It might be fitting that Bob Broeksmit struck a more conciliatory tone during his speech to kick off MBA Annual than he did last year, when he said the mortgage trade organization was “playing offense” to “stop the madness.” After all, the general election is a little over a week away and the MBA has hedged its bets. “Republicans could sweep everything. Democrats could sweep everything. But we think the most likely outcome is divided government,” Broeksmit, the MBA’s president and CEO, said in the kick-off speech for the event in Denver. “Regardless of who wins the White House, they’ll probably face at least one chamber of Congress controlled by the other party. In other words, we’re getting ready for two years of gridlock at least.”Broeksmit said that no matter whether it’s Donald Trump or Kamala Harris who’s in the White House, the MBA expects the Federal Reserve to continue cutting interest rates. But this cycle will likely be shorter and less steep, he said.“Our best estimate is that 30-year rates will hover between 6% and 6.5% for the rest of this year, then settle in the high 5s by the end of next year. We’re looking at a different story, though, when it comes to federal policies,” he said.Broeksmit said that a gridlocked Washington will mean housing legislation will be a relatively rare sight. Whoever ends up in 1600 Pennsylvania Avenue will have to rely heavily on regulation, using the Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB) to enact policies.“Both agencies will keep pumping out new rules. So will other agencies that cover housing and lending. Yet while the stream of regulation will continue, the kind of regulation depends on who wins,” he said. “Donald Trump and Kamala Harris have very different governing philosophies.”Recent policy victories“We know how to stop bad ideas, or at least make them better,” he told the crowd. “And we’re always ready to push for good policies that enable you to do more for Americans.”Broeksmit touted the MBA’s recent victories, pointing out that it was instrumental in the FHFA abandoning its original rule for the Suspended Counterparty Program.“When the proposal came down last year, hardly anyone was paying attention,” Broeksmit said. “But the MBA paid close attention, and we immediately saw the danger it posed. That rule would have banned companies that make minor mistakes from working with Fannie and Freddie. It wasn’t just overregulation. It was an overreaction. And we refused to let it stand.” Basel III Endgame Rules, which Broeksmit called a “disaster in the making,” was another big policy victory for the trade association.“It would have seriously injured low- to moderate-income lending by raising risk weights on specific kinds of mortgages, particularly low down payment loans,” he said. “That increase in required capital would inevitably mean fewer loans would be made, and the loans that are made would be more expensive. The treatment of mortgage servicing rights would have compounded the problem, driving up costs for every borrower.”Broeksmit also said Congress is in the midst of considering the MBA’s suggested reforms on trigger leads.Opportunities aheadRegardless of who wins the election, the next president will focus on housing, he said. “For all their differences, both Donald Trump and Kamala Harris will focus on housing. Both of them have said we need to get prices under control. They’re also clearly aware that we need more affordable units for purchase and rent,” he said.Broeksmit noted that many of the key provisions of the 2017 Tax Cuts and Jobs Act will expire at the end of 2025. As the tax debate ramps up, “we’ll keep telling lawmakers that Americans need to keep more of their take-home pay,” he said. “If we truly want to help more Americans find affordable housing, the last thing we should do is raise their taxes.”In an ode to his spicier speeches of 2023, Broeksmit said that regulation has gotten out of control.“Someone has to bring order to this mess,” he said. “That’s why MBA is strongly calling for the creation of a national housing director. Under our proposal, a housing director would focus solely on housing and oversee every housing policy, no matter which agency it comes from, and spot contradictory rules from a mile away.”He closed his speech with a touch of optimism for mortgage bankers.“If the last year proves anything, it’s that we get results when others can’t,” he said. “And I know that together, we can achieve even more for the benefit of all the American people.”

Fluctuating interest rates and a fast-changing market Last month, we saw the Federal Reserve deliver their long-awaited decision to lower interest rates with a 50 basis points cut, and 30-year mortgage rates reached as low as 6.08% according to ICE’s 30-year fixed conforming rate index. This increased refinance incentive, and mortgage applications reached their highest level in more than two years—surging by 11% according to the Mortgage Bankers Association in the week following the rate cut. Just as quickly, rates rose again due to the influence of other economic news, and within two weeks, the number of people eligible for a refinance dropped by 20%. In today’s rapidly changing market, what may be an opportunity one day could be gone the next; and we can expect this to continue until rates find their equilibrium. This is why it’s critical to have the tools and processes in place to nimbly react to and capitalize on market shifts as they happen.Remaining diligent to identify opportunitiesAffordability challenges spurred by rising home prices and stubborn interest rates are impacting both prospective borrower and homeowner behavior. As a result, many potential buyers, along with current homeowners looking to refinance, are sitting tight in the hopes that rates will eventually drop. Recognizing this, savvy lenders have been making efforts to both simultaneously build their pipeline with new business and nurture their existing book of business. By doing this, they position themselves to be top of mind for both prospective borrowers and current customers when these pockets of opportunity arise.While retaining existing customers should remain a key priority, as interest rates fluctuate, lenders should be prepared to support an increase in new business for refinances, purchases and home equity lending. By examining their customer acquisition and retention strategies, they can drive, capture and convert shifts in demand into closed sales. Over the past two years as volume decreased, lenders turned to third party lead aggregators that often came at a high cost to their profit margins. However, as demand picks up, existing customer portfolios can become either one of their biggest sources of volume, or a potential cause for concern. When rates drop, retention becomes more difficult, and the market tends to favor consumer-direct lenders promoting more attractive refinance or HELOC rates. According to data from the ICE Mortgage Monitor, mortgage servicers across the industry saw refinance retention in the second quarter fall to the second-lowest point in 17 years.On average, just one out of five homeowners who opted to refinance were retained by their original lender. Moreover, the older the loan, the more likely the borrower would refinance elsewhere. The more recent the relationship, the more success servicers had in retaining the business; with the Mortgage Monitor finding that 41% of 2023 and 34% of 2022 borrowers retained. Bottom line: As homeowners look to save on their mortgages, competition will be fierce to keep that business.Three key steps to take nowSo how do you prepare for the upcoming battle for market share? We recommend investing in three key aspects of your customer acquisition strategy to ensure you have the technology, people and operational workflows needed as rates change and volumes increase.   Lead nurturing – At a minimum, lenders need a marketing automation platform that can nurture prospects and customers until they are ready to buy. As rates change, this platform should also be used to quickly engage contacts with compelling, interest-driven and personalized communications. Doing this involves upfront audience segmentation within a CRM system like ICE Surefire, and creating unique, relevant and engaging content.Lead engagement – The ability to identify and quickly engage prospective borrowers as soon as buying intent is detected is arguably the most important facet of sales success in a lower rate environment. According to ICE research, contacting potential borrowers within one minute of an inquiry more than doubles the conversion rate, compared to contacting them 48+ hours later. Equally important is the ability to proactively and automatically detect within an existing customer database who is ready to buy, so loan officers can reach out to those borrowers before they even act. Sales automation solutions like ICE Velocify help them connect with borrowers faster and stay one step ahead of the competition. Lead capture – Once a loan officer engages with a prospective borrower and their interest in exploring financing is confirmed, inviting them to apply for a loan helps create borrower “stickiness” by moving them forward in the process, bringing them one step closer to pre-approval. To earn the borrower’s loyalty and trust, the digital application experience must be as intuitive and efficient as possible. Point-of-sale solutions, like ICE Encompass Consumer Connect, provide a faster, simplified and transparent digital mortgage experience, with minimal involvement from the loan officer.How your technology partner can helpHaving nimble technology is critical for capitalizing on market dynamics. When selecting a technology partner, look for one who can support and provide visibility into every step of your customer acquisition and retention strategy. At ICE, we’re investing heavily in creating the industry’s most unified customer acquisition solution as part of our end-to-end digital ecosystem. With this innovative approach, our clients can better identify prospective customers, improve responsiveness to inbound inquiries and take advantage of every uptick in potential volume. No matter which partner you work with, now is a crucial moment to assess your current customer experience and strategically position yourself for success, so you are ready to seize every opportunity in the face of the next market shift.

In an environment where technology is increasingly becoming a recruitment tool for brokerages, eXp Realty has partnered with a data provider in an effort to give its agents an advantage over the competition.The brokerage on Monday announced a new partnership with Sisu, a real estate business intelligence platform that provides agents the ability to set goals, monitor performance and compete with each other via a leaderboard and individual contests.“It’s all about mastering the fundamentals at scale,” eXp CEO Leo Pareja said in a statement. “Top eXp teams already use Sisu to track essential metrics like the number of conversations needed to set appointments or the ROI of various lead sources. This strategic relationship allows us to extend these successful strategies to all our agents and teams at no additional cost.”The announcement comes alongside the launch of eXp’s FastCap program, which leverages Sisu tools that the brokerage says will track productivity and enhance focus.Sisu will also provide agents with an income-reporting tool, “Profit and Loss,” in addition to commission-related tools. Agents also have the option to upgrade to Sisu’s premium membership.“There are a lot of synergies between eXp Realty and Sisu,” said Sisu CEO Brian Charlesworth. “We find some of the most innovative teams to be eXp Realty teams, and that is evident  when you see that a large percentage of our early adopters were eXp Realty teams. “The fact that they are the first to invest in our technology for every agent, and to listen to what their teams and agents are using to thrive, goes to show that innovation is in their DNA. We already had a great working relationship and we’re excited to take it to the next level with a formal strategic relationship.”Sisu isn’t the only partnership eXp has entered into this year. In February, the brokerage officially launched its partnership with Opendoor, giving eXp’s agents access to the ibuyer’s cash offers.The company has also been hard at work in adding agents. Most recently, the 36-agent Realty ONE Group based in Maine joined eXp, as did the 21-agent Prime Real Estate Team in Sacramento.

The mortgage industry has long been promised a technological revolution to streamline workflows, reduce operational costs, and enhance efficiency. Yet, despite significant investments in new technologies, the cost to originate loans has dramatically increased. Companies still grapple with cyclical hiring and firing, and the anticipated return on investment (ROI) from technology implementations still needs to be discovered. This raises a critical question: Is technology failing the mortgage industry, or are we approaching it incorrectly?The promise vs. reality High expectationsTechnology providers have marketed their solutions as panaceas for long standing industry inefficiencies. They promise improved workflows, reduced costs, and streamlined processes to revolutionize mortgage origination.Rising costsContrary to these expectations, the cost to originate a mortgage has escalated, reaching all-time highs in recent years. Instead of reducing expenses, technology investments have sometimes added layers of complexity and cost.Persistent cyclesThe industry continues its pattern of expanding and contracting workforces in response to market fluctuations. Despite technological advancements, companies still resort to cyclical hiring and firing, indicating that core issues must be addressed.Why technology isn’t delivering the expected ROIMisaligned SolutionsWorkflow Band-Aids: Many tech products address surface-level symptoms rather than underlying systemic issues. Solutions often streamline individual tasks but need to integrate holistically with existing processes.Complex Implementations: The time and resources required to implement new technologies can offset any potential gains. Complex systems may require extensive training and adjustment periods.Human Element OverlookedResistance to Change: Employees may resist adopting new tools, especially if they feel those tools threaten job security. This resistance can lead to poor adoption rates and underutilization of technology.Technology vs. Human Expertise: Automated systems can’t replicate seasoned professionals’ nuanced decision-making and relationship-building skills. The human touch remains critical in mortgage lending.Overemphasis on Technology as a Silver BulletNeglecting Process Improvement: Relying solely on technology without re-engineering underlying processes limits effectiveness. Technology should enhance, not replace, sound business practices.Underestimating Training Needs: Insufficient training can lead to underutilization of new systems. With proper understanding, employees can leverage technology to its full potential.The cyclical hire and fire mentalityMarket sensitivityMortgage companies often react to market changes with rapid staffing adjustments. This reactive approach leads to instability and a need for sustained expertise within organizations.Short-term focusAddressing immediate financial pressures through staffing changes undermines long-term stability. It prevents the development of a skilled workforce that can adapt to new technologies and market conditions.Technology’s roleInstead of stabilizing the workforce, technology investments sometimes exacerbate instability due to upfront costs without quick payoffs. Companies may cut staff to offset these costs, reducing the potential benefits of new systems.Is technology the problem?Not the technology itselfThe issue may be something other than technology per se but how it’s selected, implemented, and integrated. Misalignment between technology solutions and business needs leads to disappointing outcomes.Strategic alignment neededTechnology should support well-defined business strategies, not replace them. A clear vision and strategic goals are essential for successful technology adoption.Human-centric designSolutions need to be designed with the end-user in mind, enhancing rather than replacing human work. Employee input and engagement are crucial during the development and implementation phases.Moving forward: Rethinking technology implementationHolistic needs assessmentIdentify Core IssuesConduct thorough analyses to understand root problems before seeking tech solutions. This ensures that technology addresses the organization’s actual needs.Employee InvolvementEngage staff at all levels to gain insights into practical challenges and opportunities. Employee buy-in can improve adoption rates and maximize the benefits of new systems.Process re-engineeringOptimize Before AutomatingImprove existing processes to ensure technology amplifies efficiencies rather than automating inefficiencies. This step prevents the entrenchment of flawed processes.Change ManagementDevelop robust strategies to manage the human side of technological change. Support, training, and clear communication can ease transitions and enhance acceptance.Strategic technology partnershipsCollaborative DevelopmentWork with tech providers to tailor solutions that fit the company’s unique needs. Collaboration ensures that technology aligns with business objectives and operational realities.Long-Term CommitmentView technology adoption as a long-term investment requiring ongoing support and evolution. Continuous improvement and updates keep systems relevant and effective.ConclusionThe mortgage industry’s challenges with technology adoption highlight a fundamental misalignment between expectations and reality. More than technology is needed to solve deep-seated operational issues or replace the invaluable work of human employees. Instead, companies should adopt a balanced approach that integrates technology as a tool within a broader strategy focused on process improvement and human capital development. By doing so, the industry can begin to realize the promised efficiencies and cost reductions that have thus far remained out of reach.Call to actionIndustry collaborationStakeholders should come together to share best practices and develop standards for technology implementation. Collaboration can lead to more effective solutions that benefit the entire industry.Continuous learningInvest in training and development to ensure teams can effectively leverage new technologies. A knowledgeable workforce is essential for maximizing ROI on technology investments.Re-evaluating ROI metricsWhen assessing technology investments, shift focus from short-term returns to long-term value creation. A long-term perspective encourages sustainable growth and improvement.Ryan Colkitt is the Vice President of Product Management at AppraisalVisionThis 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

The most challenging period for the mortgage industry appears to be in the rearview mirror, as the Mortgage Bankers Association (MBA) forecasts $2.3 trillion in origination volume for 2025—representing a robust 28.5% growth over 2024.“We are in a much better place now than a year ago. Let’s keep that in mind when we look at this data. Looking at the originations forecast, the trajectory is up,” Marina Walsh, vice president of industry analysis, said at the MBA 2024 Annual Convention & Expo in Denver on Sunday. “It certainly is a purchase market, not a return to refis. That’s not going to be easy, but again, we are heading in the right direction.” Purchase originations are forecasted to increase to $1.45 trillion in 2025, up 13% year over year. Meanwhile, with the 30-year fixed mortgage rates projected to decline from an average of 6.3% in 2024 to 5.9% in 2025, refis are estimated to represent 37% of the volume next year, increasing from 28% this year. Mike Fratantoni, MBA senior vice president and chief economist, said that monetary policy has “turned the corner with the first rate cut in September 2024.” However, there is a risk that “growing budget deficits will keep longer-term rates from falling further.”“We’ve seen an uptick in the 10-year Treasury yield that has been as low as 3.6%, and now we’re up to 4.25%. The speculation is that at least some of the drivers here are market participants thinking that the odds of a Trump administration, and particularly the odds of a red wave, have increased quite considerably, and that would potentially be putting upward pressure on rates,” Fratantoni said.The explanation is that, based on the estimates from the Committee for a Responsible Federal Budget comparing Donald Trump and Kamala Harris’s proposals, there would be larger deficits under a Trump administration. However, according to Fratantoni, regardless of who wins this election, “you’re going to hear a lot more about this deficit and debt picture going forward.”Another factor in the background is that global growth will be anemic in 2025, raising concern “that we may be getting stuck on a low growth, high debt pattern,” he added. For the U.S., t job market will likely slow, with the unemployment rate increasing from its current rate of 4.1% to 4.7% by the end of 2025. Inflation will gradually decline towards the Fed’s 2% target by the end of 2025.“The expectation of further rate cuts has already been baked into mortgage rates, and we expect mortgage rates are likely to remain within a narrow range around 6% for the foreseeable future,” said Fratantoni.Joel Kan, vice president and deputy chief economist at MBA, said that, by loan count, total mortgage origination volume is expected to increase by 28% to 6.5 million loans in 2025, compared to 5.1 million loans this year. According to Kan, mortgage rates are lower than a year ago, for-sale inventory has grown somewhat, and first-time homebuyers have turned to newly built homes as an option.“If you go back to the 2000 to 2009 decade, we had about, on average, 3.1 million units for sale over that time frame. The next decade, we had about 2.4 million, and the most recent four years to date, we’re averaging about 1.6 million,” Kan said. “The good news here is that we saw an increase in the last two months to about 1.8 million units.” Kan added: “These factors should support a bigger gain in purchase activity early next year, especially if mortgage rates remain near these levels or decline further.” 

The positive trend lines that saw nearly 80% of mortgage lenders turn a profit in the second quarter likely continued through the third quarter, according to Marina Walsh, the Mortgage Bankers Association‘s vice president of industry analysis. Though the survey on industry performance report for the third quarter has not yet been published, Walsh told the crowd at MBA Annual in Denver on Sunday night that industry production and the expense management moves enacted in Q2 remained consistent in the third quarter. Roughly 350 independent mortgage banks and subsidiaries of depository banks participate in the quarterly survey. Overall, the average IMB in Q2 2024 made a pre-tax net profit of $693 per loan, with total production revenue at 347 bps and total loan expenses falling to 330 bps.Source: Mortgage Bankers Association“Revenue’s holding up OK. Certainly we’re not at 450 [basis points] like we were during the pandemic, but 350 is trending a bit. So again, revenues plus expenses, we’re heading there in the third quarter, I think we’re going to be spending somewhere similar to what we were spending in the second quarter,” she said. Citing the Q2 figures, Walsh said that of the 350 mortgage lenders, companies in the 50th percentile and 75th percentile for net production income were profitable.“That is good sign. That means the majority of the folks here are able to generate a profit. And keep in mind, this is a profit before we talk about servicing.”Walsh said that according to HMDA data, the cost to originate for depository banks was $17,071 per loan in 2023. The cost for an IMB to originate was $13,251 per loan.“It comes down to expense. It’s a matter of containing those costs, so we have to look at the various pieces here,” she said. Sales expenses were higher on a percentage basis for IMBs at 55%, but their corporate administration (14%) and production support (8%) costs were lower. Sales costs for banks were 43% but corporate administration was much higher at 23% and production support was 12%. Critically, pull-through rates on refis fell significantly in 2023, Walsh said. “We saw a drop below 50%. I think for our full sample, it was around 45%, and it dropped down about seven percentage for purchases.”

Since mid-2022 when mortgage rates headed higher, two facts have been apparent: new listings data has been trending at the lowest levels ever recorded in history and inventory has been able to grow from record low levels thanks to mortgage rates staying elevated. We’ve seen some growth in new listings this year compared to 2023 levels, which is good for housing. However, with the recent spike in mortgage rates, it’s possible some sellers are just going to call it quits. Let’s see what the data for last week tells us.New listings dataOne place to see whether home sellers are calling it quits is our new listings data, which would clearly show if home sellers are reluctant to list their homes. So far, I haven’t seen anything to make me believe that is the case, including last week, as we saw only a slight decline in new listings data. While I didn’t get my weekly minimum 80,000 forecast for new listings data this year during the seasonal peak months, the fact that we’ve seen some growth is positive for 2024. So far, I haven’t seen anything yet showing that higher mortgage rates have negatively impacted the new listings. I hope this data line’s seasonal decline stays consistent with slight year-over-year growth. Here are the new listings for last week over the past several years:2024: 60,1582023: 56,6342022: 56,522Weekly housing inventory dataIf we were seeing a surge of sellers calling it quits, it would also impact the active listing data. Even though we saw a slight decline last week, I wouldn’t say it’s due to higher mortgage rates. For a brief period this year, I was getting my dream housing inventory data line with rising inventory tied into my model of 11,000-17,000 homes a week with lower mortgage rates and positive, forward-looking demand. That has changed recently; the inventory growth rate has slowed and it went negative last week. As we have seen the past few years, we are getting closer to where we will see a seasonal decline in active listing, so the decline week to week isn’t a big deal. We do have data on sellers withdrawing their listing; that is an avenue to see if sellers in the market just give up. However, the slight week-to-week decline isn’t saying much for the active listings since it’s almost Halloween. As you can see, we have made progress in inventory growth year after year. Weekly inventory change (Oct. 18-Oct. 25): Inventory fell from 739,434 to 737,997The same week last year (Oct. 20-Oct. 27): Inventory rose from 554,350 to 562,556The all-time inventory bottom was in 2022 at 240,497The yearly inventory peak for 2024 so far is 739,434For some context, active listings for this week in 2015 were 1,168,936Price-cut percentageIn an average year, one-third of all homes take a price cut — this is standard housing activity. Rising mortgage rates last year and this year have created a growing number of price cuts. With the reality of rising rates and rising inventory, the price-cut percentage data should be elevated compared to times when rates were lower and mortgage demand was growing. A few months ago, on the HousingWire Daily podcast, I said price-growth data would cool down in the year’s second half. Now, I am 100% surprised that pricing has stayed as firm as it has in our weekly data, so my forecast of 2.33% national home price growth is in jeopardy of being too low.Here are the price-cut percentages for last week over the previous few years:2024: 39.5%2023: 39%2022: 43%10-year yield and mortgage ratesMy 2024 forecast included:A range for mortgage rates between 7.25%-5.75%A range for the 10-year yield between 4.25%-3.21%We have had a lot of confused consumers, mortgage loan officers, and real estate agents over the last five weeks. I understand the shock of seeing mortgage rates rise as fast as they did. CNBC recently asked me to talk about this. If you want a deeper explanation on why mortgage rates have gone up since the Fed rate cut, I covered this topic in a recent HousingWire Daily podcast. We have jobs week coming up, which can move the bond market; what none of us want to see is the 10-year yield breaking above 4.40%, which would send mortgage rates higher.Mortgage spreadsThe mortgage spread story has been positive in 2024, whereas it was negative in 2023. We have seen a big move already this year; mortgage rates would be much higher today without the spreads improving. Unfortunately, the spreads have worsened with the recent spike in mortgage rates. Still, if I took the worst spreads from last year, mortgage rates would be 0.75% higher today. If mortgage spreads were back to normal, you would see mortgage rates lower by 0.71%—0.81%.Weekly pending salesBelow is the Altos Research weekly pending contract data to show real-time demand. This data line is very seasonal, as we can see in the chart below, and we should remember how high mortgage rates were at this time last year. We are now showing growth versus 2023 and 2022 data in this data line, but context is critical. 2022 sales had the fastest crash ever, and 2023 home sales were at record low levels, so take the growth in context with those two truths.  Imagine if mortgage rates stayed at 6% for 12 months; if that was the case, sales would be growing easily year over year. We have plenty more housing inventory this year versus last to promote growth sales when rates go lower. This is the weekly pending sales for last week over the previous few years: 2024: 356,1272023: 319,4642022: 339,016Purchase application dataThe winning streak of purchase application data ended with higher rates and now we have back-to-back negative weeks. Last week’s drop almost put us into flat year-over-year territory, even with extremely low comps. Purchase apps were down 5% week to week and only up 3% year over year.When mortgage rates were running higher earlier in the year (between 6.75%-7.50%), this is what the purchase application data looked like:14 negative prints2 flat prints2 positive printsSince mortgage rates started falling in mid-June, here’s what purchase applications looked like:12 positive prints 5 negative prints1 flat3 straight positive year-over-year growth printsWith mortgage rates up again, here is where we are:2 negative prints0 positive weekly printsWe only have back-to-back positive year-over-year data due to a low bar.The week ahead: Jobs, inflation, bond auctions and home prices Are you ready for a Halloween week of data that can drive bond yields screaming one way or another? This is it! We have jobs week, plus inflation data with the PCE reports, a few bond auctions and national home price reports.Of course, labor over inflation always drives yields lower. Weaker labor data drove yields lower from June to September and jobs week last month beat estimates and sent bond yields higher. The key for this week is to see how the bond market reacts to each labor report because we have made a near-70-basis-point move higher in the 10-year yield since the morning the Fed cut rates. For the 10-year yield, the critical level that we don’t want to exceed is 4.40%.

Clients who wish to use ICE Mortgage Technology‘s legacy Software Development Kit (SDK) technology on Encompass will be afforded a six-month grace period from the original Oct. 31, 2025, transition deadline to the API-based platform before being charged. The company characterized the new transition timeline not as a delay, but rather an “extension” afforded to clients who might need additional assistance migrating code to the more modern architecture on Encompass.In an email sent to Encompass clients on Thursday, ICE Mortgage Technology President Tim Bowler said that following “extensive engagement” with clients, he’s heard “two very clear messages” that ICE will use to guide its approach moving forward regarding the transition.“First, driving efficiency and enhancing the borrower experience are top priorities for you. ICE is investing in delivering an API-first, cloud-based platform that reduces latency and replaces legacy architecture. Clients who have transitioned to our API-based solutions are seeing an average financial benefit of $149 per loan (independent study from MarketWise Advisors Q1 2024). Feedback from partners and clients also highlighted how API calls significantly outperform SDK calls in speed, resulting in substantial monthly savings on CPU and server maintenance. Please note, these benefits are available to all Encompass clients without needing to transition to the web. Second, many of you have expressed a desire for a more gradual shift to APIs, with a preference for delaying any hard cutoff dates for SDK functionalities until you are ready for a complete transition to APIs. We also appreciate your interest in collaborating more closely with ICE during this transition period and are committed to providing the support you need.” ICE said that to continue using SDK after Oct. 31, 2025, customers will need to sign up for transitional SDK access. SDK calls will cost $0.50 per unit starting in May. The revised timeline calls for a full sunsetting by April 30, 2027.“We fully appreciate the complexity and additional effort for our customers in making this transition and will be adding a six month, no-charge grace period following the October 2025 date,” the company said in the email, adding that the sunsetting date would be “collaborative.”  As HousingWire reported late last month, ICE is also sunsetting its legacy CRM and transitioning fully to the more modern Surefire technology.

In prior conversations with HousingWire’s Reverse Mortgage Daily (RMD), leaders of equity sharing companies contend that their products are different from reverse mortgages largely because they are not debt-based instruments.But a court case playing out in the U.S. Court of Appeals for the Ninth Circuit features plaintiffs who argue that they are — at least under Washington state law. The plaintiffs also say that one company in question is not operating under the regulations that govern reverse mortgage products as it relates to things like interest rates or required counseling.Legal detailsThe case, originally brought in Washington state court, is now playing out in federal court. Plaintiffs Charles Boyd Olson and Janine Olson, who reside in Kent, Washington, and Seattle resident Maggie Colin say they entered into Unison equity sharing agreements in 2019 with the understanding that Unison’s product was not a loan.The initial legal complaint alleges that Unison’s offering “meets nearly all of the criteria for a reverse mortgage loan and functions as a reverse mortgage,” which subjects it to Washington law that regulates these products. The Olsons, facing financial challenges due to life circumstances, sought to find a way to cover their expenses and took up a Unison flyer describing its product.The flyer said that the Olsons could “access the equity locked in [their] home by entering into an agreement with Unison that would include no monthly payments and no interest,” according to court documents. But when contemplating a home sale and their other financial obligations, the Olsons concluded that they would receive very little in proceeds and have remained in the property since.In Colin’s case, she faced similar circumstances with her condominium and also acted on a mailed flyer advertising the Unison product. But after entering the agreement, she later realized that the agreement prevented her from refinancing the condo, according to the initial court complaint. She was allegedly informed by Unison that terminating the agreement would require “hundreds of thousands of dollars” in payments to the company.The plaintiffs brought action against the company in 2022. They contend that the agreement is essentially a reverse mortgage operating without the rules that typically govern such products, especially as it relates to interest rates and counseling.Unison contests this characterization of its product, saying that the product is an “option” and not a reverse mortgage. They also claim that the plaintiffs have created a term to describe their agreement — an “equitable reverse mortgage loan” — which Unison attorneys say has “never been used in the annals of American law.”“The complaint asserts three claims under the Washington Consumer Protection Act (CPA), all resting on the false assumption that the option is not an option but a reverse mortgage loan,” Unison attorneys said.Recent hearingThe case was ultimately remanded from state court to federal court. This week, a three-judge panel for the Ninth Circuit heard oral arguments from both sides.Attorney Thomas Scott-Railton made the case for the plaintiffs, telling the panel that Unison’s product violates Washington law in three ways. First, that it is a reverse mortgage under the state’s Consumer Loan Act. Second, if the product doesn’t correspond with that law then it falls under the CPA through “conduct that poses the same kinds of risks as regulated conduct, but that ‘inventively evades regulation,’” Scott-Railton said.Lastly, the plaintiffs contend that “Unison’s marketing practices have been consistently identified by both federal regulators and commentators as deceptive, and that also violates the Consumer Protection Act,” Scott-Railton said.Unison attorney Jeremy Creelan said the claims in appeal are contradictory with the complaint.“The plaintiff’s appeal here really is remarkable for the ways in which it departs completely and is contradicted by the plaintiff’s allegations in the complaint,” he said. “And that really shows the problem here with this appeal.”The Washington Legislature, Creelan added, has declined to add equity sharing agreements to its definition of a reverse mortgage, which he says is “dispositive” of the claim on the Washington CPA.Judge ‘struggles’ with Unison argumentThe panel was animated in asking questions of Unison’s positions.“Here’s the problem I’m struggling with in your argument, which is that if you look at the definition of a reverse mortgage loan, it has all these particular features that are listed, and you have all of those,” Judge Daniel P. Collins said. “And then you want to say that the general term ‘credit obligation’ actually limits those terms further.”Collins said he wasn’t sure if that was a correct reading of the statute, “because it seems that if you have a deed of trust that gives a security interest, and you have a share in shared appreciation or equity that’s due and payable under the prescribed circumstances, that’s the type of thing it’s capturing. That suggests it qualifies as a credit obligation.”Creelan said a “credit obligation” is not a loan.“This is the key point — there’s no repayment obligation on the part of the consumer,” he said. “That’s why the Olsons engaged in it, and frankly, it’s what provides consumers with such significant benefits. This deed of trust does not secure one or more advances, nor does it secure any repayment of anything.”RMD reached out to Unison for comment on the matter but did not immediately receive a reply. ”Unison’s product is a reverse mortgage stripped of the essential safeguards meant to protect homeowners,” Scott-Railton said when reached by RMD. “We believe that as courts take a closer look at these products, they’ll agree they are reverse mortgages — or at the very least an unlawful attempt to circumvent reverse mortgage laws.”

In the latest episode of the Power House podcast, HousingWire CEO Clayton Collins sits down for a conversation with Uplist President Jeff Bell to explore coaching, loan monitoring, recapture strategies and more.These questions and responses have been lightly edited for length and clarity. Clayton Collins: Give us a glimpse into how you’ve developed as a leader in this industry.Jeff Bell: I used to work for Keith Tibbles and Ernie Gehre back at Cobalt Mortgage. I was close to $7 million a month, and Ernie told me to get a business coach. That brought a lot of structure and focus in the broad business, life planning, family stuff and everything.It really gave me a road map. If you lay it out properly when you’re sitting there, having a road map really makes it simple to make a decision on what you’re doing business wise, like marketing, who you’re doing business with, how much time you’re spending in business versus with family, etc.Collins: Why did you start a technology company? Why start Uplift?Bell: So, I have this mortgage company that I’m phasing out of right now. About two years ago, when the market turned from refinances to purchases, I started getting these calls from agents saying, ‘Hey, can you give me some listing flyers for my properties?’The market changes 50 basis points on Monday, and now I have to redo it again for the next week. So, I built Uplift for the mortgage company, and we essentially automated the full loan review process. You can do thousands of loan reviews every month, and a full analysis determines if there’s an opportunity to refinance. If it’s there, it builds the presentation and sends it to me as the loan officer. Collins: With tech and AI, there’s some big MSR portfolios out there. Servicers are willing to go pretty far to make sure they recapture. How do you see this potential mini wave playing out? Bell: If I was really focusing as an originator on capturing refinances in the upcoming potential refinance market, you’re going to have to look at comp. There needs to be some pre-planning right now for mortgage companies and originators to get together and decide what they’re willing to give up.To close the episode, Bell explains the benefit that Uplift’s loan monitoring product brings to servicers.Collins: Coming back to Uplift and its new loan monitoring product, this sounds like an integration-heavy tool. How does that all come to fruition?Bell: So, I have an enterprise integration with different pricing engines. That pricing engine opens up the port, and we’re automatically connected to every LO’s pricing for that company. I’ve never had an IT person from a company touch my product. There’s no integration.You would upload, we give you a CSV template, and you can upload 50,000 loans to us. We map them to all the loan officers within that database, and they’re being monitored the next day. Loan officers get a notice that Clayton might be able to refinance.You hit a button and the whole thing’s done in one minute. 

Editor’s note: This is the second in a series of articles that will explore the effects of the landmark Sitzer/Burnett case, which was decided on Oct. 31, 2023, and has since reshaped the business practices for real estate brokerages and agents across the country.As the real estate industry grappled with the fallout of the Sitzer/Burnett jury verdict and eventual settlement from the National Association of Realtors (NAR), a top concern was how changes to the agent commission structure would impact veteran homebuyers.With NAR’s settlement requiring agents to have a signed buyer agency agreement with every buyer that spells out how much the agent will be paid in a transaction, many believed that buyers using a loan from the U.S. Department of Veterans Affairs (VA) would be disadvantaged.Previously, under VA policy, although a veteran was allowed to use a buyer broker to purchase a home using their VA loan benefit, they could “not under any circumstances, be charged a brokerage fee or commission in connection with the services of such individuals.”Due to this, many in the real estate industry feared that veterans would forego representation if there was no guarantee the seller would cover their buyer agency fees.“Buyers agents will have to write that, as part of the offer, the buyer requests that the seller pays ‘X’ amount in buyer broker commissions, but that doesn’t leave very many options, especially when VA offers are already viewed less desirably and not as the strongest offer in a multiple-offer situation. It just adds yet another layer of difficulty to the transaction for a VA buyer,” Anthony Lamacchia, the broker-owner of Lamacchia Realty, told HousingWire in May.But much to the industry’s relief, the VA announced in May that it would be issuing temporary guidance. Under the temporary fix, homebuyers using VA loans are able to pay for their agent’s commission.“Before (the NAR) settlement takes effect (in August), VA has announced an update to help ensure that Veterans using the VA-guaranteed home loan benefit remain competitive buyers,” Valery P. Behr, program analyst at the department’s Loan Guaranty Service and Veterans Benefits Administration, said in a statement at the time.“Specifically, eligible Veterans, active-duty service members, and surviving spouses who use their VA home loan benefits can pay for certain real estate buyer-broker fees when purchasing a home.”The temporary guidance went into effect on Aug. 10, a week prior to the settlement-mandated business practice changes going into effect nationwide. The VA has indicated the policy is indefinite, saying it will stay in effect until rescinded.Roughly five months have passed since the VA announced this temporary solution. It remains to be seen how long the policy will remain in place or if the VA is considering other alternatives.In an emailed statement, a spokesperson for the VA wrote that the agency is “actively monitoring” the effects of the settlement.“While the temporary guidance allowing Veterans to pay for certain real estate buyer-broker fees is in place, VA is considering making these changes permanent through a rulemaking process,” the spokesperson wrote. “This approach ensures Veterans remain competitive in the homebuying market without being disadvantaged by the settlement. The timeline for permanent changes will depend on the outcomes of ongoing assessments and stakeholder feedback.”Amanda Tucker, chief risk and compliance officer at Atlantic Bay Mortgage, said that many in the industry find the uncertainty of the situation a bit unsettling.“We continue to hear questions from Realtors and veterans about what ‘temporary’ means and how long it will be in effect for,” Tucker said. “If this remains temporary and is rolled back at some point — which I don’t think there is any indication of that happening — what would the effect be? We are all in this environment where we are familiar with what this looks like, so what will happen if that changes?”Although the future remains murky, she said the current situation for VA buyers is in many ways better than it was prior to the commission lawsuits and NAR settlement.“Given the guidance the VA issued, we have really seen the VA product and program transactions really smooth out,” Tucker said. “Those are not the loan transactions that we continue to see some confusion around. As the lender, having the opportunity to point back to that clear guidance when we are working with Realtors, in terms of documentation needed on a transaction, is incredibly helpful.”In addition to sorting out issues that would have arisen for VA buyers due to the terms of the NAR settlement, Tucker said the VA’s temporary guidance has also improved the situation for VA buyers in states where buyer agency agreements were mandatory prior to the NAR business practice changes.“There would be times in the past where a veteran would sign a buyer agency agreement because it was mandatory in their state, and by the time they come to us, the lender, the veteran has already committed on some level to compensate their buyer broker, so that left us in a space where we either have to work to get the document voided or it would automatically preclude the veteran from using a VA product,” Tucker said. “So, this guidance has really kind of leveled the playing field for veterans, who are now able to have the opportunity to work with a professional, who they could compensate themselves if they so choose. Additionally, it is not precluding them from considering a home where the seller is not willing to pay any portion of the buyer broker compensation.”Tucker also believes the discourse surrounding VA loans earlier in the year brought more visibility to the loan product. This has helped to decrease some of the confusion and lack of understanding about the product.“I think you’ve really seen Realtors take a deeper dive into VA products and programs,” Tucker said.Todd Armstrong, a veteran and a San Diego-based Compass agent who heads the brokerage’s military division, shares a similar view.“There absolutely is a better understanding now,” Armstrong said. “Part of it also is that there is a limited pool of buyers right now, and sellers and their agents have to consider every offer they get, so it behooves them to educate themselves on the VA process.”Armstrong said the San Diego market has cooled considerably since the height of the pandemic-induced homebuying frenzy.“It has shifted to a buyer’s market or very close to it, but it is definitely more balanced than it was before,” Armstrong said.Due to this, Armstrong said most sellers are either openly offering to cover buyer broker compensation or are willing to entertain offers that ask for buyer broker compensation — just as long as they are able to net the sale proceeds they want.While the situation is good for the time being and is allowing VA buyers to take advantage of the no down payment benefit of the VA loan, Armstrong is concerned about what may happen in the future when the market heats up again.“We already have enough difficulty getting our offers accepted competing with cash and conventional mortgages, so I think it will be even harder if we are negotiating to have the commission covered and others are not,” Armstrong said. “So, even though it might just be a 2% ask, in my opinion, it very well may knock them out of the running against other offers.”With agents reporting that a seller’s willingness to offer — or consider offering — buyer broker compensation is currently dictated by the strength of the market, time will tell how VA buyers fare under hotter market conditions.

The National Reverse Mortgage Lenders Association (NRMLA) has elected its board officers and co-chairs for the 2024-2025 term, including a slate of new officers along with both new and returning co-chairs.Mike Kent, senior vice president of reverse asset management and industry relations at PHH Mortgage Corp., has been reelected as co-chair. This will be his fifth consecutive term in the position, following his first election to the post alongside former co-chair and industry professional Scott Norman in 2019.He is joined in the co-chair position by Jim Cory, managing director of reverse mortgages at Guild Mortgage. Cory is a longtime industry veteran and NRMLA member, having first joined in 1998 and having previously served the board as vice chair. He holds the association’s Certified Reverse Mortgage Professional (CRMP) designation, and he has worked in leadership positions in several reverse mortgage companies during his career.NRMLA President Steve Irwin offered his congratulations and well wishes to the co-chairs in a statement.“I want to congratulate Mike and Jim on being elected NRMLA’s co-chairs,” Irwin said in an email update to NRMLA’s membership. “Their diverse skill sets and thoughtful leadership are well-suited to help govern the association and identify opportunities to grow the reverse mortgage industry.”Other newly elected officers include Elly Johnson of All Reverse Pro and Robert Sivori of Brean Strategic Advisors as vice chairs. Johnson previously served as secretary. Brett Dunn of Traditional Mortgage Acceptance Corp. (TMAC) has been appointed as the new treasurer, succeeding Michael McCully of New View Advisors. Laura Cullen of Longbridge Financial will serve as the new secretary, succeeding Johnson in the role.NRMLA enters the new term with significant change. At its Annual Meeting and Expo in San Diego last month, former CEO Peter Bell announced that he was stepping back from reverse mortgages to focus on affordable housing advocacy.NRMLA will be separating from Bell’s association management company, Dworbell Inc., as part of the transition and will continue operating independently of it.

Minneapolis-based mortgage lender Luminate Home Loans has decided to shutter its NEO Home Loans division, which transitioned to the firm two years ago, the company announced on Friday. The expectation is that NEO will close by the end of February 2025. According to Luminate, the decision reflects, among other things, its “focus on integrating mortgage lending into its core banking services to better serve clients and build long-term financial relationships.” The mortgage firm, which has been in business since 1998, is a subsidiary of Luminate Bank. The company said it’s working with affected employees and will provide opportunities to transition to other roles within the organization.Luminate announced in December 2022 that it would transition the Neo Home Loans team, which had more than 200 members, to its structure. The team was previously part of Celebrity Home Loans. “We made the decision to close the NEO Division to align with our long-term business strategy,” Taryn Reuter, CEO and chairman of Luminate, said in a statement. “Our focus now is on ensuring a smooth transition while continuing to provide outstanding service and expanding our platform.” The lender says it has 84 branches and more than 500 loan originators nationwide, providing financial solutions in 49 states. Inside Mortgage Finance shows Luminate Bank originated $1.26 billion in mortgages in the first half of 2024, up 4% year over year. Meanwhile, data from mortgage tech platform Modex shows that most of the company’s origination this year has been conventional (71%) and purchase (76%) loans.“The partnership between Luminate Home Loans and Luminate Bank is the spark that ignites our nationwide expansion, accelerating our growth across the United States,” Reuter added.

Vetted by HousingWire  |  Our editors independently review the products we recommend. When you buy through our links, we may earn a commission.With hundreds of other IDX websites online, why would a buyer choose yours? And no, “Because they clicked on my ad!” is not an acceptable answer. Not in 2024. Not when the average time buyers spend on real estate websites is less than two minutes. Not when you have to compete with Zillow, Realtor.com and other agents who — maybe like you — are wondering where their next mortgage payment is coming from.To capture leads with your IDX website in today’s biblically competitive, post-lawsuit market, you need to think like a luxury agent. Everyone has listings. Ryan Serhant’s website offers an experience. Like Serhant, your personal brand, expertise and empathy need to shine through on every page of your website.Yes, buyers will still click on your ads and still want to search for homes on your website. Keeping them there is the hard part. To help, we reviewed dozens of IDX websites that offer buyers a home search experience they can’t get from Zillow. SummaryThe 7 best IDX websites for 2024 (+ one to watch)Showcase IDXAgentFireAgent ImageiHomefinder MaxCINCReal GeeksPlacesterOne to watch: Panda IDXFAQsThe 7 best IDX websites for 2024 (+ one to watch)These seven IDX websites offer an alluring combination of value for money, solid UX design, an engaging search experience and proven lead capture features. All key ingredients for keeping buyers searching for homes on your site instead of on Zillow.Since almost all of our picks offer roughly the same features, we scored them based on our opinion of their property search experience, design quality, and overall user experience (UX) . We also include an IDX website startup we think is going to do big things in the space.PRO TIPIDX stands for Internet Data Exchange, a system that allows real estate agents and brokers to display Multiple Listing Service (MLS) listings on their websites.Showcase IDXShowcase IDX homepage" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_fe6f4ccf-e5fc-4e5c-901d-0e7e1e8dec91.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_fe6f4ccf-e5fc-4e5c-901d-0e7e1e8dec91.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488202" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_fe6f4ccf-e5fc-4e5c-901d-0e7e1e8dec91.jpg" alt="Showcase IDX homepage" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_fe6f4ccf-e5fc-4e5c-901d-0e7e1e8dec91.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_fe6f4ccf-e5fc-4e5c-901d-0e7e1e8dec91.jpg?resize=150,85 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_fe6f4ccf-e5fc-4e5c-901d-0e7e1e8dec91.jpg?resize=300,169 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_fe6f4ccf-e5fc-4e5c-901d-0e7e1e8dec91.jpg?resize=768,433 768w" sizes="(max-width: 900px) 100vw, 900px" />Showcase IDX property search" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_7a1479fd-20f9-45a6-aac4-d75c835f9b74.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_7a1479fd-20f9-45a6-aac4-d75c835f9b74.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488201" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_7a1479fd-20f9-45a6-aac4-d75c835f9b74.jpg" alt="Showcase IDX property search" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_7a1479fd-20f9-45a6-aac4-d75c835f9b74.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_7a1479fd-20f9-45a6-aac4-d75c835f9b74.jpg?resize=150,85 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_7a1479fd-20f9-45a6-aac4-d75c835f9b74.jpg?resize=300,170 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_7a1479fd-20f9-45a6-aac4-d75c835f9b74.jpg?resize=768,436 768w" sizes="(max-width: 900px) 100vw, 900px" />Showcase IDX listing page" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_ddddc138-710d-41b8-b0d4-490cf883ebaf.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_ddddc138-710d-41b8-b0d4-490cf883ebaf.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488200" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_ddddc138-710d-41b8-b0d4-490cf883ebaf.jpg" alt="Showcase IDX listing page" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_ddddc138-710d-41b8-b0d4-490cf883ebaf.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_ddddc138-710d-41b8-b0d4-490cf883ebaf.jpg?resize=150,85 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_ddddc138-710d-41b8-b0d4-490cf883ebaf.jpg?resize=300,169 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_ddddc138-710d-41b8-b0d4-490cf883ebaf.jpg?resize=768,433 768w" sizes="(max-width: 900px) 100vw, 900px" />Pricing: Starting at $84.95 per month      Search experience: 4.8     UX design quality: 4.6       Standout features: Friends and family search, users can hide listings, satellite view on maps; open house, new listing, and price change notifications on listings in property search results; basic CRMSee it live: Luxury Living Fort LauderdaleWhy we love itShowcase IDX is an industry-leading IDX plugin for WordPress that sets a standard that all others follow. Property search results pages are well-designed, easy to navigate and customizable. We love the search with friends feature that allows buyers to invite friends and family to share and discuss listings they’ve saved on the site. Widgets allow you to curate and display listings by type or neighborhood — crucial for providing a bespoke home shopping experience that Zillow can’t. You can drill down into your niche and display waterfront properties, starter homes, or anything else you’d like front and center on your website.What we’d changeThis might be a little nit-picky, but the fonts Showcase IDX uses on their map view are a little dated and a bit hard to read. We also thought the UX elements on the friends and family search were fine, but could use improvement. We’d also love to see Showcase develop a branded IDX website package for agents who don’t already have a WordPress site.Visit Showcase IDXAgentFireAgentFire homepage" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_74813afd-d8ad-434c-a9c8-bdb40592e369.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_74813afd-d8ad-434c-a9c8-bdb40592e369.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488266" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_74813afd-d8ad-434c-a9c8-bdb40592e369.jpg" alt="AgentFire homepage" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_74813afd-d8ad-434c-a9c8-bdb40592e369.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_74813afd-d8ad-434c-a9c8-bdb40592e369.jpg?resize=150,84 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_74813afd-d8ad-434c-a9c8-bdb40592e369.jpg?resize=300,169 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_74813afd-d8ad-434c-a9c8-bdb40592e369.jpg?resize=768,432 768w" sizes="(max-width: 900px) 100vw, 900px" />AgentFire IDX property search" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_8fc68d9f-82fe-4577-8633-bb64ff57e160.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_8fc68d9f-82fe-4577-8633-bb64ff57e160.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488267" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_8fc68d9f-82fe-4577-8633-bb64ff57e160.jpg" alt="AgentFire IDX property search" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_8fc68d9f-82fe-4577-8633-bb64ff57e160.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_8fc68d9f-82fe-4577-8633-bb64ff57e160.jpg?resize=150,85 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_8fc68d9f-82fe-4577-8633-bb64ff57e160.jpg?resize=300,170 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_8fc68d9f-82fe-4577-8633-bb64ff57e160.jpg?resize=768,435 768w" sizes="(max-width: 900px) 100vw, 900px" />AgentFire listing page" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_a1e01b73-79e9-44b5-9e67-9404d1bfd708.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_a1e01b73-79e9-44b5-9e67-9404d1bfd708.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488265" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_a1e01b73-79e9-44b5-9e67-9404d1bfd708.jpg" alt="AgentFire listing page" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_a1e01b73-79e9-44b5-9e67-9404d1bfd708.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_a1e01b73-79e9-44b5-9e67-9404d1bfd708.jpg?resize=150,85 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_a1e01b73-79e9-44b5-9e67-9404d1bfd708.jpg?resize=300,170 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_a1e01b73-79e9-44b5-9e67-9404d1bfd708.jpg?resize=768,436 768w" sizes="(max-width: 900px) 100vw, 900px" />Pricing: Starting at $149 per month + design fees    Search experience score: 4.8     UX design quality score: 4.6       Standout features: VIP tours CTA, Calendy tour booking, neighborhood guides, custom designs availableSee it live: The Meza TeamWhy we love itAgentFire offers branding-focused IDX websites at a surprisingly affordable price. While rivals like Luxury Presence charge an eye-watering $500+ per month, AgentFire charges a far more reasonable $149. While branding remains the star of the show, AgentFire’s IDX home search and listing pages are some of the best in the industry. The layouts, font choices, and overall search experience are sleek, easy to navigate, and look like they were designed in 2024 — because they were! Other IDX sites allow you to customize fonts and colors, but AgentFire looks great right out of the box.What we’d changeWe’d nix the Airbnb-style zoom-to-search feature. It’s a bit frustrating to use; you have to constantly zoom in and out to see more listings. This is a minor flaw in an otherwise stellar product.Visit AgentFireAgent ImageAgent Image homepage" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_6de613d9-a93b-4c87-8902-a2d1bb81fa33.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_6de613d9-a93b-4c87-8902-a2d1bb81fa33.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488270" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_6de613d9-a93b-4c87-8902-a2d1bb81fa33.jpg" alt="Agent Image homepage" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_6de613d9-a93b-4c87-8902-a2d1bb81fa33.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_6de613d9-a93b-4c87-8902-a2d1bb81fa33.jpg?resize=150,85 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_6de613d9-a93b-4c87-8902-a2d1bb81fa33.jpg?resize=300,169 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_6de613d9-a93b-4c87-8902-a2d1bb81fa33.jpg?resize=768,433 768w" sizes="(max-width: 900px) 100vw, 900px" />Agent Image property search" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_1bc50a6c-360b-4d44-bc9d-f43ebe7cd385.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_1bc50a6c-360b-4d44-bc9d-f43ebe7cd385.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488269" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_1bc50a6c-360b-4d44-bc9d-f43ebe7cd385.jpg" alt="Agent Image property search" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_1bc50a6c-360b-4d44-bc9d-f43ebe7cd385.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_1bc50a6c-360b-4d44-bc9d-f43ebe7cd385.jpg?resize=150,85 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_1bc50a6c-360b-4d44-bc9d-f43ebe7cd385.jpg?resize=300,171 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_1bc50a6c-360b-4d44-bc9d-f43ebe7cd385.jpg?resize=768,437 768w" sizes="(max-width: 900px) 100vw, 900px" />Agent Image listing page" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_95ec00c1-295c-4bb1-a9ce-6b6d75afc9bb.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_95ec00c1-295c-4bb1-a9ce-6b6d75afc9bb.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488271" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_95ec00c1-295c-4bb1-a9ce-6b6d75afc9bb.jpg" alt="Agent Image listing page" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_95ec00c1-295c-4bb1-a9ce-6b6d75afc9bb.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_95ec00c1-295c-4bb1-a9ce-6b6d75afc9bb.jpg?resize=150,86 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_95ec00c1-295c-4bb1-a9ce-6b6d75afc9bb.jpg?resize=300,171 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_95ec00c1-295c-4bb1-a9ce-6b6d75afc9bb.jpg?resize=768,438 768w" sizes="(max-width: 900px) 100vw, 900px" />Pricing: Starting at $99 per month + design fees    Search experience score: 4.7     UX design quality score: 4.9       Standout features: Real Trends Award-winning design, personal branding is prioritized, iHomefinder Max or IDX Broker, lead scoring CRMSee it live: The Carrol GroupWhy we love itAgent Image combines award-winning, brand-first design and custom IDX search. With over 25 years of experience designing and building IDX sites for luxury agents, they are a perfect match for agents who want to stand out. While Agent Image is not a true all-in-one CRM and IDX website, it offers basic lead scoring, routing, and other CRM features through iHomefinder Max. This makes Agent Image ideal for teams and boutique brokerages that want a fully customized website with built-in CRM features.What we’d changeWhile Agent Image’s designs are beautiful, they tend to be a bit busy. Some agents might prefer a more minimalist design. Something they can work out with Agent Image’s design team. Agent Image’s design fees are also on the expensive side, starting at around $1,500. IDX is also not included in the monthly price. Adding iHomefinder Max bumps up your monthly cost by $150.Visit Agent ImageiHomefinder MaxiHomefinder homepage" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_c923e694-cb74-4f9f-b9d2-35b373bf4c86.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_c923e694-cb74-4f9f-b9d2-35b373bf4c86.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488279" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_c923e694-cb74-4f9f-b9d2-35b373bf4c86.jpg" alt="iHomefinder homepage" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_c923e694-cb74-4f9f-b9d2-35b373bf4c86.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_c923e694-cb74-4f9f-b9d2-35b373bf4c86.jpg?resize=150,73 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_c923e694-cb74-4f9f-b9d2-35b373bf4c86.jpg?resize=300,146 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_c923e694-cb74-4f9f-b9d2-35b373bf4c86.jpg?resize=768,374 768w" sizes="(max-width: 900px) 100vw, 900px" />iHomefinder property search" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_2f53eaed-549c-4e10-bc50-a097d65bf973.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_2f53eaed-549c-4e10-bc50-a097d65bf973.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488281" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_2f53eaed-549c-4e10-bc50-a097d65bf973.jpg" alt="iHomefinder property search" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_2f53eaed-549c-4e10-bc50-a097d65bf973.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_2f53eaed-549c-4e10-bc50-a097d65bf973.jpg?resize=150,73 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_2f53eaed-549c-4e10-bc50-a097d65bf973.jpg?resize=300,145 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_2f53eaed-549c-4e10-bc50-a097d65bf973.jpg?resize=768,371 768w" sizes="(max-width: 900px) 100vw, 900px" />iHomefinder listing page" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_58942b0e-e7fc-43fa-aaed-984aee2f2348.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_58942b0e-e7fc-43fa-aaed-984aee2f2348.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488280" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_58942b0e-e7fc-43fa-aaed-984aee2f2348.jpg" alt="iHomefinder listing page" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_58942b0e-e7fc-43fa-aaed-984aee2f2348.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_58942b0e-e7fc-43fa-aaed-984aee2f2348.jpg?resize=150,73 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_58942b0e-e7fc-43fa-aaed-984aee2f2348.jpg?resize=300,145 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_58942b0e-e7fc-43fa-aaed-984aee2f2348.jpg?resize=768,371 768w" sizes="(max-width: 900px) 100vw, 900px" />Pricing: Starting at $150 per month Search experience score: 4.6    UX design quality score: 4.6       Standout features: CRM with lead scoring, routing and marketing automation that can track lead’s behavior on your website, plus market reportsSee it live: Gottesman ResidentialWhy we love itiHomefinder Max is a popular IDX plugin for WordPress that includes a powerful CRM. Like Showcase IDX, it doesn’t come with a website, but for most agents, this is a feature, not a bug. It gives them total control to create or buy a WordPress website that they can customize to their heart’s content. Instead of being forced to choose a template, agents can unleash their creativity and build anything they want while iHomefinder handles the IDX.What we’d changeThe pricing. At $150 per month, iHomefinder Max’s pricing is inching closer to what all-in-one platforms charge. They’re straddling the fence between platforms like Real Geeks, which offers a much more powerful CRM, and AgentFire’s done-for-you branding-focused websites. A tall order for some agents considering you have to build or buy your own WordPress site to use it.Visit iHomefinderCINCCINC homepage" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_947c776b-5636-4475-b39c-906e20b45970.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_947c776b-5636-4475-b39c-906e20b45970.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488283" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_947c776b-5636-4475-b39c-906e20b45970.jpg" alt="CINC homepage" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_947c776b-5636-4475-b39c-906e20b45970.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_947c776b-5636-4475-b39c-906e20b45970.jpg?resize=150,86 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_947c776b-5636-4475-b39c-906e20b45970.jpg?resize=300,171 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_947c776b-5636-4475-b39c-906e20b45970.jpg?resize=768,438 768w" sizes="(max-width: 900px) 100vw, 900px" />CINC property search" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_977300ab-7869-46c1-8f1f-e8004a1b7d6a.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_977300ab-7869-46c1-8f1f-e8004a1b7d6a.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488282" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_977300ab-7869-46c1-8f1f-e8004a1b7d6a.jpg" alt="CINC property search" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_977300ab-7869-46c1-8f1f-e8004a1b7d6a.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_977300ab-7869-46c1-8f1f-e8004a1b7d6a.jpg?resize=150,85 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_977300ab-7869-46c1-8f1f-e8004a1b7d6a.jpg?resize=300,170 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_977300ab-7869-46c1-8f1f-e8004a1b7d6a.jpg?resize=768,436 768w" sizes="(max-width: 900px) 100vw, 900px" />CINC listing page" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_8c3dae43-a519-4599-8739-db12ac09382e.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_8c3dae43-a519-4599-8739-db12ac09382e.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488284" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_8c3dae43-a519-4599-8739-db12ac09382e.jpg" alt="CINC listing page" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_8c3dae43-a519-4599-8739-db12ac09382e.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_8c3dae43-a519-4599-8739-db12ac09382e.jpg?resize=150,85 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_8c3dae43-a519-4599-8739-db12ac09382e.jpg?resize=300,170 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_8c3dae43-a519-4599-8739-db12ac09382e.jpg?resize=768,436 768w" sizes="(max-width: 900px) 100vw, 900px" />Pricing: Starting at $899 per month (includes leads) Search experience score: 4.7    UX design quality score: 4.8       Standout features: Done-for-you lead generation, advanced CRM with AI features, Etta home search app, neighborhood guides, featured listing and neighborhood/property type listing pagesSee it live: Denver House HuntersWhy we love itCINC combines purpose-built IDX websites and done-for-you PPC advertising with an advanced AI-powered CRM. Like most lead generation sites, CINC prioritizes home search over branding. But that’s where the similarities end. CINC’s home search experience and UX design are miles ahead of the competition. The usual IDX suspects like Zurple and Boomtown look and feel homemade next to CINC’s sleek, professional property search and listing pages. Lightning-fast loading times (crucial for SEO) and a custom-branded home search app called Etta round out the package.What we’d changeCINC’s websites are hardcore lead generation machines, so branding is an afterthought. We’d love to see CINC home pages focus more on personal branding and client service. The neighborhood guides are a step in the right direction, but we were left craving more. A blog and a few buyer and seller education pages would make CINC a perfect IDX site. Bleeding-edge tech + sleek, modern design + an emphasis on client service = IDX perfection.Pricing is also an issue. Leads are included in the $899 starting price, but most agents we know would love to get their hands on CINC’s IDX site and software to drive their own leads.Visit CINCReal GeeksReal Geeks homepage" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_cbb279ce-579f-4e6a-a306-b7c903700caf.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_cbb279ce-579f-4e6a-a306-b7c903700caf.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488286" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_cbb279ce-579f-4e6a-a306-b7c903700caf.jpg" alt="Real Geeks homepage" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_cbb279ce-579f-4e6a-a306-b7c903700caf.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_cbb279ce-579f-4e6a-a306-b7c903700caf.jpg?resize=150,85 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_cbb279ce-579f-4e6a-a306-b7c903700caf.jpg?resize=300,169 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_cbb279ce-579f-4e6a-a306-b7c903700caf.jpg?resize=768,433 768w" sizes="(max-width: 900px) 100vw, 900px" />Real Geeks property search" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_8ad56b1a-e105-489a-9f98-69470ada04b6.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_8ad56b1a-e105-489a-9f98-69470ada04b6.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488288" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_8ad56b1a-e105-489a-9f98-69470ada04b6.jpg" alt="Real Geeks property search" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_8ad56b1a-e105-489a-9f98-69470ada04b6.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_8ad56b1a-e105-489a-9f98-69470ada04b6.jpg?resize=150,73 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_8ad56b1a-e105-489a-9f98-69470ada04b6.jpg?resize=300,145 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_8ad56b1a-e105-489a-9f98-69470ada04b6.jpg?resize=768,371 768w" sizes="(max-width: 900px) 100vw, 900px" />Real Geeks listing page" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_75da4ada-de1b-4344-8931-d6c1771ca097.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_75da4ada-de1b-4344-8931-d6c1771ca097.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488287" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_75da4ada-de1b-4344-8931-d6c1771ca097.jpg" alt="Real Geeks listing page" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_75da4ada-de1b-4344-8931-d6c1771ca097.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_75da4ada-de1b-4344-8931-d6c1771ca097.jpg?resize=150,73 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_75da4ada-de1b-4344-8931-d6c1771ca097.jpg?resize=300,145 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_75da4ada-de1b-4344-8931-d6c1771ca097.jpg?resize=768,371 768w" sizes="(max-width: 900px) 100vw, 900px" />Pricing: Starting at $299 per month Search experience score: 4.5    UX design quality score: 4.5Standout features:  Move to property search app, market report pages, featured listing & neighborhood listing pagesWhy we love itReal Geeks combines a good (but not great) IDX home search experience with a highly capable CRM, home search app, and automated marketing tools. Like CINC, Real Geeks is first and foremost a lead generation website — ideal for agents who want to drive leads through PPC ads. You can customize pages to include client service-focused content, testimonials, or pretty much anything you’d like. You can also create listing pages for neighborhood and property types for a more curated home shopping experience.What we’d changeWe’d love to see dedicated pages or blocks for testimonials and client service content. Most pages are pretty easy to customize, but you have to design them yourself. This is something a talented UX designer could knock out in a few days, so we’re a bit disappointed Real Geeks hasn’t made that investment.Visit Real GeeksPlacesterPlacester homepage" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_6bbf9ae3-9447-4f7d-902c-d4277595a0a9.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_6bbf9ae3-9447-4f7d-902c-d4277595a0a9.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488291" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_6bbf9ae3-9447-4f7d-902c-d4277595a0a9.jpg" alt="Placester homepage" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_6bbf9ae3-9447-4f7d-902c-d4277595a0a9.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_6bbf9ae3-9447-4f7d-902c-d4277595a0a9.jpg?resize=150,82 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_6bbf9ae3-9447-4f7d-902c-d4277595a0a9.jpg?resize=300,164 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_6bbf9ae3-9447-4f7d-902c-d4277595a0a9.jpg?resize=768,420 768w" sizes="(max-width: 900px) 100vw, 900px" />Placester property search" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_f9b40719-052c-4296-9914-0e682dcb6bf4.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_f9b40719-052c-4296-9914-0e682dcb6bf4.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488290" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_f9b40719-052c-4296-9914-0e682dcb6bf4.jpg" alt="Placester property search" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_f9b40719-052c-4296-9914-0e682dcb6bf4.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_f9b40719-052c-4296-9914-0e682dcb6bf4.jpg?resize=150,73 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_f9b40719-052c-4296-9914-0e682dcb6bf4.jpg?resize=300,145 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_f9b40719-052c-4296-9914-0e682dcb6bf4.jpg?resize=768,371 768w" sizes="(max-width: 900px) 100vw, 900px" />Placester listing page" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_5bb643c5-18a7-42ea-8809-5ec5f7fe8d38.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_5bb643c5-18a7-42ea-8809-5ec5f7fe8d38.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488289" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_5bb643c5-18a7-42ea-8809-5ec5f7fe8d38.jpg" alt="Placester listing page" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_5bb643c5-18a7-42ea-8809-5ec5f7fe8d38.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_5bb643c5-18a7-42ea-8809-5ec5f7fe8d38.jpg?resize=150,85 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_5bb643c5-18a7-42ea-8809-5ec5f7fe8d38.jpg?resize=300,169 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_5bb643c5-18a7-42ea-8809-5ec5f7fe8d38.jpg?resize=768,433 768w" sizes="(max-width: 900px) 100vw, 900px" />Pricing: Starting at $54 per month ($29 + $25 IDX support fee)Search experience score: 4.6    UX design quality score: 4.6       Standout features:  Basic CRM, neighborhood listing pages, DIY or done-for-you setup, customizable lead capture popups, testimonials widgetSee it live: Aaron Rangel, Sotheby’sWhy we love itWith over 12,000 active users, Placester is the most popular IDX website behind Keller Williams’ proprietary IDX. Once you look under the hood, it’s easy to see why. Placester offers attractive websites at a very affordable starting price. It’s perfect for new agents or any agent who wants to save a bit of money.Placester’s search experience is on par with rivals like AgentFire. Property search is intuitive and easy to use, and listing pages are attractive and come with bonus features, including a mortgage calculator. A basic CRM rounds out the package.What we’d changePlacester’s pricing is a bit deceptive. All plans require a $25 monthly IDX support fee which is not listed in their advertised pricing. That “$29 per month” starting price (paid yearly!) is actually $54 per month once you include the IDX support fee. Worse, their entry-level package is very limited. They don’t even offer lead capture CTAs. For that, you’ll need to upgrade to their $79 Agent Plus package. Throw in the $25 IDX support fee, and you’re looking at $104 per month. That’s still a relative bargain, but a far cry from their advertised prices.Visit PlacesterOne to watch: Panda IDXPanda IDX homepage" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_a7e61d17-36b2-4e61-9f64-2e62ca313b52.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_a7e61d17-36b2-4e61-9f64-2e62ca313b52.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488295" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_a7e61d17-36b2-4e61-9f64-2e62ca313b52.jpg" alt="Panda IDX homepage" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_a7e61d17-36b2-4e61-9f64-2e62ca313b52.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_a7e61d17-36b2-4e61-9f64-2e62ca313b52.jpg?resize=150,85 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_a7e61d17-36b2-4e61-9f64-2e62ca313b52.jpg?resize=300,171 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_a7e61d17-36b2-4e61-9f64-2e62ca313b52.jpg?resize=768,437 768w" sizes="(max-width: 900px) 100vw, 900px" />Panda IDX property search" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_c8b67ba4-bf8f-4de6-98aa-03af9e959e02.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_c8b67ba4-bf8f-4de6-98aa-03af9e959e02.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488294" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_c8b67ba4-bf8f-4de6-98aa-03af9e959e02.jpg" alt="Panda IDX property search" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_c8b67ba4-bf8f-4de6-98aa-03af9e959e02.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_c8b67ba4-bf8f-4de6-98aa-03af9e959e02.jpg?resize=150,85 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_c8b67ba4-bf8f-4de6-98aa-03af9e959e02.jpg?resize=300,171 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_c8b67ba4-bf8f-4de6-98aa-03af9e959e02.jpg?resize=768,437 768w" sizes="(max-width: 900px) 100vw, 900px" />Panda IDX listing page" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_f635845d-624c-4a96-8740-1d374084b2ca.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_f635845d-624c-4a96-8740-1d374084b2ca.jpg?w=900" tabindex="0" role="button" class="qodef-e-image wp-image-488297" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_f635845d-624c-4a96-8740-1d374084b2ca.jpg" alt="Panda IDX listing page" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_f635845d-624c-4a96-8740-1d374084b2ca.jpg 900w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_f635845d-624c-4a96-8740-1d374084b2ca.jpg?resize=150,85 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_f635845d-624c-4a96-8740-1d374084b2ca.jpg?resize=300,169 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_f635845d-624c-4a96-8740-1d374084b2ca.jpg?resize=768,433 768w" sizes="(max-width: 900px) 100vw, 900px" />Pricing: Starting at $69 per month + design fees (starting at $499)Search experience score: 4.7     UX design quality score: 4.8       Standout features: AI property search, basic CRM, neighborhood and new development listing pages, school ratings, price drops integrated into property search resultsSee it live: Lion and Orb HomesWhy we love itPanda IDX creates stunning, branding-first websites that give competitors 100x their size a run for their money. Their UX design is near perfect. Even tiny design elements like buttons, icons, and font choices look shockingly professional and well-thought-through compared to other IDX sites. Even better, all this fancy design serves a purpose — to make the search experience better. One small example: Useful data such as recent price drops are featured prominently on listings in property search results.Panda is also the first IDX website (that we know of) to feature natural language AI property search that works just like ChatGPT. It’s still labeled experimental for now, but our quick test searching for “2-bedroom condos in South Beach” brought up exactly what we were looking for.What we’d changeThere is a catch though: as of today, Panda IDX is only available in Florida. On a recent Whatsapp chat the founder assured us they were in the process of expanding to other states, but for now at least, only Sunshine State Realtors can use their platform.Visit Panda IDXFAQsWhat are IDX websites?IDX websites are real estate websites that use the Internet Data Exchange (IDX) to display up-to-date property listings from a Multiple Listing Service (MLS) on Realtor’s personal websites. IDX is added to agent websites via IDX plugins added to WordPress sites or through proprietary IDX software provided by a third party.What is the best IDX platform?For our money, Showcase IDX is the best platform to add IDX listings to a WordPress website. We think their search experience and UX design are head and shoulders above their competitors. It just looks and feels better.For Florida Realtors, Panda IDX is our clear favorite. Hands down. Their UX design and search experience matches or beats custom designs from rivals that charge 10x as much.For an all-in-one IDX website, it’s a toss-up between AgentFire’s branding-focused websites and Placester’s more affordable options for new agents.Is there a free IDX?Sort of. Many large franchise brokerages offer free IDX websites as a perk for their agents. Keller Williams famously offers free IDX websites as part of its proprietary KW Command CRM. Brokerages like Douglas Elliman offer their agents subsites with IDX listings. Offering free IDX sites allows brokerages to maintain branding standards and gives agents a free site to generate leads. The catch? When agents change brokerages, they lose their free websites.Why didn’t you include IDX Broker/my favorite IDX website?This is a highly subjective list! Our team spent many hours researching the features and benefits of IDX websites, so our opinions may, or let’s face it, WILL differ from yours. We think our team’s collective 50+ years of experience in real estate sales, marketing, and lead generation should factor into your decision.Then there’s the market. The real estate software market has always been competitive. Over the last few years, innovations in AI and massive infusions of cash have turned a competitive market into a cutthroat market. Real estate software companies are slashing prices to stay above water. Some might not make it. Companies that try to compete with dated branding and design definitely won’t.More tech resources from Vetted by HousingWireRelated articles The best real estate software for 2024 The best real estate brokerage software for 2024 8 best website builders for real estate agents, brokers and brokerages jQuery(document).ready(function($) { $('.vetted-accordion-header').click(function() { var content = $(this).next('.vetted-accordion-content'); if (content.hasClass('active')) { // Collapse the section if it's already active content.removeClass('active').css('max-height', '0'); $(this).removeClass('open-toggle'); // Remove class from header } else { // Expand the clicked section content.addClass('active').css('max-height', content.prop('scrollHeight') + 'px'); $(this).addClass('open-toggle'); // Add class to header } });});

Open banking could transform the mortgage industry by allowing lenders to use more creative methodologies to assess risk and issue loans. But there are risks, too." data-image-caption="Open banking could transform the mortgage industry by allowing lenders to use more creative methodologies to assess risk and issue loans. But there are risks, too. (Image generated by AI in MidJourney.)" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_44d23b30-f756-4d15-be4b-9ba3d55fdb05.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241026/16/original_44d23b30-f756-4d15-be4b-9ba3d55fdb05.jpg?w=1024" tabindex="0" role="button" src="https://img.chime.me/image/fs/chimeblog/20241026/16/original_44d23b30-f756-4d15-be4b-9ba3d55fdb05.jpg?w=1024" alt="Copy-of-Newsroom-Template-7" class="wp-image-489025" srcset="https://img.chime.me/image/fs/chimeblog/20241026/16/original_44d23b30-f756-4d15-be4b-9ba3d55fdb05.jpg 1200w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_44d23b30-f756-4d15-be4b-9ba3d55fdb05.jpg?resize=150,84 150w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_44d23b30-f756-4d15-be4b-9ba3d55fdb05.jpg?resize=300,169 300w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_44d23b30-f756-4d15-be4b-9ba3d55fdb05.jpg?resize=768,432 768w, https://img.chime.me/image/fs/chimeblog/20241026/16/original_44d23b30-f756-4d15-be4b-9ba3d55fdb05.jpg?resize=1024,576 1024w" sizes="(max-width: 1200px) 100vw, 1200px" />A future glimpse into how mortgages will be created in 2035 can be found in a woodsy office park in Athens, Georgia. FormFree, a mortgage fintech founded in the midst of the Global Financial Crisis by Brent Chandler, is putting the customer in control of their own data, a practice known as “open banking” that could transform lending. The company offers a product called Passport, which analyzes financial data provided by customers, such as banking history and recurring payments, to assess their ability to repay a loan. This process results in a score known as RIKI (residual income knowledge index), ranging from 80 to 150—with scores above 100 indicating positive cash flow. The data can then be shared in a marketplace called FFX, which connects lenders with borrowers. Customers’ data remains anonymous throughout the process to prevent racial bias or lack of credit history from affecting lending decisions. Borrowers’ personal information is only shared with lenders after they provide explicit consent, allowing the transaction to proceed. FormFree is compensated by the lender when a match with a borrower is made.“We are basically empowering the consumer with their own data,” said Eric Lapin, president of FormFree, in an interview. “But we have safeguards in place; we have separate data containers with people’s identity assigned to a reference ID to match up with their profiles after the match [with the lender] happens.”Lapin said FormFree operates within an open banking framework, a relative rarity in the mortgage industry. While the firm complies with all current data protection regulations, it began adapting its compliance and systems in January to prepare for the Consumer Financial Protection Bureau’s (CFPB) activation of the 14-year-old Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.That rule, which governs personal financial data rights and establishes the foundation for open banking in the U.S., was only finalized this week. On Tuesday, the CFPB announced its completion, a year after the proposal was first made public. The rule mandates that banks, credit card issuers, and payment companies must share personal financial data free of charge when customers request it.In practice, the U.S. is transitioning from Web 2.0 to Web 3.0, moving from a centralized to a decentralized Internet model. This new model, powered by artificial intelligence, blockchain, and open banking, aims to give consumers greater ownership and control over their data, potentially reshaping industries. The mortgage sector will be affected.Under Tuesday’s rule, lenders and servicers are not obligated to make data available when operating in those roles. The CFPB clarified that “first-party” payments, including those initiated by loan servicers, are not covered. However, if lenders and servicers choose to use consumer-permissioned data, they will be subject to the third-party provisions of the rule.Additionally, CFPB Director Rohit Chopra said in a speech at the Federal Reserve Bank of Philadelphia on Tuesday that the CFPB will create a roadmap for future regulations to further advance open banking, including in the mortgage sector, despite a recent challenge to the new rule by the Bank Policy Institute and Kentucky Bankers Association. “This first rule covers a wide range of accounts for payments and transactions. We are considering a number of other use cases, such as how to reduce costs and complexity in the mortgage market,” Chopra said. The Mortgage Bankers Association (MBA) and the Community Home Lenders of America (CHLA) did not comment on the topic. Given the CFPB’s expected focus on mortgage lenders and servicers, HousingWire spoke with industry executives, attorneys, and vendors, to answer one key question: Where is the mortgage industry in the open banking journey? Stakeholders said that while open banking has great potential, implementation remains limited and it will not be an easy journey for many.Lending: The industry’s “blind spot” Experts believe open banking will significantly impact the underwriting process in the lending business. Over time, decision-making will evolve beyond traditional methods, such as credit scores and gross income, used to assess the ability to make payments. With direct access to customers’ financial data, lenders can incorporate more creative methodologies.“A blind spot for the mortgage industry today is, for the last 50 to 60 years, we’ve been using the Fannie Mae and Freddie Mac selling guides, which use a person’s gross income to underwrite loans,” said David Battany, executive vice president of capital markets at California-based retail lender Guild Mortgage. “The process is backward-looking, with threshold bars for gross income that cannot exceed 45-50% of credit account debts for conventional loans.”However, Battany said that what truly matters is the income people take home, as that’s what they use to pay their bills. While he sees the U.S. Department of Veterans Affairs having programs allowing underwriting based on residual income, these are mostly manual. Battany agrees that methodologies like FICO scores are powerful, but the industry over-relies on them.“Open banking has mainly supported the process by verifying certain documents. We are pushing for the industry to adopt residual income underwriting, which considers a person’s actual take-home pay,” Battany said. “We’ve also been trying to push it – we didn’t use the words open banking, but we call this ‘consumer permissions digital bank data.’” Over the past couple of years, the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, has authorized them to use open banking data. Such data often includes rent history and positive cash flow, which has been applied to their underwriting systems to help lenders to expand credit. Regarding credit scores, VantageScore and FICO have added new credit-scoring models that combines consumer permissioned banking data with traditional credit data.David Aach, chief operating officer at Blue Sage Solutions, a company offering cloud-based digital lending and servicing platforms, believes open banking can set standards for the industry as MISMO has been doing for over a decade.However, Aach noted the competitive challenges within the industry: “We all know that people in the mortgage business, lenders don’t have a good track record for playing nice in the sandbox together. I hate to ask for more government regulations, but you would need some sort of a government body to say that you must do this because otherwise, what’s the incentive?”Servicing: “A paradigm shift” In the servicing space, industry experts say open banking enables companies to take a more proactive approach. By gaining deeper insights into borrowers’ financial situations, servicers can anticipate potential issues that may cause missed payments or lead to defaults.“Being proactive allows a servicer to recognize, for example, that a borrower was earning $10,000 per month when they took out the loan in March but is now making $6,000 and is paying the loan more slowly than before. They can maybe reach out and work with them,” FormFree’s Lapin said.Open banking is also expected to increase competition in the servicing market. Nanci Weissgold, a consumer finance attorney specializing in mortgage lending at Alston & Bird, pointed out that one long-standing issue the CFPB has had with mortgage servicers is the lack of choice for consumers.“Open banking, in the mortgage context, is having the consumer be able to select servicers, like your cell phone carrier, which would be a paradigm shift,” Weissgold said. “I hope that the Bureau, as they go down this path, really thinks about economics and how that would look like.”Weissgold raised concerns about the potential impact on mortgage servicing rights (MSR) values, mainly as borrowers may switch servicers during periods of loss mitigation, potentially devaluing these assets. She added, “The question is: How will companies recover that lost MSR value? They could impose fees at origination, charge for servicing transfers, or raise overall servicing costs.”Industry experts agree that building a secure infrastructure for transferring data at customers’ requests presents a challenge for servicers, alongside the costs associated with this transition.“The concern always is: will the Bureau make it too expensive and burdensome on industry players? That could be counterproductive to the potential benefits to both the industry and the consumers. That’s where I think there will be tension,” said Richard Andreano, practice leader of Ballard Spahr‘s mortgage banking group.Andreano noted that open banking is more consumer-focused. In theory, the final goal would be to allow customers to have access to products and services with better prices and conditions. Some businesses may see this as a threat because customers could easily switch to competitors. Others may see it as an opportunity to attract new customers.Challenges: Fraud, fraud and more fraudOne of the primary, virtuous burdens provoked by open banking is the need to comply with all the rules to send and receive customers’ information safely.Troy Garris, co-managing partner at Garris Horn LLP, explained that operationally, open banking is easier when consumers consent to companies using their data than when companies share customer data among themselves in “B2B” transactions. Garris added, “There are risks on the security side—there are all kinds of opportunities for fraud. So, companies must find ways for the technology to help. “Consumer behavior is also crucial. According to some attorneys, customers should be mindful of the risks of exposing their data to fraudsters or negligent companies. Otherwise, this could create a “moral hazard,” where consumers become less cautious with their information, assuming only companies are held accountable for fraud.To address these challenges, industry experts say companies must update their application programming interfaces (APIs), which allow different applications to communicate, improve customer service portals to support data portability and bolster cybersecurity to protect consumer data.In addition, the mortgage industry will need to navigate the opportunities and challenges of open banking while also considering the potential impact of the upcoming election. A change in administration could shift priorities, creating uncertainty about the future of open banking.“If there’s an administration similar to what Director Chopra has led, with a focus on affordable housing, and they believe open banking can help reduce the costs of refinancing, underwriting, and applying for mortgages, I think they will pursue it as quickly as possible,” said Kris Kully, partner at law firm Mayer Brown. If it comes fast, open banking will shock mortgage lenders and servicers: “I would say less than 15% probably understand the term open banking,” Lapin said. “I’m not seeing the topic discussed that much; I think it’s going to be slow-moving on the open banking side.”

Many renters think they’re saving money by renting, but long term, that might not be true. In some of the U.S.’s largest metros, a monthly mortgage payment is less expensive than the average rent. But there are many factors surrounding affordability—how do city dwellers make this decision? A report from Zillow Home Loans published in September outlines some key trends and factors for renters to consider when evaluating a home purchase. Here are some key takeaways from the report:New Orleans, Chicago and Pittsburgh offer the greatest savings If a shopper has a 20% down payment and 30-year fixed mortgage rate, they could be looking at upwards of $300 in savings across the top three metros in the report. In Chicago, the typical rent payment is $2,074 per month, but a monthly mortgage payment is $1,640 – a savings of nearly $434 a month by owning rather than renting. In New Orleans, homeowners can also save $446 a month paying a mortgage rather than renting.In Pittsburgh, the savings are about $321 a month. Other cities on the list include Miami, Houston and St. Louis. You can view the full list here. Buying over renting: A trend across the U.S.The trend of a mortgage payment being more affordable than rent holds true across the U.S. The typical rent payment across the country is $2,063 a month, but the typical mortgage payment is $1,827—a savings of $236 a month by owning rather than renting.The report offers context: Rent growth has come down from pandemic-era highs and returned to long-run norms, but prices are still climbing. The typical rent is 3.4% more expensive than a year ago and nearly 34% more expensive than before the pandemic. The for-sale market, on the other hand, is offering opportunities for buyers heading into the fall, with more than 1 in 4 sellers cutting prices. With inventory up 22% compared to a year ago, buyers are gaining bargaining power.And according to Zillow Home Loans Senior Economist Orphe Divounguy, homeownership may be more within reach than most renters think. “Coming up with the down payment is still a huge barrier, but for those who can make it work, homeownership may come with lower monthly costs and the ability to build long-term wealth in the form of home equity – something you lose out on as a renter,” says Divounguy.Need help advising on rent vs. buying? Consider the pros and cons of each. Tracking affordability over timeWith rents climbing and the for-sale market softening, including a rise in inventory, now is a great time to help home shoppers understand their affordability. Zillow Home Loans’s Buyability tool is a great way to kick off that conversation. With just a few inputs, prospective home buyers can get an idea of how much they can afford, and their likelihood of getting pre-approved for a mortgage. Buyers can check their BuyAbility regularly on the Home Loans tab on Zillow’s app to see how their estimate changes with current mortgage rates or a change to their credit score.“With mortgage rates dropping, it’s a great time to see how your affordability has changed and if it makes more sense to buy than rent,” said Divounguy.Click Here

Long-time Douglas Elliman chairman and CEO Howard Lorber is retiring. The New York-based brokerage announced Lorber’s retirement on Tuesday. Lorber has served as Douglas Elliman board chairman since 2003.In a press release, the brokerage said that it “extends its deepest appreciation to Mr. Lorber for his strategic vision and years of dedication and hard work that have made Douglas Elliman the country’s premier real estate brokerage firm, setting new standards in luxury service and innovation.”Taking the helm from Lorber is Michael Liebowitz, the firm’s board director, who will now serve as chairman and CEO. Liebowitz previously founded and led businesses in the insurance and finance sectors. He is currently the chairman and CEO of Nocopi Technologies Inc., a U.S.-based producer of printing ink.“With a strong balance sheet, robust pipeline of projects in our Development Marketing business, and the competitive advantages provided by our dedicated team of world-class agents, I am confident that Douglas Elliman’s brightest days are ahead,” Liebowitz said in a statement. “We look forward to continue executing on our strategic vision, building on the Company’s industry-leading position and maximizing shareholder value.”While some at Douglas Elliman may be sad to see Lorber go, his time at the brokerage was not without scandal. In recent months, Lorber has taken heat from some of the brokerage’s investors, who felt that he was mismanaging the company’s finances due to its continued losses in quarterly earnings. Its value has dropped from roughly $900 million to $130 million since 2021, according to The New York Times. Additionally, shareholders also called for him to reduce his compensation after it recently came to light that long-time — and now former — Douglas Elliman agents Oren and Tal Alexander have been accused of sexual assault by multiple women. Douglas Elliman agent Jessica Cohen claims that she told Lorber about being assaulted by the Alexander brothers in 2012, but the brokerage maintains that no formal complaint was lodged against them during their decade-long stint at the firm.The Alexanders’ firm, Official Partners, is now brokered with Side and is currently facing a lawsuit from Side dealing with an alleged breach of their contract.

Vetted by HousingWire  |  Our editors independently review the products we recommend. When you buy through our links, we may earn a commission.Successful listing agents know that the key to securing a listing is preparation. Proactive agents do the work ahead of time and know what to expect going into every listing appointment. Check out our comprehensive checklist, tips and scripts, plus ten key questions to ask. We cover what to do before, during, and after your next listing appointment to help you list more properties!Summary10 key listing appointment questions to askThe Ultimate Listing Appointment ChecklistHow to prepare for a listing appointmentWhat to bring to your listing appointmentWhat to send after your listing appointment7 tips for winning more real estate listingsThe full picture: The listing appointment checklist10 key listing appointment questions to ask your seller clientsWhether you tackle these questions before or during your listing appointment, it’s crucial for you to know the answers so that you can make an accurate assessment of the property, understand the seller’s unique circumstances and goals, and win the listing.“Tell me about your situation and goals in selling your home.”“When would you ideally like to be moved out and closed?”“Are there any improvements or renovations you’ve done to the home?”“Will there be anyone else involved in the sale?”“What price do you have in mind?”“How did you find me/my team?”“Is there anything you were hoping we’d discuss that we haven’t covered yet?” (ask this at the end of the appointment)“I understand you’re interviewing several agents. What are you looking for in an agent, and what factors will help you make your decision?”“What are some of your favorite things about living here?” (use their answers in your marketing)“Are there any light fixtures, appliances, or window treatments we need to exclude from the listing that you’ll be taking with you?”The Ultimate Listing Appointment ChecklistWe put together a handy checklist to help you prepare for the listing appointment. It includes items we feel are essential to an effective listing presentation.How to prepare for a listing appointmentHave a quick call with the sellers to ask them about their motivation, timeline, and price they have in mind. Do this before the appointment, and refer to our list of questions to get specifics. Prepare your initial comparative market analysis (CMA). Before you arrive, it’s important to be as knowledgeable as possible about the property. Look at the old MLS listing and public record and check the assessor’s database.Confirm your listing appointment the day before via text or phone.What to bring to your listing appointmentA detailed list of recent comps (comparable properties that have sold), either printed or on your iPad or laptop.Your listing packet, printed or electronic.A printed list of questions you want to be sure to ask. This is to help you remember your presentation and have paper on hand for taking notes. Several pens.All the contracts, disclosures, and paperwork your lead will need to sign to hire you as their listing agent. You can send everything electronically if they prefer, but I always like to have hard copies on hand just in case that’s easier for the sellers.Business cards. If the seller asks you for your business card, you’ll want to have one handy.A clipboard or folder, something to make it easier to write as you’re walking around the house.What to send after your listing appointmentAn editable net sheet (I like to use Google Sheets for this).A thank-you note, preferably a handwritten one, sent via snail mail.Listing documents – if they did not sign hard copies at the listing appointment.A digital comparative market analysis or CMA (after you’ve updated it to reflect the subject property’s condition).We love Highnote for its sleek, beautifully designed listing presentation capabilities. Designed by Mark Choey, a highly experienced, successful brokerage owner, Highnote is the perfect drag-and-drop digital tool to replace all others (including PowerPoint, .pdf files, and hard copy presentations).Check out HighnoteRelated articles How to get listings in real estate — 11 proven strategies for 2024 Woman at a desk preparing a report " data-image-caption="" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241024/16/original_f5da1e01-b225-4c3c-a89e-205aaac6505a.png?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241024/16/original_f5da1e01-b225-4c3c-a89e-205aaac6505a.png?w=1024" tabindex="0" role="button" /> How to prepare a comparative market analysis (CMA) report 12 proven real estate scripts that boost confidence & earn more business 7 tips for winning more real estate listingsArrive early. Don’t walk up to the door early, but arrive on the street early. Drive around to get a feel for the neighborhood if you don’t know it well already, and take a few minutes in your car to just breathe and focus. You want to arrive on their doorstep calm and cool.Practice and role-play. The more you practice what you will say and how you will say it, the more listings you will win. I recommend setting up a role-play in someone’s home and practicing as though it’s a real appointment. Use a colleague’s or a friend’s house!Listen. Listen. Listen. Ask more questions and listen more. This is not a time to sell, contrary to what you may think. This is a time to determine whether you and the seller are a good fit to work together. Create rapport and build trust as quickly as possible. Be cheerful, positive, friendly, and complimentary (stay on the side of genuine, though; don’t gush too much) — and find things in common with the seller. Use clues in the house, such as sports paraphernalia: “Oh, my boyfriend is obsessed with the Patriots! He would love your framed photo of Gronk!” Sit at the kitchen table, not on the couch. This may be an old wives’ tale, but I find it to be pretty accurate. The kitchen table feels more professional and formal, a better place for a business meeting. The few times I’ve sat on the couch, I’ve lost the listing. Be vague in your pricing recommendation. Give a range instead of an exact price, or better yet, encourage the seller to choose the price. Chances are, you won’t be listing the house the next day. There will likely be at least a week or two between the appointment and going live on the MLS, and the market changes day-to-day. So give a range and tell the sellers you’ll plan a phone call to decide on a pricing strategy the day before listing.  Take an exterior photo and an interior video. If the seller allows you to, take photos and videos of the property so you can better prepare for any staging needs later on. Once the seller hires you, the exterior photo can also be used in your pre-marketing campaign.The full picture: Crushing your next listing appointmentListing appointments are an important part of our business, and a lot goes into them. Yet if you plan and prepare ahead of time using our listing appointment checklist, you will see your listing business grow, and your appointments will get easier and more seamless. After all, sellers are just people with a specific need that you can help them with!Related articles How to compete and win with your listing presentation (+ scripts) 9 innovative strategies to get more real estate seller leads in 2024 3 FSBO scripts that actually book appointments (+ tips for using them) About Ashley HarwoodAshley Harwood began her real estate career in 2013 and built a six-figure business as a solo agent before launching Move Over Extroverts in 2018. She developed training materials, classes, and coaching programs for her fellow introverts. Beginning in 2020, Ashley served as Director of Agent Growth for three Keller Williams offices in the Boston metro area. She’s now the Lead Listing agent for the Fleet Homes team in Massachusetts and a regular contributor to Vetted by HousingWire. She created The Quiet Success curriculum and has taught thousands of real estate agents nationwide. She has also been a guest speaker at top industry events and has been named a leading real estate coach by prominent industry publications. YouTubeInstagramFacebook

Why are home prices still rising even as mortgage rates have gone higher? A number of people predicted that home prices would experience a steep drop as mortgage rates rose, but that’s not what has happened. This is not a new idea — I’ve been dealing with people predicting a housing crash since 2012. Doom porn is trendy in America and it’s usually done by people who hate the Federal Reserve. But today, I’ll use data to explain why, even in 2024 — the third calendar year of the lowest home sales ever (adjusting to the workforce) — national home prices have not crashed. Here are the reasons given why home prices would supposedly crash over the past 13 years:2012 – Shadow inventory2013 – Higher mortgage rates2014- QE ending in October2015 – Manufacturing recession2016 – Home prices got back to the bubble high2017 – No good reason2018 – 5% mortgage rates (Start of the bubble crash for sure)2019 – Home-price growth was cooling off2020 – COVID-192021 – Mortgage forbearance2022 – 7% mortgage rates2023 – Historically low housing demand2024 – Higher mortgage rates, higher inventory, sexless men, silver tsunami, credit card debt — take your pick, it’s all rookie ballLadies and gentlemen, these are not housing experts or analysts. I have a rule: don’t listen to anyone on the internet unless they show their name, face, a written 2024 price forecast, five years of home price forecasting, and a working model. So, why haven’t home prices crashed with high mortgage rates this year?Well, if history is our guide, it’s rare for home prices to fall in general since 1942. If you take 2007-2011 out of the equation, we have had only one year go negative; that was 1990, and that was only a 1% decline.When you ask the housing crash addicts why their home-price forecasts don’t work, they usually say we should adjust home prices to inflation, gold prices, or some other silly historical reference that doesn’t apply to modern-day economics. This group is simply a cult, and their X accounts have been wrong for the last 13 years. Let’s look at today’s existing home sales report to see if it can explain why home prices haven’t crashed year over year. To get a real price crash, we would need to see a surge of housing inventory and distressed sellers. As you will see below, inventory is growing, but it’s been a calm, healthy rise in 2024, not a flood of houses coming onto the market.The National Association of Realtors‘ existing home sales report shows home sales dropped only 1.0% from August to a seasonally adjusted annual rate of 3.84 million in September. Year-over-year, sales are down 3.5%.“Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,” said NAR Chief Economist Lawrence Yun. “There are more inventory choices for consumers, lower mortgage rates than a year ago, and continued job additions to the economy. Perhaps some consumers are hesitating about moving forward with a major expenditure like purchasing a home before the upcoming election.”Where I disagree with Yun is this: We have more inventory because demand has been softer, and we have more new listings this year compared to last. If mortgage rates had trended below 5.75%- 6.25% this year, we would have been growing home sales regardless of the inventory data. Inventory is growing, and home price growth is cooling down from the savagely unhealthy housing market of 2021 and early 2022, but it is not enough to crash home prices nationally.Below are the charts from today’s report. Note: Median sales price data is seasonal. Many people will try to trick you by saying home prices are declining in the second half of the year, but these are just normal seasonal price declines.Using the NAR data, the normal amount of active inventory since 1982 has been between 2 and 2.5 million. In 2007, active inventory spiked to 4 million. Today, it’s only at 1.39 million. With a monthly supply of homes at over four months and getting closer to my target of 1.52-1.93 million for active inventory, the housing market is balanced. We have some supply to buy homes—we lack demand because mortgage rates are too high.Okay, but you could ask: If prices follow volume, why haven’t national home prices seen a steep decline? Well, you would need to add distressed sellers into the mix, as we saw from 2007 to 2011, and we simply don’t have that in the data now.Foreclosure levels are historically lowAs you can see below, foreclosure and bankruptcy data rose between 2005 and 2008, all before the job loss recession started. Today, foreclosures aren’t even back to pre-COVID-19 levels. No major forced selling happeningBelow is our data on new listings, showing that 2023 and 2024 will be the lowest new listing periods ever. This data has been trending between 30,000 and 90,000 weekly for the last five years. Compare that to 2009 to 2011, when this data line ran at 250,000 to 400,000 per week. That’s a big difference, folks. The only time in over 80 years that national home prices crashed was when new listings data was running three times higher than we’ve seen in the past few years.Tons of equity this time aroundToday, few people are selling their homes underwater; the percentage of underwater homes is at 1.7%. In addition, the loan-to-value of homes with a mortgage is under 50%, and over 40% of homes in America don’t even have a mortgage. In 2010, when the new listings data was exploding, over 23% of homes in America were underwater.I want to keep things very simple: We had one period where national home prices crashed, and to replicate that model, you will need some similar variables, mainly distressed sellers or people forced to sell into a declining marketplace. Some people believed rising mortgage rates over the last two years would automatically mean home prices would crash. History disagrees with this assertion. The data has shown us for decades that we have periods in history where we have had both rising mortgage rates and inventory without home prices crashing. As we can see in today’s existing home sales report, home sales have declined but are not crashing. I discussed this on the HousingWire Daily podcast last year, explaining my housing economic model. For a national home-price crash to happen, you need a terrible economy, major distressed sellers, and no help from the government in assisting American citizens, which means you need a repeat of the Great Recession of 2008. The data above shows that isn’t the case today.

American Identity Group, an information security company that monitors and fixes security breaches and primarily operates in the wholesale lending space, has also become well established in the title and home warranty industries.The company now aims to embed its services in forward and reverse mortgages. Representatives journeyed to San Diego last month to meet with lending professionals at the National Reverse Mortgage Lenders Association (NRMLA) Annual Meeting and Expo.James Harkins, the company’s vice president of sales, recently sat down with HousingWire’s Reverse Mortgage Daily (RMD) to talk about the ambition the company has to connect with professionals in the reverse mortgage space.What the company does“We do two things: No. 1, monitor,” Harkins said. “We monitor the web and the dark web for someone’s information. No. 2, when someone is breached, we fix it. When we discover a breach, we fix it, no matter what the breach is.”Harkins compared the company to LifeLock, which provides a similar kind of service but is more present in the retail lending space.“We are in the title industry and are looking to get into the mortgage, reverse mortgage and home warranty spaces,” he said. “We sell or install our identity theft service within a home warranty. So when someone buys a new home, the electric is covered, the HVAC is covered and that consumer also gets identity theft protection.”Selling the service on its own is less of an imperative due to rampant reports of security breaches and identity theft happening across the country. Children and adults are being victimized — and so are seniors.Seeking out reverseBut forging stronger bonds with these industries is an increasing priority for the company, Harkins said.“When we look at the mortgage industry in our office, we broad-brush it,” he said. “We don’t differentiate between a traditional mortgage, a first-time homebuyer, someone refinancing or a reverse mortgage. To us, that’s all part of the mortgage industry. So we’re dealing with consumers and everyone needs their identity protected.”But that doesn’t diminish the potential need that seniors have for identity theft protection. And the company came away from its interactions at the NRMLA conference seeing great potential for industry partnerships.“We came away excited,” Harkins said. “The reverse mortgage representatives that were there were totally bought into the general concept. Again, I’ll go back to my broad statement that every consumer needs identity theft protection. So the mortgage folks [that CEO Paul Smith] approached were very excited. He’s partnered with a law firm on the West Coast, and the partner there specializes in the reverse mortgage and mortgage industry.”The broader involvement is only at the conceptual stage at the moment, but Harkins offered a glimpse into how it could work by describing the company’s relationship with title firms.“In the title industry, we’re an add-on,” he said. “So when someone goes to close, it’s a consumer service that’s offered — it’s not embedded. It’s introduced through the process, and then at the closing table, the new homebuyer or the person refinancing either says [whether or not] they will take identity theft protection. They’ll know the price points at that point in the conversation or process.”Industry potentialHarkins said that not only can the industry enhance the security of their customers by exploring add-on offerings like identity theft protection, but there is also potential to open up a new revenue stream in the process.“The title industry, as an example, likes the idea of additional revenue, because once the closing occurs and that title organization collects its premium for a title policy, that’s a one-time transaction,” he said. “So identity theft protection offers a multiyear revenue stream for the title industry. So, No. 1, it’s about much needed protection for consumers, and No. 2, it’s an additional revenue source for any industry we operate in.”Home title monitoring could be an important part of the overall equation, particularly for a demographic that bad actors often target for scams, he added. Not only are credit cards and other sensitive data being monitored, but so is a home’s title.“Because I’m a homeowner here in New Jersey, my title is being monitored at the county level,” he explained. “If there’s any change in my title file at the county level — whether it’s HELOC paperwork being filed, a name change on my title, or a lien placed on my title — anything at all, American Identity Group pings me to verify: did you make this change? So, in the mortgage industry, one of our key components that’s especially relevant is home title monitoring.”