Labor over Inflation has been the theme for mortgage rates to go lower in 2024, with the understanding that as soon as the labor market softens, the 10-year yield should head lower, which it has. However, it works both ways. Recently, I’ve written that mortgage rates may have bottomed for 2024 because they got toward the low-end range of my 2024 forecast, and unless the labor market gets much weaker, this is it. Since the Federal Reserve cut rates by 0.50% on Sept. 18 the 10-year yield has increased over 35 basis points after a series of better economic data. Retail sales, housing starts, industrial production, jobless claims and now the Jobs Friday report came in as a beat of estimates. You put all of those results together and it’s not shocking that the 10-year yield is up over 35 basis points from the recent low. Let’s look at the report to see where we are today.From BLS: Total nonfarm payroll employment increased by 254,000 in September, and the unemployment rate changed little at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in food services and drinking places, health care, government, social assistance, and construction.The headline number beat estimates, and the other positive data line was that we saw positive revisions of 72,000, — which is noticeable. Wage growth even picked up in this report, and the unemployment rate for those without a high school education fell from 7.1% to 6.8%. With the positive revisions in this report and the headline number, the labor market is now slightly beating my forecast for job growth in 2024.I have been looking for the monthly job gain data to cool down toward 140,000-165,000 per month as we head toward 159 million total nonfarm payroll employed. Today, we stand at 159,105,000; if this didn’t happen I would have needed to revise all my labor models. However, now that we are here, the labor data looks more accurate than I saw earlier in the year.I expect this number to be revised lower in time, but even with negative revisions, the labor market is getting softer, not breaking. Breaking would mean jobless claims are rising and heading toward 323,000 on the four-week moving average, and that’s not happening. However, for now, the labor data aligns with what I have been looking for. This is also one reason I have been discussing how mortgage rates have bottomed for 2024. This is the updated three and six-month average job creation data; both are slightly above my target level for job creation numbers.3-month average: 185K6-month average: 166KHere is the breakdown of the monthly labor prints:As we can see, construction labor grew again. Lower mortgage rates since mid-June have made life easier for the homebuilders. Their confidence has been increasing so much that single-family permits are rising again, which is critical to keeping residential labor employed. We have already seen the benefit of lower mortgage rates. The question going out is can this continue? Now that rates have increased, smaller builders who can’t pay down rates will feel the pinch again. We will track this religiously as it’s such a key variable in the economic cycle and for the Fed.ConclusionWill we see revisions to this report? Most likely. Is the labor market getting softer? Yes, but it’s not breaking, at least not yet. One of the benefits of lower mortgage rates has been that single-family permits are picking up again as demand grows. As we can see, the builders will pull back on permits when rates get too high. We have enough data to show that mortgage rates in the high 6% range or over 7% are simply too high of a rate to grow home sales in 2024. This for both new and existing home sales, so I am encouraged to see that we can show benefits to the economy with lower mortgage rates and we don’t have to be so scared of mortgage rates heading toward 6% or going lower in the future.

The HousingWire Pulse Survey for Q4 2024 provides valuable insights into the current state of the real estate market from various perspectives: brokerage leaders, mortgage professionals, and real estate agents. The quarterly survey gathered responses from three groups: real estate brokerage leaders, real estate agents and appraisers, and mortgage professionals. This diversity allows for a comprehensive understanding of the market dynamics.Respondent demographicsReal estate brokerage leaders: The majority of responses were from individuals in leadership roles, including brokers and team leaders.Mortgage professionals: Lenders primarily consisted of loan originators and mortgage brokers, providing a perspective on financing.Real estate agents: Real estate agents provided insights based on their direct interactions with buyers and sellers.Home sales outlookThe outlook for home sales shows a mixture of optimism and caution among respondents across all groups.Home price predictionsThe expectation for home prices reflects a more conservative outlook.Interest rate projectionsInterest rates are a significant concern for all respondents, but, according to the survey, the outlook reflects a consensus on potential mortgage rate declines.Overall Market SentimentThe overall sentiment towards the housing market remains cautiously optimistic, with most respondents expressing neutral to optimistic views.Regional analysisGeographically, responses varied, with the Southeast being the most represented region among brokerage leaders and lenders, followed by the Northeast and Midwest.Challenges facing the industryThe challenges identified by respondents highlight several areas of concern.Brokerage LeadersIncreasing per-agent production: 26% highlighted this as a significant challenge.Training agents on new business practices: 16% noted this as a concern.Reducing operational expenses: 11% identified this as an ongoing challenge.LendersLoans falling through: 11% cited this as a primary issue.Lender stability: 8% expressed concerns here.Lead generation: 13% highlighted challenges in generating leads.AgentsLow inventory: 37% of agents identified low inventory as their biggest challenge.Getting listings: 22% indicated difficulty in securing listings.Business planning: 2% mentioned challenges in planning their business.While expectations for home sales remain positive, the outlook on home prices shows a more reserved stance, suggesting that stakeholders are preparing for a stabilized housing market. The overwhelming anticipation of declining interest rates offers a glimmer of hope for buyers and sellers..Looking ahead, it is essential for industry leaders to foster collaboration, share best practices, and adapt to the shifting market dynamics, particularly in the new post-NAR settlement real estate market. HousingWire Pulse is a quarterly, forward-looking housing market and industry trend survey that focuses on the real estate and mortgage industries. The Q4 2024 survey had 602 respondents, 56% in the real estate industry and 44% in the mortgage industry.

Homeowners 62 and older saw their collective home equity levels rise in the second quarter of 2024 by roughly $600 billion, increasing to a total of $14 trillion and continuing a streak of forward momentum observed in the first quarter.This is according to the Reverse Mortgage Market Index (RMMI), a measure of senior-held home equity maintained by the National Reverse Mortgage Lenders Association (NRMLA) in partnership with data analytics firm RiskSpan.Steve Irwin, president of the National Reverse Mortgage Lenders Association (NRMLA)." data-image-caption="Steve Irwin" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241005/16/original_35b123a0-894e-4592-977c-b2af315e40c3.jpg?w=256" data-large-file="https://img.chime.me/image/fs/chimeblog/20241005/16/original_35b123a0-894e-4592-977c-b2af315e40c3.jpg?w=400" tabindex="0" role="button" src="https://img.chime.me/image/fs/chimeblog/20241005/16/original_35b123a0-894e-4592-977c-b2af315e40c3.jpg?w=400" alt="Steve Irwin, president of the National Reverse Mortgage Lenders Association (NRMLA)." class="wp-image-386627" style="width:200px" srcset="https://img.chime.me/image/fs/chimeblog/20241005/16/original_35b123a0-894e-4592-977c-b2af315e40c3.jpg 400w, https://img.chime.me/image/fs/chimeblog/20241005/16/original_35b123a0-894e-4592-977c-b2af315e40c3.jpg?resize=128,150 128w, https://img.chime.me/image/fs/chimeblog/20241005/16/original_35b123a0-894e-4592-977c-b2af315e40c3.jpg?resize=256,300 256w" sizes="(max-width: 400px) 100vw, 400px" />Steve IrwinThe RMMI increased to 489.70 in Q1 2024, up from the Q1 level of 461.28. There was an estimated 3.97% (or $624.6 billion) increase in senior home values, which was offset by a 0.89% (or $20.9 billion) increase in senior-held mortgage debt.“America’s older homeowners are sitting on $14 trillion in home equity, which is an impressive milestone,” NRMLA President Steve Irwin said in a statement accompanying the data. “Housing wealth represents a critical, yet underutilized, resource that can provide greater financial security for America’s aging population.”Irwin added that the consideration of this resource should be a part of any conversation about retirement security.“We encourage homeowners to at least consider tapping their home equity when creating a comprehensive retirement plan, because those funds can be used to pay for everything from daily living expenses to future long-term care needs,” he said.Senior homeowners were beneficiaries of the acceleration in home prices seen during the COVID-19 pandemic. As a frame of reference, in 2011, the collective level of senior-held equity sat at roughly $3 trillion. By Q3 2021, it topped $10 trillion for the first time. And in Q1 2022, it exceeded $11 trillion.

Editor in Chief Sarah Wheeler sat down with Diane Yu, co-founder and CEO of TidalWave, to talk about the benefits of building an AI-first company in today’s business environment. Yu founded and sold ad tech platform FreeWheel to Comcast in 2014, and she served as chief technology officer at Better.com from 2021-2022.This interview has been edited for length and clarity.Sarah Wheeler: What’s the advantage to building a company from the ground up as AI-first?Diane Yu: It’s very fortunate that we started TidalWave at the right time — where the tech model for digitization in the industry just started to pick up and at the same time, generative AI really came to the surface. As a technologist and as an engineer, I have been following that trend for a long time and then realized this could be the very last piece of the puzzle.Now we can build something unique from scratch — an AI-powered co-pilot engine — without the burden others have of legacy software they have to adapt to. We were able to move so fast and so quick that coming out of stealth we were able to get approved for integration from Fannie Mae and Freddie Mac.SW: What differentiates your technology?DY: In order to apply generative AI to the mortgage industry, it has to be 100% accurate — no hallucinating. And this is the reason why we chose to purposely build an AI engine, not using any type of ChatGPT wrapper. A lot of companies are saying they have something similar, but they were building a wrapper, and that wouldn’t work, because there’s no way you can stop the hallucinating problem. So, that’s No. 1. We chose a harder path, but eventually we will come out winning, because we purposely built a co-pilot engine.No. 2, it has to be transparent — I typically say it’s a white box. I also use the terminology of a reasoning traceability. That’s a key criteria for us, because you have to make sure it’s super clear to all of those lenders how you come to the conclusion, how you create the reasoning based on your interaction with the borrower, so that lenders can go back and trace back 100% how everything’s being evaluated based on their standard.The last thing that differentiates our technology is how we protect consumers’ personal financial data. Many companies, when they say they are utilizing generative AI, OK, if they send consumers’ personal financial data out to OpenAI, that’s not going to work. That’s why we purposely built our own library and our decision engine so that we can safeguard that information, and then prevent any type of leakage by utilizing a generated AI portion out there.SW: How are you leveraging AI differently than some legacy companies?DY: Our AI co-pilot Solo is working with the consumer via the conversation, interacting with the consumer, so that we understand the purpose of the consumer interaction and also get permission to access their data. When the consumer allows us to have access to their information — as an example, for the credit report — we would use our AI engine in the background to evaluate the individual’s credit report data. We would identify the items from their credit report data that require further information based on the underwriting pipeline. So, we would ask the consumer to provide those additional documents, knowing that once the consumer started a mortgage application an underwriter will have to ask those questions anyway. We’re also calculating everything, like their income, and we’re also gaining permission to access their financial information about their income.That’s the big difference compared to a lot of legacy lender technology, which just collects documents to send off to different departments. We use our AI capability to interact with the consumer already, so once it gets to the underwriting department of our customers, they can review and check, check, check — everything’s good.SW: How does TidalWave fit into the next iteration of the mortgage industry where there are fewer people?DY: Lenders have already cut to the bone, and they’re still losing money. And when the interest rate comes around, when volume comes back, the lenders have two choices. One is to hire all those people as quickly as possible and bring them back, and then train them on the process that people aren’t familiar with. So, you originate with a lot of problems, a lot of errors. Or you’re utilizing a new capability and helping your existing staff members be a lot more productive — they can just focus on things that they’re so specialized in and so good at doing. And then you can handle the volume when it’s low, and you can chase the additional volume when it comes back.SW: How do you think about security?DY: Coming from the background of building a technology platform, and then at FreeWheel, my first company, the type of company utilizing FreeWheel’s technology is a company like NBC and CNN, global media companies. So, we understand 100% how important it is for the platform to be highly secure. We take the same approach at TidalWave, because we understand that bringing on customers that handle personal financial data, it could make or break a company if you do it wrong. So, we pay attention to the security from day one. As an example, even at this stage, we encrypt everything so that you don’t have to worry about being hacked and then having consumers’ information being leaked out.SW: What keeps you up at night?DY:  My worry is that volume is going to come back and a lot of lenders will have no choice but to run out and hire a lot of people, and basically go through that nightmare of the industry again of hire/fire. So, as a small startup, we’ve run super fast because we want to make sure that we can help as many lenders as possible so that they don’t have to go through this nightmare.SW: What does your team look like?DY: We are a team of 15 and growing. Half of the folks are in New York, so we come to the office like four days a week. And for a small startup, I have to say that face to face is so important, especially because we’re evolving so quickly. This is my second company and I am so fortunate, especially from an engineering talent perspective. I’ve been able to bring the best team with me.  My core co-founding team are the ones who built the first company with me from scratch. They followed me into my time at Better and then followed me out of Better, so that team has the benefit of working with each other for, like, 15 to 20 years.And then the other half of the team is the members that I had the opportunity to get to know during my Better days. I also have people with 20-plus years of mortgage origination and loan officer experience working with us. The benefit of a small team with the right level of expertise is that we’re working together for the same common goal.SW: As a startup, how do you deal with the pace of change, especially in AI?DY: You need to make sure you focus on what you specialize in. So, we focus on underwriting, and we fully focus on the mortgage origination knowledge that we know no one else will be out there building. Now we see a lot of companies building multiple large language models, which is a good thing, because we can utilize all of them, and then whichever one is the winner, we’ll do a deeper integration with them.I think of that famous quote about software eating the world, and now AI is eating software. And we truly see that right in front of us. Using AI capability, it can gradually take away, piece by piece, all the existing legacy software capabilities.

Kevin Peranio, left, of Paramount Residential Mortgage Group, and Candice McNaught of Supreme Lending lead a panel discussion during the HousingWire IMB Summit in Dallas on Oct. 1. (Photo courtesy of Willie & Kim Photography)As mortgage rates edge closer to the 6% mark, optimism has spread across the industry. Lenders are beginning to gear up for what is expected to be a “mini refi boom.” But this wave will differ significantly from previous ones. Mortgage industry leaders caution that it won’t provide a life-saving boost for originators, but it does present strategic opportunities.“It’s going to be a mini refi boom. It’s not going to save producers’ lives,” said Candice McNaught, senior vice president of national sales at Dallas-based Supreme Lending, during HousingWire’s IMB Summit in Dallas on Tuesday. At Supreme Lending — which produced approximately $3.7 billion in origination volume over the past 12 months, according to mortgage tech platform Modex — executives are focused on improving their sales teams’ skills. Many loan officers have shifted their focus away from refinances in recent years, so a refresher is needed.“We have taught loan officers how to redo loan refinances. There are so many who forgot how to structure a streamline, and we are letting them know it’s OK. We’re going to get them back to the basics,” McNaught said. Yet McNaught stresses that companies shouldn’t limit their focus to refinance and purchase loans. Exploring opportunities with other products will strengthen company loyalty among sales leaders and provide long-term value beyond this refi wave. The Mortgage Bankers Association (MBA) estimates that refinance production is projected to reach $591 billion in 2025, nearly triple the volume of 2023. While this uptick is encouraging, it pales in comparison to the $2.6 trillion in refinances seen in 2021.“It’s never going to be like 2021 unless there’s another pandemic or something else,” said Kevin Peranio, chief lending officer at Paramount Residential Mortgage Group (PMRG). “But about $3 trillion worth of loans are in the money for refinance as rates keep coming down — that’s all the purchase money that has been done for the last couple of years amid higher rates. So, there’s a meaningful refinance business.“Lower rates do lead to improved home affordability. MBA data shows that, in 2025, purchase loan production is expected to increase 30.8% to $2.38 trillion. Peranio’s message to loan officers? “Don’t give up on the real estate agents who need you now more than ever.”The retention battleA potential challenge in this upcoming refi wave will come from servicers positioning themselves aggressively. Over the past few years, struggling lenders have sold mortgage servicing rights (MSRs) to shore up their cash positions during periods of higher interest rates and shrinking loan production.With rates dropping, servicers are poised to use their growing MSR portfolios to offer refinances directly to borrowers, creating direct competition for other lenders.“The biggest threat is thinking that the refi business is going to be easy this time around,” Peranio said. “The servicers’ game is really strong. “The competition between servicer and originator is going to be a little ugly this time around.” Connecticut-based Planet Financial Group, led by CEO and president Michael Dubeck, has built out its servicing portfolio over the past few years. Inside Mortgage Finance shows the value of its owned servicing book was $96 billion in the second quarter of 2024, making it the 22nd-largest in the country. The company has also improved its borrower retention capabilities. According to Dubeck, it has invested in data, marketing and sales skills to take advantage of this portfolio. Data from Fitch Ratings shows that Planet has a retention rate of 28% compared to the industry average of 8%.“We had our best lock-in day in the history of the company last week. But it doesn’t come easy,” Dubeck said. He went on to say that the company usually acquires smaller MSR bulk deals of “half a billion, a billion and a half,” very often from single-channel originators. But occasionally, it bids on larger bulks. He sees consolidation in the MSR market as it becomes more efficient. And he also pointed out capital requirements from Ginnie Mae that can motivate some MSR sales. “The bigger names are probably going to become more competitive, and it’s going to be harder for intermediate smaller companies to keep up,” Dubeck said. Low-balance loansRegulators are also expected to play a critical role in shaping the next refi wave. They believe many borrowers with low-balance loans were overlooked during the 2020-2021 refinancing frenzy due to high origination costs.At the Consumer Financial Protection Bureau (CFPB), Director Rohit Chopra has indicated plans to incentivize lenders to cater to these underserved borrowers.“There are thoughts and ideas about creating greater incentives for IMBs to participate in those lower-end loan cost structures,” said Taylor Stork, chief operating officer of Developer’s Mortgage Co. and president of the Community Home Lenders of America. “When you look at what FHFA is driving through the enterprises, through the scorecard system, to create additional incentives for low-ball loan amounts, those can create some profit opportunities, but it’s a distinct challenge. But it’s also simultaneously a distinct opportunity because there are a good number of people who didn’t get the 3% refi and will be potentially able to refinance it at 5% and 6%.” 

After a slow start to the year, the housing market picked up the pace during the second quarter. For the title insurance industry, this meant an uptick in title insurance premium volume, which came in at $4.09 billion for the quarter, according to the American Land Title Association (ALTA)’s Market Share Analysis that was published Thursday.Second-quarter volume was up from $3.35 billion in Q1 2024 and $3.92 billion in Q1 2023. Additionally, the industry’s operating income was up 3.5%. Its financial position remained strong with total assets coming in at $11.3 billion, while statutory surplus was at $5 billion and statutory reserves were $5.6 billion.Although premium volume was up, the industry has paid off more in claims during the first half of 2024 than in the first half of 2023. In the first six months of this year, paid claims reached $333.7 million, compared to $331.7 million for the same period in 2023.“The second quarter results reflect the strength and adaptability of the title insurance industry as the housing market experiences slowly decreasing mortgage rates after peaking in October 2023,” Diane Tomb, the CEO of ALTA, said in a statement. “Title insurance professionals continue to play a critical role in preventing fraud and protecting property rights, ensuring secure real estate transactions in this evolving market.”The five states with the largest title premium volumes in 2023 were Texas ($606.882 million), Florida ($525.727 million), California ($378.486 million), New York ($227.496 million) and Pennsylvania ($152.409 million). The same five states held the top spots in the first quarter of 2024.All five states posted year-over-year increases in volume in Q2 2024, with California recording the largest increase at 5.5% and Texas posting the smallest at 2.1%.Top underwriters for the quarter by market share included First American Title insurance Co. at 21.5%;  Fidelity National Title Insurance at 15%; Old Republic National Title Insurance Co. at 14.4%; Chicago Title Insurance Co. at 13.8%; and Stewart Title Guaranty Co. at 8.7%.Chicago Title is part of Fidelity. With 28.8% of the market, it was again the largest firm by share of premiums written during the second quarter of 2024.In Q1 2024, First American’s market share was 22.6%, while Old Republic’s was 14.2%, Fidelity’s was 26.7% and Stewart’s was 9.9%. Stewart has been looking to reclaim some of the share it lost in recent years. The firm’s market share was 10.6% as recently as 2019.The other top 10 companies for Q2 2024 were Westcor Land Title Insurance Co. with 3.6% of the market, Commonwealth Land Title Insurance Co. (3.5%), Title Resources Guaranty Co. (2.9%), WFG National Title Insurance Co. (2.6%) and Doma Title (1.8%). The same five firms rounded out the top 10 in Q1 2024.Although the Big Four still command the overwhelming majority of the market with a combined market share of 73.4%, their collective grip is not what it once was. In 2019, independent title underwriters such as Westcor, WFG and others had a combined market share just shy of 15%, which increased to 26.6% in Q2 2024.

Vetted by HousingWire  |  Our editors independently review the products we recommend. When you buy through our links, we may earn a commission.It’s almost that time of year! The leaves are starting to turn, kids are back in school, and the fall real estate market is in full swing. We have only three months until the end of the year, so if you’re looking to close a few more deals and fill your pipeline for the spring, the time to put in the work is now.We’ve compiled our top Halloween real estate marketing ideas as a fun way to spice up your lead generation and set yourself apart from your competitors. These Halloween real estate marketing ideas can be used by individual real estate agents, teams and even brokerages. And don’t be afraid to be a little cheesy or corny — keep it light and playful!Pumpkin spice and real estate adviceHost a get-together at your local Starbucks or indie coffee shop. Invite all your current leads, referral partners, and friends to stop by and enjoy a PSL with you (and be sure to pick up the tab)!Don’t forget the adult beveragesYou’ll be remembered by the adults out trick-or-treating with the neighborhood kids if you offer them a cold beer or a spiked hot chocolate (depending on the weather). They’ll be asking for “More boos, please!” (see what we mean about being corny??). Just make sure nobody is driving afterward. You can even mix up some wicked seasonal drinks for your Halloween event chosen from this list (ahead of or on Halloween night).Host a trunk-or-treat eventWe love this idea as a fun real estate office marketing event to pitch to your entire brokerage! Every agent invites their friends and clients, and you can host it right in your office’s parking lot. Costumes and candy served from every trunk, and the kids get to circulate in a safe environment (assuming the parking lot is closed off and free of traffic).Host an escape room party for clients and friendsI did this one year for some of my VIP clients, and it was a HUGE hit. Everyone loved it, it was super easy to plan, and people talked about it for months afterward.Plan a haunting open houseDecorate with spooky-themed decor, dim the lights, and play your favorite Halloween Spotify playlist (and remember to bring a portable speaker).Host a spine-chilling movie marathonYou could plan a scary movie night inside a traditional theater (if you can find one willing to work with you) or media room — many luxury apartment complexes have media rooms available for rent. Find a friend who lives in one and ask if you can use the space! If you live somewhere warm, you could also rent a portable screen and projector to host your scary movie marathon outdoors.Throw a door or balcony decorating contestFor those who live in high-rise apartments or condo buildings, we recommend a door or balcony decorating contest for everyone in your building. If you’re friendly with the management, I’d leverage their help in spreading the word and promoting your event. This is a great way to meet your neighbors and have them remember you as a fun, family-friendly agent when they’re looking for their next move.Host a Howl-o-ween pet eventHost a doggie dress-up party with fang-licious doggie treats. This could also be turned into a contest with a prize for the best dressed pet! You can order branded poop-bag holders with your logo on them (because honestly, dog owners are going to see that every day).Host a neighborhood Halloween pumpkin carving contestGive ’em pumpkin to talk about by organizing a community event where everyone carves pumpkins together (in your driveway or at a local park or rented space). Gather prizes from local businesses who also want to get noticed in your neighborhood. Your pumpkin carving contest requires a little planning, but what a great way to gain followers and engagement on social media! As an alternative, simply ask your friends and followers to carve their jack-o-lantern at home, then tag you on social media. The best carving wins a prize, which you’ll announce on your IG or Facebook. You can even use a survey or give the prize to the photo with the most likes.Hang Halloween-themed door hangers in your neighborhood or farm areaBe sure to use a specific call to action, and use fun, catchy phrases (and feel free to borrow some from this article). Make sure to “creep it real” and provide plenty of “thrills and chills.” See what we did there? Your neighbors are sure to notice. Be sure to let them know you can help them find a new home that’s love at first fright. Hang your door hangers around your neighborhood or your broader real estate farm area.Give out branded candy to neighborsNo tricks, just treats! Here are two of our favorite Halloween real estate marketing ideas that are so simple but memorable for the parents in your neighborhood: order and give out branded candy (we love personalized M&Ms in your brand colors). Or, if you’re short on time, buy regular fun-sized candy in bulk, put a few pieces in small, clear cellophane bags, and tie your business card to each bag with orange and black ribbon.Hire a food truck for trick-or-treatersIf you get lots of foot traffic at your door, you can make a big splash in your neighborhood by serving kids (and parents) some real food on Halloween night. Many food truck owners will be thrilled by the opportunity to sell their tacos in your neighborhood if you let them park in your driveway — but be sure to check on permitting requirements. If your budget allows, you can host the food truck for an hour or two. Either way, be sure to hand out your business cards to grateful parents in your neighborhood (bonus: they won’t have to cook dinner). Market your food truck event in advance on social media or with postcards or door hangers. You’ll create a huge buzz and your neighbors will remember you for it.Hand out pop-by tags with swag to adult trick-or-treatersEveryone loves something for free, but be sure to include something your neighbors will enjoy along with your pop-by tag or business card. Some suggestions: full-size candy bars or branded swag (but only if it’s super unique and cool). Think tape measures, jar openers, or sunglasses. Your Halloween-themed pop-by card should include your contact information and should make it clear that you’re their neighborhood real estate agent (and local expert)!Host a fun face-painting party.Before the trick-or-treaters head out for the evening, consider hosting a local artist to paint the faces of all the neighborhood kids. You’ll need to market this on social media or by email or door-knocking. You might just save their parents a lot of hassle with costume planning. While the kids are having fun, you have a chance to chat with their parents. Plus, it’s a highly Instagrammable event. Trust us…the parents in your neighborhood will remember you (with gratitude) for hosting.Make the most out of these Halloween real estate marketing ideas and create new opportunities to meet your neighbors and build new relationships over the next month! Real estate is a relationship business, and the more we are out and about in our community, the more business we will find.Happy Halloween! Real estate advice + top tech, lead gen & marketing tools — delivered to your inbox.Get expert advice, independent reviews and product recommendations from our editorial team of experienced real estate agents, brokers and coaches. hbspt.forms.create({ region: "na1", portalId: "4509319", formId: "baa83a9a-0daa-452f-a7c6-38f4addffde5" });

William Chang is stepping down from his roles as chief capital markets officer at PennyMac Financial Services and chief investment officer for PennyMac Mortgage Investment Trust, the company announced Thursday. Industry veteran Mark Elbaum will succeed him. Chang, who joined the company in 2012, will “pursue other interests in the mortgage banking industry” after leaving on Oct. 11. Before joining Pennymac, Chang spent 13 years at Credit Suisse, holding the position of director for mergers and acquisitions. Elbaum, hired by Pennymac in April 2023, previously held leadership roles at Homepoint Financial, Bank of America and Countrywide, including oversight of capital markets, pricing products and hedging. “To ensure a smooth transition, I have asked Mark to step into the roles on an interim basis, with the utmost confidence in his ability to lead our capital markets group,” chairman and CEO David Spector said in a statement.Pennymac has been a profitable company amid a higher mortgage rate environment, mainly due to its servicing book. The firm delivered a profit of $98.3 million in the second quarter of 2024, more than double the $39.3 million it earned in the prior quarter.In May, Pennymac announced a private offering of $650 million in senior notes due in November 2030, priced at an annual rate of 7.125%. The proceeds will go toward repaying debt taken on to secure its mortgage servicing rights (MSRs) facilities, other unspecified debts and “other general corporate purchases.”

The Mortgage Bankers Association (MBA) is prioritizing its legislative work on a bill that would ban the practice of trigger leads, in which consumer credit reporting agencies share with other lenders that a “hard credit report” was pulled for a mortgage application. This can lead to an onslaught of calls to the consumer vying for their lending business.Bob Broeksmit, the MBA’s president and CEO, published a blog post in which he urges stakeholder and congressional support for the association’s efforts to do away with the practice.“Across the country, from Alaska to Florida, people’s privacy, financial well-being, and even their livelihoods are under attack from a barrage of unwanted emails, texts, and phone solicitations at all hours of the day — simply because they made a query about obtaining a mortgage,” Broeksmit wrote in a post published on Thursday.Robert D. Broeksmit, CMB is president and CEO of the Mortgage Bankers Association (MBA)." data-image-caption="Robert Broeksmit" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241004/16/original_90188151-d072-4963-8f21-81fb613a5153.jpg?w=240" data-large-file="https://img.chime.me/image/fs/chimeblog/20241004/16/original_90188151-d072-4963-8f21-81fb613a5153.jpg?w=819" tabindex="0" role="button" src="https://img.chime.me/image/fs/chimeblog/20241004/16/original_90188151-d072-4963-8f21-81fb613a5153.jpg?w=819" alt="Robert D. Broeksmit, CMB is president and CEO of the Mortgage Bankers Association (MBA)." class="wp-image-436082" style="width:200px" srcset="https://img.chime.me/image/fs/chimeblog/20241004/16/original_90188151-d072-4963-8f21-81fb613a5153.jpg 819w, https://img.chime.me/image/fs/chimeblog/20241004/16/original_90188151-d072-4963-8f21-81fb613a5153.jpg?resize=120,150 120w, https://img.chime.me/image/fs/chimeblog/20241004/16/original_90188151-d072-4963-8f21-81fb613a5153.jpg?resize=240,300 240w, https://img.chime.me/image/fs/chimeblog/20241004/16/original_90188151-d072-4963-8f21-81fb613a5153.jpg?resize=768,959 768w" sizes="(max-width: 819px) 100vw, 819px" />Bob BroeksmitHe went on to say that securing the passage of a bill to end the practice is MBA’s “top national legislative priority,” which will serve to protect consumers from the practices he called “abuses.”“We asked our members to share feedback from customers who were subject to a trigger lead solicitation,” he said, going on to offer testimonials that aim to “illustrate the depth and scope of the problem.”Broeksmit cited several cases from MBA members, including a 73-year-old widower in California who sought to access home equity.“He was practically in tears from the harassing calls, he’s of the generation when the phone rings you answer it,” the testimonial said. “This needs to stop.”Another example explained that trigger lead originators relentlessly called the husband of the testimonial provider, who is a firefighter. Since his business phone number is listed, these originators “bombarded the fire station phones trying to reach him,” which “put the general public at risk due to these invasive calls and disrupted operations at the station.”Broeksmit added that “deception and fraud are rampant with trigger leads.” He cited testimonials in California and Missouri about personal information being compromised, leading to illegitimate charges that created financial distress.Broeksmit then shared a series of testimonials that illustrate how “abusive trigger lead practices undermine the trust and personal relationships at the heart of the home mortgage business.” In one example, a lender in Mississippi explained how they needed to rebuild trust with their borrowers following aggressive trigger lead solicitations.The Homebuyers Privacy Protection Act of 2024, a U.S. Senate bill introduced this past December that targets mortgage trigger leads, has been incorporated into the fiscal year 2025 National Defense Authorization Act (NDAA). Congress must pass the NDAA each year, since it refers to laws that specify the annual budget for the U.S. Department of Defense.Broeksmit said that MBA is pleased with this development. The trade group is “working with lawmakers on both sides of the aisle […] to make sure this provision is included in the final version of the NDAA,” he said. “Congress must help homebuyers before it adjourns later this year.”

On Thursday, the devastation of Hurricane Helene reached a grim milestone as the death toll has reached 200, according to reporting by the The Associated Press. In the western regions of North Carolina, “the storm washed out roads and knocked out electricity, water and cellular service,” the AP reported.But the devastation felt in North Carolina may have been exacerbated by a series of decisions made over the past 15 years by state officials and lawmakers, and advocated for by its homebuilding industry, according to reporting by The New York Times.“Over the past 15 years, North Carolina lawmakers have rejected limits on construction on steep slopes, which might have reduced the number of homes lost to landslides; blocked a rule requiring homes to be elevated above the height of an expected flood; weakened protections for wetlands, increasing the risk of dangerous storm water runoff; and slowed the adoption of updated building codes, making it harder for the state to qualify for federal climate-resilience grants,” according to the reporting.Building codesThe decisions reflect the influence of the state’s homebuilding industry, the report said, “which has consistently fought rules forcing its members to construct homes to higher, more expensive standards.” This is according to Kim Wooten of the North Carolina Building Code Council, which sets the state’s building standards.“The home builders association has fought every bill that has come before the General Assembly to try to improve life safety,” she said. And some state lawmakers — whom the Times said are either part of the homebuilding industry or have received campaign contributions from it — have voted in favor of “bills that line their pocketbooks and make home building cheaper,” Wooten added.One official who spoke to the outlet — Chris Millis, the director of regulatory affairs for the North Carolina Home Builders Association — said that builders have placed a lot of focus on reducing the cost of construction, but he was adamant that the industry does “not pit affordability against regulations necessary for the protection of public safety.”Lawmakers hailing from the mountains of western North Carolina attempted to pass statewide rules to place limits on home construction on slopes with higher risks of landslides in 2009 and 2010. But these pushes failed to gain enough support.Democrat Pricey Harrison, a member of the legislature since 2004 and a supporter of the limits, attributed the failure to pushback from both the homebuilding and real estate industries, the Times reported.Millis pushed back, saying that localities already have rules in place regarding hillside construction. But Harrison told the Times that a single, statewide standard would be more effective.Robert Young, a professor at Western Carolina University, told the outlet that mountain retreats on such slopes are a potential source of tourism revenue.“Everybody wants a view in their vacation home,” he told the Times in an interview. “It’s really hard to shut off that kind of economic activity in a small local community.”Environmental restrictionsIn 2010, both houses of the North Carolina Legislature came under Republican control, which accelerated efforts to loosen building restrictions. The following year, “lawmakers proposed a law that limited the ability of local officials to account for sea-level rise in their planning,” which garnered national attention due to public pushback from talk show host Stephen Colbert.In 2013, the state overhauled its building codes, which may have been consequential for the impact it would have following Helene’s arrival. The nonprofit International Code Council, in conjunction with a group of subject matter experts, issues model building codes every three years that are adopted by most states, but North Carolina elected to break with it and update its own codes every six years instead.“In 2015, the International Code Council added a requirement that new homes in flood zones be built at least one foot above the projected height of a major flood,” according to the Times. North Carolina didn’t adopt the new codes until 2019, and even then, the state decided to make the elevation standard optional for local jurisdictions.Helene falloutThis could have exposed more properties to flooding in the face of an extreme weather event like Helene, the Times said. But another Republican state lawmaker interviewed by the outlet contended instead that the legislature was correct to leave such decisions to local officials as opposed to the state.“There are places that are designated floodplains that never flood,” Rep. Mark Brody told the Times. “And the locals would know this better than having a blanket state rule.”Other initiatives — including a 2014 provision to weaken wetlands protection and a 2017 law to allow builders to pave more green spaces — also passed.A 2023 measure to ease the state’s building codes caused an open conflict between the legislature and the office of Gov. Roy Cooper, who vetoed the bill. Cooper said it “stops important work to make home construction safer from disaster and more energy efficient, and ultimately will cost homeowners and renters more money.”Republican control over the legislative branch allowed lawmakers to override the veto, which led to challenges for the state in qualifying for Federal Emergency Management Agency (FEMA) funds to prepare for natural disaster. Cooper broadcast this via an official announcement from his office.

The game plan is not to survive until 2025. The executives in this session are rising above and operating from a growth mindset. They have decades of experience with receipts to show their approach works, and they’re going to share their hard-earned wisdom with our audience.Watch the full session below. To go back to the full IMB Summit on demand page, go here.Speakers:Kevin Peranio, Chief Lending Officer at PRMGCandice McNaught, SVP of National Sales at Supreme LendingLaura Brandao, CEO at Lighthouse Advisors

The reverse mortgage industry could begin seeing some benefits of lower interest rates, but endorsement volume and securities issuance largely continued its trend from the prior month.Home Equity Conversion Mortgage (HECM) endorsements fell by 2.1% from August to September, with 2,153 loans endorsed along with an increase in Federal Housing Administration (FHA) case number assignments issued. This is according to data compiled by Reverse Market Insight (RMI).Meanwhile, HECM-backed Securities (HMBS) issuance was relatively flat, increasing by only $6 million during the month for a total of $500 million in September. There were 79 pools issued, two more than in August. This is according to Ginnie Mae data and private sourced compiled by New View Advisors.Endorsement volume and case numbersWhile volume took a modest hit in September, the recorded case number activity illustrated that the reverse mortgage market is starting to react positively to the improving rate environment, according to RMI. Case numbers increased by 7.1% to 3,683, which RMI notes is the highest level in a calendar year.Equity takeout cases — or loans that are from first-time borrowers and not refinances — increased by 6.5% to 3,019. But HECM for Purchase cases saw a sharp decline of 19% to 175. Refinances rose sharply as well, up 25.7% to 489.Interestingly, when looking at year-to-date endorsement figures, Mutual of Omaha Mortgage has overtaken Finance of America (FOA) as the largest lender in the country by a margin of 113 loans. The margin is small enough that this could change in a month, but it reflects the momentum that Mutual of Omaha has been seeing for some time.When asked about the overall drop in endorsement figures for the month, Jon McCue — RMI’s director of client relations — said that the reduction seen in September was expected.“The drop in endorsements was predictable if we look at June’s case numbers, which outside of January was the lowest number we had all year following another dip in May,” McCue said. “So, since funding and endorsements trail case numbers, I don’t think the drop was all that unexpected. “If we now look at July and August case numbers — which have been steadily climbing — we should see relatively stronger endorsement numbers going into the end of this year, and most likely to start the new year off with.”When asked about the drop in purchase amounts, McCue said that the data does not support such an observation.“With the exception of June case numbers, and subsequently future endorsements from those case numbers, things have remained fairly level,” he said. “Some months have been slightly ‘better’ and some months slightly ‘worse,’ but no evidence of any loss of steam.”McCue pointed to a dedicated session last week at the National Reverse Mortgage Lenders Association (NRMLA) Annual Meeting in San Diego. The event permitted standing room only, an indicator of broader interest in H4P, despite the relatively small sample size of loan originators who attended. But larger companies becoming more active in the reverse channel are also focused on reverse for purchase loans, he said.“Some of these larger forward players are looking at ways to be more holistic in their approach to lending, which is now including a side-by-side comparison of a forward loan and reverse loan,” he said. “I would say the momentum is still there, but you are correct in that perhaps folks aren’t speaking about it like they did at the beginning of the year when the new changes came out.”Ranking changes, looking aheadWhen asked about Mutual of Omaha overtaking FOA in the year-to-date endorsement rankings, McCue said he can only speculate about the underlying cause. But FOA can differentiate itself through its proprietary product line, he explained.“Since that data is not public, one could speculate that the drop in HECM might be being made up with HomeSafe, but again, without hard data, that is just an educated guess,” he said. “As for Mutual, one thing they do better is HECM for Purchase, and their limited focus on HECM-to-HECM refinances during the boom and their focus on core business including purchase helped them stay strong even in these challenging times.”In terms of what industry professionals should focus on as the end of year gets closer, McCue said that mortgage rates should not be a primary concern since they’re out of the industry’s hands.“They have no control over this, and there is a good chance there will be additional drops, but by how much and exactly when we don’t know,” he said. “I speak to a lot of LOs weekly, and for the most part the word on the street is they are seeing more interest, more applications and writing more loans again. “Focus on these folks who are ready, learn from other top-tier LOs on how to overcome objections, and work your referral networks.”HMBS issuanceSecondary market issuance saw a slight recovery in September, but it remains at historically low levels when it comes to the broader history of the Ginnie Mae program, according to New View Advisors. The promise of the forthcoming “HMBS 2.0” program remains a source of optimism since it “should increase HMBS issuance substantially by financing most mandatory buyouts” if it is implemented, New View said in its commentary.The potential for HMBS 2.0 will be most felt by the industry’s longstanding issuers, according to Michael McCully, partner at New View Advisors.“HMBS 2.0 will add the most volume to those issuers with the most seasoned portfolios and buyouts,” McCully said.In early 2023, Ginnie Mae announced that it had reduced the required minimum size for all types of HMBS pools from $1 million to $250,000. In September, 20 pools had aggregate sizes below $1 million, which included “$12.8 million of [unpaid principal balance] that may not otherwise have been issued in September,” New View explained.“[The policy] has marginally improved liquidity for those HMBS issuers using it,” McCully said.When asked about the impact of an improving rate environment, McCully said that key metrics have remained flat.“While short term rates have fallen, the 10-year Treasury yield has not moved much, and certainly not enough to meaningfully impact origination volume,” he said. “All else equal, until it does, expect HMBS issuance to remain flat.”

Seniors often face a range of emotions when the discussion of downsizing to a different home arises. (Image generated by AI through MidjourneyWhile many older homeowners often entertain the idea of downsizing into a smaller home to better accommodate natural changes to mobility in later life, this doesn’t mean the decision is an easy one for either the senior or their family.That’s why great care must be taken when having such a conversation. Families should keep in mind the realities and challenges that an older homeowner must confront when faced with such a decision. This is according to Keren Ray, a primary care provider at an Ohio-based senior health facility, in an interview with the Dayton Daily News.“It’s best to downsize while you still have the energy to do it, rather than waiting until it is difficult,” Ray told the outlet. “A lot of people sometimes find as their kids move out, and they’re getting older, the way their home is set up is not how they like.”Older people must endure a lot of change to their status quo that can be both disruptive and distressing, especially if their children or other family members might live further away. But there could also be beneficial reasons for downsizing.“Some of my patients want to be closer to their children and grandchildren,” Ray said. “If someone is feeling isolated or overwhelmed or having trouble keeping their home updated, those could be a sign that they should consider downsizing. On the positive side, someone could want to be closer to a community, whether that is friends or family or church.”If the sheer size of a home could or will contribute to mobility challenges faced by the resident, that’s another indicator about needing to have a downsizing conversation. Having a home set up to accommodate these challenges and to optimize daily tasks is essential for having a long-term plan for aging in place, she explained.“Evaluate the size of the home,” Ray recommended. “Also, if someone’s home is set up with stairs, that can also make it a lot more difficult to stay in the home. Other things to consider with downsizing include if there is a downstairs bathroom. Can you make a bedroom and bathroom in the lower level?”Home renovations have the potential to become big business in the years ahead, and the act of downsizing could take on more prominence in the reverse mortgage industry due to the rising interest in the Home Equity Conversion Mortgage (HECM) for Purchase program. But a determination about the suitability of a particular home often remains within the purview of family, close friends or other trusted advisers.There are other challenges that need to be kept in mind, including the associated costs for aging in place could be out of reach for many older Americans, most especially if they deal with unexpected or chronic health challenges. As a cohort, older people are prone to feelings of loneliness and isolation that should be considered prior to any serious decision being made.

The real estate industry illuminati believe that mortgage rates dropping below 6% will get housing markets moving again, but there’s growing evidence that the recent decline in rates is already doing so.Redfin’s Homebuyer Demand Index — which measures homebuyer requests for agent services like home tours — was up 9% month over month at the end of September, hitting its highest level since April. Mortgage rate lock-in activity was also double what it was a month earlier.While mortgage rates haven’t moved since the Federal Reserve’s half-point interest rate cut last month month, the news of the cut reached a lot of people who didn’t know mortgage rates had already dropped.“There’s no doubt demand has picked up since the Fed’s interest-rate cut,” Phoenix-area agent Max Shadle said in a statement. “I’m seeing much more traffic at my listings. Falling rates are an incentive for homeowners to sell, too, because they know demand is coming back and they feel less locked in by their relatively low rate. But many people still have an ultra-low mortgage rate from a few years ago, and they’re not quite ready to let go.”Redfin is also observing a change in home sales. According to its data, pending sales increased on a year-over-year basis in 27 of the 50 most populous metro areas. At the national level, pending sales turned flat after nine straight months of declines.Phoenix, a market that has slowed considerably after an intense post-pandemic boom, experienced a 13% increase in pending sales, the most of any of the 50 metros. San Jose (+12%) and Portland, Oregon (+10%) — two other markets that have been cold — showed large increases.The report said that Florida is showing huge declines in demand as a result of climate-related events, rising insurance costs and higher homeowners association fees. West Palm Beach (-18%), Fort Lauderdale (-16%) and Miami (-16%) posted large declines in pending sales.Redfin’s report tracks with a number of others that show positive signs of homebuyer demand.According to Altos Research data, pending home sales rose 6.4% year over year at the end of September, bucking a seasonality trend in which sales start to recede in the fall. The Mortgage Bankers Association (MBA) reported that mortgage applications hit their highest level in more than two years, while the Redfin homebuyer index from last week showed similar results to the new one.

ICE Mortgage Technology is continuing to accelerate the adoption of its more modern tools by sunsetting older tech stacks. The mortgage tech behemoth on Wednesday told clients that it would be launching a pilot program that will ultimately sunset its Encompass CRM in favor of the more modern Surefire product — which it picked up in last year’s acquisition of Black Knight.The news comes a few weeks after ICE announced that it would be sunsetting its legacy Encompass SDK platform and pushing clients and partners to Encompass Partner Connect and Encompass Developer Connect.Here’s what ICE said about the pilot program in an email to clients:What’s happening?ICE Mortgage Technology® is combining its best-in-class Encompass CRM content with the robust, modern functionality of Surefire, all at your current Encompass CRM price. As part of this transition, Encompass CRM will be sunset, and customers will self-migrate to Surefire starting in January.Ahead of this change, we are conducting a guided pilot migration with select customers through the end of 2024. As a participant, your company will receive complimentary, hands-on support from our Product Team as you migrate to Surefire. This will give us an opportunity to refine and improve the migration process based on your feedback, while helping you achieve a successful migration.This is a limited-time opportunity that is only available through 2024, and I’d love to speak to you about getting started!Why migrate now?Customers who wait to migrate until 2025 will do so via our self-serve migration package or, at your option, via our Professional Services Team at standard SOW rates. But as a participant in the pilot migration, you’ll have direct access to our product experts at no additional cost. Streamline the setup of your Surefire account and take the guesswork out of this important transition!As an added bonus, we will also lock in your current Encompass CRM pricing for two years if you join our pilot program in 2024.*Why Surefire?Today, ICE Mortgage Technology offers two of the leading CRM solutions in the industry. By sunsetting Encompass CRM and migrating our customers to Surefire, we can streamline our R&D efforts on a singular, scalable marketing automation solution. This migration will empower your team to scale its marketing efforts, close more loans, and retain customers for life with an integrated, end-to-end marketing automation solution.Surefire’s advanced capabilities include:Co-branded property sites and flyersBrand-aware colors and customizable templatesOutbound dialingSocial media integrationsAnd much more!

When it comes to housing, real estate and mortgage industry professionals in the HousingWire Pulse Q4 2024 survey chose President Donald Trump’s housing policies over Vice President Kamala Harris’s. Broken down by real estate brokers, real estate agents and mortgage professionals, some 51% of brokers chose Trump, with 45% of agents and 41% of lenders doing the same. Harris received support from 26% of brokers, 30% of agents and 31% of lenders. However, almost as many — 23% of real estate brokers, 27% of real estate agents and 20% of mortgage professionals — didn’t think either candidate’s policies would be effective. The Harris campaign is focused on downpayment help for first-time homebuyers and a child tax credit. According to an article by HousingWire Reporter Chris Clow, Harris said, “My proposal includes what would be a tax credit of $25,000 for first-time homebuyers so they can just have enough to put a down payment on a home, which is part of the American dream and their aspiration, but do it in a way that allows them to actually get on the path to achieving that goal and that dream.”The Trump campaign does not have a specific housing policy strategy listed on the website, but the former president made it clear that his economic policies will have a direct effect on housing prices and new homes. In an article from HousingWire’s Managing Editor James Kleiman, Mark Calabria, former head of the Federal Housing Finance Agency, noted that Trump would likely look at streamlining regulatory authority and doing some reforms around housing permits and land use to bring down the cost of housing. Calabria also mentioned that he believes that Trump will focus on individual taxes, like the mortgage interest deduction and SALT (state and local taxes). HousingWire Pulse is a quarterly, forward-looking, housing market sentiment survey. The Q2024 survey had 602 respondents, 56% in the real estate industry and 44% in the mortgage industry.

At any point this year, have you worried about how to articulate the value you bring when representing a homebuyer in a real estate transaction? You know what you do, but how do you explain it so a buyer understands your value? Do you detail the required agency forms, the potential pitfalls, and everything involved to make it to the closing table?Ultimately, every homebuyer prospect, every contract and every negotiation is unique, but the value you provide should be consistent for all situations and clients. How you conduct and present yourself to each buyer prospect should not vary by situation or transaction. Follow these best practices consistently — for all prospects, in all situations — and you’ll have nothing to worry about. In fact, you’ll become known as a true professional and receive repeat and referral business as a result of doing the best job possible for your clients. Here are our ten best practices for working with every buyer client. 1. Understand their unique needsDrill down by using a detailed buyer prequalification questionnaire. You’ll discover exactly what your buyers are looking for, what they qualify for, where they need to move geographically, and what their other financial or lifestyle requirements might be. You may also learn other important criteria by asking the right questions. The more you know, the better prepared you’ll be to find your buyer clients exactly what they’re looking for.2. Educate your buyer clients about financingWhile many homebuyers can benefit from a 30-year, fixed-rate conventional mortgage, other borrowers might need access to other loan programs with more lenient guidelines. Know the basics about each major home loan program and financing terms and options. Then, connect them with a trusted mortgage professional who can help them find the best mortgage solution for their specific needs. Make sure your buyers understand the difference between being pre-qualified, pre-approved and loan-committed. In today’s market, having a pre-approval (at the minimum) is a must. What steps must they take to achieve loan commitment? 3. Strategize for the win (in any situation)Explore all the potential scenarios and outcomes of a given transaction so you can serve buyers accordingly. Here are some key questions you should learn the answers to: Are your buyer clients also listing clients? Are they relocating or investing? Are they moving from another city or state? Are they in a financial situation where they can compete for a home if necessary? Should they buy first or sell first?Do they have realistic expectations? Are they looking in an area that actually has the type of property they want? Should they consider new construction? Knowing the answers to these questions for every buyer client will help inform the strategies you recommend and will go a long way toward helping your buyer clients achieve their homeownership goals.4. Find your buyer the right homeInventory is scarce, and will likely stay that way for a while. One of your most important value propositions is your ability to match them with the right property. To do that, you need to use more than just Realtor.com, Homes.com and Zillow. Online and offline resources are at your fingertips as a real estate professional, giving you more ways to find inventory outside of your MLS. You can also be more creative in your MLS searches in ways that net you more inventory to choose from for your buyer clients.5. Advise your buyer clients based on market knowledgeFind out everything you can about the subject property, the neighborhood, the homeowners association and fees, the market trends in the area, property taxes, the average days on the market, the list-to-sell price ratio, and other pertinent details that could affect your client’s offer. Knowledge is power, and having this data at your fingertips will help you level-set your client’s expectations for the homebuying process.6. Help buyers write a winning offerUnderstand what the seller wants beyond the asking price. Have the best, most detailed lender’s letter or proof of funds so your offer won’t be tabled because it’s too vague or boilerplate. Make your offer the obvious front-runner based on facts, not just conjecture, and help your buyer put their best foot forward in the terms they’re offering.7. Guide your buyer through escrowOnce you’ve won the offer, help your clients through the contingencies, inspections, appraisal process, and final walk-through. Home inspections have become a secondary point of negotiation. This can be a key value you provide to your buyer clients. Managing the transaction between pending and closing can be the most challenging part of the home purchase process. Be the reason your clients make it to the closing table.8. Communicate clearly & oftenEvery time a survey is distributed to recently closed real estate clients, their #1 complaint is always the same. It’s not the commission; it’s communication. Always be one step ahead of your clients. They need to know what’s happening now and what’s happening next. Lack of information creates enormous stress, especially in one of the most significant purchases your clients will likely make in their lifetime. Be the leader in the transaction.9. Ensure a smooth closing processWork with all parties to get final removal of any financing and inspection contingencies and help your buyers navigate the pre-closing walk-through. Finally, help them review the closing documents. Answer their questions and make sure everyone is comfortable prior to signing.10. Follow up after closingFrom a closing gift to handling any questions about appliances or their new home, you’re the go-to resource. Don’t disappear after the deal is done. Instead, close the file but not the relationship. Fold them into your CRM database and include them in your sphere of influence. This is how repeat and referral business happens.* * *All of these action items are strategies that professional, experienced real estate agents practice already. Make sure you join their ranks by following these best practices each time you work with a buyer. Word-of-mouth and client testimonials are powerful marketing tools that will help you get referrals.Related articles Our 19-point house-hunting checklist for real estate agents & their clients How to make the most of real estate testimonials to attract new clients Get more real estate buyer leads in 2024 About Tim & Julie HarrisTim and Julie Harris, renowned real estate coaches and top eXp Realty Sponsors, have a daily podcast with over 20 million downloads. Their book, “HARRIS Rules,” is a best-seller in real estate history. Tim and Julie live in Puerto Rico with their daughter Zoe, and they continue to inspire agents worldwide. Listen to their podcast NOW.YouTubeInstagramFacebook

Three Texas-based multiple listings services (MLSs) are teaming up. The Houston Association of Realtors (HAR), San Antonio Board of Realtors (SABOR) and Austin-based Unlock MLS are entering into a data sharing agreement that will give Realtors access to each other’s listings, with the deal set to be finalized by the end of the year.“Comparative market intelligence empowers agents to think differently about their own marketplace and deliver more robust and tailored market expertise to their clients,” Emily Chenevert, CEO of Unlock MLS, said in a statement. “Unlock MLS subscribers now have an immense dataset at their fingertips that will bring exponential value to their business.”According to the three organizations, 80,000 MLS subscribers will gain entry to active, sold and off-market listings from all three groups within their existing MLS platform.It’s not the first time HAR, SABOR and Unlock MLS have collaborated. In 2023, they agreed to a key reciprocity agreement that allowed subscribers to show properties across the three cities.Data sharing agreements are an easy way for MLSs to expand their boundaries without mergers and acquisitions or other more-complicated arrangements — and some of these firms cover large swaths of territory. The Texas MLSs say the agreement will give listing agents access to roughly 60% of the state.In July, four smaller MLSs along the northeast coast of Florida — realMLS, St. Augustine and St. Johns County Board of Realtors, Space Coast Association of Realtors and the Daytona Beach Area Association of Realtors — entered into an agreement. The partnership, known as Coast 2 Coast MLS Data Share, also provides subscribers with listings that are integrated into their native MLS platforms. The Hernando County Association of Realtors is also expected to join by the end of the year.“This collaboration marks a significant advancement in our mission to deliver exceptional resources to our members,” SABOR CEO Gilbert Gonzalez said in a statement. “Through data sharing, we are broadening our members’ access to crucial information and promoting a collaborative spirit that benefits the entire real estate community in Texas.”

REcolorado has taken a big step toward moving on from its controversial sale earlier this year. The Denver-area MLS has named a new CEO in Dana Bennett, who returns to REcolorado after an 18-month stint away from the company. Bennett’s most recent role at the MLS was as vice president and chief business development officer, and she originally joined REcolorado as director of integrated solutions in 2012.“Dana brings the ideal combination of local market expertise and strong industry relationships — exactly what we need as we shape a new path for the future of our industry,” Joseph Burks, REcolorado’s new owner, said in a statement. “Her passion for being a collaborative MLS partner is unmatched, and her reputation for integrity and leadership is well known throughout this market. After speaking with top professionals across the country, it was clear that Dana uniquely possessed the qualities we were seeking.”REcolorado touts Bennett’s experience with MLS content licensing and real estate data compliance, which could be relevant given the most recent controversy around the MLS. After Burks purchased the MLS in June, REcolorado rolled out a revised participation agreement to its members. The agreement appears to grant REcolorado ownership of the data that listing agents enter into the MLS — data that traditionally is owned by these agents.REcolorado’s previous leadership and a number of agents in Denver warned that one of the motivations for Burks buying the MLS was to acquire its data. The new participation agreement — and possibly Bennett’s promotion — only fuels this fear.Long-simmering tensions between REcolorado and the two Realtor associations that previously owned it — the Denver Metro Association of Realtors (DMAR) and the South Metro Denver Realtor Association (SMDRA) — boiled over this year when DMAR and SMDRA announced their intention to sell the MLS. The associations cited uncertainty in the industry caused by antitrust lawsuits against the National Association of Realtors and a number of brokerages and MLSs.The previous leadership at REcolorado believed they had a handshake deal with DMAR and SMDRA in February, only to be surprised when the Realtor associations announced the sale to Burks. The former leadership team believed that DMAR and SMDRA weren’t negotiating with them in good faith because the entity that bought the MLS — MAZL LLC — was formed in January.Shortly after, DMAR and SMDRA fired REcolorado’s board of directors and leadership, claiming that a leak to the real estate blog Vendor Alley about the sale came from the board and violated a confidentiality agreement.The sale to Burks was made official last week. REcolorado signed a data sharing agreement with four other MLSs in January, and it’s unclear how the new participation agreement might affect these deals.“I’m excited to bring fresh insights from my previous roles at REcolorado and otherorganizations to help propel the company into its next chapter,” Bennett said in a statement. “I’m eager to connect with brokers to understand their needs, and implement initiatives that enhance our data offerings. “In this highly competitive time for the MLS industry, I see this as an incredible opportunity to not just navigate the challenges, but to use them to elevate REcolorado — creating value for our subscribers and partners while positioning us for success.”

David Berenbaum, deputy assistant secretary for the Office of Housing Counseling at the U.S.  Department of Housing and Urban Development (HUD), addressed industry attendees at the National Reverse Mortgage Lenders Association (NRMLA) Annual Meeting and Expo in San Diego last week. He emphasized the important role that the public-private partnership between the industry and HUD represents for the constituency served by these loan products.“Our work together, our partnership, is to ensure that older Americans have a safe, affordable, and secure place to live, and to age with grace and financial health in our nation,” Berenbaum said. “As we heard from the leadership of NRMLA, there is so much opportunity for all of us to help realize that vision. But, of course, there are also challenges.”Modernized counselingBerenbaum spoke about the development of the Office of Housing Counseling and how it has become a critical piece of the puzzle for the Federal Housing Administration (FHA)’s Home Equity Conversion Mortgage (HECM) program over the years. Recent guidance from HUD aims to expand the allowable modalities of the actual counseling sessions.“I spoke with the [NRMLA] board, alongside [FHA Commissioner Julia Gordon], about our modernization efforts, including our new regulation, which will go into effect next month,” Berenbaum explained. “This is important for elders and older Americans because the majority of those seeking reverse mortgage counseling prefer telephonic services, which has been the norm since the pandemic.”Official portrait of David Berenbaum, deputy assistant secretary for the Office of Housing Counseling at the U.S. Department of Housing and Urban Development." data-image-caption="David Berenbaum" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241003/16/original_efb1e246-5c6f-4fbe-8ee5-f0f902ec77ad.jpg?w=300" data-large-file="https://img.chime.me/image/fs/chimeblog/20241003/16/original_efb1e246-5c6f-4fbe-8ee5-f0f902ec77ad.jpg?w=300" tabindex="0" role="button" src="https://img.chime.me/image/fs/chimeblog/20241003/16/original_efb1e246-5c6f-4fbe-8ee5-f0f902ec77ad.jpg?w=300" alt="Official portrait of David Berenbaum, deputy assistant secretary for the Office of Housing Counseling at the U.S. Department of Housing and Urban Development." class="wp-image-435899" style="width:200px" srcset="https://img.chime.me/image/fs/chimeblog/20241003/16/original_efb1e246-5c6f-4fbe-8ee5-f0f902ec77ad.jpg 300w, https://img.chime.me/image/fs/chimeblog/20241003/16/original_efb1e246-5c6f-4fbe-8ee5-f0f902ec77ad.jpg?resize=150,150 150w" sizes="(max-width: 300px) 100vw, 300px" />David BerenbaumThe modernization rule, he said, is simple in that it seeks to meet consumers where they are. Some people seek counseling services but might find it challenging to do so in-person. “If they want to meet face to face in the office, that’s great,” he said. “If they prefer to talk by phone at night, on weekends, or during the day, that’s fine too. Virtual counseling is also an option. The common denominator is that they must receive high-quality services that meet or exceed HUD standards, and we monitor that closely through our program reviews.”The world has changed, and some of that change was forced by the realities of the COVID-19 pandemic. But that has also illuminated some of the need for additional flexibilities on an issue like counseling modalities.“We are in a world where people use multiple methods of communication, and we, like the real estate and housing finance industries, have updated our standards,” Berenbaum explained. “Our new rule was universally embraced by all stakeholders. Today, we have the largest number of HUD-certified housing counselors in the history of the program — around 4,400, though the number fluctuates.”Creating adequate resourcesCounselors must work for a HUD-approved counseling organization. But improved efforts are not only about being certified, Berenbaum said. “Over 10,000 people have passed the certification exam since it became the norm, so it’s a large number of professionals,” he said. “Of course, there’s turnover — some people move on to housing finance or real estate, others become coordinators or executives in nonprofit organizations, and some simply retire. That turnover has been a challenge for our HECM-certified housing counselors.”He then turned his attention to data, highlighting that in 2017 there were nearly 100,000 HECM counseling sessions.“You all understand how the market was quite different at that time,” he said, a reference to disruptive HECM program changes implemented in October 2017. “By 2022, the numbers were close to 85,000 to 87,000 sessions, but recent challenges have affected those numbers. In fiscal year 2023, there were nearly 55,000 sessions, and year to date, we’re at about 23,000.”But those numbers on their own are misleading, Berenbaum explained. There is a discernible appetite for reverse mortgage options, and baby boomers as a cohort are not overly prepared for the prospect of aging in place.“They lack adequate resources, as Julia Gordon has noted,” he said. “I agree that the HECM product, private-label products, and HECM for Purchase products will be critical resources for ensuring sustainable homeownership and aging in place for older Americans.”His office is up to such a challenge, Berenbaum said. Incorporating HECM counseling into the broader strategic goals that HUD maintains will be an important factor to address the needs of senior borrowers, a demographic that will only grow over time.“Relevance to the industry is important — sharing our story, ensuring access to housing counseling, positioning counselors for success, and embracing new technology,” he said. “We hope to do more with you, leveraging AI and educational tools to help elders, homeowners and their families make informed decisions about reverse mortgage products. Ultimately, we want to make it easier to do business with us, and we’ve been active on all fronts.”