Sam Valverde, currently serving as the acting president of Ginnie Mae, is resigning from his position as of Nov. 30, 2024, according to an announcement made by the U.S. Department of Housing and Urban Development (HUD) on Friday. Gregory Keith, SVP and chief risk officer at the company, will step in as acting president upon Valverde’s departure.Sam Valverde, acting president of Ginnie Mae." data-image-caption="Sam Valverde" data-medium-file="https://img.chime.me/image/fs/chimeblog/20241116/16/original_942532f9-11f1-4328-b5f4-8cccbdf5ebc5.jpg?w=240" data-large-file="https://img.chime.me/image/fs/chimeblog/20241116/16/original_942532f9-11f1-4328-b5f4-8cccbdf5ebc5.jpg?w=819" tabindex="0" role="button" src="https://img.chime.me/image/fs/chimeblog/20241116/16/original_942532f9-11f1-4328-b5f4-8cccbdf5ebc5.jpg?w=819" alt="Sam Valverde, acting president of Ginnie Mae." class="wp-image-460379" style="width:200px" srcset="https://img.chime.me/image/fs/chimeblog/20241116/16/original_942532f9-11f1-4328-b5f4-8cccbdf5ebc5.jpg 1280w, https://img.chime.me/image/fs/chimeblog/20241116/16/original_942532f9-11f1-4328-b5f4-8cccbdf5ebc5.jpg?resize=120,150 120w, https://img.chime.me/image/fs/chimeblog/20241116/16/original_942532f9-11f1-4328-b5f4-8cccbdf5ebc5.jpg?resize=240,300 240w, https://img.chime.me/image/fs/chimeblog/20241116/16/original_942532f9-11f1-4328-b5f4-8cccbdf5ebc5.jpg?resize=768,960 768w, https://img.chime.me/image/fs/chimeblog/20241116/16/original_942532f9-11f1-4328-b5f4-8cccbdf5ebc5.jpg?resize=819,1024 819w, https://img.chime.me/image/fs/chimeblog/20241116/16/original_942532f9-11f1-4328-b5f4-8cccbdf5ebc5.jpg?resize=1229,1536 1229w" sizes="(max-width: 1280px) 100vw, 1280px" />Sam ValverdeValverde assumed the role following the resignation of Alanna McCargo earlier this year, after having previously served as principal VP and COO at the company since joining in 2022. He was Ginnie Mae’s first Latino executive and its first Latino leader upon assuming the role of acting president.“I would like to thank Acting President Sam Valverde for his innovative leadership at Ginnie Mae and years of public service,” said Adrianne Todman, acting HUD secretary. “Mr. Valverde’s tenure has been ground-breaking and has set the foundation for a people-first philosophy in Ginnie Mae’s crucial mission to support affordable housing for people across the nation.”In a statement, Valverde called his work at Ginnie Mae “the most impactful and rewarding work of my career in public service,” and said he is “deeply honored to have had the chance to serve my country, while championing a borrower-focused and market driven housing finance agenda.”He also thanked the team of career civil servants that populate the government-owned company, giving service to “the enormity of their daily responsibilities in managing our $2.658 trillion guarantee business” as “inspiring.”Valverde also lauded the next acting leader of the company.“Greg has been a key leader at Ginnie Mae for over a decade, bringing a holistic perspective on housing finance that will serve the organization well at this critical time,” Valverde said.Valverde’s resignation comes amidst an active transition process by the incoming team of President-elect Donald Trump. During his first term in office, Trump only appointed acting leadership into Ginnie Mae, and the company did not have a fully Senate-confirmed president for the entirety of his term.It remains unclear whether this will be the case in the second Trump administration, which has yet to make any announcements regarding leadership choices in the government’s housing sector.

The reverse mortgage portion of the Federal Housing Administration’s (FHA)’s Mutual Mortgage Insurance Fund (MMIF) has reached a positive capital ratio for the fourth year in a row on the overall government-backed portfolio. This is according to the FHA’s Annual Report to Congress, released Friday morning.In 2023, the HECM capital reserve declined slightly due to weaker levels of home price appreciation. This year, that metric was stronger, leading to a 7.78% increase in the HECM standalone capital ratio compared to one year earlier.The health of the Home Equity Conversion Mortgage (HECM) book of business remains strong from FHA’s perspective, as its economic value has increased while the portfolio overall has recovered from issues that previously put it on shaky financial footing.HECM book financial performanceThe HECM portfolio accounts for roughly 5% of the total MMI Fund, but is largely indicative of the overall health of the FHA’s reverse mortgage program. In years past, the program was unstable and maintained a negative capital ratio but has stayed in positive territory since 2021.The HECM portfolio “has a stand-alone capital ratio that increased from 16.72% in FY 2023 to 24.50% in FY 2024,” the report said. “The financial performance of the HECM portfolio improved mostly as the result of higher home price appreciation (HPA) forecasts. The HECM stand-alone capital ratio remained positive for the fourth year in a row.”The HECM cash flow net present value in 2024, which is a measure reported to Congress by the U.S. Department of Housing and Urban Development (HUD), was estimated to be $8.399 billion, up from $6.742 billion in 2023, according to an actuarial review conducted by IT Data Consulting, LLC.Compared to the forward book of business, the HECM portfolio is significantly more sensitive to even minor changes in home price appreciation, however the portfolio’s relatively small size relative to the rest of the fund helps to limit “the impact of these fluctuations on the combined MMI Fund capital ratio,” the report said.The standalone capital ratio of the HECM portfolio not only remained in positive territory in FY 2024 at 24.50%, but it exceeded the previous high observed in 2022 (22.77%). This is despite the fact that overall HECM volume declined in FY 2024 when compared to data from one year earlier.FHA endorsed 26,501 HECMs totaling $13.36 billion in maximum claim amount (MCA), a 17% reduction from 2023, the report said.“HECM endorsements increased from FY 2019 to FY 2022 by 106%, when mortgage rates were at historically low levels,” the report said. “Over the past two years in a higher rate environment, HECM endorsements declined by 59%.”Addressing challengesThe HECM program in recent years has been challenged on the liquidity front as was visible with the 2022 collapse of Reverse Mortgage Funding (RMF), a top-five lender in the space and a major HECM-backed Securities (HMBS) issuer. HUD addressed these challenges in the report, saying that “rising interest rates along with moderating home price appreciation” were major culprits for industry challenges.HUD described the implementation of changes to the HECM program that were designed to address liquidity concerns, which the Department said “reinforced FHA’s commitment to the HECM program as a means for seniors aged 62 years or older to age in place by tapping into their home’s equity.”Some of these changes implemented over the past year included updating servicing requirements to reduce costs; allowing occupancy certification via remote video and/or telephonic means; enhancing incentives for servicers and borrowers or heirs to complete alternatives to foreclosure via deeds-in-lieu and short sales; and quicker assignment of loans to HUD following a cure of delinquent loan obligations.The report also mentioned the long-awaited publication of a streamline HECM section in the Single Family 4000.1 Handbook, guidance the reverse mortgage industry had been seeking for years that consolidated years’ worth of Mortgagee Letters and other policy directives.In a statement to HousingWire‘s Reverse Mortgage Daily (RMD), Community Home Lenders of America (CHLA) Executive Director Scott Olson lauded the development in the HECM book.“HECM reverse mortgage loans are an important FHA product and a critical component of our mortgage finance system — so today’s FHA report showing continued solid financial performance for FHA HECM loans is welcome news,” he said. “Moreover, it may reflect in part changes made in recent years to improve loan performance, such as more deed in lieu or short sale alternatives to avoid foreclosure and a faster assignment of loans to HUD.”As of Sept. 30, FHA has active insurance on an estimated 287,000 HECM loans.Editor’s Note: This is a developing story, and has been updated with a statement from CHLA Executive Director Scott Olson.

Jerome Powell, the chair of the Federal Reserve, said on Thursday that the U.S. economy is “not sending any signals that we need to be in a hurry to lower rates.” The statement was enough to raise mortgage rates to an even higher level, a sharp departure from the optimism lenders experienced during the September rally, which now seems like a distant memory.“We are moving policy over time to a more neutral setting. But the path for getting there is not preset,” Powell said in an economic outlook speech in Dallas. “The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully. Ultimately, the path of the policy rate will depend on how the incoming data and the economic outlook evolve.” When considering the Fed’s dual mandate, inflation is getting closer to the 2% goal, but “it is not there yet,” Powell said. Data released this week indicates that personal consumption expenditure rose 2.3% over the 12 months ending in October and 2.8% if excluding volatile food and energy categories.Meanwhile, the labor market “is now by many metrics back to more normal levels that are consistent with our employment mandate,” Powell said. He added that the unemployment rate at 4.1% is “notably higher than a year ago but has flattened out in recent months and remains historically low.” Traders dialed back bets on a December rate reduction. Prior to Powell’s comments, the CME Group‘s FedWatch tool showed that 72% of interest rate traders expected officials to lower rates by 25 basis points, which was reduced to 58.7%. Those who expect rates to remain at the current target range of 4.5% to 4.75% went from 27.8% to 41.2%. Financial markets quickly responded to Powell’s comments, with stocks getting hit and Treasury yields spiking. The U.S. 10-year yield jumped to 4.450% on Thursday. The 30-year fixed mortgage rate, which correlates with long-term government bonds, increased to 6.97% at HousingWire’s Mortgage Rates Center, compared to 6.94% on Monday. At Mortgage News Daily, rates were at 7.02% on Thursday afternoon. For mortgage lenders, “the upward move in mortgage rates puts the mini-refi rally we experienced in September on ice for the time being,” Derek Sommers and John Hetch, equity analysts at Jefferies, said in a report on Friday. During the third quarter, when mortgage rates moved towards 6%, origination volumes increased 17% quarter over quarter for seven companies covered by the analysts – Guild Mortgage, Rocket Mortgage, United Wholesale Mortgage, loanDepot, Mr. Cooper, Onity Group and Pennymac Financial Services. Origination segment earnings increased 126% quarter of quarter “with any meaningful gain-on-sale margin expansion.” “Unfortunately, following the end of Q3, mortgage rates increased to about 7%, which has muted the recovery in origination volumes,” the Jefferies analysts said. “Mortgage rates in the range of 6.00%-6.25% is what it takes to stimulate refinance activity in the current environment.”

Homebuyers who are part of Generation X — primarily born between the mid 1960s and the early 1980s — should keep accessibility features in mind as they approach retirement, since Americans are increasingly looking to age in place in their own homes once their time in the workforce is complete.This is according to a recent article at the Boston Globe that took a closer look at the kinds of homes that those currently in their mid-to-late 50s may want to prioritize as they look to the future.Not only is it a good idea to think ahead for themselves, the article explains, but many members of Gen X are also a part of the so-called “sandwich generation” where they may be taking care of both their own children, and their parents simultaneously.“So for those considering moving out of the homes where they raised their children, there are some key boxes to check to make living in their next house easiest for everyone,” the story said.The biggest aspect to keep in mind is the one that could make the biggest accessibility difference, and that is keeping the house confined primarily to a single floor.“In most of our remodeling, we use a design technique called Universal Design,” said Brian Harvey, owner of Boston-area business Harvey Home Modifications. “That essentially is a design that will serve anyone of any physical capability in the house.”Keeping in mind what is not needed is also a useful exercise, he said, and ensuring that door frames are wide enough to accommodate wheelchairs could be beneficial for any current or future wheelchair users that do, or will, reside in the home.Bathrooms are also a major focus, since they can often serve as common sites for falls or other accidents since slippery, wet surfaces can be easy to find.“If the home you’re hoping to buy doesn’t have the accessibility you’re looking for, you’ll want to check with a contractor to see what kind of renovations are possible,” the story said.One of the ways the reverse mortgage industry has aimed to position the potential value proposition for prospective borrowers is by the ability to use the loan proceeds to fund home modifications.The U.S. Department of Housing and Urban Development (HUD) has also given attention to home modifications specifically for aging in place. This past summer, the department greenlit a new round of grant funding specifically to assist more older Americans with aging in place.Reporting earlier this year by the Associated Press (AP) also tracked the increasing desire of older Americans to remain in their homes for longer, illustrating how they were increasingly “splurging” on home modifications to better fashion their living spaces for later life’s natural mobility limitations.Home improvement retailers have also taken notice, with The Home Depot refreshing an in-house brand with accessibility in mind for things like grab bars and easier-to-use faucets. In 2021, Lowe’s established a single stop for items including wheelchair ramps and shower benches, the AP reported.

Vetted by HousingWire  |  Our editors independently review the products we recommend. When you buy through our links, we may earn a commission.While new social media platforms seem to pop up all the time, Facebook remains a tried-and-true platform for real estate agents to grow their business in a variety of ways. Joining and engaging with groups of fellow Realtors on Facebook should be a key tool in every agent’s toolbox. Why? You can network and build community with other agents worldwide, keep up-to-date on the latest industry trends, stay motivated when you’re feeling discouraged, learn directly from some of the top real estate leaders, and even potentially find new clients!Here are our top 15 Facebook groups for real estate agents that we’d recommend checking out, plus a few suggestions for other types of Facebook groups to search for.”1. Lab Coat AgentsOne of the first and largest real estate Facebook groups, Lab Coat Agents was founded by top agents and real estate trainers Tristan Ahumada and Nick Baldwin 10 years ago. It’s a very active group with over 165,000 members and dozens of daily posts. The content ranges from inspirational/motivational posts to questions asked by members. LCA’s tagline is “exploring the science of real estate,” and you’ll find plenty of advice about technology here. It’s one of the more entertaining groups, as well.Join Lab Coat Agents2. Canva Made Easy For Real Estate“Just use Canva!” is probably the most cliche real estate marketing advice of the decade. Sure, Canva is “easy” but even easy software can have a steep learning curve if you’re not a tech geek. The Canva Made Easy For Real Estate group is an ideal place to learn how to use Canva, share templates and discover new ways to improve your marketing materials. Many Realtors are using Canva to cut their marketing budgets in half.Join Canva Made Easy3. Realtor Networking & Social Media TipsFounded by social media marketing wunderkind Natalie Ridderbos, the Realtor Networking & Social Media Tips Facebook group boasts over 108,000 agents. It’s also one of the most active real estate groups on Facebook with more than 10 posts per day. It’s an ideal group for agents who want to share social media marketing tips or just shoot the breeze with fellow agents.Join Realtor Networking & Social Media Tips4. Real Estate MastermindAnother mega-Facebook group is Real Estate Mastermind, with over 312,000 members. Posts get a ton of responses, and the comments sections are a gold mine of fresh ideas, inspiration, information, and conversation. Real Estate Mastermind can be a helpful source for answers to common questions from a large group of experienced agents and brokers. If you don’t want to ask a question yourself, you can use the group search function to look for answers to questions or problems similar to the one you’re trying to solve. Join Real Estate Mastermind5. Glover U Inner CircleRun by top agent and national coach Jeff Glover, this Facebook group is a great way to get a taste of the training GloverU offers for free. Naturally, there’s a little bit of “selling” that happens here, but there are also helpful strategies for finding new business, as Jeff is a specialist in lead gen. Referral requests often happen here here, so if you visit the group often, you may find an opportunity to raise your hand and receive a referral!Join Glover U Inner Circle6. Introverts in Real EstateThis unique group is run by yours truly — coach and self-proclaimed introvert Ashley Harwood. We focus on supporting, encouraging and educating introverted real estate agents. We are smaller, with about 3,400 members.  Our group members and I post regularly, addressing the specific challenges of being an introvert in this industry. Plus, you’ll enjoy the occasional photo of my orange cat, Marty.Join Introverts in Real Estate7. Real Estate Agent Referral Network and MarketingIf you’re looking for a Facebook group for referrals, size matters. With over 300,000 agents nationwide, the Real Estate Referral Network and Marketing Group is the largest referral group on Facebook. While the group has a more freewheeling, Wild West approach to referrals than other groups, it’s public and doesn’t require you to join a paid referral network.Join Real Estate Referral Network 8. Lab Coat Agents ReferralsWant a more targeted referral group? Join the Lab Coat Agents Referrals. While it only has around 57,000 members, it’s heavily moderated. That means you’ll get outgoing referrals only — so you won’t have to wade through dozens of memes and questions to get to the good stuff. Our advice? Join as many referral groups as you can! More groups = more chances to land a hot lead.Join Lab Coat Agents Referrals9. Real Estate HumorWhile the name is a little on the nose, the Real Estate Humor group is the largest meme page on Facebook. 188,000+ Realtors can’t be wrong! Well, they can, but when it comes to finding the spiciest memes to post on social media, the more creative minds, the better.Join Real Estate Humor10. Generosity Generation with Michael J. MaherThe author of the best-selling book The 7 Levels of Communication runs this group, which helps real estate agents find business by relationship-building. If you want to be inspired with actionable strategies for hosting successful client events, building and working your sphere of influence, and leading with generosity, check out this group.Join Generosity Generation11. Win Make GiveCovering all things health, wealth, leadership, and legacy, this is a companion Facebook group to the podcast of the same name. It’s managed by podcast hosts Ben Kinney, Chad Hyams, and Bob Stewart. The content is light-hearted and fun yet incredibly meaningful, leaving you with the urge to go out and make a difference in the world. While many current group members are in real estate, people from all industries are welcome to join.Join Win Make Give12. Her Best LifeHer Best Life is another small yet mighty Facebook group for real estate agents (or those working in any industry). This group focuses on supporting influential female leaders. Inside, you’ll find inspiring stories, advice from top-producing real estate agents and leaders, as well as referral opportunities. You’ll feel like part of a tight-knit community as a member of this group.Join Her Best LifeRelated articles How to set up your real estate agent Facebook page to get more leads 30 real estate social media post ideas (+ popular agents to follow) 11 real estate social media marketing strategies that actually work 13. Empowering Women in Real EstateThe Empowering Women in Real Estate group was created by Realtor Karen Cooper as a safe place to share ideas, challenges and inspiration for women in real estate. It’s an ideal group for agents who want to share their experiences, seek advice, or just vent about the state of the industry — minus the mansplaining. Join Empowering Women14. The Official BiggerPockets GroupFor agents looking to either invest in real estate themselves or work with real estate investors (or both), I’d recommend checking out the BiggerPockets Facebook group. If you’re new to the investing world, you will learn a lot simply by reading other people’s questions and the responses they get. When you have your own questions about investing, this is the perfect place to ask them and tap into the group’s brain trust.Join BiggerPockets15. Emily Peckham’s FSBO Mastermind GroupA specific group for agents who work with For Sale By Owner sellers, full of tips and strategies for more effectively finding and converting FSBO leads. Learn from other real estate agents and get insider info into what’s working and what’s not working — in real-time. Post your own questions and objections you receive, as well.Join Emily Peckham’s FSBO MastermindOther Facebook groups to exploreHere are some other types of Facebook groups you should seek out and explore to meet new clients, uncover hidden properties coming to market in your area, or network within your brokerage or brokerage brand. Local Facebook groupsEvery city/town has at least one local Facebook group dedicated to the community. Many cities have multiple groups. Join and get involved in your local groups by posting and commenting, positioning yourself as a local expert. Be sure to always be adding value, not selling.In my office’s city of Newton, MA, there are over a dozen Facebook groups — everything from a parents’ group to a free items group. Joining the groups that apply to you is a great (free) way to get your name out there.Brokerage-specific FB groupsIf you’re with a large, national brand, seek out Facebook groups within your company. Within the Keller Williams world, for example, there’s a group for Wellness, a group for agents with ADHD, a young professionals group, a luxury group, many referral groups, and more. Ask around your brokerage for the best brokerage-specific Facebook groups and join the ones that make sense for you.Coming soon groupsOne of the best ways to find properties before they hit the market is to scour your local coming soon/off-market Facebook groups. Use these groups to find homes for picky buyers or find deals for your investor clients. Most areas will have at least one coming soon group. If you tell your buyer about a property that’s not on MLS yet, you’ll be a hero!Remember to visit the Facebook groups you join to get the most value out of them. Comment on other people’s posts if you can answer a question helpfully and post your own questions and success stories to inspire others. Think of them as the communities they are, full of agents just like you trying to do more business and help more people!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. YouTubeInstagramFacebookReal 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" });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 } });});

Vetted by HousingWire  |  Our editors independently review the products we recommend. When you buy through our links, we may earn a commission.Whether you’re a new agent looking to get up and running or a seasoned pro wanting to save a few dollars, our comprehensive guide to the best free real estate CRMS can help. We researched countless options to find the best free real estate CRMS (plus a few low-cost alternatives) to save you time and money. The CRMs that made our list will help you stay organized, turn your leads into clients, and scale your business as you go. We considered the following key features when curating CRMs for this comprehensive guide. Value for money: We weighed ease of use, price & client supportStorage capacity. How many contacts does the free version store?Automation. How do they take work off your desk?Scalability. Can you easily level up to paid plans as you grow your business?Outreach tools. Are email, text messaging & auto-dialers included?Customizability. Can the tool be tailored to typical real estate workflows?At-a-glance: Best free real estate CRMs for 2024You don’t need to spend hundreds to get a functional CRM to nurture your leads until they’re ready to buy or sell. Let’s dive into our top picks — with the best options for lead generation, lead nurturing, customization, and more. Best overall:Freshsales↓ Jump to DetailsLead nurturing:Agile CRM↓ Jump to DetailsLead generation:HubSpot↓ Jump to DetailsReferrals:HotSheet↓ Jump to DetailsMulti-channel marketing:Zoho↓ Jump to DetailsCustomization:Bitrix24↓ Jump to DetailsLow-cost alternatives CRMsTeam communication:Wise Agent↓ Jump to DetailsSmall teams:LionDesk↓ Jump to DetailsLead nurturing:Insightly↓ Jump to DetailsWorkflow automation:Pipedrive↓ Jump to DetailsBest Free Real Estate CRMs for 2024Freshsales: Best overallFreshsales is designed to grow with you. The free plan includes 2GB of storage and a built-in dialer for calling leads. It allows for up to three team members and effortlessly merges into the more robust paid versions — giving you and your budding business a foothold to get up and running.Freshsales is part of the Freshworks software ecosystem. It’s not real estate-specific, but it’s packed with tools and features to help you easily run your business from one platform.PricingWhen you’re ready to migrate from the free plan to a paid plan, Freshsales offers several options to choose from.Growth: $9/month billed annuallyPro: $39/month billed annuallyEnterprise: $59/month billed annuallyTry any plan free for 21 days. No credit card required.Pros & ConsOffers automated workflows for lead nurturingIncludes built-in chat, email, and phone optionsFeatures an intuitive chatbot to assist in managing leadsIncludes 2GB storage in the free versionUser-friendly mobile appIncludes built-in dialerCall routing/rotation for team membersLimited to only three users in the free versionRestricted analytics capabilitiesLimited customer supportNot designed for real estateEmail automation is not available in the free planWhat We LoveFreshworks stands out for its versatility in communication, offering email, SMS and phone call routing capabilities. If you’re an active communicator who likes to lead with a hands-on client follow-up approach, Freshsales is for you. Its intuitive interface makes it an excellent choice for agents seeking efficient client interaction.Check out FreshsalesAgile CRM: Lead nurturingAgile CRM has a lot to offer, including lead scoring and social media integrations. Its free version allows up to ten users and 50,000 contacts, giving you ample time to ramp up before upgrading to one of Agile’s paid plans.PricingAgile CRM offers several levels to choose from when it’s time to level up.Free: This plan is for up to 10 users and includes 50,000 contacts and companies, unlimited deals, lead scoring, and more.Starter: $9.99/month per user billed annually Regular: $39.99/month per user billed annuallyEnterprise: $64.99/month per user billed annuallyPros & ConsUnlimited document storageSocial media integrations included in the free planLead scoring to prioritize potential clientsUser-friendly dashboard with customizable landing pagesSupports up to 10 users and 50,000 contactsAdditional features include email tracking, appointment scheduling, and custom deal milestonesInterface could be more intuitiveMarketing automation not offered in the free planNo texting featureMobile app is not user-friendlyRequires a domain-linked email account for signing upWhat We LoveWe chose Agile CRM for its unique sales gamification approach, which adds an element of competition and fun to the sales process. The CRM stands out with its lead-scoring feature and automation based on agent-defined triggers to help you prioritize leads effectively. The free plan’s social media integrations are particularly beneficial for connecting with business accounts.Check out Agile CRMHubSpot: Lead generationHubSpot’s suite of tools is designed for marketers and salespeople (though not specifically for real estate agents). Its sleek, customizable, and easy-to-use dashboard makes managing leads from multiple sources simple and efficient. It’s great for tracking your lead generation efforts and building your pipeline of clients. Hubspot’s free version supports unlimited users.PricingHubSpot offers a full suite of integrated tools through its platform (Think: email marketing, marketing automation, and AI, to name a few). You can add some of Hubspot’s to your suite of tech tools as you build your business. But if you’re just looking at Hubspot’s CRM, here are the prices you can expect to grow into.FREE Hubspot CRM: Up to 1M contactsSales Hub Starter: $15/month per seat billed annuallyStarter Customer Platform: $15/month per seat billed annuallySales Hub Professional: $90/month per user billed annuallySales Hub Enterprise: $150/month per user billed annuallyPros & ConsSupports unlimited users and manages up to 1 million contactsSupports a variety of integrationsChatSpot AI assistantIncludes a mobile app for on-the-go accessEasy-to-use dashboardAdditional features like live chat, AI email writer and templates, meeting scheduler, and moreFree website builder and customizable landing pagesNot ideal for large teams requiring more intricate customizationsLimited real estate-specific features and templatesThe free version may lack some advanced functionalities needed for large-scale operationsWhat We LoveImagine what you could accomplish if you could store up to 1 million leads for free. That’s what HubSpot enables. Its free CRM is renowned for its user-friendly interface that simplifies sales activity tracking and analysis. It’s a powerhouse for lead generation, offering real-time views of sales pipelines and detailed reports on sales activities and individual performance. With unlimited data available in the free version, it’s suitable for teams of all sizes.Check out Agile CRMHotSheet: ReferralsIf you’re looking for a simple, straightforward user interface and clutter-free approach to handling up to 1,000 contacts with unlimited follow-ups that you and your agents can learn quickly, HotSheet is an excellent free real estate CRM.PricingThere’s so much you can do with HotSheet for free, but when you’re ready to level up and add additional features, here’s what you can expect to pay for them.FREE HotSheet CRM: Up to 1,000 ContactsPro: $34.50/month per user billed monthlyTeam: $249.50/month includes ten users billed monthlyReferralEdge: This add-on allows for agent-to-agent referralsSolo: $24/month for one cityMulti-city: $90/month for five citiesPros & ConsAgent-to-Agent notification feature boosts social media referral leadsUp to 1,000 contacts with unlimited follow-ups in the free versionEffective scheduling tools with email notificationsAutomated referral trackingTransaction managementClutter-free dashboardMore features plannedSteeper learning curve for less tech-savvy usersLimited integrations with other toolsLess robust reporting compared to competitorsLacks some advanced CRM featuresNo mobile app, which may affect flexibility for on-the-go agentsWhat We LoveHotSheet is shaking up the real estate CRM world, offering features other CRMs charge for. For a small monthly add-on fee, HotSheet’s agent-to-agent referral feature promises a significant boost in your ability to snag referrals. This tool alerts you immediately when a referral is posted, enabling you to connect with potential clients. For the budget-conscious and tech-savvy agent, HotSheet is definitely a great CRM to start off with.Check out HotSheetZoho: Multi-channel marketingZoho’s free real estate CRM (and paid plans) are excellent, budget-friendly tools that offer tons of customization and functionality, as well as integration options.PricingZoho offers several levels so you can comfortably add on additional features as your business grows.FREE Zoho CRM: 1 GB of storageStandard: $14/month per user billed annuallyProfessional: $23/month per user billed annuallyEnterprise: $40/month per user billed annuallyUltimate: $52/month per user billed annuallyPros & ConsAutomation included with all plans1 GB of storage available on free planIncludes mobile appCustomization options availableMulti-channel customer engagement alertsNo analytics in free versionDoesn’t sync with Google CalendarAI feature only available in enterprise-level tiersAPI integrations limited to 5000 credits per 24-hour windowLimited to only 3 usersRequires time to set up and customizeWhat We LoveZoho offers simple features, like leads, automations, documents, and a mobile app to help get you up and running quickly. Then, as your business expands, you can tap into the various paid versions with an array of features to tailor the platform to suit your needs, like dashboard customizations and integrations, to make it work for you without blowing out your budget.Check out ZohoBitrix24: Team communicationBitrix24 stands out as an all-in-one CRM solution offering a wide range of functionalities, from lead management to client service. Notably, Bitrix24 offers great communication tools with the free version, including chat, customizable triggers for automations, an AI-powered assistant, and HD video calls and video conferencing for up to 48 people.PricingYou can stick with the free version as long as it makes sense. When your business needs outgrow it, you can easily migrate to one of  Bitrix24’s paid plans.FREE Bitrix CRM:  Unlimited users and 1 GB cloud storageBasic: $49/month for up to 5 users, billed annuallyStandard: $99/month for up to 50 users, billed annuallyProfessional: $199/month for up to 100 users, billed annuallyPros & ConsOffers a comprehensive set of tools, including CRM, project management and contact center functionalitiesIncludes an intuitive website builderIncludes a highly functional mobile appDashboard customizations, including a kanban viewNot real estate specificMarketing tools like texting, batch email templates, not included in free planLearning curve for less tech-savvy agentsLimited cloud storage and customer supportWhat We LoveBitrix24 caters to businesses (of all types) seeking complete control over their sales process, providing seamlessly integrated omni-channel marketing, lead generation, project management and client communication tools. There’s a lot to love!Check out Bitrix24Related articles The best real estate CRM for every budget in 2024 The ultimate guide to real estate lead generation ideas for 2024 9 best places to buy real estate leads in 2024 Best CRMs Under $50 Per MonthWe’ve just shared our top six best free real estate CRMs for 2024. But for many of you already hustling, these platforms may not have the functionality you need for where you are in your business. For you, check out this short list of some of our favorite budget-friendly real estate CRMs that rank high on performance and features.Wise Agent: Small teamsWise Agent is an all-in-one solution for real estate agents and small teams looking for an affordable, feature-rich CRM with lead automation, transaction management, and excellent customer support.PricingWiseAgent pricing is simple and straightforward, and it comes with a 14-day free trial to kick things off.No credit card required 14-day free trialMonthly: $49/monthAnnual: $499/year (save 15%)Enterprise: CustomPros & ConsNo credit card required 14-day free trialFree one-on-one onboarding and 24/7 supportIntuitive and user-friendly interfaceEasy customization options with tons of integrationsNo long-term contractComprehensive drip campaigns and customizable landing pagesExtensive contact automation and an AI writing assistant24/7 customer supportRobust options may be overwhelming to some less tech-savvy usersTransaction management features may be too basicNot ideal for scaling teams or large brokeragesNo mobile appUpdates are implemented without noticeInterface feels a little datedWhat We LoveWe love Wise Agent’s user-friendly interface, comprehensive features, and exceptional customer support. It offers a balanced mix of essential CRM functionalities and advanced marketing tools at a competitive price, addressing the specific needs of real estate agents.Check out Wise AgentLionDesk: Lead nurturingLionDesk reigns as one of the top real estate CRMs on the market, praised for its functionality and affordability. Its vast suite of features offers agents the flexibility to grow their business at a rate that makes sense — without losing any clients along the way.PricingLionDesk keeps everything simple in its two CRM plans.No credit card required 14-day free trialCRM: $39/month billed monthlyCRM Premier: $139/month billed monthly (Premier includes the single line dialer and landing pages in the monthly subscription)Pros & ConsVideo, email & texting capabilitiesPower dialer integration add-onAutomated drip campaigns and pre-built marketing campaigns includedClean, easy-to-use interfaceNo credit card required 14-day free trialIntegrated landing pages availableRobust options may be overwhelming to some less tech-savvy usersNot ideal for scaling teams or large brokeragesAnalytics may be insufficientBasic transaction management featuresAI assistant (Gabby) no longer offeredWhat We LoveLionDesk excels in providing fundamental CRM features and innovative additions like video messaging and an AI assistant, called Gabby. Its commitment to continuous product upgrades and responsive customer service also sets it apart.Check out LionDeskInsightly: CustomizationThis CRM is ideal for small business owners or solo entrepreneurs needing a basic CRM system. Insightly lets you store up to 2,500 contacts or leads.Insightly stands out for its core functionalities which are designed for small businesses. It’s suitable for agents who are just starting out, and who need a simple CRM with essential features. It has tons of customizations and is easy to scale as you grow.PricingFor all the features and customizations, Insightly remains highly affordable.No credit card required 14-day free trialPlus: $29/month per userProfessional: $49/month per userEnterprise: $99/month per userPros & ConsHighly customizable fields and layoutsNo credit card required 14-day free trialCustom dashboards and reportsWorkflow automationProject management featuresTons of integrations with third-party platforms, including Gmail & OutlookInterface may be overwhelming to some usersNo longer offers a free versionNot real estate specific and limited on real estate templatesWhat We LoveInsightly’s free version stands out for its core functionalities, which are tailored specifically to small-scale operations. It’s suitable for those just starting out who need a simple CRM with essential features.Check out InsightlyPipedrive: Workflow automationPipedrive is a sales-driven CRM with a focus on pipeline management. Pipedrive excels at helping you move your potential clients through the sales journey so you can turn more leads into closed transactions.PricingNo credit card required 14-day free trialEssential: $24/month per userAdvanced: $44/month per user (includes email and automations)Pros & ConsNo credit card required 14-day free trialCustomizable dashboardTons of integration optionsRobust lead management and sales tracking toolsAI-powered sales assistant to increase conversionLead generation and email campaign tools not included (a la carte add-ons)Limited reporting and analyticsLacks automation featuresMarketing tools not includedSet up time can be overwhelming for less tech-savvy usersWhat We LovePipedrive isn’t specifically designed as a real estate CRM, but its customizable dashboard allows you to set up your workflow in a way that works best for you. Plus, the visual pipeline makes it easy to keep track of your leads.Use our exclusive promo code to test drive Pipedrive for 30 days with no credit card required.Check out PipedriveFAQs: The best free real estate CRMsWhat features should I look for in a free real estate CRM?The field of free real estate CRMs is vast, and no single CRM is right for everyone. But when you’re shopping for the right one for you, you should consider the following:Ease of use. Look for a real estate CRM that you can learn to use quickly.Support. Check customer reviews and work with a company that prioritizes customer service. Look for resources and tutorials to help you ramp up quickly.Scalability. As your business grows, you’ll want your CRM to grow with you and adapt to your evolving needs. The last thing you want to do is make a big change later because you’ve outgrown your current CRM’s capacity to grow with you. Compatibility. If you’re already using other tech for your real estate business, find a CRM that fits with your existing stack.Price. Don’t think of it as a cost — consider it an investment. But make sure your CRM fits within your marketing and management budget.Can I really get a good CRM for free, or will I need to upgrade?You can absolutely get a great CRM for free. There are several options in this article. A free real estate CRM is great to help get you started in your business, especially if you’re starting out. More than likely, you will want to upgrade as you expand your business. You’ll come to discover that your time is valuable and better spent in other ways. And some tasks may be handled best through things like automation, which may be part of an upgraded plan.How do free real estate CRMs compare to paid options?Free real estate CRMs perform basic functions, while paid options offer more bells, whistles and features. The biggest differences will be features like customer support, automation, and AI assistance.Are free CRMs secure enough for storing client data?Some free real estate CRMs may have some vulnerability when it comes to data protection. Do your due diligence when researching a company to learn how they protect their clients’ data from hackers.Can I integrate free CRMs with other real estate tools I use?That depends on the CRM you choose. Some of the CRMs on this list allow for integrations with third-party platforms, while others don’t provide those capabilities. Learn what integrations your CRM of choice allows before you commit to pouring all your contacts into it!How many contacts can I manage with a free real estate CRM?Every platform has its different limitations in its free plan. Agile CRM, for example, allows up to 50,000 contacts. Some allow less, like closer to 1,000 contacts. So, if you have a lot of contacts to upload into a CRM, ensure it will accommodate your list.Do free CRMs offer mobile apps for on-the-go access?Yes! Most of the real estate CRMs on this list offer a mobile app or a web app for on-the-go access.Can multiple team members use a free CRM account?In some cases, yes. Most of the free real estate CRMs on this list allow more than one user to access the free account. Most of them are designed to grow as you build your team.What are the limitations of free real estate CRMs?Most limitations will come from customer support, storage, marketing, automation and AI assistance. Don’t expect to get the fancy lead capture and lead nurturing features that some of the more robust, real estate-specific CRMs on the market offer. Those kinds of features come with a price tag.How easy is it to upgrade from a free to a paid plan if needed?Most of these free CRMs for real estate are designed to be a starter plan that let you ladder up to paid plans. So, it’s super easy to convert to a paid plan to add features. Most of them are designed in a stair-step, so you can move up a little at a time.Can I import my existing contacts into a free CRM?Yes. The real estate CRMs on this list allow you to either manually enter your contacts, merge them from your Gmail or Outlook, or upload a CSV file.Do free CRMs offer customer support?Yes, they do. Most will offer less robust or email-only support. But you should still be able to get some assistance if you need it.How do free CRMs handle lead generation and nurturing?Don’t expect to get a lot of lead generation and nurturing from a free real estate CRM. Those are premium features that will cost a premium price. Some of the CRMs on this list have a few lead generation features that can get things started, but you’ll want to upgrade later to automate some of the functions.Can I create custom fields in free real estate CRMs?Yes. Some of the real estate CRMs on this list allow custom fields.Are there any hidden costs associated with free CRMs?No. Most free real estate CRMs are truly free. However, some offer a la carte features that can feel like a bait-and-switch. It’s best to weigh some of those CRMs against some of the low-cost options to see if you can get more of what you want for a better price than paying per feature.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 } });});

Mortgage trade groups recently came closer to achieving a legislative victory by curbing a longstanding practice: the abusive use of credit trigger leads. However, the outcome of recent elections has cast uncertainty on the future of this legislation.In September, Senate Armed Services Committee Chairman Jack Reed (D-RI) and Ranking Member Roger Wicker (R-MS) included U.S. Senate Amendment 2358, also known as Homebuyers Privacy Protection Act of 2024, which addresses trigger leads, in their Senate’s Fiscal Year 2025 National Defense Authorization Act (NDAA).The NDAA is expected to be voted on by mid-December before Congress recesses for the holidays. It incorporates several legislative measures into a single, comprehensive package. But while the NDAA has reliably passed each year since the 1960s, the inclusion of the trigger lead bill remains uncertain.“We’ve been told congressional leadership is deciding whether to pass a version of NDAA that includes not only the trigger lead legislation, but lots of other pieces of legislation that have attached to it, or they’re going to pass a stripped-down version of the legislation with only essential things on it,” said Brendan McKay, owner of Mckay Mortgage and chief advocacy officer at the Broker Action Coalition (BAC).Over the past two years, BAC has held more than 200 meetings on Capitol Hill advocating for this issue and has gained over 100 co-sponsors for the bill. According to McKay, if the legislation does not pass, it will likely be due to NDAA streamlining rather than an outright rejection of the trigger lead bill.HousingWire contacted representatives in Reed and Wicker’s offices for updates on the topic, but they have not responded.“As a system, we’ve gotten used to piling a lot of bills into one large package because the pace that would be necessary to pass individual bills is not reasonable,” said Katie Sweeney, chief executive officer at BAC.“We’ve just been made aware that there is a conversation happening to see what direction President Trump would like to see things go into the next Congress. That said, it’s not like in his first term that he didn’t allow large packages to be pushed through Congress. We really could see things going either way. The concern is more ensuring that there is no excess that’s been thrown in.”Changes in the CongressShould the NDAA path falter, mortgage and consumer advocates are prepared with a backup strategy to reintroduce the bill in the next Congress. “We’ve got a broad coalition of consumer advocates and lending and housing groups that have coalesced to push for this. We’re absolutely still hopeful that this can be resolved and reach the President’s desk as part of the NDAA,” said Bill Killmer, senior vice president for legislative and political affairs at Mortgage Bankers Association (MBA).“If it does not pass, we’re already talking about ways that we could have the bill reintroduced in a new Congress and trying to rebuild support for it and see if we can get it passed in the more traditional channels,” Killmer said. He noted that the MBA has already started engaging with potential new committee leaders in both the House and Senate, with “varying levels of support” for the legislation.The upcoming retirement of Patrick McHenry (R-NC), Chairman of the House Financial Services Committee, opens a leadership race among Republican Representatives Andy Barr of Kentucky, French Hill of Arkansas, Bill Huizenga of Michigan, and Frank Lucas of Oklahoma. On the Senate side, Sen. Tim Scott (R-SC) will lead the Senate Banking Committee, with Sen. Elizabeth Warren likely to serve as Ranking Member. Meanwhile, at the U.S. House of Representatives, Richie Torres (D-NY) and John Rose (R-TN), who introduced the Homebuyers Privacy Protection Act in February, have been re-elected.“We had over 100 co-sponsors; most were re-elected and would jump right back onto it. Furthermore, the fact that it got attached to NDAA is a sign of the importance and credibility and the amount of legislators that believe in the bill, which shortcuts conversations in the future,” McKay said.BAC CEO Katie Sweeney added that there are “early rumblings” of a comprehensive data privacy package being developed for financial services. “If that happens, then trigger leads fall directly into that potential package because it all has to do with selling information without someone being aware that it’s happening.”Changes at the Consumer Financial Protection Bureau (CFPB) could also play a role, as the agency has Fair Credit Reporting Act enforcement authority and would oversee the new trigger lead regulations. Some trade groups expect the CFPB to maintain its current stance, ensuring continuity in supporting a more limited scope to trigger leads. “There are opportunities to make the case with the new Trump administration, from a market efficiency and a consumer protection perspective,” Killmer said. “We’ll continue to try to build support for this as a priority. Even after approval, it would take several months for implementation – we obviously urge that something like this be put in place as quickly as possible.”What does the bill say?Trigger leads occur when a potential borrower’s credit score is pulled for a new home loan application. Credit bureaus sell this data to other companies interested in reaching the customer.To be clear, trigger leads are legal. Industry experts note that while the practice is not new, it has become more prominent due to technological advances, rising interest rates, and the mortgage market slowdown following the COVID-19 pandemic.“This process was made legal in the 70s when communication was largely direct mail – if you received 10 pieces of direct mail, you could just throw them away, and it wouldn’t change the course of your day-to-day life,” Sweeney said.“I was in the consumer-direct world, in the lead-buying space for a long time, and speed to contact is something that you measure. The objective is to be able to contact the customer within one second of that lead posting in your CRM. But the tools to be able to facilitate that have advanced so aggressively in the last five years that it’s gotten to the point where it’s just beyond confusing and deceptive.”Customers often report receiving hundreds of calls, texts, and emails after applying for a mortgage. Currently, the industry operates on an “opt-out” basis. The new bill (Senate Amendment 2358), however, would introduce an “opt-in” model.While some consumer advocates initially called for a “blanket ban” on trigger leads, the proposed legislation includes specific exceptions. According to Killmer, the industry compromised, opting for the “possible over the perfect” because both Republicans and Democrats showed limited support for a complete ban. “The industry, which danced around this for years and, in some instances, called for a blanket ban of all trigger leads, pointed towards a more efficient way to keep existing customers in contact with their lender, originator, servicer,” Killmer said.The bill includes exceptions allowing a company to receive a lead if the consumer authorizes it, the lender originated the current loan, the lender is an insured depository institution or credit union with an active account for the consumer, or if the company services the loan.McKay said that the ability to retain clients is crucial to the servicers’ business model, making trigger leads essential.“If they lose the ability to protect their assets, the value of those assets will decline. When they are buying bulks of mortgages in the future, they will pay less for them, which means that it will simply trickle down the system: Lenders will get less money for selling them, they will adjust the pricing in their rate sheets, and consumers will end up having higher costs.” 

With several top 10 reverse mortgage lenders now active in some form within the U.S. stock market, companies like Finance of America (FOA) and Ellington Financial — the parent of reverse lender Longbridge Financial — have recently released their third-quarter 2024 earnings results.In the case of FOA — the current industry leader — the earnings results were robust. Executive leaders there pointed to the performance of the company’s proprietary loan products and trends in the Home Equity Conversion Mortgage (HECM) space as favorable.While Ellington’s results were softer in comparison, company leaders remain bullish on profitability prospects for Longbridge and the wider industry. They also mentioned the proprietary product suite at their company as a bright spot.To get a better idea of what investors might be most closely interested in with these results, along with the outlook for these companies and the industry, HousingWire’s Reverse Mortgage Daily (RMD) sat down with UBS equity research analyst Douglas Harter.Company performanceWhen asked about the recent earnings results for these companies, Harter said that FOA has done an effective job of cleaning up its balance sheet as evidenced by its debt exchange agreement and the implementation of a reverse stock split. These moves, he said, helped demonstrate to investors that the company had its priorities clearly in mind.“That was job one — making sure they had the runway for the integration with AAG to continue and for the financial metrics to improve,” Harter explained. “Over the past couple of quarters, they’ve gotten back to break-even, and this quarter, they posted a nice profit, both from the revenue side and the cost side.”This brings earnings potential from the brand integration between FOA and American Advisors Group (AAG), he said, making for a much healthier position. Interest rates will be a determinant of future performance, but FOA is in a “better position to handle market volatility going forward, and I think the next things people are watching for are how volumes continue to trend and what the outlook looks like,” Harter said.In the case of Ellington, it works a little differently, since Longbridge is only one component of its larger business.“They’ve managed to continue securitizing across their platforms, which has allowed them to grow their portfolio, increase earnings, and get back to covering the dividend from an earnings-available-for-distribution standpoint this quarter, which was a positive development,” Harter said.While the company’s book value may have come in below investors’ expectations when considering the broader health of the credit markets, the reverse mortgage business has trended positively.“In the reverse business, there’s been a nice improvement in core profitability, though the book value was a bit volatile this quarter due to rates,” he said.Investor attitudes on reverseConsidering that reverse mortgage volume is only a fraction of what it once was when looking back to the immediate aftermath of the financial crisis, Harter was asked how that factors into investor attitudes about the space. There remains a lot of unrealized potential for the industry, he said, which is intriguing for investors.“People have looked at the demographics, the under-savings of seniors and the significant amount of home equity seniors hold as a potentially large opportunity,” he said. “That potential has existed for a long time, but it hasn’t truly translated into volume. There’s always that push and pull between the long-term potential and the challenges the industry has faced, especially after regulatory changes affecting the amount of draws and more recently, the RMF bankruptcy.”Such changes have made it challenging for investors to “gain traction” in a way that matches the perceived potential, which has led to diverse investment outlooks in the space.“Some investors remain skeptical, seeing it as a space that’s long been promised as beneficial due to demographic trends but hasn’t delivered at scale,” he said. “For many investors, given the current state of volumes, it remains a niche market that doesn’t demand much attention.”Investors are also more likely to view each new regulation that could be handed down for the HECM program based on the impact it could have on companies. The 2017 reduction in principal limit factors (PLFs) is largely seen as a negative from investors, while they cite the impending release of “HMBS 2.0” as a potential positive.Regarding the forthcoming complementary HMBS program, Harter said investors are watching what ultimately happens there, particularly as it pertains to FOA.“On the liquidity side, what happens with HMBS 2.0 — [investors are watching to see if it will] free up more liquidity for them to continue improving their balance sheet,” he said. “FOA is making the right steps, the ones I think we and investors have been looking for.”Ellington and FOA have engaged in different levels of business with UBS over the past 12 months, Harter said, with Ellington having been a client for investment and non-investment banking services. FOA and Ellington have each compensated UBS or its affiliates within the past 12 months.

In the latest episode of the Power House podcast, HousingWire‘s Diego Sanchez sits down with Daren Blomquist, vice president of market economics at Auction.com. In this conversation, Blomquist explores the impact of the election on the housing market going into 2025. The duo also explore the lock-in effect and Auction.com’s expansion plans.This conversation has been edited for length and clarity. To start, Sanchez and Blomquist discuss the election’s impact on key data lines in the housing market.Blomquist: I do think there will be a so-called “Trump bump” at the end of the year, though seasonal changes may obscure some of those data lines. But now that we know what we’re dealing with, we’ll see a bump in some of those metrics. We’ll see mortgage rate volatility drop down. Buyers and sellers will come off the sidelines, resulting in more sales.In terms of foreclosures, we’ll see distressed inventory come back into the market in early 2025. That is specifically tied to Trump and a less aggressive regulatory environment from the Consumer Financial Protection Bureau (CFPB). Servicers would be less fearful of foreclosing properties, especially those that have been distressed for a long time.  Also, others believe tariffs and immigration could potentially trigger an economic recession, but that would be further down the road into 2025. Sanchez: Mass deportations and trade wars are potentially inflationary. What do you think about those aspects?Blomquist: Trump wants mortgage rates to be low. However, even low rates are inflationary in nature. Tax cuts and driving lower rates will be the priority before we reach the trade war part of the agenda. Sanchez: You’ve released interesting research and analysis on foreclosure and REO auctions, and it seems like that bidding activity foreshadows what may happen in the market next year. Could you unpack that research?Blomquist: Folks that are buying at our distressed property auctions are primarily what we call local community developers — mostly real estate agents and investors. They’re buying these properties, renovating them and putting them back on the market as resales to owner occupants or rentals. When that bidding behavior grows, that’s probably a good sign for the retail market.Sanchez: What is Auction.com’s bidding activity telling you about the spring housing market?Blomquist: Unfortunately, it’s pointing to a sluggish spring housing market, though the election may be a factor in that. However, there are definitely some markets bucking that trend. Sanchez: Are we still struggling through a mortgage rate lock-in effect? Are there other things suppressing inventory? Blomquist: I absolutely think the lock-in effect is still in place. It’s interesting to contrast the new-homes market with the existing-homes market, and even the distressed-homes market. Homeowners in the distressed market are less emotionally tied to their homes, so they’re willing to cut prices. That causes activity to pick up.To close the conversation, Blomquist explores Auction.com’s research initiatives that could impact the market next year.Blomquist: We’re looking at the market up funnel from foreclosure and the pre-foreclosure market. That’s a really interesting market that’s been overlooked. We see agents trying to capture that inventory, and that may be somewhat predatory. Homeowners still need to sell. So, we’re hoping to see if there’s some disruption there. 

Despite negotiating a settlement agreement, eXp World Holdings’ commission lawsuit challenges persist. On Thursday, Judge Stephen R. Bough, who is overseeing the Gibson suit, denied eXp’s motion to stay the case pending approval of the settlement the firm negotiated with the Hooper commission lawsuit (formerly Phillips) plaintiffs in Georgia.In his ruling, Bough describes a stay as “extraordinary relief such that the requesting party ‘must make out a clear case of hardship or inequity in being required to go forward.’”In its motion, eXp argued that the stay was warranted because the plaintiffs in the Gibson suit would not be prejudiced by a stay, since the court has not yet ruled on eXp’s motion to dismiss the case. On the other hand, the Gibson plaintiffs claim that the “settlement in the Hooper case does not provide adequate and fair value for the class given eXp’s financial resources.” Additionally, they claim that eXp conduced a “reverse auction” in order to get the best financial terms for a settlement.In looking at the arguments, Bough wrote that eXp “failed to ‘make out a clear case of hardship or inequity in being required to go forward.’” Based on eXp’s argument that the stay would help all parties “persevere resources,” he wrote that he could not conclude that “the request summarily outweighs all other factors considered to grant this extraordinary relief.”In addition to denying the stay, Bough also wrote that he feels the Gibson plaintiffs raised “genuine issues of potentially questionable behavior regarding eXp’s Hooper settlement,” which he says warrants further discovery in the Gibson suit.“Given the alleged lack of financial considerations and quick settlement in the later-filed Hooper case, granting a stay would not serve in the best interests of justice due to the possible irreparable harm resulting from Plaintiffs’ claims in this case being estopped due to a binding, underfunded class settlement in Hooper,” Bough wrote. “This is evidenced by eXp’s statement that ‘the proposed class settlement with the Hooper Plaintiffs will cover claims that are substantially similar to the class asserted in the present matter,’ and therefore ‘Hooper Plaintiffs subsume the class definition.’”While the ruling was related to eXp’s filing, Bough also mentioned Weichert Realtors, which also recently negotiated a proposed settlement agreement with the Hooper plaintiffs. In his ruling, Bough ordered Weichert to also engage in “discovery regarding the timing and circumstances” of its settlement “with all documents produced for in camera review and opposing counsel under seal.”In a email statement to HousingWire, an eXp spokesperson noted that the firm unsuccessfully mediated with the Gibson plaintiffs in April 2024.“Separately, and nearly six months later, eXp mediated with the Hooper plaintiffs and reached a settlement that we are confident will be found to be fair, reasonable and adequate and was not a product of any so-called reverse auction,” the spokesperson wrote.

The state of South Carolina is experiencing an influx of retired baby boomers, which could test the capacity of its infrastructure in areas such as health care and transportation services, as well as resources for dealing with isolation and the job market, according to reporting by Charleston-based newspaper The Post and Courier.In the realm of housing, the term “silver tsunami” often refers to the idea that older homeowners will aim to downsize and sell their homes, theoretically flooding the market with new inventory. Such a scenario has not occurred and analysts, including HousingWire’s Logan Mohtashami, doubt it ever will.This is reinforced by survey data indicating that older homeowners are unwilling to sell their homes at all, electing to either age in place or keep them within their families.In other contexts — particularly within the reverse mortgage industry — a gray or silver tsunami simply refers to demographic trends where the older population takes up an increasingly larger share of the total population. This is a phenomenon that has been observed throughout the U.S., and it appears to be striking South Carolina acutely, according to the reporting.“South Carolina’s rapidly growing population is approaching an important threshold: In just a few years there will be more residents above the age of 64 than below the age of 18,” the story reads. “More than a third of residents will be 65 or older in at least five South Carolina counties by 2040.”In some of these areas, which are noted for being popular retirement destinations, more than one-quarter of residents are at least 65 as of this year and the numbers “are growing,” the report explained.Glenn McConnell, who served as the state’s lieutenant governor between 2012 and 2014, warned the state Legislature during his final months in office that South Carolina needed better preparation for an influx of retirees. A “failure to prepare for South Carolina’s oncoming ‘gray tsunami’ will cause a budget crisis and human tragedies,” he told lawmakers, according to reporting from The Associated Press at the time.When reached by the Post and Courier, McConnell said it was “stunning” to hear that some counties within the state have already reached the threshold he thought in 2014 would be further off.“Challenges with health care services, social isolation, transportation and filling jobs related to caring for the elderly are all expected to grow,” the report explained.Frank Rainwater, executive director of the state’s Revenue and Fiscal Affairs Office, described some of the challenges that would need to be addressed by the government in the coming years.“On a state level, you will need more assisted-living facilities, more nursing home beds, more medical facilities,” he said. “It’s nice, people want to come here to live and retire. But from our perspective, how does government provide services?”The issue may be approaching critical mass in a state like South Carolina, but it is not the only state that expects to have to reorient services to meet the needs of an increasingly older population. Higher costs of living are pushing more older homeowners toward aging in place or other novel solutions, like taking on roommates.And recent data from the Mortgage Bankers Association (MBA) suggests that the growing popularity of aging in place will constrain housing supply for years to come.

Real estate marketing startup Realoq is launching a new data solution for brokers and agents. The new “360-degree product experience” will help brokerages and real estate professionals access data, manage listings and ensure accuracy.Rexdat — a technology firm offering a subscription-based, cloud-powered, software-as-a-service (SaaS) platform—powers the new tool. Rexdat launched its platform in August to help real estate entities share data on a centralized platform.“Rexdat allows MLSs, Brokerages, Agents, Appraisers, and Affiliates to access an extensive, auto-populated database that eliminates data duplication and ensures all listings are accurate, synchronized, and accessible to authorized parties,” Realoq said in a statement.Realoq offers a customized MLS platform that allows unique branding and direct access to consumers. With this update, independent MLSs, brokerages, agents, appraisers and affiliates can access auto-populated data without the risk of data duplication.CEO and founder Anvesh Chakravartula believes that combining Realoq’s platform with Rexdat’s data solutions gives users a strong chance to establish market-leading value. “Our business has always been founded on the idea of creating a fully transparent and collaborative ecosystem in real estate,” Chakravartula said. “By bringing together Realoq’s consumer-centric platform and Rexdat’s data solutions, we’re enabling MLSs and AORs to offer a market-leading experience, boosting the visibility and capabilities of every real estate professional involved.”The 360-degree solution features a slew of benefits designed to make users more efficient. They can create “branded portals” uniquely designed to connect with consumers and establish brand familiarity. Listing management features include auto-populated tax records, integrated maps and other tools. All datasets are syndicated in real time, according to the company. Additionally, the solution allows integration with social platforms and search engines.Realoq has made a series of moves to compete with larger companies — including Zillow, CoStar and Move Inc. — in the “portal wars.” The company also expanded recently by extending its reach into Florida, Georgia and North Carolina.Realoq launched in 2023, receiving $3 million in seed funding from venture capital firm TRK Ventures. Realoq launched Rexdat as a business-to-business data solution in February 2024.

HousingWire Editor in Chief Sarah Wheeler sat down with Adam Carmel, founder and CEO of Polly, to talk about his thought process for solving customer problems and why cutting costs for mortgage lenders is paramount. This interview has been edited for length and clarity.Sarah Wheeler: What differentiates Polly’s technology?Adam Carmel: The technology is only as good as the people building it, and their propensity to really push the envelope and think through all of the pain points that have existed through 20-plus years of legacy, antiquated systems and approaches. So, our team is hyperfocused on not only solving the problems of the past but thinking through how and where this industry is evolving over time and being on the very cutting edge. And so, it starts with our culture in our team.Then it starts with our customer partners and gathering their feedback — learning all of their pain points and understanding what they’re experiencing. We don’t want to just solve a problem. We want to reinvent the way it’s done and be 10 times better than anything else out there, feature by feature. This goes beyond just taking a ticket and we’ll get to it. No — we want to execute. And we have the strongest sense of urgency to build things as quickly as we possibly can in partnership with them.When it comes to the technology, we use the most modern architecture and back end, which we built on a proprietary basis, that allows us to build using an unlimited amount of flexibility, configurability and granularity. That back end and that architecture allows us to build anything we want, anytime we want, and that’s a real advantage.We’re doubling our technology spend next year and we’re just going to keep on going. We’re going to go harder and faster than we’ve ever gone, and it’s all in the spirit of being hyperfocused and super concentrated on making our customers be successful and happy and giving them a competitive advantage.SW: How are you leveraging artificial intelligence?AC: We’re leveraging AI across a lot of different vectors and dimensions. AI is only as good as the data that you’re feeding it and the way in which you’ve architected it. We are making sure that we are solving real problems and driving real use cases, and not just creating little-point solutions, gimmicky things that aren’t really AI to start with. When we do something, it needs to drive costs down for the customer, it needs to drive revenue up, or it needs to deliver a phenomenal experience to the loan officer or someone else within the organization, otherwise we’re not going to do it.SW: What are some of the use cases that drive return on investment?AC: Twenty-five or 30 years ago, mortgage companies had to price loans off faxes and then those were made into rate sheets. That still works, but the loan officer has to go do a bazillion things just to find the right price. Now, with Polly, loan officers can not only get to the price and compare the price across however many products they want to compare to, but the AI can also inform them on why loans are ineligible, and if it’s possible, make a recommendation on how to make that loan eligible.SW: A lot of fintech founders come from the technology side and had a bad experience buying a house, which is what prompted them to start a company to solve that problem. You come from the lending side. How does that inform what you do at Polly every day?AC: I had the good fortune of working at a very large mortgage company at the beginning of my career, and then I went off and started my own mortgage company. We were using these legacy systems and I could not get done what I wanted to get done to drive the business forward. I could not get the granularity and flexibility within constructing the margins; the analytics were horrific and not in real time. There was no automation. And every time I asked for anything, they ignored me half the time, and the other half was a lot of lip service. When it came down to the renewal, I was basically bullied. So, my experience was very acute and it was very painful.Before I started Polly, I went around to the industry and asked other people if their experience was like mine, and it was. So I got hyper-motivated to change the industry’s paradigm — we want it to be unbelievable for the consumer and unbelievable for the loan officer. Our job is to extract as much waste and cost out of the system as possible, and bring all of those basis points back to the transaction between the loan officer and the consumer. We’re going to fight for every inch to make that happen.SW: The mortgage industry has been through a pretty rough two years. What do you see for 2025?AC: On the housing market, my guess is that it’s going to be better than 2024 but maybe not as good as everyone thought just a few months ago. But that doesn’t matter to us because at the end of the day, our job is to drive these costs down no matter what. Our job is to increase our customer partners’ revenue and drive deeply into the innovation road map we’ve got.We’ve got a lot of really exciting things coming next year and we are relentlessly focused on our mission. As we stay true to that, we prove out the value of not only our products but also the partnership approach we take with our customers. We feel like we can continue to help advance and change the change the industry, because it’s in need of change. It’s time for change.

The Congressional Budget Office (CBO) this week published a report assessing the performance of government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac in reaching their single-family housing goals. The CBO found that the GSEs “met or exceeded” nearly all goals over a four-year period from 2018 to 2022. The CBO analyzed data from the Federal Housing Finance Agency (FHFA) data in its report. It noted that the GSEs were chartered to “ensure a stable supply of credit for mortgages nationwide, including those for low- and moderate-income households.” Fannie and Freddie are also legally mandated to follow housing goals that “serve as benchmarks for measuring how the GSEs facilitate the financing of affordable housing for low-income families,” the report stated.There are three key housing goals and two “subgoals” that the GSEs must meet. These including a certain number of purchase loans for low-income households (defined as households with an income at or below 80% of the area median income (AMI). They also must purchase a number of loans intended for “very low income households,” whose income is at or below 50% of the AMI, as well as refinance loans for low-income households.One of the subgoals covers two types of purchase loans. One is tied to ”households at any level of income that live in a low-income census tract that is not a minority census tract,” while the other is for ”households whose income is greater than 100% of the AMI and that live in a low-income census tract that is also a minority census tract.”An additional subgoal covers purchase loans for households living in minority census tracts whose income is at or below 100% of the AMI.The GSEs meet these goals by shifting “their purchases toward mortgages that meet the goals’ requirements,” according to the CBO. They also “charge lower fees than they otherwise would without the goals for lenders who sell them mortgages that are eligible in meeting their goals,“ which act as “an implicit subsidy.”“Benchmark” and “market” levels are used to determine success rates in meeting these goals. The benchmark level reflects “FHFA’s forecast of the share of loans that meet the goals’ requirements.” The market level is based on data “showing the share of loans, by all lenders, that fell within the targets for the respective goals using the Home Mortgage Disclosure Act (HMDA) database.“The percentage of goal-eligible mortgages purchased by the GSEs “must meet or exceed at least one of those levels,” the report stated. In looking at FHFA data over the four-year period ending in 2022, the CBO said that the majority of the GSEs’ housing goals were either met or exceeded. But in the final year of the dataset, Fannie Mae came up short on benchmark levels for purchase loans from low- and very low-income households.That is “partly because those levels had increased since 2021,” the report explained. “The increase was largely attributable to the way that FHFA developed its market forecast.”Due to the variables FHFA uses to set its benchmark level, which includes “actual market levels in recent years,” the benchmarks increased by 4 percentage points in 2022 to target 28% of purchase loans to low-income households. They also grew by 1 percentage point for very low-income households. Fannie Mae, however, met market levels for both goals that year.If the GSEs fail to meet their housing goals, this comes with repercussions that include being subject to FHFA’s authority for creating a plan to fulfill the goals. Executive compensation at the agencies is also impacted by fulfilling the goals, the report said.

Fathom Holdings announced another round of key leadership promotions. On Wednesday, company promoted Jon Gwin to chief revenue officer and Samantha Giuggio to president of Fathom Realty and chief operations officer of Fathom Holdings. Gwin and Giuggio join Fathom’s leadership as the latest promotions following Joanne Zach’s move to chief financial officer on Nov. 6. As the new CRO, Gwin will focus on generating revenue, fostering strategic partnerships and managing expansion initiatives across Fathom’s divisions — including real estate, mortgage and title. Before the transition, Gwin joined Fathom as chief operating officer in June 2024. “As I transition to Chief Revenue Officer, I am eager to prioritize initiatives that will accelerate revenue growth and strengthen our strategic position in the marketplace,” Gwin said in a statement. “Our dedication to long-term value creation and innovation will guide our impact across the industry.”Gwin’s career includes decades of experience across several brands. The new CRO started his career as a real estate market analyst for Jack in the Box. His career trajectory later led into several management and leadership roles in mortgage lending — including a role as COO for American Financial Network, where he helped the company fund more than $13 billion in annual retail and wholesale mortgage production. According to Fathom, Gwin “played a key role in advancing growth and operational success throughout Fathom’s diverse portfolio of brands.”Giuggio will take on two major roles as president of Fathom Realty and COO of Fathom Holdings. The firm highlighted her ability to build high-performance teams and a “collaborative company culture.” Giuggio also looks forward to taking on her newly expanded roles with the firm.“It’s an honor to step into this expanded role, building on the achievements of our agents and teams to enhance operational excellence across Fathom Holdings,” Giuggio said in a statement. “I look forward to strengthening our growth strategies and delivering exceptional value to both our agents and clients.”Fathom Realty’s new president started her 14-year career as an agent for Allen Tate Realtors in North Carolina. After that, Giuggio dabbled in entrepreneurship before joining Fathom Realty as the regional vice president for North Carolina. Years later, she rose through the ranks to her most recent COO role with Fathom Realty. HousingWire also acknowledged Giuggio as a 2024 Woman of Influence.The promotions illustrate Fathom’s goals to expand its operations and better serve the housing market in 2025. Fathom Holdings CEO Marco Fregenal said that Gwin’s and Giuggio’s skill sets complement the firm’s expansion efforts. Fathom also acquired 2,200 agents from Arizona-based My Home Group on Nov. 5.“Jon’s strategic acumen and revenue focus, coupled with Samantha’s operational leadership, will be pivotal as we drive Fathom’s expansion and create lasting value for our stakeholders,” Fregenal said.

Reverse mortgage educators Dan Hultquist and Jim McMinn brought their “Rules of the Game” presentation back to this year’s National Reverse Mortgage Lenders Association (NRMLA) Annual Meeting and Expo in San Diego. After starting with the importance of focused information and certain reverse mortgage product features, the pair went deeper into other longstanding elements that some industry participants might be misinformed about.The interactive presentation features the presenters wearing referee shirts. They engaged the audience to call “fouls” on certain incorrect example statements by equipping them with whistles, with a goal of correcting the record based on the black-and-white reverse mortgage product and program regulations.Partial prepayments and line of creditThe reverse mortgage line of credit is often seen by industry originators as a powerful and persuasive tool to bring customers into the fold. But some misconceptions about how the credit line is impacted by partial Home Equity Conversion Mortgage (HECM) prepayments was called out by Hultquist and McMinn.“Mr. Wilson,” began McMinn to a hypothetical reverse mortgage customer. “Yes, partial prepayments will reduce your loan balance, but because payments are applied to mortgage insurance first, we can’t increase your line of credit until you pay back all the accrued MIP and accrued interest.”The whistle blew immediately. Hultquist characterized this particular misconception as one that has lingered for many years.“There’s still a lot of people in this industry who believe that if you make a prepayment on a reverse mortgage, that because of the servicing waterfall, it’s not going to increase your line of credit dollar for dollar,” he said. “You can go to any of the modeling software to model what happens if you make a prepayment — the line of credit will go up.”There is definitely a servicing waterfall that is important to keep in mind for tax and accounting purposes, Hultquist explained. If payments above $600 are made in a calendar year, then the borrower will receive a Form 1098 from the Internal Revenue Service (IRS) that itemizes these amounts.But the HECM adjustable-rate mortgage note says that the borrower “may specify whether a prepayment is to be credited to that portion of the principal balance representing monthly or the line of credit,” Hultquist explained.If the borrower doesn’t specify, however, then the lender will “apply any partial prepayments to an existing line of credit or create a new line of credit,” Hultquist said.But there are specific circumstances in which partial prepayments will not result in a line-of-credit increase. This makes it important to continue leaning away from definitive statements, as the pair previously explained.Relationship between debt and equityMcMinn continued with the next misconception, speaking again to a hypothetical borrower.“Mrs. Jones, a reverse mortgage is a ‘rising debt, falling equity’ loan,” he said. “As your debt — the amount you owe — grows larger, your equity gets smaller.”Again, the whistle immediately rang out.A reverse mortgage amortization schedule, Hultquist explained, is a “federally regulated document.” Industry regulators — including U.S. Department of Housing and Urban Development (HUD)-certified HECM counselors — are required to use similar language. The issue is the definitive statements made by such language. And there is a key element that is overlooked in such a statement.“Home appreciation is the largest driving force in your equity position, your home equity,” Hultquist said. “Who in their right mind would model a flat home value over a 30-year period? You’d have to be clinically insane to do that, right? Historically, that would be extremely, extremely unlikely.”Take the example of a $400,000 home with an assumed appreciation rate of 4% per year, which assumes roughly $16,000 in appreciation in the first year. If the reverse mortgage was for $100,000 — 25% of the home’s value — then the interest rate on the loan would need to be 16% or higher for the homeowner to lose equity.“Is that likely? No, and yet, that’s how we sell it,” Hultquist said. “Just doing a quick Google search, you’ll find, ‘As your loan balance rises, your equity decreases.’ That’s a definitive statement that I would say is historically false.”

The National Association of Realtors (NAR) is facing yet another lawsuit related to its three-way membership agreement, which requires Realtors to join their local, state and national associations in order to obtain access to the MLS.The suit was filed Nov. 1 in U.S. District Court in Los Angeles by John Diaz, a broker at UHOO Real Estate Services, who is representing himself pro se. The defendants include NAR, the California Association of Realtors (CAR), the Lodi Association of Realtors (LAR) and MetroList MLS. The antitrust suit seeks damages, injunctive relief and a jury trial.The suit claims that the defendants “have established an exclusionary practice, requiring brokers to join multiple associations (NAR, CAR, and LAR) to gain access to MLS services provided by MetroList, which are essential for conducting real estate transactions.” It goes on to state that the membership requirement “constitutes an unlawful tying arrangement,” as brokers and agents “must ‘purchase’ association memberships they may not need or want to obtain MLS services.”According to Diaz, the three-way membership agreement has “created an anti-competitive monopoly over MLS services, limiting the market’s ability to support alternative trade organizations, thereby stifling competition in violation of the Sherman Act.” The plaintiff also claims that he has “experienced a significant financial burden” due to the membership dues and MLS fees, which he said have “diminished his revenue and impeded his business.”Additionally, Diaz claims that the defendants have breached their contractual obligations by failing to “provide equitable value and service proportional to the fees paid by Plaintiff.”“Defendants have violated the implied covenant of good faith and fair dealing by imposing excessive fees and forced memberships that serve no legitimate business purpose for Plaintiff,” the complaint states.None of the defendants returned HousingWire‘s requests for comment.NAR currently faces two other antitrust suits — Hardy and Muhammad — that involve similar allegations. Additionally, the Alabama Association of Realtors sent a letter to NAR asking it to end the three-way agreement.But earlier this week, in a speech in front of NAR members and its board, trade association CEO Nykia Wright sought to quiet any discontent over the policy.“We are here to make sure that those rumblings subside,” she said, “because it is our duty to make sure that people understand what happens at the local level, the state level, the national level, and really make sure that people understand that there is no cannibalization of services, but it’s really working together to make things work.”

Movement Mortgage has named Steve Smith, a mortgage veteran who most recently served as Movement’s executive advisor, as its new president and chief financial officer. Smith will lead teams across sales, operations, finance, servicing and corporate functions at the South Carolina-based mortgage lender that originated about $16 billion in mortgage loans from January to September, up 2.7% compared to the same period last year, according to Inside Mortgage Finance (IMF). The announcement was made Wednesday. Movement CEO Casey Crawford, a former pro football player who founded the distributed retail nonbank in 2008, said in a statement that Smith has a “track record of leading companies through aggressive growth and transformation.” Meanwhile, Smith said Movement is “uniquely positioned to win big in the coming years.” Smith previously served as president and CFO of Stearns Lending, CFO of Caliber Home Loans, executive for core servicing and centralized sales for Bank of America and CFO of consumer markets for Countrywide. Michael Brennan was previously listed as the company’s president but is now listed as the national director of partner sales, according to the company’s website. He joined Movement in March 2015 to lead the Northeast region, was promoted to chief performance officer in 2020 and president in 2021.Movement had 2,152 sponsored mortgage loan officers and 436 active branches as of Wednesday, per the Nationwide Multistate Licensing System (NMLS). In July, the lender and rival loanDepot agreed to end a one-year dispute over the poaching of employees. But it still has an ongoing litigation with competitor Summit Funding.

The Home Depot Foundation — the philanthropic arm of the home improvement retail conglomerate — announced that it is investing $10 million for the purpose of enabling older military veterans to age in place in their homes. The goal is to help them avoid homelessness by funding affordable housing construction, home repairs and adaptations as well as giving out financial assistance.The new commitment furthers the foundation’s stated goal of reaching $750 million in investment activity.“According to recent projections from the Department of Veterans Affairs (VA), the number of veterans over the age of 85 who require care will increase by a staggering 535% over the next 20 years,” the announcement explained. “Research also indicates that homelessness among individuals aged 65 and older will reach its peak by 2030, with veterans being disproportionately affected compared to the general population. While veteran homelessness has decreased by 55% over the past decade, it began to rise again in 2023.”Making small accessibility improvements or renovations in the home can sometimes be the difference between remaining housed or becoming displaced, according to Erin Izen, executive director of the Home Depot Foundation.“With this new $10 million investment, the Home Depot Foundation is proud to further our support of our nonprofit partners improving veteran housing across the country, helping veterans safely maintain their independence for years to come,” Inzen said.There are four key areas the funding will be applied toward.One is the creation of roughly 230 new or refurbished rental housing units through organizations such as U.S.VETS and the Coalition for Responsible Community Development to be made available to veterans. A second will provide 125 “urgent home repairs” for low-income veteran families to be completed by organizations such as Operation Homefront.Additionally, rental and/or mortgage assistance will be made available to 270 veterans, along with home adaptations and critical home repairs — including the implementation of smart-home technology — for 400 veterans.“The generous investment from The Home Depot Foundation is an important step forward in our shared mission to support and uplift our veterans through housing,” said Stephen Peck, CEO of U.S.VETS. “We are honored to be a partner in this initiative to expand affordable, accessible supportive housing that meets the needs of those who have bravely served our nation.”Smart-home technology is becoming an increasingly important component of aging in place. Additionally, veterans are a cohort that is largely unaware that housing grants exist to help them remain in their homes as they get older, according to AARP survey data.Home Depot’s recent earnings report could give context to its moves in the housing market. The company indicated that people are increasingly selective about investments, favoring essential and/or seasonal maintenance over major remodels.

The U.S. finds itself in a “troubling environment” for bolstering Black homeownership as evidenced by two key — and lagging — metrics. This is according to the 2024 State of Housing in Black America (SHIBA) report published this month by the National Association of Real Estate Brokers (NAREB).“The two best-performing demographics for African Americans — Black female-headed households and millennials — both declined in home sales in 2023,” the organization explained in an announcement of the report’s findings.The national Black homeownership rate continues to significantly lag behind the white homeownership rate at respective rates of 45.7% and 74.3% in 2023. The peak Black homeownership rate of 49% occurred in 2004, meaning there has been a sharp drop in the past 20 years.“The 2024 SHIBA report confirms that we are in a state of emergency with Black homeownership,” NAREB President Courtney Johnson Rose said. “The SHIBA report underscores that there has been little progress in increasing Black homeownership. The past two years have been tough, but even before 2021, Black homeownership was either falling or stagnant and remains far from its pre-2004 high of nearly 50%.”Rose singled out the declines in mortgage applications and originations among Black millennials as an exceptionally poor sign of the trajectory of Black homeownership, since that cohort of homebuyers contributes significantly to long-term wealth accumulation for Black families.“When [millennials] slow their home purchases, it curtails opportunities for intergenerational wealth,” she explained. “Their success determines the aggregate potential for future Black homeownership increases.”The report also said that potential Black homebuyers are too often shut out of the opportunity to participate in the market.“Black mortgage applicants are turned down more often than whites; Blacks are more likely to receive high-cost home loans than their white counterparts on similar properties, and houses in Black neighborhoods are less likely to be appraised at the same values compared to similar homes in white communities,” the report found.Additionally, the report finds it “alarming” that a strong Black presence in the labor market is “not prompting increases in homeownership or narrowing the wealth gap.”Lower-income Black and white mortgage applicants were also found to be paying higher interest rates in general than those of greater means, the report said. This “underscores the urgent need for reforms to reshape the nation’s housing finance system so it can help the families that need it most,” NAREB stated.In 2023, there was a notable pullback in the number of applications and approvals for home loans among all racial and ethnic categories, with “a particularly notable drop” occurring among white applicants, NAREB said. This development has “significant implications for the housing market.”Black applicants faced more headwinds compared with their white counterparts when confronted with mortgage denials. These occurred for Black applicants at a rate of 17%, more than double the rate for white applicants (7%).The rate of Black women applying for mortgages has also fallen, the report found.“Until 2021, there had been a steady rise in the number of applications from Black women since the Great Recession,” the report reads. “In 2022, there was a noteworthy shift, and the number of applications began declining. By 2023, applications submitted by Black women decreased by 24% from 2022.”