Housing Wire

APRIL 1, 2024

The state’s General Assembly passed a bill to protect homebuyers from predatory contracts known as non-title recorded agreements for personal services (NTRAPS) or right-to-list agreements. Michael Meredith (R), the new bill will make right-to-list agreements unenforceable by law. Sponsored by State Rep.

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Housing Wire

MAY 1, 2024

In light of the jury verdict in the Sitzer/Burnett suit and the terms of the National Association of Realtor’s nationwide settlement agreement of the commission lawsuits , several prominent industry analysts believe Zillow will struggle with its financial performance. Barton also touched upon the terms of NAR’s settlement agreement.

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Housing Wire

MARCH 25, 2024

Cooperative compensation The vast majority of questions addressed on the call dealt with whether or not buyer’s representation was going away, and how agents will get paid for the services they provide to clients. Cooperative compensation offers can also be — and should be, if the client wishes — included in purchase agreements.

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Housing Wire

JANUARY 25, 2024

The PLS.com and three of the nation’s largest multiple listing services have reached a settlement agreement in their ongoing legal battle. The fourth defendant in the suit, the National Association of Realtors , is not included in the settlement agreement.

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Housing Wire

JANUARY 22, 2024

Right-to-list agreement firm MV Realty is no longer allowed to offer brokerage services in North Carolina. Under MV Realty’s Homeowner Benefit Agreement , the homeowner signs over the right to list their home for the next 40 years to MV Realty in exchange for a cash payment ranging from $300 to $5,000.

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Housing Wire

MARCH 13, 2024

The DOJ’s statement was in relation to the settlement agreement reached between the Nosalek plaintiffs and MLS PIN in July 2023. Since the initial filing, the plaintiffs and MLS PIN have filed two amended agreements in order to appease the DOJ, which first became involved in the suit in early October 2023.

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Housing Wire

APRIL 11, 2024

For example, 28% of recent homebuyers were unaware of the precise amount their agent received, 17% lacked knowledge about how this amount was determined and 19% were uncertain about who footed the bill for their agent’s services. Meanwhile, 33% demonstrated comprehension regarding the methodology behind determining the payment.

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Realty Biz

JULY 22, 2023

Recruiting Insight and Cape Breton Realty announced an agreement to leverage the Recruiting Insight capabilities to grow agent count and market share. Sherry MacLeod, Broker Owner, stated, “Cape Breton Realty is poised to grow market share by bringing on talented, committed, and professional agents that align with our culture and values.

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Housing Wire

APRIL 18, 2024

Wire fraud prevention firm CertifID and big four title firm Old Republic have entered into a strategic agreement to prevent mortgage payoff fraud , according to an announcement on Thursday. The instructions, however, are actually from fraudsters. “Old said in a statement. “We

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Housing Wire

MARCH 28, 2024

Under the terms of NAR’s settlement agreement, the practice of cooperative compensation is still allowed, but it cannot be offered through a Multiple Listing Service (MLS). Sellers or buyers can pay the buyer’s agent’s fees.

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Housing Wire

FEBRUARY 2, 2024

Real estate brokerage eXp Realty has entered into an affiliated business agreement with Orlando, Florida -based title fi r m Citrus Closing Group , according to an announcement on Thursday. “We This partnership is poised to enhance agents’ title experiences through streamlined processes, exceptional service and unparalleled mobility.”

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Housing Wire

MARCH 29, 2024

Publicly traded real estate technology company Doma Holdings has entered into a definitive agreement to sell to title insurance underwriter Title Resources Group (TRG) and become a private company. Also, per the agreement, Doma may solicit alternative acquisition proposals during a 50-day “go-shop” period.

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Housing Wire

FEBRUARY 13, 2024

Intercontinental Exchange (ICE) announced a multiyear licensing agreement with REdistribute for permissioned access to multiple listing services (MLS) information. In fourth-quarter 2023, ICE’s mortgage technology division reported an adjusted operating income of $193 million , up 98% from one year earlier.

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Housing Wire

MARCH 4, 2024

Three Bayview Asset Management -owned mortgage servicers are seeking to halt a plaintiff’s filing in a data breach lawsuit, citing an overabundance of confidential information shared about the incident, National Mortgage News first reported. The objection, filed on Feb. The objection, filed on Feb.

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Housing Wire

FEBRUARY 27, 2024

This year, it restructured its distributed retail business in a shrinking mortgage market, cutting managers and reducing compensation at NewRez, a top 10 mortgage lender and servicer. According to the deal announced Tuesday, Great Ajax will borrow $70 million in a one-year term loan agreement with one of Rithm’s subsidiaries.

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Housing Wire

DECEMBER 7, 2023

In a lawsuit filed in early November in District County Court of Harris County, Texas , Stewart accuses Qualia of giving the firm “improper notice” for terminating its licensing agreement for the title production platform ResWare. A spokesperson for Stewart wrote in an email that due to the ongoing litigation it cannot comment on the issue.

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Housing Wire

APRIL 29, 2024

Blend will use $145 million of the proceeds to repay existing credit agreements. Nima Ghamsari, co-founder and CEO of Blend, said the investment “reflects confidence in Blend’s continued journey to transform financial services and is an important show of faith in our growth strategy.” In 2023, its non-GAAP net loss shrank to $97.4

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Housing Wire

MAY 1, 2024

While HomeServices of America, as well as many of the brokerage firms listed as co-conspirators, have reached nationwide settlement agreements for the commission lawsuits, the agreements only pertain to the claims brought by sellers, not buyers, such as those in this suit or the two Batton lawsuits. “

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Housing Wire

MARCH 12, 2024

First piloted in a handful of markets in September 2023 and formally launched in early February, the Sign & Save program provides buyers who sign up to work with a Redfin agent before their second home tour — and who purchase a property with that agent within 180 days of signing the agreement — a refund of 0.25% to 0.5%

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Purchase and sale agreement Brokerage Agents Closing 434

Housing Wire

MARCH 15, 2024

The settlement agreement also notes that MLS participants working with buyers must enter into a written buyer broker agreement. There is an agreement but what about approval? Despite this, Steve Berman, the lead attorney for the plaintiffs in the Moehrl suit, described the agreement as “mission accomplished.” “We

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Housing Wire

FEBRUARY 29, 2024

The DOJ in mid-February filed its statement of interest relating to the settlement agreement reached between the Nosalek plaintiffs and MLS PIN. Preventing sellers and listing agents from setting buyer-broker commissions would promote greater price competition and innovation in the market for brokers’ services,” the DOJ argued.

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Housing Wire

MARCH 29, 2024

The Council of Multiple Listing Services is joining Northwest MLS in filing a motion to request that it can file an amicus curiae brief in the Nosalek commission lawsuit. According to CMLS’ reading of the proposed agreement, two main policy changes are proposed.

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Housing Wire

NOVEMBER 8, 2023

As multiple listing services look to navigate potential changes to cooperative compensation following the verdict in the Sitzer/Burnett commission lawsuit trial, some MLSs have preemptively changed their policies. In addition, the rule will require listing agreements to clearly outline the seller’s offer of compensation to the buyer’s agent.

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Housing Wire

SEPTEMBER 12, 2023

District Court judge Patti Saris granted preliminary approval of MLS Property Information Network’s (MLS PIN) settlement agreement in the class action buyer-broker commission antitrust lawsuit. Additionally, while Anywhere has filed settlement agreements in the Moehrl and Sitzer/Burnett suits , it has not tried to settle the Nosalek suit.

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Housing Wire

NOVEMBER 10, 2023

District Court in the Southern District of New York, alleging that Real Estate Board of New York rules governing the multiple listing service in Manhattan kept commissions high and violated state and federal antitrust laws. 8, 2019, and the present.

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Housing Wire

MARCH 20, 2024

Like with most things in life, real estate brokerages come in a variety of shapes and size, from white-glove service firms to discount brokerages to flat-fee firms that offer al a carte services. The same goes for the full-service, higher-cost firms, as long as they are clear about what makes them different from the low-cost firms. “If

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Housing Wire

APRIL 22, 2024

Both Walsh and Chrissy Oliver, the vice president of M&A at Compass , noted that when they are looking to acquire firms with core services including integrated or joint venture mortgage and title firms, there are some extra levels of vetting required. “We We like deals where core services are non-existent or very weak.

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Housing Wire

JANUARY 29, 2024

The lawsuit states that Atlantic Trust signed a wholesale broker agreement with UWM in January 2018 but agreed to amend the contract to add the “All-In Initiative” in December 2022. In March 2021, UWM’s CEO Mat Ishbia asked brokers to sign an “All In” agreement by pledging to stop working with Rocket or Fairway.

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Housing Wire

JANUARY 8, 2024

The presiding judge in the ongoing bankruptcy case of Reverse Mortgage Funding (RMF) has approved a stipulation that would resolve an administrative claim made against the company’s estate by reverse mortgage servicing company Celink , authorizing both companies to consummate the agreement.

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Bankruptcy Mortgages Equity Industrial 420

Housing Wire

OCTOBER 19, 2023

The rule will require listing agreements to clearly outline the seller’s offer of compensation to the buyer’s agent. The REBNY and the Residential Listing Service (RSL) in NYC are governed by the Universal Co-Brokerage Agreement (UCBA) and are independent from the National Association of Realtors. Starting Jan.

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Agents MLS Residential Brokerage 432

Housing Wire

MARCH 19, 2024

For many real estate brokerages and roughly 1 million Realtors, the nationwide settlement agreement that the National Association of Realtors (NAR) negotiated due to the ongoing commission lawsuits marks the end of their cooperative compensation litigation concerns, at least for the time being. billion ), Douglas Elliman ($42.8 Bhonsle said.

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Housing Wire

MARCH 14, 2024

Treasury Department , given to specialized organizations that provide financial services to low-income communities and others who lack financing options. The Treasury Department renewed the certification in February following a settlement agreement in November 2023.

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Housing Wire

JUNE 20, 2023

During this National Homeownership Month in particular, homeowners should be wary of a new business practice preying upon vulnerable homeowners — non-title recorded agreements for personal service ( NTRAPS ), long-term listing agreements that entrap consumers. These companies know how to make their agreements sound good.

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Housing Wire

APRIL 8, 2024

Fast-growing, publicly traded The Real Brokerage announced Monday that it had reached a settlement agreement with the plaintiffs in the Umpa commission lawsuit. million into a qualified settlement fund, as part of the agreement. The Umpa suit is the only commission lawsuit in which Real has been named as a defendant.

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Housing Wire

JANUARY 4, 2024

Some comments include: “Defining services offered and compensation charged for applicable services.” However, many do acknowledge this agreement isn’t a panacea. One broker is teaching “conversational dialogues with statistic-based facts to effectively communicate the value we bring to the clients.”

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Housing Wire

MAY 2, 2024

My agents are well trained and prepared as we use a Buyer Broker Agreement and have buyers offset any [brokerage compensation] that the sellers do not pay. Consumers need full service for an infrequent transaction.” . “The changes are much needed,” said a broker/owner of an Engel & Völkers firm in the south.

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Brokerage Agents Residential Sales 418

Housing Wire

AUGUST 17, 2023

According to the CFPB, Freedom provided real estate agents and brokers with incentives, including cash payments, paid subscription services, and catered parties in exchange for agent and broker referrals for mortgage loan offerings. Freedom must pay $1.75 Both parties were also ordered to cease illegal activities immediately.

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Mortgages Loan Officer Brokerage Title 370