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Posted Date: Monday, March 18, 2024
Fathom Holdings, a national end-to-end real estate services platform, and its subsidiary Verus Title, Inc. have formed a joint venture to increase revenue and profitability. Verus Title Elite Texas, LLC, the new entity, should provide an elevated closing experience for Fathom agents and their clients.
“We are thrilled to form Verus Title Elite in response to feedback from our agents in Texas on ways to enhance the closing experience for clients while providing our top agents an opportunity to increase their income,” Fathom Holdings CEO Marco Fregenal said in a statement. “This joint venture could prove to be a significant win-win for Verus Title and those top agents who participate."
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Posted Date: Friday, March 15, 2024
The National Association of Realtors (NAR) announced it has reached a settlement, still subject to court approval, in the case brought by home sellers related to broker commissions. In 2023, a jury found the defendant organizations had violated antitrust laws by following NAR’s cooperative compensation rule. RESPA News checked with our legal experts on what this means for the remaining party, and what to expect going forward.
Originally, Anywhere Real Estate, RE/MAX, LLC, Keller Williams, HomeServices of America, and NAR were defendants. With NAR’s settlement announcement, the sole remaining defendant is HomeServices of America.
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Posted Date: Thursday, March 14, 2024
Fannie Mae Senior Vice President and Chief Economist Doug Duncan and Market Research Advisor, National Housing Survey Lead Rachel Zimmerman said an April 2023 study of aging Americans revealed a majority of them are planning to “age in place.”
The study considered answers from 1,448 homeowners, aged 60 and up, which makes up 29 percent of the adult population and 44 percent of homeowners.
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Posted Date: Monday, March 11, 2024
A report by LendingTree found millennials, the generation born between 1981 and 1996, received the largest number of mortgage offers across the country. The report identified the areas where millennials flocked to, and where they avoided.
“Given how often we hear about the financial woes facing millennials, it might be surprising to learn that a majority of mortgage offers across the nation’s largest metros were given to members of the generation,” LendingTree Senior Economist Jacob Channel said about the report. “That said, the trend makes sense for various reasons.”
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Posted Date: Monday, March 11, 2024
BSI Financial, a mortgage fintech platform, and Bizzy Labs, an affiliate, launched enhancements to its compliance technology to streamline and automate the loan boarding process, specifically designed for mortgage servicing rights acquisitions.
“Our latest enhancement to Libretto leverages generative [artificial intelligence] capabilities to provide the fastest and most accurate loan data boarding available in the industry,” BSI Financial Services and Bizzy Labs founder and CEO Gagan Sharma said.
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Posted Date: Thursday, March 7, 2024
March is Women’s History Month, with March 8 home to International Women’s Day. Women’s History Month was authorized by Congress on March 7, 1982, first as Women’s History Week, then eventually as the entire month in 1987. Each year, the president issues a proclamation calling for programs, ceremonies, and activities in honor of the powerful women shaping our society.
To mark the occasion, RESPA News reached out to some of the many women making strides in our industry for words on how they got there, how the industry supports them, and what they’re looking forward to in 2024.
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Posted Date: Wednesday, March 6, 2024
January’s pending home sales decreased, with new contract signing increases and decreases split across the four measured regions.
While the Northeast and West saw month-over-month increases, these were offset by decreases in the Midwest and South.
National Association of Realtors Chief Economist Lawrence Yun said homebuyers are showing “extra sensitivity” to interest rate changes.
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Posted Date: Monday, March 4, 2024
RESPA News will be in Houston for RESPRO’s ONE STOP March 7-8. We’re covering discussions ranging from the broker commission lawsuits that have been dominating headlines, to navigating current RESPA compliance challenges.
Posted Date: Monday, March 4, 2024
The American Bankers Association (ABA) issued a white paper titled, “Effective Agency Guidance: Examining Bank Regulators Guidance Practices,” where it voiced its and other trade association’s concern over agency use of guidance “to advance regulatory policy agendas.”
ABA President Rob Nichols referenced the white paper, along with copies of recent comment letters, in a letter to the federal financial regulators requesting their consideration of the feedback. RESPA News spoke with Richard Andreano of Ballard Spahr, Loretta Salzano of Franzén and Salzano, and Mike Silver of Husch Blackwell, LLP about important takeaways from the report.
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Posted Date: Monday, March 4, 2024
The housing supply is finally showing signs of “loosening,” the Fannie Mae Economic and Strategic Research Group reported.
With households stating they anticipate mortgage interest rates to decline, and single-family starts expected to increase in the coming months, the group said it is likely for housing activity to pick up this year.
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