30-year loans rose 7 basis points to 1.36%, reflecting stronger servicing economics as rates moved higher.

The report found some signs of softening demand among first-time homebuyers, who accounted for 44% of conforming purchase locks, 70% of FHA purchase locks and 44% of VA purchase locks. Each of these shares represented modest declines from April.

Borrower credit profiles remained largely unchanged. The average credit score for purchase borrowers held at 731, while average debt-to-income ratios remained stable across major loan programs.

Loan sizes edged higher, with the average locked loan amount rising to $395,536 in May, up from $394,046 in April. The average loan-to-value ratio was 81.6%.

Pipeline conversion weakened during the month. Purchase pull-through rates fell to 76.7%, down 539 basis points from April, while refinance pull-through dropped to 65.3%, a decline of 1,332 bps month over month.

This post was originally published on here. 

Marketers have long used endorsements and testimonials in their ads. Even though it goes by multiple names, this is a playbook dating back centuries. You have something to sell.  You borrow the trust of a known personality.  You sell more product.

For years, influencer marketing and user-generated content (UGC) have been widely considered a brand’s best hopes of going viral.  Preferably for the right reasons.

AI adoption has introduced a new wrinkle to this practice in that it’s easier than ever to create these kinds of ads at scale and cost-effectively. And the debate around its usage and governance is quickly becoming a heated topic.

As a marketing professional, I have a very strong, unwavering opinion on the topic of leveraging AI-generated content in promoting your services… just don’t.

Regulatory and legal consequences

As innately curious beings wielding new tech, we’ll often make one discovery and immediately ask, “If it can do this, I wonder if it can do… that?” Fair question. One to which I might respond, “How well versed are you on federal and state guidelines that already exist and are enforceable?”

In 2024, the FTC finalized and enacted¹ a rule that prohibits the use of fake and AI-generated reviews, client testimonials or endorsements.  

“But James, we’d never use AI to make up fake reviews.  We already have 1,000’s to choose from.”  

Good. Were you also aware that this rule applies to endorsements created by a third-party that’s later discovered to be a fake account or a bot? Further, the argument “we didn’t know” will be a tough case to make because the regulation includes “should have known.” This alone should underscore the need to audit your online reputation relentlessly.

Two other regulations to consider are the MAPS Rule² and UDAAP³. Both cover public communications specifically related to mortgage products⁴ including voice, written text, images or video content-based advertisement. Further, these rules cover both overt deception and implied deception. Mess these up, and you’re not only answering to the FTC, but to the CFPB⁵ as well.

Additionally, State legislators have made it clear they will not wait for the feds to lead the way and are acting now on AI and consumer protection.

How up-to-speed are you on the regulatory changes taking place in states where you operate?  

• New York⁶: Starting June 9, 2026, NY requires the disclosure of AI-generated actors (e.g., “synthetic performers”) in advertisements.
• California⁷: August 2, 2026, CA will require that AI-generated content contain a visible tag as well as invisible background data (metadata) that’s detectable electronically.
• Tennessee:  Since July 2024, the state has instituted a rule that AI voice clones without consent are a criminal misdemeanor.  Violations are potential jail time plus fines.

Additional state-specific regulations are either on the books, pending deliberation and votes or in the proposal stages.  So, it’s safe to assume that the regulatory environment will continue to be more explicit.

Financial exposure

Decisions become a higher-stakes game when the consequences for the wrong path impact your cash flow.  

If you had $50K available, what would you invest in to improve your business?  Better yet, who would you be able to hire to fill a gap in your operations to drive greater revenue?  

What if that $50K had to be committed to covering a fine from a regulator instead?  That’s the crossroads executives face when choosing between easy and smart.  

Penalties for violating the FTC’s Consumer Review Rule are $51,744 per violation.  Now, multiply that number by the total quantity of content you run and the math starts spiraling quicker than you can say “Marry the house, date the rate.”

Just ask Growth Cave about their $48.6 million judgment⁸ earlier this year, which forced them to liquidate assets (both corporate and personal) and prohibited them from marketing activities.

What to do about it…

Fines are quantifiable, but if that’s not enough to dissuade a company from being careless about the regulations, there’s another consequence to consider.

Your brand.  

More specifically, your brand equity.  A federal or state injunction becomes a part of the public record and, thereby, discoverable to any potential client.

Everyone knows AI is a very powerful tool.  Using it publicly, especially in marketing and advertising, brings a new set of constraints that must be clearly defined.  Here’s what you can do to avoid the traps:

• Audit your content rigorously, and not just AI content either.  Nothing beats feedback from a team of humans aligned on what’s permissible and beneficial.
• Pressure-test your vendors’ processes and liability exposure.  Especially if you use a vendor for lead-generation (TCPA compliance, anyone?).
• Get your compliance and marketing teams in the same room often to cover your policies concerning the proper use of AI-generated content.  One rogue LO doing their own thing can get you in the same trouble as a corporate asset.
• Know the rules in every state where you are licensed to do business.  It’s rapidly evolving, and a marketing division of a couple people is not sufficient to keep up with the changes.

Trust is one of the hardest things to earn with consumers, and when it’s broken, you’re not getting it back.  If you survive the fines, the loss of brand equity – and what you claim to stand for – will be the final straw that shutters your doors.

James Duncan is the Founder of Caelum Advisers, a consultancy that helps
mortgage lenders and financial brands clarify who they want to reach, what they
need to say, and which channels should carry that message.
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.

Sources:

1. https://www.ftc.gov/news-events/news/press-releases/2024/08/federal-trade-commission-announces-final-rule-banning-fake-reviews-testimonials
2. https://www.ecfr.gov/current/title-12/chapter-X/part-1014
3. https://www.goodwinlaw.com/en/insights/publications/2024/10/insights-finance-ftec-double-clicking-on-innovation-in-consumer
4. https://www.activecomply.com/compliance-resources/understanding-the-map-rule-regulation-n-and-mortgage-advertising
5. https://www.consumerfinance.gov/about-us/blog/cfpb-has-entered-the-chat/
6. https://www.dglaw.com/ai-legal-updates-synthetic-performer-transparency-state-federal-conflict/
7. https://www.bakerbotts.com/thought-leadership/publications/2026/january/us-ai-law-update
8. https://www.ftc.gov/news-events/news/press-releases/2026/01/ftc-secures-settlement-banning-growth-cave-defendants-marketing-selling-business-opportunities

This post was originally published on here. 

For decades, financial systems operated on a quiet assumption: most information entering the system was fundamentally real.

Documents might arrive incomplete. Borrowers might omit details. Fraud existed at the margins. But lending infrastructure was built around a world where verification happened slowly enough for human judgment and institutional friction to absorb uncertainty.

The system was imperfect, but stable.

Manual underwriting created pauses. Processing delays created inspection windows. Human review acted as a crude but effective verification layer. Ironically, many of the inefficiencies the industry spent years trying to eliminate also slowed the movement of bad information through the system.

That assumption is now breaking down.

The acceleration of uncertainty

Artificial intelligence (AI) is accelerating the production, movement and interpretation of financial information faster than the underlying trust infrastructure can validate reality.

This is not simply a fraud problem. It is an infrastructure problem.

Most conversations around AI in lending remain focused on efficiency: faster underwriting, automated workflows, instant approvals, lower fulfillment costs, conversational borrower experiences and AI-assisted servicing.

But automation does not only accelerate efficiency. It also accelerates uncertainty.

Synthetic income records can now be generated in minutes. Payroll histories can be manipulated convincingly. Bank statements can be altered with near-photorealistic precision. AI-generated financial artifacts are becoming increasingly difficult to distinguish from legitimate records, particularly as institutions continue optimizing for speed.

At the same time, decision cycles continue to compress.

Financial institutions are moving toward real-time underwriting, automated conditions, AI-driven servicing, and eventually autonomous financial decisioning. Entire operating models are being redesigned around reducing latency.

But reducing latency without strengthening verification creates a dangerous imbalance.

Because faster systems do not necessarily produce more reliable outcomes, they often propagate unresolved contradictions more quickly.

Reconciling conflicting realities

For years, financial institutions accumulated what could be called verification debt: an expanding gap between the speed of automated decision-making and the systems capable of establishing trusted financial truth beneath those decisions.

That debt remained manageable when humans still acted as the primary reconciliation layer. But automated finance changes the equation.

Modern lending already operates across fragmented truth environments. A borrower’s financial identity exists across payroll providers, tax transcripts, bank records, uploaded documents, servicing histories, cash-flow data, AUS findings, investor overlays and, increasingly, AI-generated interpretations layered on top of all of them.

These systems frequently produce conflicting versions of reality.

Income calculations differ. Employment data changes between verification checkpoints. Cash-flow analysis conflicts with tax returns. Investor overlays reinterpret eligibility after automated approvals occur. AI systems may generate recommendations that conflict with both borrower-submitted documentation and institutional policy logic.

Historically, humans reconciled these inconsistencies manually. Tomorrow’s systems may no longer have that luxury.

Verification as core infrastructure

As AI expands further into financial operations, the central challenge will not simply be to make decisions faster. We need to determine which version of financial reality to trust before automated decisions are made.

That distinction matters enormously.

Financial systems do not fail only when fraud enters the system. They fail when unresolved contradictions compound faster than institutions can detect, reconcile and contain them.

This is the emerging fault line beneath automated finance.

A new category of infrastructure is quietly forming beneath financial systems: systems designed to establish trusted financial truth across fragmented data environments before decisions occur.

Not after capital moves. Before it moves.

Verification is no longer evolving as a compliance function or a back-office quality-control process. It is becoming operational infrastructure. AI governance infrastructure. Economic infrastructure.

In increasingly autonomous markets, verification becomes the mechanism that stabilizes automation itself.

Without trusted verification, AI models amplify uncertainty. Automated workflows accelerate inconsistencies. Real-time financial systems become fragile precisely because they lack sufficient mechanisms for establishing defensible truth before action is taken.

This shift extends far beyond mortgage lending.

The true value of a defensible truth

A mortgage is where the pressure is becoming visible first because of the transaction’s size, complexity and regulatory sensitivity. But the same structural problem is emerging across HELOCs, consumer lending, auto finance, SMB underwriting, insurance, embedded finance and eventually agentic commerce.

Every system moving toward autonomous financial decision-making inherits the same underlying constraint: Automation scales faster than trust.

And when trust infrastructure lags behind automation infrastructure, systemic fragility begins to compound invisibly within the financial system itself.

As autonomous financial systems scale, trust itself becomes a constraint. The risk is no longer limited to isolated fraud events. Financial systems become vulnerable when automated decisions compound faster than institutions can determine whether underlying financial information is legitimate, contradictory or synthetic.

Markets currently assume the dominant companies of the AI era will be the model builders — the organizations capable of generating the fastest predictions, automating the most workflows and compressing the most operational labor.

But another possibility is emerging.

The next infrastructure leaders may instead be the systems that determine what information can actually be trusted. Not merely detecting fraud after decisions occur. Not simply verifying isolated documents.

But continuously reconciling contradictory financial states into a defensible truth across automated systems before capital moves.

That is a fundamentally different category.

Because every automated financial system ultimately inherits the quality of the truth beneath it.

If that truth layer weakens while automation accelerates, financial systems do not simply become less efficient. They become structurally unstable.

The next generation of financial infrastructure may not be defined by who can automate decisions fastest. It may be defined by who can establish the financial truth before automated decisions are made.

Gerald M. Green is a 33-year veteran of the mortgage industry with deep expertise in
evaluating, implementing, and improving loan origination systems.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the editor responsible for this piece: zeb@hwmedia.com.

This post was originally published on here. 

The nation’s housing shortage is often framed as a challenge for first-time buyers and growing families. But another group is increasingly feeling the impact — older homeowners who want to downsize yet find themselves with few practical options.

Across the country, many seniors remain in large family homes long after their children have moved away.

While aging in place is often portrayed as a lifestyle choice, housing professionals quoted in a Realtor.com article said many older Americans are staying put because moving no longer makes financial sense.

“We have quietly created a generation of ‘lonely nests,’” said Wendy Newman, a Northern California–area real estate agent. “Many boomers aren’t choosing to age in place. They’re trapped there economically.”

For decades, downsizing offered retirees a chance to reduce housing expenses while moving closer to family or into a home better suited to their needs. Today, however, many smaller homes, condominiums and townhouses carry price tags that rival or exceed the value of longtime family residences.

Homeowners who have paid off their mortgages often struggle to justify taking on new housing costs that include homeowners association fees, insurance premiums and higher property taxes. This has hit some traditional retirement destinations — like Florida — especially hard.

And the struggles of older homeowners affect the whole housing market. When older homeowners delay selling, fewer homes become available for younger buyers.

In many established neighborhoods, homes that once would have cycled to new owners remain occupied longer, creating additional competition for limited inventory, Realtor.com said.

New housing models gain momentum

As affordability challenges persist, multigenerational living is becoming an increasingly popular alternative.

According to the NAR 2026 Home Buyer and Seller Generational Trends Report, 14% of buyers purchased a multigenerational home in 2025.

Redfin reported in March 2025 that nearly one in five Americans now live in multigenerational households — while Zillow identified rising searches for “multi-use homes” as one of the defining housing trends of 2025.

Housing policy is also evolving to support changing family needs.

Fannie Mae recently expanded eligibility standards for accessory dwelling units (ADU), allowing up to four on certain two- and three-unit properties and up to three on single-family homes.

The agency also broadened eligibility for manufactured housing and introduced HomeStyle Refresh — a renovation financing program that allows borrowers to fund improvements and repairs as part of a purchase or refinance transaction.

For older buyers, another option exists through Home Equity Conversion Mortgages (HECM) for Purchase. Available to homeowners age 62 and older, the program allows proceeds from a previous home sale to be used toward purchasing a new residence through a reverse mortgage structure.

Despite its potential benefits, the product remains relatively uncommon. Federal Housing Administration data from August 2025 showed HECMs for Purchase accounted for only 6.1% of all HECM activity.

The cost of staying put

Beyond economics, housing experts said the emotional toll of remaining in a home that no longer fits can be significant.

“We romanticize aging in place, but sometimes it’s just isolation with a mortgage paid off,” Newman said in the Realtor article. “People picture retirees endlessly gardening, but often the reality is sadder. Someone living mostly in two rooms of a four-bedroom house will no longer host holidays because maintaining and prepping the home is exhausting.”

This article was written by Jonathan Delozier with the assistance of HousingWire Automation. It was reviewed by a HousingWire editor before publication.

This post was originally published on here. 

Policymakers have been making the case that more supply is a better check on housing costs than rent stabilization. May apartment rental data backs up that narrative.

Rents ticked up modestly last month, the fifth consecutive month of sequential growth. But May’s reading was the lowest for that month since 2010, according to apartment data company RealPage. A more benign increase signals that new apartment deliveries are doing exactly what housing advocates predict: restraining rent growth when demand could otherwise push costs higher.

“The market’s ability to generate some demand despite macroeconomic pressures and while simultaneously working to absorb the largest block of new apartment supply since 40-plus years shouldn’t go understated,” Carl Whitaker, chief economist at RealPage, wrote in an analysis.

The data makes a case for more building, which also makes a case for zoning, entitling and permitting more new construction. Some cities and states, however, have responded to rising rents with a competing instinct: cap what landlords can charge.

Evidence suggests that the tradeoff comes at a cost.

Building boom subsiding

The country has absorbed roughly 1.5 million new market-rate multifamily units since early 2023. Developers are still delivering, even if at a slower pace than two years ago.

But the pipeline of new projects coming online is shrinking fast. Construction has dropped more than 50% from its early 2023 peak. That slowdown sets up a potential supply crunch, one that could flip the tenant-friendly market into landlord rent pressure.

Demand has held up despite a shaky economy and sluggish job growth. Lease retention is near record highs, and renters are spending a below-average share of income on rent.

“Deeper underlying demand stats indicate a sturdy foundation for demand, all the while supply continues to normalize,” Whitaker said.

Whitaker is cautious about what lies ahead. “Moving into the second half of 2026, the range of possible outcomes is large,” he wrote, noting that the labor market is showing early signs of stabilization but could use a boost.

The question is what happens when supply normalization tips into a shortage. Housing policy reformers argue that streamlining permitting, loosening zoning restrictions and fast-tracking approvals can sustain the delivery pipeline even as construction starts fall. A growing number of states have enacted laws to narrow the gap between project approval and completion.

Austin, Texas, has become a shining national example of what happens when laws are changed to ease the construction of more housing. The Texas capital has led the country in rent price decline.

Rent stabilization challenges

A Minneapolis Federal Reserve analysis offers a cautionary case from St. Paul, Minnesota. The city adopted rent stabilization in 2021 and watched multifamily permits plunge from more than 2,000 annually to 357 in 2025. One developer told Minneapolis Fed researchers the stabilization policy had a “chilling effect” on the housing market, discouraging new development.

After St. Paul amended its ordinance last year to permanently exempt new construction, developers began re-engaging with stalled projects. Housing experts also cite rent stabilization’s drag on new apartment construction in Montgomery County, Maryland.

Both cases reinforce a central tension and policy paradox: artificially protecting current renters from rent increases can discourage the supply needed to price future renters into the market.

Rent stabilization efforts continue despite the evidence. Providence, Rhode Island’s mayor vetoed a rent stabilization ordinance in May. The city council failed to override the veto, but the mayor faces a primary challenge from a lawmaker promising to institute it.

Massachusetts voters will decide in November whether to reinstate rent control, which was eliminated in the 1990s after roughly two decades of falling short of its goals.

“With operating costs rising and rent increases constrained, the per-unit sales price of apartments has fallen,” the Minneapolis Fed economists wrote. “With lower market valuation for multifamily properties, homeowners are paying a larger share of the property tax levy.”

Jay Parsons, a rental housing economist, wrote on LinkedIn that the finding presents a “huge problem” for Massachusetts voters and anyone else weighing rent stabilization.

“If you want to improve affordability, do the one thing everyone agrees on: build more housing,” Parsons wrote.

This post was originally published on here. 

Class Valuation has partnered with Makena to provide appraisers with new mobile data-collection tools ahead of the mortgage industry’s transition to the Uniform Appraisal Dataset (UAD) 3.6 standards later this year.

The appraisal management company announced last week that appraisers working through Class Valuation will gain access to InstaPlan, Makena’s mobile property data collection and floor plan application, as the industry prepares for the Nov. 2, 2026, implementation deadline for UAD 3.6.

“Instaplan is an app that lets an appraiser walk through a property and quickly and efficiently it builds the floor plan as they move through the property. It lets them easily collect the other data that’s required for both UAV 2.6 but also for 3.6,” said Anthony Guarascio, co-founder and chief executive officer of Makena in an interview with HousingWire.

“We wanted to make sure that appraisers at large were not kind of caught flat-footed when 3.6 came and gave them enough time to start preparing now, and not wait till the 11th hour,” Guarascio added.

The partnership is intended to help appraisers adapt to new appraisal reporting requirements by streamlining property inspections and data collection, Guarascio and Chris Flynn, chief operating officer of Class Valuation, explained.

InstaPlan generates ANSI-compliant floor plans, calculates gross living area in real time and captures property data during inspections through a mobile workflow.

The application also allows appraisers to pause and resume data collection and complete required fields before leaving a property.

Flynn said that Class Valuation is already using UAD 3.6 for inspections, and the partnership is allowing the appraisers to achieve “muscle memory” before the mandate is in effect.

“I’d say every day we’re getting more and more prepared for the transition,” Flynn said. “We are actively controlling what we can control, and so for Class Valuation, it’s ensuring that we’re working with our appraisers in the field and know where they are from their readiness, their CE, their appraisal software, and then working with our customers and seeing where they are with their underwriting, their technologies, etc.”

According to the companies, appraisers using InstaPlan have reduced average inspection times for a standard 3,300-square-foot property from about 1.3 hours to less than 30 minutes.

Steve Yatko, Makena’s co-founder and chief technology officer, said the application supports the industry’s shift toward more detailed and standardized property data collection by enabling appraisers to capture floor plans, photographs and room-level information during a single inspection.

UAD 3.6 represents a significant overhaul of appraisal reporting standards for loans sold to government-sponsored enterprises and is expected to require more structured property data than current appraisal formats. The new standards are scheduled to become mandatory across the industry on Nov. 2.

This post was originally published on here. 

A pair of ultra-modest, little-noticed funding opportunities from the U.S. Department of Housing and Urban Development may signal a new strategy taking shape in Washington.

The Builder’s Daily has learned that HUD recently opened applications for two new demonstration programs totaling $13 million that target two of the industry’s chronic obstacles to delivering housing at scale: the speed and cost of construction, and the time it takes local governments to approve projects.

While the Trump administration’s well-publicized efforts to dismantle regulatory barriers to housing development amount to carrot-and-stick attention-getters, many of them hinge on local elected and appointed officials to release impacts.

The new HUD initiatives, in contrast, could catalyze a cascade of private-sector manufacturing and investment if HUD-backed research identifies viable, scalable, and sustainable business models capable of bending housing affordability cost curves in favor of more people.

One program would provide up to $10 million to support demonstrations of advanced robotics and artificial intelligence in factory-built housing and off-site manufacturing. A second program would provide up to $3 million to test automated permitting systems within state and local government jurisdictions.

Applications for both programs are due July 13.

The dollar amounts are minuscule, but industry sources familiar with the initiatives said the programs could presage a broader federal approach taking shape — one that pairs construction productivity and process speed with regulatory reform as levers to expand supply.

Housing policy debates have typically centered on zoning, entitlement timelines, environmental reviews and financing constraints. HUD’s two demonstrations point to another reality builders and developers face: Even if regulations ease, homes still have to be manufactured, permitted and delivered faster — and at a lower cost — than they are today.

HUD’s $10M bet on robotics and AI in factory-built housing

The larger of the two initiatives, formally titled the “Mass Market Solutions for Leveraging Robotics and AI Technologies for Home Construction Demonstration,” seeks projects that can accelerate the production of factory-built housing and offsite components using advanced automation technologies.

HUD said it will assess whether robotics and AI-enabled manufacturing can reduce build times and costs compared with conventional construction. The agency cited potential applications, ranging from panelized construction systems to fully volumetric modular housing.

The timing is notable.

Over the past decade, a growing number of companies have sought to industrialize housing production using robotics, automation, AI and factory-based processes. Many have raised significant private capital, yet sustainable profitability – and adoption at scale across the broader homebuilding industry – has remained elusive.

The HUD demonstration could provide something many emerging housing technologies have struggled to secure: federal validation, which, at the very least, could give private-sector building and robotics tech innovators more runway and better capital investment terms and conditions to reach profitability.

One industry executive familiar with the programs described the funding opportunity as a potential catalyst for increased private-sector engagement.

“Can the private sector leverage this capital to move the needle in the advancement of this offsite technology?” the executive said. “If the federal government is starting to look at this, maybe others should, too.”

In other sectors, targeted government support has helped de-risk early-stage technologies and attract additional private investment. Housing innovation advocates have argued that construction technology should receive similar consideration given the nation’s housing shortage and affordability pressures.

HUD’s $3M push to test automated permitting in real jurisdictions

HUD’s second initiative — the “Automated Permitting Systems Demonstration” — targets a different bottleneck: permitting.

The program is designed to help jurisdictions deploy technology to streamline building permit reviews and approvals. HUD said it will measure outcomes in real-world government settings, including processing timelines, workflow efficiency, staffing requirements, applicant experience, and costs.

For builders and developers, permitting delays remain a persistent source of friction. Timelines can vary widely by jurisdiction, adding uncertainty, increasing carrying costs, and extending delivery schedules.

Sources familiar with the initiative said HUD’s goal is not digitization for its own sake but to determine whether automated permitting can improve the speed and consistency of housing approvals. One executive familiar with the program said the demonstration could provide momentum for jurisdictions that have been slow to modernize.

One executive familiar with the initiative said the permitting demonstration could help provide “the tailwind needed” for jurisdictions that have been slow to adopt modern technologies.

The upshot

Taken together, the two research studies and demonstration aim to achieve measurable productivity gains across the housing delivery system – from approvals to production.

The programs are not large enough to reshape the market on their own, and outcomes will depend on participation and results. But the move suggests HUD is interested in testing operational solutions – and generating data – that could influence both private investment and public-sector adoption.

“We talk about housing, but we don’t ever do anything,” said one industry executive familiar with the programs. The executive added that the demonstrations could be “the first of many dollars coming in from the federal side to support all the talk that we have.”

The coming weeks will show whether builders, manufacturers, technology providers, and local governments respond with the level of interest HUD appears to seek.

This post was originally published on here. 

Marissa Ghesquiere has been appointed as regional president for the East Coast and Central regions at Sotheby’s International Realty Inc. It’s a newly created role for the firm in which Ghesquiere will oversee brokerage operations across several key markets while continuing to lead the firm’s East Side Manhattan brokerage, the company announced Monday.

In the regional post, Ghesquiere will be responsible for sales, strategy and operations, with a focus on company-owned offices in New York City; the Hamptons, New York; Greenwich, Connecticut; Palm Beach and Wellington, Florida; Cape Cod, Massachusetts; Houston; and Santa Fe, New Mexico.

She will work with sales leadership, sales professionals and operational teams to support business development and client service across the portfolio. Ghesquiere also continues to serve as managing broker of the East Side Manhattan brokerage and holds real estate licenses in New York, Florida and Massachusetts.

A native New Yorker, Ghesquiere brings nearly two decades of combined real estate and legal experience to the role, according to the company. 

Before moving into brokerage leadership, Ghesquiere practiced real estate law in New York and Massachusetts. She later served as corporate counsel for the company-owned brokerage from 2007 to 2016. She remains admitted to the New York and Massachusetts bars.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

This post was originally published on here. 

As part of HousingWire’s Editor’s Choice awards spotlight series, we’re highlighting past Insiders honorees whose leadership, innovation and behind-the-scenes contributions continue to shape the housing industry. The HousingWire Insiders award recognizes the operational leaders, problem-solvers and change-makers who help their organizations succeed through exceptional execution and impact.

HousingWire reached out to Nicholas Hartigan, director of program management at DocMagic, to learn more about the experiences that have shaped his career, the industry trends he’s watching most closely and the leadership principles that continue to guide his work.

Hartigan was selected as a 2025 HousingWire Insider for his leadership in managing complex enterprise initiatives that help drive the company’s growth and operational excellence. Known for his ability to bring structure, clarity and accountability to complex initiatives, Hartigan plays a key role in helping DocMagic remain agile and responsive in a rapidly evolving mortgage technology landscape.

In this interview, Hartigan shares insights on execution, collaboration and creating clarity in complex environments, as well as his perspective on digital mortgage adoption, operational excellence and building a successful career in housing.

HousingWire: What does being named a 2025 HousingWire Insider mean to you personally and professionally?

Nicholas Hartigan: Being named a HousingWire Insider is a meaningful recognition of the work that happens behind the scenes to move both organizations and the industry forward. In this industry, the work that has the greatest impact is often the least visible, and this recognition reinforces the importance of execution, accountability and collaboration. It’s also a reminder that consistent, high-quality execution done the right way over time has a compounding impact.

HousingWire: Looking back on your career journey, what experiences or opportunities have had the biggest impact on your professional growth?

Hartigan: The most impactful opportunities have been leading complex client implementations and cross-functional initiatives where alignment, adaptability and accountability are critical. These experiences have shaped my ability to navigate ambiguity, build trust and deliver outcomes that scale across the organization.

HousingWire: What trends, challenges or opportunities in the housing industry are you most focused on in your current role right now?

Hartigan: DocMagic has always been focused on the continued evolution of digital mortgage adoption, particularly around end-to-end eClosing. Right now, as co-chair of DocMagic’s AI Working Group, I am focused on operational efficiencies across the organization to better leverage both people and technology. Making our client services and onboarding teams more efficient increases their ability to provide the high-touch customer support that DocMagic is known for, while scaling our ability to support a growing client base without compromising service quality.

HousingWire: What’s one project, initiative or accomplishment from the past year that you’re especially proud of?

Hartigan: I’m especially proud of leading a client onboarding engagement for the top lender in the nation. Through our partnership, we went live across all products in all states in an accelerated time frame while maintaining consistency and quality across a highly complex rollout. Delivering that level of speed, scale and consistency was a significant achievement for both organizations.

HousingWire: What motivates you most in your day-to-day work?

Hartigan: I’m motivated by solving complex problems and creating clarity in situations where there’s ambiguity. Helping teams align around a common goal and translating that into measurable results is what drives me.

HousingWire: What advice would you give someone joining the housing industry?

Hartigan: Focus on understanding both the regulatory landscape and the operational realities of the business. The housing industry rewards those who can bridge compliance, technology and customer experience while staying adaptable in a constantly evolving environment.

Click here to nominate a 2026 Insider.

This post was originally published on here. 

Equity Residential and AvalonBay Communities have outlined who will run the combined multifamily REIT after their planned merger of equals, naming a C-suite team that blends leaders from both companies.

The executive lineup, announced Thursday and reported by the companies, will take effect when the all-stock transaction closes, which the firms expect in the second half of 2026.

Benjamin W. Schall, currently president and CEO of AvalonBay Communities, will serve as president and CEO of the combined company. The post-merger REIT is slated to control more than 180,000 rental apartments and carry a pro forma enterprise value of about $69 billion, according to the May 21 deal announcement.

Chicago-based Equity Residential and Arlington, Virginia-based AvalonBay will maintain dual headquarters in both cities and operate under a new name to be unveiled at closing.

Who’s in the C-suite

The following executives are set to report directly to Schall once the merger is complete:

• Michael Manelis — Executive Vice President and Chief Operating Officer. Currently COO of Equity Residential, Manelis will run day-to-day operations across the enlarged portfolio, including leasing, maintenance, engineering, technology, centralized services, revenue management and marketing.
• Kevin O’Shea — Executive Vice President and Chief Financial Officer. Presently AvalonBay’s CFO, O’Shea will oversee the balance sheet, capital markets activity, investor relations and financial reporting and controls for the new company.
• Matthew Birenbaum — Executive Vice President and Chief Development Officer. Now AvalonBay’s chief investment officer, Birenbaum will direct all development activity, including regional development and construction teams, and chair the Management Investment Committee.
• Sean Breslin — Executive Vice President and Chief Investment and Growth Officer. Currently AvalonBay’s COO, Breslin will lead the investments platform, covering acquisitions, dispositions, capital partnerships and new business initiatives, as well as data analytics and market research.
• Scott Fenster — Executive Vice President, General Counsel and Corporate Secretary. Fenster, who holds the same role at Equity Residential, will run the legal function, including regulatory affairs, for the combined REIT.
• Pamela Thomas — Executive Vice President, Portfolio and Asset Management. Now AvalonBay’s EVP of portfolio and asset management, Thomas will oversee portfolio strategy, asset management, capital expenditure programs, sustainability, retail and mixed-use assets and joint venture relationships.
• Alaine Walsh — Executive Vice President, Human Capital and Administration. Walsh, who holds the same post at AvalonBay, will lead human resources, compensation, learning and development and talent management.

In addition, Ted Schulman, AvalonBay’s current executive vice president and general counsel, will serve as Executive Vice President of Legal Affairs during the integration and later become a senior adviser.

Why this matters for multifamily builders and developers

The two S&P 500 REITs are among the largest institutional owners and developers of Class A apartments in major coastal and high-growth Sun Belt markets. Equity Residential owns and manages 312 properties with 85,211 units, while AvalonBay owns, develops and manages roughly 90,000 apartment homes.

For developers, general contractors and land sellers, the leadership slate signals how the combined company may approach:

• Pipeline and capital allocation: With Birenbaum overseeing development and Breslin leading investments and capital partnerships, builders can expect continued emphasis on large-scale, infill and mixed-use projects in supply-constrained coastal markets and select high-growth metros.
• Operations and technology: Manelis’ remit over operations and technology suggests further centralization in leasing, maintenance and revenue management, which can influence design standards, unit specs and service expectations on new projects.
• ESG and mixed-use strategy: Thomas’ responsibility for sustainability, retail and mixed-use points to ongoing investment in energy performance, resilience and ground-floor retail, areas that affect construction scope and underwriting.

The companies still face regulatory and shareholder approvals, along with integration risk, but naming a unified C-suite more than a year ahead of the expected closing provides counterparties with clearer visibility into who will control development, acquisitions and capital deployment decisions.

Deal status and next steps

The merger, announced May 21, 2026, is structured as an all-stock merger of equals. It remains subject to shareholder votes at both companies and other customary closing conditions, including regulatory clearances.

If completed as planned in the back half of 2026, the combination would create one of the largest multifamily REITs in the country by enterprise value and apartment count, with strategic concentration in Boston, New York/New Jersey, the Mid-Atlantic, Seattle, California and high-growth markets such as Atlanta, Austin, Dallas-Fort Worth, Denver, North Carolina, Southeast Florida, Texas and Colorado.

This post was originally published on here. 

Two Harbors Investment Corp. postponed a special shareholder meeting to vote on its existing agreement to be acquired by CrossCountry Mortgage LLC. The delay will allow Two Harbors to solicit more votes while engaging directly with UWM Holdings Corp. (UWMC) on a potential all-cash acquisition proposal.

The upcoming shareholder vote, originally scheduled for June 11, will now take place on June 23. The subsidiary of CrossCountry Mortgage (CCM) waived its non-solicitation provision through June 12 to enable direct engagement with UWM.

However, the New York-based company continues to recommend that shareholders vote in favor of its existing agreement with CCM for $12 per share in cash, plus a stub dividend. CCM has stated this is its “best and final offer.” Two Harbors noted that the CCM offer is fully financed, with 46 of 53 required state and agency approvals secured and early termination under the Hart-Scott-Rodino Act already granted. The transaction is positioned to close in August 2026.

UWM has offered $12.50 per share in cash, or if a stockholder chooses, 2.3328 shares of UWMC stock. Based on its experience with similar elections, Two Harbors estimates that roughly 25% to 30% of shareholders would fail to complete the necessary paperwork on time and would therefore receive stock instead of cash.

Default stock consideration a non-starter

With UWMC shares closing at $2.59 on June 5, the default stock consideration would be worth about $6.04 per Two Harbors share — less than half of the $12.50 headline figure, the company said.

“TWO believes UWMC is counting on that in order to issue devalued stock at the expense of TWO stockholders,” the board said in a statement. “TWO continues to consider the default stock consideration a non-starter and inconsistent with its fiduciary duties to all stockholders, and has communicated this repeatedly.”

Two Harbors is demanding an all-cash offer from UWM with no stock component, fully committed financing for the entire $12.50 per share in cash (including termination and transaction fees), and definitive documents reflecting those terms.

If UWM cannot meet those conditions, Two Harbors said the company “should step aside” and allow shareholders to vote on the only actionable transaction on the table.

A Keefe, Bruyette & Woods note from Thursday mentioned that “the acquisition of TWO no longer appears compelling if it’s largely for cash” for UWM. “The company has recently sounded more open to a dividend cut, and we believe that once the TWO acquisition is resolved, a dividend cut is probable,” the KBW analysts wrote.

Two Harbors believes UWM’s financial condition has deteriorated since it closed a deal with the company in December 2025. At announcement, that deal was valued at $11.94 per Two Harbors share, but within three months the value dropped below $8.25 per share as UWM’s stock slid to about $3.50. That was roughly 20% below Two Harbors’ book value at the time.

The seller also mentioned UWM’s leverage ratio stood at 3.18x in the first quarter of 2026 (compared to peer levels of 1.0x to 1.5x). Furthermore, Fitch Ratings has twice downgraded UWM’s credit outlook in four months, and credit spreads on UWM’s 6.5% notes due March 2031 and comparable CCM bonds are at 185 basis points.

This article was written by Flávia Furlan Nunes with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication. 

This post was originally published on here. 

Despite the passing of the June 8 deadline, Tennessee-based MLS Realtracs has told subscribers that listing distribution to Zillow will continue uninterrupted as contract negotiations between the two parties more forward. 

In an email sent to subscribers on Friday, obtained and verified by HousingWire, Realtracs said that it remained “actively engaged in discussions with Zillow, Homes.com, Redfin and Realtor.com regarding our new licensing agreements.”

“We continue to believe those discussions are productive and progressing,” the email stated. “We remain focused on reaching agreements that reflect the principles outlined below. Discussions remain active and productive, and we expect negotiations to continue beyond the June 8 timeline we had originally been working toward.” 

The email also noted that regardless of the outcome of these negotiations, brokers will still be able to directly send listings to the portals of their choosing through MLS GRID’s Broker Only Export program. 

Realtracs said it is doing this because the licensing agreements it had been operating under “reflected a very different real estate industry.”

“The rise of artificial intelligence, data aggregation, lead generation platforms, and large-scale consumer portals has only reinforced the need for clarification around ownership, usage rights, and the value of broker-created content,” the email stated. “In many ways, this conversation is long overdue.”

Realtracs: Brokers own their data

According to Realtracs, over the past 20 years, listing data was distributed in a way that allowed third-party companies and vendors to use, retain, modify, market and monetize the content that was created by listing brokers. 

“Our position is built on a simple belief: brokers and their clients own their data – not outside vendors, platforms, or technology providers,” the email stated. “That belief guides everything we’re working to accomplish through our new licensing model.”

Due to this view, Realtracs said it believes that brokers own the listing data they create, that the listing data has value and that there is a need for a modern framework that reflects these beliefs. 

“Our goal is not to restrict opportunity. Our goal is to ensure transparency, choice, and respect for broker-created content,” the email stated. “The future of listing data should be shaped by the professionals who create it, not solely by the companies that consume it. We appreciate your support as we work toward that goal.” 

In an emailed statement a Zillow spokesperson told HousingWire that the company remains “hopeful that we can find a path forward that keeps Nashville listings visible to the millions of buyers who search Zillow every month.”

“Our commitment to transparency in real estate is unwavering, and we believe it is possible to honor that commitment while continuing to serve the Nashville market together,” the spokesperson added.

What happened with Zillow

In May, Realtracs told brokers that it would suspend Zillow’s listing data feed on June 1 if the listing portal did not comply with the MLS’s updated IDX display policy by May 31. However, just before the June 1 deadline, Realtracs announced that it would continue sending the listing feed to Zillow until June 8, when Zillow’s licensing agreement was set to expire. 

In late April, Realtracs updated its IDX display rules adding a requirement that “if a seller wants their listing publicly marketed, it must appear in search results that match a buyer’s criteria.” 

This means all listings entered into Realtracs that match a consumer’s search criteria must be returned in a vendor’s or portal’s consumer search results unless the seller has specifically elected to not include their property listing or address in public displays. 

As of May 31, Realtracs said Zillow was the only listing portal or vendor that was not in compliance with the updated policy. 

Part of a larger legal battle

In mid-May, Chicagoland-based MLS Midwest Real Estate Data (MRED) suspended Zillow’s listing feed for two days over a “material breach of its license agreements.”  The feed was restored after a Chicago federal court partially granted Zillow’s temporary restraining order, forcing MRED to restore the listing feed. The two parties extended the temporary restraining order, which also prevents Zillow from banning any MRED listings, last week. This dispute was part of a larger legal battle between Zillow, MRED and Compass International Holdings, in which Zillow has accused MRED and Compass of colluding. 

Earlier this spring, both MRED and Realtracs announced plans to expand nationwide, with both securing national listing feed agreements with Compass, as well as with United Real Estate for Realtracs. 

This post was originally published on here. 

California Attorney General Rob Bonta on Friday announced a $4.6 million settlement with California-based mortgage servicer Select Portfolio Servicing (SPS). Under the agreement, which is subject to court approval, SPS will pay $1.6 million in civil penalties and provide $3 million in consumer restitution to affected borrowers.

The settlement also requires the company to overhaul parts of its servicing practices, including how it communicates with borrowers who seek loan modifications and other foreclosure-prevention assistance.

The move resolves allegations that the company violated state and federal mortgage servicing and debt collection laws while handling homeowners affected by the COVID-19 pandemic.

The California Department of Justice alleged that SPS failed to provide borrowers with adequate information about COVID-19 mortgage forbearance programs and their options for avoiding foreclosure after these programs ended.

The state also alleged that SPS sent inaccurate mortgage statements to some borrowers in forbearance, indicating they could be charged late fees for missed payments.

“Californians are facing a crisis of affordability, and many of our residents struggle every month to keep a roof over their heads,” Bonta said in a statement.

Bonta said the settlement resolves findings that SPS violated homeowner protection laws during the pandemic, leaving some borrowers without clear or accurate information during a period of financial uncertainty.

The investigation — which was based in part on information provided by housing advocacy groups Housing and Economic Rights Advocates and California Rural Legal Assistance, Inc. — determined that SPS also failed to conduct individualized discussions with borrowers nearing the end of their forbearance periods and did not provide adequate support through the single points of contact required under California law.

State investigators further alleged that SPS failed to ensure borrowers could submit loan modification applications within timelines established under California’s Homeowner Bill of Rights. The law mandates that mortgage servicers provide foreclosure-prevention information to struggling borrowers; assign a dedicated point of contact for loss-mitigation applications; and generally halt foreclosure proceedings while a completed loan modification application is under review.

Borrowers eligible for restitution have already been identified and will receive payments automatically, according to the attorney general’s office.

SPS did not respond to HousingWire‘s request for comment at the time of publication.

This post was originally published on here. 

Author’s note: I worked for KB Home during two periods of my career and remain grateful for the experience. This analysis is based solely on publicly reported information and reflects my independent views on the company’s land strategy and industry positioning.

KB Home’s land pipeline is telling investors something important: a 2024 rebuild, a 2025 slowdown — and why it could matter in consolidation. By any conventional homebuilding metric, KB Home is not staring at an immediate land shortage. The company spent aggressively in 2024, expanded its community count and carried a substantial lot position across its footprint.

But a closer look at recent disclosures suggests something more nuanced: This is not a story of scarcity. It is a story of momentum — and momentum that appears to be slowing.

The data suggest KB Home executed a meaningful land replenishment effort in 2024, then moderated that pace in 2025. It is not a crisis. But it is a shift worth watching because land is the fuel for future growth. When replenishment slows, future community growth often follows.

The 2024 reload

For homebuilders, few metrics matter more than controlled lots. They represent future communities, starts, revenue and ultimately earnings. Builders can manage margins, pricing, incentives and production pace — but without a healthy land pipeline, sustaining growth gets difficult.

In 2024, KB Home appeared to recognize that reality and act decisively.

The company’s lots owned or under contract rose from 55,976 at year-end 2023 to 76,703 at year-end 2024 — an increase of more than 20,000 lots in a single year.

Just as notable was the composition of that land position. In 2023, about 73% of KB Home’s lots were owned outright and 27% were controlled through contracts and options. By 2024, the mix had shifted to roughly 51% owned and 49% under contract.

That pivot matters. Option-controlled lots typically require less upfront capital and provide more flexibility if market conditions deteriorate. Over the past decade, builders have increasingly favored option structures because they improve returns on capital and reduce balance-sheet risk.

In short, 2024 looked like a classic replenishment year.

Then the pipeline started to shrink

The more interesting development showed up in 2025.

Despite entering the year with one of its largest lot positions in recent history, KB Home ended 2025 with 63,257 lots owned or under contract — a decline of more than 13,000 lots from the prior year.

At the same time, the mix shifted back toward ownership: about 59% owned and 41% under contract.

Taken together, those changes suggest KB Home was consuming land inventory faster than it was replacing it. That does not necessarily indicate poor execution. It may reflect disciplined capital allocation in an uncertain housing environment. But it does signal a move from accumulation to utilization — and that distinction is important.

Builders that consistently replenish their pipelines tend to keep lot inventories relatively stable over time. Builders that reduce replenishment begin drawing down previously accumulated positions. KB Home’s recent data increasingly resembles the latter.

Community growth can mask the trend

One reason the shift may be easy to miss: community count continued to move higher. KB Home reported ending community counts of:

• 242 in 2023
• About 250 in 2024
• 271 in 2025

On the surface, that is encouraging. More communities typically translate into more sales opportunities and broader market penetration.

But community count is often a lagging indicator of land strategy. The growth seen in 2025 likely reflects investments made during the 2024 land build — not necessarily evidence of continued replenishment.

The question is not whether communities are growing today. It is whether the land pipeline is being rebuilt fast enough to support growth tomorrow.

The capital allocation signal

Spending trends add another data point.

KB Home invested approximately:

• $1.80 billion in land and land development during 2023
• $2.84 billion during 2024
• $567.2 million during the first quarter of 2025

The first-quarter 2025 figure represented a 38% year-over-year decline, pro-rated for full-year 2025.

Capital spending alone never tells the full story. Builders adjust acquisition activity in response to pricing, market conditions and available opportunities. But when lower spending coincides with a shrinking lot inventory, the message becomes harder to ignore: replacement activity appears to have slowed.

That does not mean KB Home cannot grow. It means future growth increasingly depends on extracting value from the existing land bank rather than expanding it.

Why it matters

The homebuilding industry is moving into a period in which lot supply may become one of its most valuable strategic assets. Entitlement timelines continue to lengthen. Infrastructure costs remain elevated. Municipal approvals are becoming more complex. In many growth markets, finished lots remain the scarcest resource in the development chain.

Builders with durable replenishment pipelines can keep opening communities and capture market share even when conditions turn challenging. Builders that allow pipelines to shrink can eventually find themselves competing for land from a weaker negotiating position.

For KB Home, the issue is not today’s inventory. It is tomorrow’s replacement rate.

The company remains a meaningful national builder with strong positions in California, Las Vegas, Arizona and Florida. Yet it remains notably underrepresented in Texas — the country’s largest homebuilding market and arguably its most strategically important growth market.

According to recent rankings, KB Home is not among the top builders in Dallas-Fort Worth, even though DFW is the nation’s largest new-home market.

Over time, the company has entered and exited major markets, including Atlanta, while maintaining its strongest concentration in the West. That geographic profile creates both strengths and vulnerabilities.

Why consolidation becomes a relevant discussion

There is another implication beyond land strategy.

In today’s homebuilding environment, companies are increasingly valued not simply on earnings but on the quality, duration and geographic relevance of their land pipelines. Scale matters more than ever. As land becomes harder to secure and development costs rise, larger builders enjoy advantages in purchasing power, land acquisition, financing, technology and overhead absorption.

The result is an industry that continues to consolidate.

Against that backdrop, KB Home starts to look increasingly interesting. It has a recognized brand, meaningful scale, attractive positions in several high-barrier-to-entry markets and a substantial operating platform.

At the same time, it is showing signs of drawing down a previously replenished land position rather than aggressively rebuilding it. For a strategic acquirer, that combination can be compelling.

A larger builder with stronger Texas exposure — or simply a deeper land acquisition platform — could view KB Home as a way to gain immediate scale in California, Nevada, Arizona and Florida, while using its own sourcing capabilities to accelerate future replenishment.

There is also the operational side of the equation. KB Home’s selling, general and administrative expense structure has often been viewed as heavier than that of some peers — by as much as 40% — according to the contributor. In a consolidating industry, overhead rationalization is frequently one of the biggest sources of acquisition synergies.

KB Home’s leadership profile may also contribute to investor speculation. Jeffrey Mezger led the company for nearly two decades and spent more than 30 years at KB Home. Continuity has benefits, but long-tenured leadership teams can raise questions about succession planning.

None of this means KB Home is actively pursuing a sale. Nor does it suggest a transaction is imminent. But several characteristics that often attract strategic interest are increasingly present:

• A recognized national brand
• Strong positions in attractive Western markets
• Limited exposure to Texas relative to larger peers
• A land bank that appears to be shrinking rather than expanding
• Potential SG&A synergies
• Long-tenured leadership
• A market capitalization that remains digestible for multiple strategic buyers

The Phoenix move adds another layer

KB Home’s decision to relocate its headquarters from California to Phoenix may matter for reasons beyond operating efficiency. On its face, the move aligns with broader corporate migration trends. Arizona offers a lower-cost operating environment, a more favorable tax structure and proximity to several of KB Home’s largest operating divisions.

It also places executive leadership closer to where both Mezger (now executive chairman) and Rob McGibney (now CEO) have long maintained professional and personal ties.

Headquarters relocations can also serve another purpose: strategic flexibility. In an era of consolidation, corporate domicile matters. Lower state tax burdens can improve ongoing profitability, and corporate structure can influence shareholder value in future strategic transactions.

Investors should also note that KB Home’s leadership team is unusually tenured and collectively owns a meaningful amount of company stock. Mezger alone has accumulated a substantial equity stake over his decades with the company.

That does not mean the Phoenix move was undertaken in anticipation of a sale. There is no public evidence of such a motive. But if the homebuilding industry continues to consolidate, the relocation may eventually be seen as a decision that reduced operating costs and positioned the company for a wider range of strategic outcomes.

In corporate strategy, the best defensive moves are often the ones that create offensive optionality. In a housing industry increasingly defined by scale, optionality has value.

What to take away

KB Home’s recent land strategy does not signal distress. It signals transition.

The company appears to have executed a major replenishment effort in 2024, building a larger and more flexible land position. But 2025 points to moderation rather than continuation: lot inventory declined, the portfolio became more ownership-heavy, and land spending slowed. Community growth remained positive but appears increasingly supported by prior investments.

Viewed independently, those developments raise questions about future replacement rates. Viewed through the lens of a consolidating homebuilding industry, they raise a different question:

Is KB Home positioning itself for another cycle of aggressive growth — or is it becoming one of the more logical strategic acquisition candidates in U.S. homebuilding?

Investors may not know the answer today. But as land becomes harder to find, scale becomes more valuable and consolidation continues to reshape the industry, it is a question that may get harder to ignore.

This post was originally published on here. 

Homeowners tapped their housing wealth at the fastest pace for any first quarter in four years as more borrowers turned to home equity loans and lines of credit instead of refinancing their existing mortgages, according to Intercontinental Exchange (ICE)’s June 2026 ICE Mortgage Monitor report.

The June report, released Monday — which tracks delinquency and foreclosure trends through the end of April — found that homeowners withdrew an estimated $47 billion in equity during the first quarter, up 2% from a year earlier and the highest first-quarter total since 2021.

ICE said that trend was driven by second-lien loans, which reached their strongest first-quarter volume in almost 20 years. About 248,000 borrowers tapped home equity through second-lien loans and lines of credit during the quarter, withdrawing roughly $25 billion. Another 234,000 homeowners completed cash-out refinances, extracting approximately $22 billion.

“The housing market continues to be defined by the lock-in effect,” Andy Walden, head of mortgage and housing market research at ICE, said in a statement. “Millions of homeowners are sitting on first mortgages with rates well below current market levels, making second liens and HELOCs an attractive way to access equity without giving up those loans.”

Second liens grow in popularity

Borrowers who obtained mortgages during the low-rate years of 2020 through 2022 accounted for nearly two-thirds of all second-lien originations in the first quarter of 2026. According to the Mortgage Monitor report, an estimated 3.9 million homeowners with primary mortgages originated during that period now also carry a second lien.

The trend comes as home equity products become increasingly attractive relative to traditional refinancing options. ICE reported that the average introductory rate on second-lien HELOCs fell to 6.6% in March, the lowest level since late 2022. At that rate, a homeowner could borrow $50,000 of their home equity for a monthly payment of about $275, down sharply from more than $400 in early 2024.

At the same time, higher mortgage rates have dampened refinancing opportunities. The number of homeowners with a financial incentive to refinance fell to roughly 1.8 million in May, down from a peak of 5.4 million in late February when mortgage rates briefly dipped below 6%.

Since then, rates have risen about 50 basis points amid stronger-than-expected economic data, persistent inflation concerns and shifting expectations for Federal Reserve policy. Average rates for 30-year mortgages climbed as high as 6.6% in May, their highest level since last summer.

While the increase has eroded some affordability gains made earlier this year, housing affordability remains improved from a year ago, according to ICE.

Purchasing the average-priced home now requires 29.8% of median household income, down from 31.6% a year earlier. Homebuyers also have about 3% more purchasing power than they did last May, and the monthly payment on an average-priced home remains about $48 lower than a year ago.

Affordability pressures continue to weigh on some prospective buyers, with ICE identifying that the share of purchase mortgage rate locks going to first-time homebuyers fell to its lowest level in nearly a year and a half, while average borrower credit scores increased.

Annual home price growth accelerated to 1% in May, marking the third consecutive month of gains. Nearly 70% of major housing markets posted annual price increases, the largest share since July 2025, while almost 90% recorded month-over-month appreciation on a seasonally adjusted basis.

Northeastern markets led annual price growth, with Scranton, Pennsylvania; Rochester, New York; and Bridgeport, Connecticut posting some of the strongest gains. Several formerly high-flying Sun Belt markets, including Cape Coral, Florida, and Austin continued to see annual price declines.

“As refinance opportunities become more limited, home equity products are playing a larger role in helping homeowners access liquidity and meet financial goals,” Bob Hart, president of ICE Mortgage Technology, said in a statement.

Delinquencies hold steady in April

The report found that the national delinquency rate held steady in April at 3.35%. ICE observed that delinquency levels are 45 bps below pre-pandemic benchmarks set in January 2020, but are up 13
bps from the same period last year.

The increase, ICE said, is driven by a rise in serious delinquencies — which despite a seasonal decline in April are up 21%, or 101,000 loans, from year-ago levels. The rise is largely attributable to Federal Housing Administration loans, where serious delinquencies are up 105,000 from a year ago.

Early-stage delinquencies, however, are down 5,000 over the same period.

General foreclosure starts reached 37,000 in April, up 26% from a year ago and the highest April count since 2019. But start volumes remain 19% below 2019 levels.

This post was originally published on here. 

MIAMI — Jim Parker has been promoted to chief operating officer and David Grove to executive vice president of homebuilding at Lennar Corp., the company announced June 5.

The appointments are effective immediately and keep both executives reporting to Stuart Miller, Lennar’s executive chairman, CEO and president, according to the company statement.

Parker and Grove most recently served as area presidents leading Lennar’s East and West operations, respectively. Each brings roughly 30 years of homebuilding experience to the new roles, Lennar said in its announcement.

Parker joined Lennar in 2018 through the builder’s merger with CalAtlantic Homes. He had been a region president at CalAtlantic following the Ryland Homes–Standard Pacific combination. His earlier career included leadership positions at John Wieland Homes and Beazer Homes. He also founded and later sold Parker Chandler Homes, which operated in Atlanta, Charlotte and Myrtle Beach, and went on to serve as Atlanta division president and area president at Ryland Homes.

Grove began his career with Lennar in 1999 as a construction area manager in Austin and has spent his entire professional tenure with the company. He moved through construction management and operations roles before becoming division president in 2004. Grove led Lennar’s San Antonio division for more than a decade, later overseeing both Austin and San Antonio. In 2017 he relocated to Dallas as division president of the Dallas-Fort Worth division and was named regional president for Texas in 2022 before becoming an area president.

Miller said in the release that Parker and Grove are “tenured, proven Lennar leaders” who have delivered strong results and reflect the company’s focus on quality and value.

The leadership moves come as Lennar, one of the nation’s largest homebuilders, continues to navigate a market defined by elevated mortgage rates, persistent supply constraints and strong structural demand for new homes. Public builders have been leaning heavily on operational efficiency, tighter cost controls and disciplined land strategies, making experienced operators central to execution.

For homebuilding executives and land, trade and capital partners, the promotions signal that Lennar is doubling down on operational leadership at a time when scale players are seeking to protect margins while keeping product attainable. Concentrating East and West oversight under a COO and homebuilding EVP with deep regional and divisional experience could also shape how Lennar allocates capital, manages cycle time and approaches community count growth across its 30-state footprint.

Lennar, founded in 1954, builds affordable, move-up and active adult homes primarily under the Lennar brand. The company also operates mortgage, title and closing services through its financial services segment, develops multifamily rental properties and invests in housing-related technology through its LENX platform.

This post was originally published on here. 

In a 2026 mortgage market defined by higher-for-longer interest rates and softening home values, the traditional reverse mortgage playbook is facing headwinds. But top-producing originators are finding an avenue for growth by selling the product as a wealth management tool for affluent, asset-rich retirees rather than a lifeline of last resort.

Gabe Bodner, a reverse mortgage planner and president at OneTrust Home Loans — a national retail lender featuring a consumer-direct division— exemplifies this strategic shift. 

Bodner originated about $40 million last year, according to mortgage platform RETR, by targeting borrowers who don’t necessarily need a reverse mortgage but can leverage one to optimize their retirement portfolios. His pitch to high net worth borrowers centers heavily on tax mitigation and cash-flow analysis.

To execute this strategy effectively, Bodner has increasingly turned to proprietary reverse mortgages. These products, which he said have surged to 35% of the pipeline at OneTrust, allow borrowers to access more equity on higher-priced homes without the friction of the Federal Housing Administration (FHA)’s steep upfront mortgage insurance premiums.

In this interview with HousingWire’s Reverse Mortgage Daily, Bodner breaks down the mechanics of his sales pitch to affluent clients and explains how he overcomes cost objections. He also discusses the pressing need to modernize Home Equity Conversion Mortgage (HECM) guidelines, the changing dynamic between proprietary and FHA products, and the positive impacts of the recent ban on abusive trigger leads.

Editor’s note: This interview has been edited for length and clarity.

Flávia Nunes: With higher-for-longer interest rates, how has 2026 been so far for reverse mortgage originators? Do you expect any changes to the macroeconomic environment? 

Gabe Bodner: Overall, 2026 has been a challenging year. Part of the reason is that with interest rates being higher, it has reduced principal limit factors, and we’re finding many borrowers are short cash to close, unfortunately.

The other interesting thing is we’ve seen home values softening across most markets, but homeowners have an inflated opinion of the value of their home. And that has resulted in quite a few instances where values are coming in short or low, which is again causing borrowers to be short cash to close. 

I do think that we’re going to continue to see the same challenges throughout the rest of the year, especially as it relates to HECM. On the flip side, there’s a lot of opportunity within the proprietary space. I’m very excited that Tennessee is now allowing proprietary products. We have one of our top loan officers in Tennessee, and that’s going to be a big lift for him and his business.

Nunes: How is your portfolio currently divided between proprietary and HECM products?

Bodner: If you had asked me maybe a year ago, I would have said, as a company, we are a lot more HECM than proprietary — probably 80% HECM and 20% proprietary. But this year we’ve seen a very large increase in our product mix for proprietary. I’m estimating 65% HECM and 35% proprietary.

That is because proprietary guidelines are growing and expanding, and they’re more flexible than HECMs. No. 1, proprietary products allow for higher-value homes, meaning it allows borrowers to access more equity. No. 2, it allows borrowers to pay off debt to qualify. FHA still does not allow that.

Additionally, FHA has made it very challenging to finance condominiums with a HECM. Proprietary has opened up the doors in many cases to be able to offer financing for non-FHA-approved condominiums. 

Nunes: What are the main issues with HECM products, in your opinion?

Bodner: The FHA and HUD have not done enough to improve the HECM product. It’s a wonderful product. I call it the gold standard of reverse mortgages. But HUD has to, in my opinion, continue to evolve the product and make changes to serve the need.

There are challenges for some borrowers with the mortgage insurance fee structure. There’s a 2% upfront mortgage insurance premium based on home value and a half percent of mortgage insurance annually. And many borrowers, especially non-needs-based borrowers, have a really hard time paying that large upfront mortgage insurance premium when they have a significant amount of equity in their home.

Nunes: Are you seeing a larger share of affluent or “asset-rich/cash-flow constrained” retirees entering the market?

Bodner: I would still say the majority of borrowers, by far, are needs-based borrowers. I personally do quite a bit of business with planning-based borrowers, as I call them, who don’t need a reverse mortgage, but they see the value, whether their adviser showed them the value or they attended one of my classes. There are a lot of those borrowers that we can serve, but those are the borrowers that have the most friction when it comes to the upfront mortgage insurance premium.

As an example, I’m in Boulder, Colorado. We have a lot of home values that are over $1 million. I speak with a lot of people who have a million-dollar home and either own their home free and clear or have a very small mortgage. And they have to pay $20,000 in upfront mortgage insurance in a very low loan-to-value situation. They have to assess, does the cost outweigh the benefit? I believe it does personally, but not all borrowers can see that value.

Nunes: How do you convince these borrowers to access the equity in their homes? 

Bodner: I try to do a cash-flow analysis and ultimately compare where they are getting money from today. Let’s just say they have a million-dollar home and they have a million dollars of assets under management, and they have some type of fixed income in retirement, but they’re drawing money from their portfolio every month to live off of.

Well, that money they’re taking out of their portfolio, in most cases, is taxable. So when they take money out of their portfolio, they’re increasing their overall adjusted gross income, and therefore increasing their overall tax liability. They’re depleting their portfolio at the same time, which means they’re losing future growth opportunities on the portfolio.

I present the reverse mortgage line of credit as a way to come in and utilize funds from the line of credit as an orchestrated strategy with their portfolio. This reduces their adjusted gross income, reduces their tax liability, and sometimes can even help them stay in a lower tax bracket.” 

Nunes: So that’s the segment where you see more opportunity for growth in the next 12 months?

Bodner: Currently, with the FHA guidelines, yes. But my hope is that with some lobbying efforts from the National Reverse Mortgage Lenders Association and the Mortgage Bankers Association, HUD will consider making some changes to the guidelines and to the mortgage insurance premium structure.

HUD actually opened up for comments several months ago, and I made some comments and suggestions on how HUD could enhance and improve the HECM product.

I do believe that if HUD is willing and open to adjusting the principal limit factors, increasing the borrowing potential, and changing the structure of the upfront mortgage insurance premium, that will absolutely open up more opportunities and more doors with the FHA product. If they don’t make any changes, I do predict that proprietary products will continue to exceed FHA volume.

Nunes: Who are your primary lead sources today? 

Bodner: My primary referral partners are financial advisers. No. 2 are Realtors, and No. 3 are other loan officers — what I would call forward or traditional loan officers who don’t do reverse mortgages.

As the stock market has continued to perform beyond my expectations and many people’s expectations, many financial advisers are riding that wave. When there was a lot more volatility in the stock market, I was seeing more referrals from financial advisers.

I personally feel like financial advisers value this product in a volatile or down market. But as the stock market continues to just go through the roof — or so it seems, regardless of the fact that all economic signs point to the contrary — advisers are just sort of letting their clients’ assets ride and not worrying as much as they probably should about what happens if there’s a downturn.

Nunes: How do referrals from real estate agents compare to those from financial advisers? 

Bodner: Realtors will usually refer a client for a reverse mortgage only when somebody asks them about it. Most Realtors are not utilizing it proactively in their real estate business.

It’s usually only when a client asks them, “Hey, do you know anybody who does reverse mortgages?” That’s typically when they will refer them to me, versus a financial adviser who is incorporating it into their financial planning practices with each of their clients who are of retirement age.

With many Realtors, advisers and other referral partners, they really do want to work with a specialist in this space. That’s not to say that a loan originator can’t do both, but I feel like it’s such a niche product with a client base that really needs a lot of hand holding, guidance and education. 

Nunes: Have you noticed any recent changes due to the ban on abusive trigger leads?

Bodner: We have been impacted by trigger leads, but I have seen a dramatic improvement there. It used to be that when we would run a credit report for a borrower, they would immediately start getting phone calls, emails and solicitations from other lenders.

I’m not kidding — they’d be sitting in my office, I’d be running the credit report and the application, and their phone would start ringing while they were still sitting there. Then it would be nonstop for several days. It seems to have improved, though. Also, as a company, we are starting to incorporate direct mail as part of our consumer-direct team.

Nunes: With OneTrust actively growing its reverse mortgage division, what do you see as the primary opportunities and challenges for originators entering this space right now?

Bodner: There’s a significant amount of opportunity. When we consider the number of seniors who are reaching retirement age today — somewhere in the ballpark of 12,000 a day — there’s about $14 trillion worth of senior home equity. Given the fact that, as an industry, we’re only serving 2% to 3% of the potential market, there’s a ton of opportunity.

I would encourage anybody who wants to get into the space to do it, because it’s a wonderful product that’s very misunderstood, especially by forward mortgage originators. When you have a 65-year-old client walk into your office and ask for a 30-year mortgage, that’s probably not the best product to serve them long-term, right?

Those opportunities just don’t always fall into your lap. You have to go out, be proactive, network and develop relationships. It’s like getting back to the basics of selling. An originator has to know that most people they speak to already have a preconceived notion of what this is. You can’t get offended and you can’t get your feelings hurt. You have to have a way to handle objections, if that makes sense.

This post was originally published on here. 

A lot of real estate investors know the power of a traditional 1031 exchange. Sell one investment property, roll the proceeds into another, and defer the capital gains taxes. It is one of the most valuable tools in real estate investing.

But what many smaller investors do not realize is that there is another strategy that can create a similar result — at least temporarily — without ever touching Section 1031 of the tax code.

I call it the “poor man’s 1031 exchange.”

What is the “poor man’s 1031 exchange”?

To be clear, this is not an actual 1031 exchange. There is no intermediary involved, no strict identification timelines and no requirement to directly swap one property for another. Instead, this strategy became possible because of accelerated depreciation rules, bonus depreciation and cost segregation studies. When structured correctly, an investor can potentially offset a large taxable gain from a property sale by purchasing another property in the same calendar year and aggressively depreciating components of that new asset.

The key phrase is “same calendar year.”

That timing requirement is what makes this strategy work.

How the strategy works in practice

Let’s walk through a simple example.

Imagine an investor sells a rental property for $1,000,000. After accounting for basis, closing costs and depreciation recapture, the investor is staring at roughly a $500,000 taxable gain.

Under normal circumstances, that gain could create a massive tax bill. Depending on the investor’s state and tax bracket, they could easily lose well over $100,000 to taxes.

Traditionally, many investors would immediately think about a 1031 exchange. But maybe they missed the timeline. Maybe they want access to some of the sale proceeds. Or maybe they simply do not want the restrictions that come with formal exchange.

This is where the “poor man’s 1031 exchange” comes into play.

Instead of performing a 1031 exchange, the investor purchases another investment property before the end of that same tax year. Let’s say they purchase multifamily property for $1,500,000.

On the surface, buying another property does not automatically eliminate the taxable gain. Real estate typically depreciates over 27.5 years for residential property or 39 years for commercial property. Under standard straight-line depreciation, the deduction would not come close to offsetting a $500,000 gain.

However, a cost segregation study changes the equation dramatically.

The power of cost segregation

A cost segregation study breaks down the building into shorter-life components such as flooring, cabinetry, parking lots, appliances, lighting, landscaping and other improvements. Instead of depreciating those items over nearly three decades, many of them can be depreciated over five, seven or 15 years.

More importantly, current accelerated depreciation rules may allow a significant portion of those assets to be deducted immediately in the first year.

For example, suppose the investor’s new $1,500,000 property receives a cost segregation study that identifies $600,000 of assets eligible for accelerated depreciation. Depending on the current bonus depreciation percentage and the investor’s tax situation, they may be able to claim hundreds of thousands of dollars in first-year depreciation deductions.

Those paper losses can potentially offset much — or even all — of the $500,000 gain from the earlier sale.

In practical terms, the investor may have sold one property, recognized a taxable gain on paper, and then neutralized much of that gain through accelerated depreciation generated by the newly acquired property.

That is why some investor’s view this as a “poor man’s 1031 exchange.” It can create a similar short-term tax result without formally using Section 1031.

But investors need to understand the limitations and risks.

Limitations and risks to consider

First, this is not tax-free forever.

Depreciation is generally recaptured later when the replacement property is sold unless additional strategies are used in the future. In many cases, this strategy is more accurately described as tax deferral rather than true tax elimination.

Second, passive activity rules matter.

Not every investor can fully utilize accelerated depreciation losses. Real estate professional status, passive income limitations and income thresholds can all impact whether the deductions are immediately usable. An investor may generate large paper losses but still be unable to fully apply them against active income.

Third, timing is critical.

Unlike a traditional 1031 exchange, which has its own specific identification and closing windows, this strategy generally depends on both the gain and the new depreciation occurring within the same taxable year. Miss December 31, and the strategy may not work the way the investor intended.

Fourth, cost segregation studies are not magic.

A quality study should be performed by reputable professionals who understand engineering-based cost allocation. Investors who attempt overly aggressive depreciation positions without proper documentation can increase audit risk.

Finally, investors should remember that tax laws change.

Much of the popularity of this strategy exploded after bonus depreciation rules were expanded in recent years. As bonus depreciation phases down over time, the effectiveness of this approach may change as well unless Congress modifies the rules again.

Still, for many investors — especially smaller operators who may not have perfectly structured their sale in advance — this strategy can be an incredibly valuable planning tool.

A powerful alternative

In today’s market, many investors are trapped by low-basis properties and large embedded capital gains. Traditional 1031 exchanges remain powerful, but they are not the only option available.

The “poor man’s 1031 exchange” highlights something sophisticated investors have understood for years: tax strategy often matters just as much as the real estate itself.

The investors who win long-term are not simply the ones who buy the best properties. They are the ones who understand how to legally and strategically use the tax code to preserve capital, improve cash flow and continue scaling their portfolios.

And sometimes, the best opportunities are not found directly in the tax code at all — but instead in the interaction between multiple sections of it.

Jesse Brewer is a local county commissioner in Boone County, Kentucky, and has been serving his constituents for 8 years. 
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. 

The share of first-time buyers in the U.S. housing market has fallen to 21%, the lowest on record. The historical norm is closer to 40%. That gap isn’t a blip, nor is it a rate-cycle artifact that corrects itself when the Fed moves. It’s a structural condition, and it sits at the root of why transaction volume has stalled in ways that price data alone cannot explain. 

Why the math stopped working

Repeat buyers and first-time buyers are not really in the same market. They are experiencing different versions of it.

A repeat buyer in 2026 is bringing $200,000, $300,000 or sometimes $500,000 in equity to the transaction. They hate the rate. But they can buy down points, put 40% down and still land at a payment they can stomach.

A first-time buyer brings income, savings and the expectation that hard work and discipline should eventually open a door. Yet the qualifying income required to purchase a median-priced home has roughly doubled since 2020. At current rates and prices, that door has been locked without anyone handing them a key.

Meanwhile, wages have not kept pace. The down payment target keeps moving up with home prices. And every month a first-time buyer spends saving, the goalposts move further.

That asymmetry is what makes the first-time buyer situation structurally distinct. Everyone feels rate pain. But only one group has the equity cushion to absorb it. 

From missing buyer to missing market

The housing market operates as a chain of sequential transactions, and the consequences of a missing first link travel the entire length of it.

When a young couple cannot purchase a $450,000 starter home, the family in that home cannot sell and move up to the $700,000 property they’ve been eyeing. That seller, in turn, cannot free up the house that someone else has been waiting on above them. One missing buyer at the bottom removes three or four transactions from the system. This is why existing-home sales nationally came in at roughly 4.06 million in 2025, well below the historical norm of around 5.2 million, and near levels last seen in the mid-1990s, when the country had 70 million fewer people.

The lock-in effect compounds this from the other direction. Roughly two-thirds of mortgaged homeowners carry rates below 4%, and trading up means trading those rates away. Most are choosing not to. So the market is jammed at both ends: Existing owners holding onto rates they cannot replicate, and first-time buyers unable to get a rate worth holding onto. What you get is a market that has stopped without quite falling.

If your pipeline feels frozen right now, this is the structural explanation.

Volume over price

Price headlines are a distorted signal in a low-volume market, and this is a low-volume market.

When volume collapses, the transactions that do close skew toward buyers who can still transact: move-up and higher-end buyers. Median price data reflects those deals. It does not reflect the larger portion of the market that never materialized. Price tells you what cleared. Volume tells you how much of the market is genuinely liquid.

Right now, volume is the more honest signal, and it is pointing at constraint. Inventory, while modestly improved, remains below pre-pandemic levels. The market isn’t suffering from weak demand meeting ample supply. It is a weak demand meeting constrained supply, with the weakest demand concentrated where the market needs it most: the entry level. 

What this means for how we work

None of this resolves quickly. The barriers facing first-time buyers, qualifying income, down payment accumulation and compounding home prices aren’t problems that one rate cut will fix. Agents waiting for the market to return to 2021 conditions are going to be waiting for a long time.

Three things are worth adjusting now.

Working with first-time buyers requires a different skill set than it did three years ago. It’s less about finding the right property and more about solving a financial puzzle. Down payment assistance, lender relationships that actually execute 2-1 buydowns well, builder incentives, parental gifts structured correctly: the agents winning in this segment are essentially financial coordinators with a real estate license.

On the listing side, your move-up sellers need a buyer’s agent before they need a listing agent. Do not take the listing without a clear plan for where that seller is going and how they are getting qualified. A listing with no Plan B is a withdrawal waiting to happen.

And the benchmark matters. Measuring current performance against 2021 volume produces a distorted read. The agents doing well right now are running boring, disciplined SOI programs and treating every lead with the urgency it deserves. Because in this market, some weeks that lead is the only one.

The bottom line

The missing first-time buyer isn’t a symptom of a slow market. It’s the cause of one. Their absence pulls the foundation out from under move-up activity, suppresses transaction volume and leaves the chain above them with nowhere to go.

The barriers keeping them out are structural and not self-correcting. Agents who understand why the market is stuck are already operating differently. The ones still waiting for the market to come back may find they have been waiting for something that requires more than time.

Eric Bramlett is the broker-owner of Bramlett Partners, a fast-growing independent real estate brokerage headquartered in Austin, Texas. 
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the editor responsible for this piece: zeb@hwmedia.com.

This post was originally published on here. 

For Boston real estate agents scanning for the next wave of demand, the most important market signal may not come through mortgage rates or listings — but from where multinational corporations decide to plant their flag.

Boston has been named the top U.S. city for foreign multinational business activity in the Financial Times–Nikkei Investing in America ranking, a survey that evaluates major cities across more than three dozen metrics that matter to international investors.

The study cites Boston’s concentration of universities, highly educated workforce, innovation economy and infrastructure strength as key drivers of its No. 1 position.

For real estate professionals, that result increasingly shows up in relocation traffic, rental demand and luxury purchases tied to corporate expansion.

George Sarkis, co-founder and CEO of The Sarkis Team at Douglas Elliman, said Boston’s position in the ranking reflects structural strengths that have long defined the market.

“It’s one of the strongest and most resilient real estate markets in the country, and that’s because of the diverse economy, world-class institutions, and the industries that continue to attract global talent and investment,” Sarkis told HousingWire. “If you’re an international business player, why would you not want to go where the talent is?

“They want these younger, tech-savvy college grads who can help build their business — not just now but for the next 30-plus years.”

More than 40 colleges and universities operate in the region, enrolling more than 160,000 students who feed a steady pipeline of talent into the local economy, according to the FT-Nikkei report.

Sarkis also cited the recent $6.1 billion sale of the Boston Celtics as a major part of the city becoming an international business hub.

One of my clients, Steve Pagliuca, was part of the sale,” Sarkis said. “There’s international partners on the team now who are not all U.S. residents.”

Boston’s luxury housing segment remains in strong seller’s market territory, according to HousingWire Data as of June 5.

The Boston–Cambridge–Quincy metro area has a median single-family list price near $997,750 and a luxury average above $1.68 million, with inventory spanning roughly 3,842 properties.

Conditions remain extremely tight with just one month of supply. Homes are moving quickly, with a median of 21 days on market and strong weekly absorption that exceeds new listings.

Condominiums show similar pressure, with higher price-per-square-foot levels that reflect urban scarcity.

From corporate hiring to housing demand

While the FT-Nikkei ranking focuses on business competitiveness, its effects on housing are hard to miss. Corporate expansion typically triggers relocation activity that eventually flows from rentals into home purchases.

Sarkis said he’s already seeing that pipeline play out in real time.

“It’s huge. For example, I work very closely with a lot of these companies that are hiring right now,” he said. “One just went on a hiring spree of 800 new employees. They have designers coming from Germany that are helping them and people relocating from all around the world, all around the country.

“I continue to get inside referrals throughout this company for [relocation] help. These are people not only looking to buy but looking to rent and also just kind of figuring out where they want to be. They get familiar with the city and the suburbs outside of Boston. They then always end up buying.”

He added that Boston’s diversified economy amplifies that effect.

“Boston’s strength isn’t tied to just one industry,” Sarkis said. “The region benefits from life sciences, health care, technology, higher education — you name it. “There was a professor I was working with who came here from Switzerland. He literally just bought a pied-à-terre here, and then he decided he loved it so much he bought something bigger.

“The venture capital markets, they’re just creating multiple sources of housing demand in all of these different industries.”

Young wealth, shifting migration

The FT-Nikkei ranking arrives amid broader national debates about wealth migration and affordability pressures in major U.S. markets.

While some high-income households continue to relocate to lower-tax states, Sarkis said Boston is simultaneously developing a younger base of affluent residents.

“Massachusetts and Boston has so much young wealth right now under 40 — billionaires under 40,” he said. “When you’re 50 and under, and you have kids who need schooling, there’s no better place in the world to get an education than Massachusetts, middle school to high school, all the way to the college level.”

Sarkis added that much of the region’s wealth is less visible than in other markets.

“The fact that we have so many young high net worth individuals and families now, they can’t just pick up and go to Florida,” he said. “You’re seeing a lot of the empty nesters downsize, always keeping the home here in Boston, but the young wealth in Massachusetts is not spoken about — because it’s quiet money.”

What agents should watch for

For real estate professionals, Sarkis said success in the Boston region increasingly depends on tracking economic development alongside traditional housing metrics.

“They just have to understand the wealth and they have to follow the opportunities,” he said. “Boston attracts more companies, capital and talent, then the housing market benefits from that increased demand across multiple price points.”

He said agents should monitor corporate hiring, initial public offering activity and expansion announcements as leading indicators of housing demand.

Large hiring events, he added, often translate directly into housing demand.

“If you’re in the know as a real estate agent, then you realize there’s going to be more demand coming your way,” said Sarkis. “You can’t sit back. You have to know if there’s a company with Deutsche Bank expanding in Boston. See if there any big banks opening offices here and for what reasons. You have to be knowledgeable — you have to read.”

The FT-Nikkei report also details a structural constraint: housing supply that lags demand for years, contributing to affordability pressures across Greater Boston.

Researchers warned that if high housing costs continue to push out younger households while immigration restrictions limit the arrival of skilled workers, the region could eventually weaken the labor force that has become its primary economic advantage.

Still, Boston’s fundamentals remain strong. Its global connectivity, academic pipeline and diversified economy continue to attract multinational companies and skilled workers at a steady pace.

For Sarkis, that consistency is what separates Boston from more cyclical markets.

“Unlike other markets that rely on tourism and seasonal demand for a single industry, Boston housing is supported by year-round economic activity,” he said. “International companies choose cities for the same reasons people choose places to live — opportunity, stability, long-term growth potential year over year.

“Boston’s numbers are strong and Boston’s rankings reflect the strength of those fundamentals, plain and simple.”

This post was originally published on here. 

President Donald Trump said Friday that his administration is still considering a public offering of shares in mortgage finance giants Fannie Mae and Freddie Mac, despite naming the government’s top housing regulator to temporarily lead the nation’s intelligence agencies.

Bloomberg reported that while speaking to journalists aboard Air Force One, Trump dismissed suggestions that plans for an initial public offering (IPO) of the government-sponsored enterprises (GSEs) had been shelved following his decision to appoint Federal Housing Finance Agency Director Bill Pulte as acting director of national intelligence.

“No, it’s not,” Trump said when asked whether an offering was off the table. “We’re thinking about an IPO for that. It’s not a rush.”

The last reported talk around the GSEs’ potential IPO was back in November. At that time, Pulte said while speaking at a conference in New York City that Fannie and Freddie would remain in federal conservatorship, but that the government was exploring the sale of up to 5% of their shares.

The future of the GSEs has been a closely watched issue during Trump’s second term. The companies have operated under federal conservatorship since the 2008 financial crisis and now support roughly 70% of the U.S. mortgage market, making any changes to their ownership structure highly consequential for housing finance.

Trump revived discussion of Fannie Mae’s and Freddie Mac’s future in May 2025 when he said he was giving “serious consideration” to taking the companies public while maintaining the government’s implicit guarantee.

Since then, the administration has consulted with major bank executives, including JPMorgan Chase‘s Jamie Dimon, Goldman Sachs‘ David Solomon and Bank of America‘s Brian Moynihan. In August, the president signaled plans for an IPO.

Investor enthusiasm surrounding the possibility of an IPO boosted shares of Fannie and Freddie last year. But Bloomberg reported that both companies’ stocks have fallen more than 30% this year as doubts emerged about whether the administration would ultimately move forward with the plan.

As of Friday at 4:15 p.m. EtT, Fannie Mae’s stock (FNMA) had dropped 0.74% and Freddie Mac’s (FMCC) was down 1.07%.

Pulte’s double duty

As Pulte is gearing up to add acting director of national intelligence to his resume on June 30, Trump told The Wall Street Journal on Friday that he wants him to begin reducing staffing across the U.S. intelligence community. The president said he believes the Office of the Director of National Intelligence is “unnecessary” or “too big.”

Trump also indicated this week that he does not plan to nominate Pulte for the position permanently once his temporary appointment expires. He told reporters on Thursday that Pulte “is not going to be permanent” because “I don’t think he’d want to be permanent,” according to multiple media reports.

Pulte’s selection has drawn criticism from Democrats and some Republicans who have questioned his lack of national security experience.

The role requires Senate confirmation, although some lawmakers have indicated that they would not approve the nomination. Sens. Bill Cassidy (R-La.), Susan Collins (R-Maine) and Lisa Murkowski (R-Alaska) joined Democrats on Thursday in backing an amendment that would bar Pulte from serving as acting director of national intelligence while simultaneously leading the FHFA.

This post was originally published on here. 

Leaders in Akron, a heartland city nearly 40 miles south of Cleveland, hope to shed the city’s “Rust Belt” label and drive its emerging revival by making it easier to build new homes.

To achieve the objective, planners believe they’re on the verge of eliminating minimum lot sizes to counteract a shrinking-city paradox. Population loss left hundreds of vacant lots behind, but decades-old zoning rules make building on them a virtual nonstarter.

The one-time Rubber Capital of the World lost much of its manufacturing base. Now, with housing affordability a national concern, Akron is re-emerging as an increasingly attractive and affordable city.

Across the Midwest, legacy industrial cities like Akron are showing quiet signs of renewed interest after years of neglect. Rust Belt cities largely sat out the COVID-19 pandemic housing frenzy that sent Sun Belt prices skyrocketing in Austin, Phoenix and Nashville. Remote work drove a wave of relocations toward warmer, faster-growing regions, pulling workers and investment away from the industrial heartland.

That same dynamic left Midwest cities with something Sun Belt metros lost – relative affordability. Akron and similar cities are positioning themselves as accessible alternatives for buyers priced out elsewhere.

“In older American cities, arbitrary zoning rules like minimum lot size regulations often make it illegal to redevelop existing vacant lots and build naturally affordable housing in closer-in neighborhoods,” Nolan Gray, a historian and author of “Arbitrary Lines: How Zoning Broke the American City and How to Fix It,” wrote on social media. “Akron is wising up and eliminating these mandates.”

Tire industry goes flat

Akron’s industrialization began in the 1870s when Benjamin Goodrich established a rubber company there. Cheap water, skilled labor and rail access made the city an ideal fit.

Goodyear, Firestone and U.S. Rubber followed, and together they produced most of the nation’s tires. The city’s population peaked near 290,000 in the 1960s.

Radial tires eventually overtook the market, and the major tire companies failed to pivot. Foreign competition accelerated factory closures. Goodyear is the only one that still maintains its headquarters in Akron.

Jobs disappeared, neighborhoods hollowed out and residents left. Today, the population is about 190,000.

Turning around

Since the 1990s, Akron has pursued various efforts to revive its urban core. In 2017, the Downtown Akron Partnership and the city launched a coordinated strategy targeting Main Street – public realm improvements, streetscaping and attracting residential and retail development.

The effort sparked significant adaptive reuse. In the Bowery District, a conversion delivered 92 luxury apartments and opened in 2020 as the flagship project of that era. Market-rate downtown apartments grew from roughly 450 in 2019 to more than 1,000 units complete or under construction by last year.

The most ambitious conversion yet involves two former B.F. Goodrich industrial buildings at the site where Akron’s rubber empire first took root. Developers are transforming the complex into market-rate apartments.

Goodrich Building 10, constructed in 1915, will yield 46 units. The $18 million project is backed by $4.4 million in historic tax credits. Its neighbor, Goodrich Building 17, is the larger bet. It will have 82 units at a $30.3 million cost, with $5 million in tax credits helping close the financing gap.

Filling in vacant lots

Zoning changes in the 1960s, ’70s and ’80s pushed development outward with bigger lot requirements suited for sprawl, not Akron’s denser urban grid, Planning Director Kyle Julien told the Akron Beacon Journal. To build a duplex today, builders must navigate a special permitting process.

“We have to ask ourselves as a city, why do we make them do that extra step?” Julien said. “Let’s remove the extra step and get them spending their time and their money building houses and putting people in quality homes instead of going through bureaucracy.”

Eliminating the minimum lot size would allow builders to place homes on existing small lots without seeking a variance. The Akron Planning Commission recently renewed three programs to sell nearly 400 city-owned vacant lots to builders, individual buyers and neighboring homeowners. But officials acknowledge that many parcels remain legally off-limits for new construction without a zoning code change.

Julien has been making the case publicly, presenting historical population density maps showing how much land the city once built on – and how much sits idle today. The reform aims to simplify development, expand housing options and raise the quality standard for new homes.

Akron’s population posted modest gains in 2023 and 2024 before slipping again. City officials argue that reversing the long-term decline requires attracting builders and middle-income residents — not just managing the losses. A more flexible zoning code, they say, is a prerequisite.

This post was originally published on here. 

American Pacific Mortgage (APM) has closed a merger deal to bring Synergy One Lending under its umbrella as a DBA, creating a mortgage production platform with roughly $14 billion in annual volume, the companies announced Friday.

The combination of the two California-based lenders aims to scale their nationwide retail operations. The merger remains subject to regulatory approvals, and financial terms were not disclosed.

As part of the restructuring, Synergy One CEO Steve Majerus will join APM as president, pending regulatory clearance. Majerus brings decades of leadership experience and a “progressive approach to technology, AI, platform innovation, and production strategy,” the companies said.

Aaron Nemec will maintain his role as president of Synergy One Lending, continuing to lead its daily operations and growth initiatives as it functions as a division of APM.

“Bringing Steve on as president accelerates our vision to modernize the mortgage experience through innovation, technology and a relentless focus on people,” APM CEO Dustin Sheppard said in a statement.

Majerus added that the merger is about gaining the scale needed to invest in pricing, products and customer acquisition in a market being reshaped by consumer expectations and technology.

“APM has built an incredible platform and culture centered around empowering originators, leaders and entrepreneurs,” Majerus said. “This merger gives us the platform to continue innovating and compete in a market shaped by evolving consumer expectations.”

Last year, in a companywide address, Majerus criticized “unscrupulous” recruiters who attempted to poach Synergy One’s loan officers using claims of “financial instability or margin calls and challenges.”

Under the agreement, Synergy One will maintain its brand name through APM’s divisional DBA model, a structure APM has utilized to allow local brands to operate with centralized corporate support. The companies indicated the combination will provide originators with expanded product offerings and stronger infrastructure.

APM is currently licensed in 49 states, employing more than 2,900 people across nearly 300 branches. The company is 49% employee-owned through an employee stock ownership plan (ESOP). Mortgage tech platform RETR shows it has originated about $4.2 billion year to date and has 1,809 licensed LOs.

Meanwhile, Synergy One Lending brings an additional 540 employees and 65 branches across 49 states to the combined entity. It has originated about $1.4 billion year to date and had 349 loan officers as of Friday afternoon, per RETR.

This article was written by Flávia Furlan Nunes and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication. 

This post was originally published on here. 

Rep. Nicole Malliotakis (R-N.Y.) has introduced federal legislation that would temporarily raise the capital gains tax exclusion to $1 million for senior homeowners who sell their longtime primary residences. The move aims to ease tax burdens on older Americans and free up inventory for younger homebuyers.

The bill, H.R. 9064, known as the Nest Egg Protection Act, was introduced June 1 and would apply to individuals and married couples ages 65 or older, according to an announcement from Malliotakis’ office.

Under the proposal, qualifying sellers could exclude up to $1 million in capital gains from federal taxes on the sale of a primary residence, provided they have owned the home for at least 25 years. The exclusion level would be the same for single and joint filers.

Tax thresholds haven’t changed in decades

Current law allows homeowners to exclude up to $250,000 in capital gains for individuals and $500,000 for married couples filing jointly. These thresholds have not been raised since 1997, despite substantial home price appreciation in many markets.

In New York’s 11th Congressional District, which covers Staten Island and parts of Brooklyn, the median home price is above $700,000, according to the congresswoman’s office. Longtime owners in high-cost markets increasingly risk hitting or exceeding today’s capital gains exclusion limit, especially if they bought decades ago at much lower prices.

“Too many seniors on Staten Island and in Brooklyn who purchased their homes decades ago and built equity over a lifetime are now facing the possibility of a significant capital gains tax bill if they choose to sell or downsize,” Malliotakis said in a statement. She said the bill is intended to remove a tax “barrier that discourages seniors from selling when they want to” and to make homeownership “more attainable for younger families and first-time homebuyers.”

Local real estate organizations and brokers backed the proposal in the congresswoman’s announcement, framing it as both a tax relief measure and a strategy to boost inventory. Trade groups including the Staten Island Board of Realtors and the Brooklyn Real Estate Board said the proposal could encourage “right-sizing” among seniors and unlock homes that have been effectively “frozen” due to tax concerns.

For housing professionals, the measure highlights a policy lever that directly affects listing decisions for older homeowners. In high-appreciation markets, tax exposure on gains above the current caps of $250,000 and $500,000 can be a key reason seniors stay in place rather than downsize or relocate, limiting available inventory for first-time and move-up buyers.

Malliotakis’ office positioned the bill within a broader push to address affordability for homeowners and seniors. The congresswoman has supported raising the state and local tax (SALT) deduction cap to $40,000. She also authored a “bonus senior deduction” in the Working Families Tax Cuts package, which provides an additional deduction of up to $6,000 for individuals and $12,000 for married couples ages 65 and older, according to the announcement.

Malliotakis is also a co-sponsor of H.R. 1340, the More Homes on the Market Act, which would double the current home sale capital gains exclusion to $500,000 for individuals and $1 million for married couples while indexing these amounts to inflation.

The Nest Egg Protection Act goes further by setting the exclusion at $1 million for both individuals and joint filers while targeting a narrower group — homeowners 65 and older who have owned their primary residence for at least 25 years.

Similar moves under the Trump administration

Modernized capital gains thresholds began to grab attention last summer when Rep. Marjorie Taylor Greene (R-Ga.) introduced the No Tax on Home Sales Act, which aimed to eliminate all capital gains taxes on the sale of a primary residence.

A release from Greene’s office at the time also explained that the limits hadn’t been updated since 1997, when the median U.S. home price was $145,000 — a number that had climbed to more than $360,000 in 2025.

Data published last year by the National Association of Realtors (NAR) showed that 29 million homeowners — or 34% — could face capital gains taxes when selling based on accumulated equity above the $250,000 exclusion cap. NAR projected the number to climb to 59 million (or 70% of all homeowners) by 2035.

President Donald Trump lent credibility to Greene’s proposal by saying that “we’re thinking about that,” while arguing that lower benchmark interest rates from the Federal Reserve could accomplish a similar goal of incentivizing home buyers and sellers. But the bill didn’t advance out of committee and Greene is no longer serving in Congress.

In January, Rep. Craig Goldman (R-Texas) introduced H.R. 7034, dubbed the Don’t Tax the American Dream Act, which would eliminate federal capital gains taxes on the sale of primary residences. That bill has also yet to advance out of committee.

“Americans are overtaxed. The Don’t Tax the American Dream Act repeals costly capital gains taxes on home sales so that Americans keep more of their hard-earned money,” Goldman said in statement. “Repealing these taxes will unleash the housing market and help restore the American Dream of homeownership.”

This post was originally published on here. 

Mortgage Forward announced Friday that it has agreed to acquire the third-party origination (TPO) division of First Federal Bank, including QRL Financial, in a deal the companies say will expand Mortgage Forward’s national mortgage lending platform and broaden its product offerings.

The companies confirmed that they have signed a definitive agreement for the acquisition, although the financial terms of the transaction were not disclosed. The deal is expected to close in the third quarter of 2026.

First Federal Bank, based in Florida, said the sale aligns with its strategic focus on efficiency and growth in its retail mortgage business.

“We are pleased that this agreement allows our talented and dedicated team supporting TPO clients and institutions to continue to flourish,” John Medina, president and CEO of First Federal Bank, said in a statement.

Mortgage Forward, headquartered in Illinois and a part of the Great Lakes Credit Union family of companies, said the acquisition will strengthen its ability to serve third-party origination clients through expanded technology capabilities and a broader range of mortgage products. The company said it plans to continue investing in digital mortgage solutions and credit union service organization expertise.

“This acquisition strengthens Mortgage Forward’s commitment to delivering innovative mortgage options for TPO clients,” Mortgage Forward President Chip Adkins said in a statement. “We are excited to welcome the talented First Federal Bank team and build on their strong foundation for future growth.”

The acquisition also supports Mortgage Forward’s efforts to expand services for credit unions and mortgage partners nationwide, according to Michael Abraham, chief strategy officer of Great Lakes Credit Union.

“This acquisition aligns with our vision for Mortgage Forward and our commitment to supporting credit unions and all mortgage partners nationwide,” Abraham said. “Together, we will expand our capabilities while maintaining the service and relationships our partners value.”

This article was written by Sarah Wolak and generated with the assistance of HousingWire Automation. It was reviewed by a HousingWire editor before publication.

This post was originally published on here. 

A former employee of the District of Columbia Housing Authority who later became a real estate developer has pleaded guilty to federal charges — stemming from a yearslong scheme to secure millions of dollars in financing from private mortgage lenders.

The announcement was made by the office of Jeanine Pirro, the U.S. Attorney for the District of Columbia.

Richard Cunningham, 55, of the District of Columbia, pleaded guilty Wednesday in U.S. District Court to making false statements to a mortgage lending business. He faces a maximum sentence of 30 years in prison and a fine of up to $1 million — with sentencing scheduled for Dec. 4.

“Richard Cunningham didn’t just defraud lenders, he fabricated federal voucher documents, forged signatures and invented a veterans housing program that never existed, all to line his own pockets,” Pirro stated. “Exploiting the name and sacrifice of American veterans to commit fraud is particularly offensive, and my office will pursue those abuses with the full weight of federal law.”

Scheme specifics

According to the announcement, Cunningham carried out the scheme between August 2020 and May 2024 while seeking financing for multifamily properties he owned or controlled in Washington, D.C.

Federal prosecutors said Cunningham submitted false statements and fraudulent documents to private lenders in an effort to obtain loans totaling nearly $15 million.

In one phase of the scheme, Cunningham is said to have applied for six renovation loans through a Virginia-based private mortgage company. The lender required borrowers to demonstrate sufficient equity in their properties to qualify for financing.

Prosecutors said Cunningham knew he lacked the required equity and submitted falsified mortgage statements that understated the balances owed on primary loans tied to the properties.

Altered records reportedly made it appear he held substantially more equity than he actually did. Based on these documents, the lender approved and funded six loans totaling approximately $7.4 million, Pirro’s office added.

Fabricated veterans housing program cited

Authorities said Cunningham later sought additional renovation financing from an Oregon-based private mortgage company for two other properties.

To support these applications, prosecutors said Cunningham created fraudulent lease documents that purported to be associated with a federal housing assistance program for veterans administered by the U.S. Department of Housing and Urban Development (HUD).

Investigators determined that no such program existed.

According to court filings, Cunningham altered legitimate Housing Assistance Payments documents used in HUD’s Housing Choice Voucher program by changing references from “HAP” to “VAP.”

Prosecutors said he then added forged information and signatures to create the appearance that veterans were already residing at the properties under a federal voucher program.

Authorities also said Cunningham submitted fabricated rent rolls, which falsely indicated that all tenants received housing vouchers through the U.S. Department of Veterans Affairs (VA).

One of the two loan applications was approved, resulting in funding of approximately $4.7 million. The second application was denied, federal officials said.

In total, Cunningham sought about $14.9 million in financing and received roughly $12.1 million based on false representations, according to prosecutors.

The FBI‘s Washington Field Office and the HUD Office of Inspector General (OIG) investigated the case. Prosecution is being handled by HUD OIG Special Assistant U.S. Attorney Samantha Miller for the U.S. Attorney’s Office for the District of Columbia.

This article was written by Jonathan Delozier and generated with the assistance of HousingWire Automation. It was reviewed by a HousingWire editor before publication.

This post was originally published on here. 

A federal judge in Chicago has extended Zillow’s temporary restraining order against Midwest Real Estate Data (MRED) in the listing portal giant’s antitrust lawsuit against the Chicagoland MLS and Compass International Holdings. 

On Thursday morning, Zillow filed a motion to extend its temporary restraining order against MRED, which required MRED to restore its listing feed to Zillow after the MLS suspended the feed for two days in May and for Zillow to not ban any MRED listings. The motion was unopposed and Judge John Tharp granted it Thursday afternoon.

The original temporary restraining order was set to expire on Friday.

According to Tharp’s ruling, the temporary restraining order will continue to be enforced until the court either rules on Zillow’s motion for a preliminary injunction seeking to block MRED from suspending Zillow’s listing feed or grants MRED’s motion to compel arbitration. A hearing for Zillow’s preliminary injunction motion is scheduled for early July. 

The temporary restraining order is part of an antitrust lawsuit Zillow filed in mid-May, claiming that MRED and Compass conspired to withhold listing data and pressure Zillow to carry private “hidden” listings nationwide. 

In an emailed statement, a Zillow spokesperson told HousingWire that the ruling is “great news for buyers and sellers, who will maintain full access to the Chicagoland real estate market on Zillow at least until our motion for a preliminary injunction is decided.”

“Notably, MRED did not oppose our motion to extend the order, and we are pleased they’ve agreed not to cut the listing feed again in the meantime,” the spokesperson added. “Zillow believes buyers, sellers and agents are best served by an open, transparent marketplace where listings are broadly accessible, and we will continue advocating for that principle.”

MRED did not immediately responded to HousingWire’s request for comment.

But while Zillow’s listing feed in the Chicagoland area is safe for at least another month, the portal’s listing feed for properties in the Nashville area appears to still be at risk. 

Last weekend, Nashville-based MLS Realtracs warned brokers that Zillow’s access to its listing data could end June 8 if the two sides do not reach a new licensing agreement that complies with the MLS’s updated listing display rules.

Realtracs updated its IDX display rules in April, requiring vendors or portals displaying its IDX data feed to display all listings that meet a buyer’s search criteria, as long as the seller has consented to the listing being publicly marketed.

The rule took effect on May 13 and the MLS required compliance by all vendors and portals by May 31. As of Monday, Realtracs said Zillow was the only platform that has not complied with the updated agreement terms. 

Neither Zillow or Realtracs responded to HousingWire’s request for an update on the situation as the June 8 deadline approaches. 

Last week, brokers across Tennessee were exploring their options to set up direct listing feeds to Zillow in order for their listings to still appear on the site even if Realtracs suspends Zillow’s listing feed.

This post was originally published on here.