Chew also touches on how Consolidated Analytics maintains relationships with originators and stands ready to assist with heavy workloads. He believes that originators should seek outsourcing opportunities before the refinance wave hits in 2025.

How Outsourcing Can Help Originators in 2025

HousingWire: How do you advise loan originators to explore outsourcing to handle capacity fluctuations in a volatile market?

Michael Chew: Start by tapping into your network. Many of us have heard the same projections from the Mortgage Bankers Association (MBA) about a potential refinance surge by mid-2025 and significant rate reductions. 

At Consolidated Analytics, our experienced team experienced these cycles before, and we're already reconnecting with past clients and contacts. Our clients know they can count on our stability and familiarity as a reliable partner.

Offloading backend operations to skilled external teams grants flexibility to choose onshore, offshore or hybrid options. This can boost turnaround times and efficiency. Tapping into different time zones can create nearly 24-hour operations. It's a win-win that helps reduce the impact of local disruptions and keeps things running smoothly. 

Things to Consider When Outsourcing Origination Tasks

HW: What are some pros and cons that loan originators should be aware of when outsourcing underwriting or post-closing services?

MC: One of the biggest advantages is scalability—outsourcing allows originators to quickly adjust staffing levels to match market demand without the delays and costs of hiring in-house. Plus, with offshore options, originators can access skilled professionals at a lower cost. Consolidated Analytics offers hybrid models, combining offshore labor with onshore management to balance savings and quality.

However, onboarding takes time and can’t be rushed without risking quality and security. Aligning workflows can also be tricky. Lastly, quality control needs close attention, so setting clear KPIs and monitoring performance is vital to maintain high standards and avoid potential issues.

Providing scalability without compromising compliance

HW: How does Consolidated Analytics provide scalability while maintaining compliance?

MC: We offer a flexible workforce model, rigorous compliance protocols, and industry expertise. Our outsourcing model allows lenders to utilize onshore, offshore, or combined teams to quickly scale operations during peak periods. Offshore teams create an extended work cycle, accelerating loan processing to meet fluctuating demands.

Our operations team ensures teams are well-trained in U.S. regulatory requirements, which helps minimize compliance risks during high-volume periods. Robust data security protocols also safeguard sensitive borrower information.

Consolidated Analytics tailors performance standards to match client expectations. We ensure that outsourced work meets the same quality benchmarks as in-house teams. Real-time reporting keeps oversight constant, adapting as needed. A phased onboarding approach helps ensure a smooth transition, beginning with low-risk tasks to fine-tune processes. Dedicated client experience managers provide ongoing support throughout the integration.

Seamless long-term integration with your team

HW: Can you elaborate on your relationship philosophy with lenders? How does Consolidated Analytics build and maintain long-term partnerships, particularly with mid-tier originators?

MC: At Consolidated Analytics, it all starts with partnership. We strive to be a seamless extension of your team, embracing a collaborative and client-centric approach. We focus on building trust, transparency, and flexibility, offering customized outsourcing solutions that match each lender's unique size, volume, and strategic goals. With our support, lenders can efficiently scale operations without overextending resources. The goal is to maintain consistent workflows and use the client's email domain for communications, fostering a unified experience that builds confidence.

Consolidated Analytics is committed to building long-term relationships by delivering consistent, high-quality service to clients of all sizes and volumes. We believe every client deserves the same level of attention and dedication. We tailor our approach to meet their specific needs while upholding our high standards. This commitment to personalized, reliable service helps foster trust and lasting partnerships. We provide ongoing strategic guidance to identify operational efficiencies and growth opportunities, building enduring partnerships that evolve with the lender's needs in a competitive market. 

Equipped to integrate with lenders of all sizes

HousingWire: What are some of the challenges mid-size lenders face when trying to implement outsourced solutions, and how does Consolidated Analytics tailor services for them?

MC: A primary challenge for mid-size lenders is often the limited resources and time needed for a smooth onboarding process. Consolidated Analytics has extensive experience onboarding mid-size clients. We're well-equipped to support lenders throughout this crucial phase. Our expertise ensures the onboarding process is efficient, minimizing disruptions and ensuring each step is done right the first time. Lenders can focus on their core operations with our support while seamlessly integrating outsourced services.

Prepare for the upcoming market shifts by outsourcing

HW: What advice do you have for lenders preparing for upcoming shifts in the market?

MC: Start planning early for scalability. Don't wait for the refinance wave to hit, as that can lead to rushed hiring and potential bottlenecks. Instead, explore outsourcing solutions now to quickly ramp up operations when needed, all without sacrificing quality.

Next, identify resource-heavy tasks like loan setup and underwriting that can be outsourced.

Following that, compliance and data security are non-negotiable. Find an outsourcing partner with solid compliance frameworks to ensure alignment with U.S. regulations while protecting borrower information.

Also remember that offshore teams can help create a nearly continuous work cycle. Plus, utilizing technology for real-time reporting allows you to track performance and compliance easily. Lastly, align with a strategic partner that feels like an extension of your team. 

By following these steps, lenders can boost efficiency, maintain compliance, and deliver an exceptional customer experience.

Pulte is a regular and frequent poster on the social media platform X, having used the platform as the source of philanthropic giving to other platform users. He is also a vocal supporter of President-elect Donald Trump who lambasted the housing proposals of Vice President Kamala Harris during the 2024 election campaign.

The Post reported that unnamed sources close to the situation claim that key transition figures are “loudly” advocating on his behalf. Additionally, they claim that Pulte has already had some conversations with members of the Trump transition team.

The report also noted that Ben Carson, the HUD secretary during Trump's first term in office, is not interested in returning to the role. Instead, he is reportedly jockeying to become secretary of the U.S. Department of Health and Human Services (HHS).

“Bill comes from a prominent family and is probably best qualified, probably overqualified,” the source said, according to the Post.

Pulte has also posted photos of himself on X in close proximity to Trump and high-profile figures of the 2024 campaign — including former Rep. Tulsi Gabbard, Vice President-elect JD Vance and Trump himself.

Pulte said Tuesday in a post on X that Trump “is the only builder who has ever been elected president,” adding that he can take action on the federal lands owned by the government.

Following prior presidential elections that have resulted in a new occupant in the White House, the nominee for HUD secretary is typically a post that is announced within the first two weeks of December.

In 2008, following the victory of Barack Obama, Shaun Donovan was named the nominee-designate for HUD secretary on Dec. 13. In 2016, Carson was announced as the selection for the role on Dec. 5, roughly a month after Trump’s first election win. In 2020, Marcia Fudge was announced as the nominee on Dec. 8 for the Biden administration.

Pulte is no longer involved with PulteGroup. He sued leaders at the company in 2022 for allegedly harassing him on X, then known as Twitter.

The weather in Tampa on Tuesday morning could not have been better — temperatures in the low 80s and partly cloudy skies. But it’s not going to stay that way.

Hurricane Milton — currently a Category 4 storm — is scheduled to make landfall in Tampa late Wednesday or early Thursday. The strength of the storm has prompted officials to call for an evacuation, one that has already had a stark impact on the city’s housing market.

Data from Altos Research shows that new listings and pending home sales have fallen off a cliff since the storm’s formation. 

New listings in Tampa were at 775 on Sept. 27, but they’ve since dropped to 555. Pending sales have experienced a similar pullback, from 741 to 561.

The lower level of activity makes sense. People trying to get out of the way of a major hurricane aren’t overly concerned with putting their house on the market. Additionally, the storm has prompted buyers and home insurers to hit pause.

Tampa-area agent Jeff Borham of eXp Realty said that protocols for insurance are having an impact. According to him, you can’t bind insurance once a storm is named, but if insurance was bound before the storm was named, homebuyers can still close.

The trend is even more dramatic when considering that the Tampa market — which had slowed considerably over the past year — was starting to gain steam.

“Two weekends ago, even right after [Hurricane] Helena, my team had our busiest showing weekend of the year,” Borham said. “Right now we have zero scheduled showings because everybody's stressed out over the storm. People are evacuating. We're still getting plywood up, cleaning up their house, getting ready for the storm. There’s literally zero activity right now.”

Borham said that during situations like this, his team transitions from being real estate agents to being members of the community who are helping their neighbors brace for the storm.

“You step up and be a leader, because if you're a high-producing Realtor, you know a lot of people and have a lot of connections in the trades community and different things,” he said. “Our connections and our leadership ability can really help after a natural disaster.”

HousingWire: How has the current market affected the way lenders approach customer relationships?

Dustin Gray: You don’t have to be an economist to know it’s a challenging time to buy a home or get a loan. Home prices and interest rates are high, and most Americans are financially stretched thin. This means that people will probably stay parked in their homes for longer, and transactions will drop by at least 20-30% in the next year — maybe more.

Another way to think about it is there are 110 million homes in the US – and 106 million of them won’t transact in the next year. So if you’re a lender, the question you should be asking is — how can I engage those 106 million households tomorrow? What seeds can I plant now that will grow in the near future?

From our perspective, it’s time to get busy investing in relationships and playing the long game, while weathering the storm. If you’re an LO, you need to offer your clients something that fits today’s narrative — making the most of the home that you’ve got, while being on-call to help when someone needs to borrow money or move. This is where Milestones fits in.

HW: What types of technology can lenders use to improve the borrower experience? 

DG: For the past few years, homeowner engagement has been pretty basic — mostly apps focused on home value, home equity and market reports. This was fun to look at when home values were skyrocketing but is kind of depressing when the market starts to flatten or decline. Milestones takes a much more holistic and comprehensive approach to homeownership — it’s about providing clients with solutions for all things home-related. Consumers don’t want a dozen apps to accomplish a dozen different things — they want an experience that’s in one place, and simple.

Lenders need to be focused on anything that meets customer expectations for speed, convenience, collaboration, transparency, certainty and personalization. In other words, experiences that mirror the rest of their digital lives.

They need to be focused on experiences that are on par with any national portal or direct-to-consumer lender, which I consider table stakes nowadays (website, LOS, CRM, etc.). However, what we typically see is that the focus (albeit important) is primarily on the “lead-gen-to-closing-table” part of the borrower experience. In this market, when transactions are few and far between, lenders need another set of tools that extend that value proposition well-beyond the closing table.

They need technology that creates experiences borrowers actually want to keep coming back to on a regular basis in between transactions. The experience needs to foster a sense of education, showcasing equity options, wealth management and growth, and overall financial wellbeing associated with homeownership. In doing so, they will be positioned to capture that borrower when they are ready to transact again (or refi when rates drop).

Technology that creates stronger relationships with real estate agents/professionals is also critical, as these relationships typically provide the lion’s share of a lender’s borrower leads/opportunities.

HW: What makes borrower relationships so crucial to the mortgage business?

DG: In short: the relationship is everything.

There’s a McKinsey study from a few years back that says borrowers consider exceptional customer experience to be almost as critical as getting the best rate and knowing that a lender provided an amazing customer experience (via word of mouth, referral, etc.) was the most important factor in choosing a lender. So, if you think about it, in this current market where rates are much higher than they’ve been in years, lenders need to focus on building relationships that drive this critical word of mouth/referral behavior (all while streamlining operations and reducing costs).

It starts with lenders redefining their value proposition. In our mind, the narrative goes something like this:

• I’m more than your loan officer – I’m your adviser that can help you make smarter decisions and build wealth from your home.
• When we fund your loan, I’m going to give you a homeowner portal. It’s going to show you how to take care of your home, troubleshoot problems, make improvements and educate you to avoid common pitfalls.
• At some point in your journey, you’re probably going to need money — to improve your home, get another home or pay for something else in your life. When that day comes, I’m available to discuss your options at the push of a button.

Another thing to keep in mind is that the D2C lending brands (with very deep pockets) are aggressively targeting consumers. These national players are bundling services and cross-marketing their portfolio of companies as well. Knowing that loyalty in the mortgage industry (i.e. repeat business) is dismally low, maintaining borrower relationships in between transactions is critical to ensuring that consumers don’t get swept up in these D2C marketing/advertising campaigns and funneled into their ecosystems when they are ready to transact again.

HW: How does Milestones Labs help mortgage professionals build strong relationships with their borrowers?

DG: Lending is an infrequent, big ticket transaction — which for lenders historically has meant high customer acquisition costs and low repeat business. On the surface of things, that’s a difficult business model to execute — and especially vulnerable to things outside the lender’s control.

Milestones helps mortgage professionals build trust, solve problems and provide value to homeowners at scale. The technology gives homeowners an all-inclusive homeownership experience including: home value and equity monitoring, home maintenance reminders and how-to articles, cloud-based document storage, one-click access to hire professionals for various projects around the home and much more. Borrowers actually want to come back into the Milestones platform, as opposed to a typical CRM-type experience that is merely pushing messaging one-way at a consumer. Ergo, borrowers regularly interact with and get value from Milestones and associate the experience with their lender, which builds inherent trust.

Milestones exists to help lenders increase loyalty — because most consumers transact with a lender once, and then never again. By filling the years-long gap between originations, lenders never lose touch with their clients.

HW: How does Milestones Labs help mortgage professionals build strong relationships with real estate agents to increase borrower referrals?

DG: While it’s paramount that today’s mortgage pros focus on providing an amazing experience for the borrower, they still can’t lose sight of the fact that a majority of their purchase business is going to come from real estate agents. Having technology in place that continues to bolster those relationships and provides value to real estate partners is critical.

Today, a mortgage professional can seamlessly bring their real estate agent partners into Milestones — at no cost to the agent — and allow them to provide the same toolset to their respective homeowners and prospects. It creates an ecosystem, or a “home team,” where the homeowner is getting exponentially more value.

Thus, agents get a more engaged database, increasing their repeat and referral business, and the mortgage professional is alongside these clients every step of the way.

A happy and productive real estate agent is definitely going to remember who helped them build their business. It’s a win for everyone involved.

To learn more about how Milestones can secure your future revenue by fostering your current clients, schedule a demo with their team.

Congratulations to the 2022 HousingWire Vanguards who continue to improve and shape the housing landscape. Take look through the list below to see this year's winners.

The Transportation, Housing and Urban Development appropriations bill, which was lumped in with five other bills, would set aside $73 billion in gross appropriations for the department. That is $12.6 billion more than the department's 2022 final budget, and $1.1 billion more than President Joe Biden requested for 2023.

The measure passed in a 220 to 207 vote Wednesday afternoon. Further negotiations in Congress, however, will likely eat away at that figure. The U.S. Senate is set to deliberate its version of an appropriations bill in the weeks to come.

The House bill would allocate $383 million for HUD’s information technology fund, an increase of $60 million from 2022. The bill would set aside $16.7 million specifically for "development, modernization, and enhancement projects.”

The FHA has made an effort in recent years to update its decades-old single-family IT infrastructure. The Mortgage Bankers Association, in a letter to lawmakers ahead of the vote, argued that the bill should designate part of that $16.7 million for FHA Catalyst, FHA's flagship IT modernization project.

The MBA wrote that FHA Catalyst is a "crucial project" to modernize FHA's IT infrastructure, and "provide cloud-based platforms to reduce costs, risk, and fraud."

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The Federal Housing Administration, the office within HUD that oversees the $1.2 trillion single-family portfolio, would see no increase in its budget. The House proposal would give the FHA $150 million.

The appropriations bill would allocate $1.09 billion for salaries and expenses for HUD’s programs, a year-over-year increase of $125 million. Of that amount, $488 million would go to the Office of Housing and $286 million to the Office of Public and Indian Housing.

A Congressional watchdog in June recommended Ginnie Mae address "staffing-related challenges," including its heavy reliance on contractors for many functions. But lawmakers decided not to increase Ginnie Mae's $33.5 million budget for salaries and expenses. Salaries and expenses for HUD's Office of Inspector General would also remain unchanged from 2022, at $140 million.

Lawmakers would put $31.03 billion toward the housing choice voucher program, which pays rental assistance to landlords. That funding would renew existing assistance and expand the program's reach to an additional 140,000 vouchers.

The House proposal also looks to increase funding for homeless assistance grants from 2022 levels by more than $361 million to $3.6 billion. According to HUD's annual count, just before the pandemic, 580,000 people experienced homelessness on a given night. The department's 2021 count dwindled to just 326,000, in part due to "pandemic-related disruptions to counts of unsheltered homeless people."

The House bill would also give $5.3 billion in grants to states, counties and cities for a range of community development activities, an increase of $458 million. A program that distributes grants to build, buy or rehabilitate affordable housing for rent or homeownership would see a $175 million increase to $1.67 billion.

Fair housing programs would see a modest $1 million increase from 2022 to $86 million. The House bill would allocate $160 million to policy and research, a $15 million increase from 2022.

Additionally, the bill includes $70 million for housing counseling, $12.5 million more than the prior year, and $4 million more than Biden requested.

In April, HUD signaled it would take on the issue. But a senior HUD official in mid-July stated the obstacles to providing small-dollar mortgages, instead of giving solutions.

"It's hard to get lenders to make small mortgages, because quite honestly the economics of the whole business depends on percentages," the HUD official said.

HUD did not respond to a request seeking clarity on their plan to boost small-dollar mortgages.

Industry practitioners have some ideas for how HUD might make financing such loans more feasible.

Small-dollar mortgages, typically with balances less than $200,000, are hard to find. Lenders avoid them, because originating a small-balance loan is as expensive as a larger loan, but the compensation, which is about 1% of the loan balance, is lower.

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Michael Loftin, CEO of Homewise, whose work revolves around sustainable homeownership, suggested HUD take a cue from the government-sponsored enterprises. Fannie Mae and Freddie Mac, although they rarely back small-dollar loans, subsidize lenders for originating them.

“Freddie Mac and Fannie Mae give [lenders] a little bump on their origination fee to encourage small-dollar lending,” said Loftin. “It’s an acknowledgement that you’re making less on a small-dollar loan.”

He added that non-traditional lenders, such as Community Development Financial Institutions (CDFI's) and credit unions, should be key players in any plan by the federal government to make small-dollar mortgage loans more accessible.

“There are CDFI’s and credit unions that want to do this work, but maybe they need an operating subsidy or cheaper capital to make this work,” said Loftin. “Having a product alone will not address the problem — you still don’t have people doing the work on the ground.”

Loftin also suggested a subsidy for real estate agents, because “they can’t make a living selling $40,000 homes."

A recent report from researchers at The Pew Charitable Trusts underscored the challenges of small-balance mortgage lending. The report found that fixed mortgage origination costs lead lenders to "focus on higher-balance loans." Small mortgages are less profitable, because lender compensation is commission-based, but they come with the same regulatory and compliance risks, the researchers wrote.

Tara Roche, who co-authored the report, said that making small-dollar loans more accessible would help curb buyers' reliance on riskier and costlier alternative financing.

Instead of mortgages, borrowers looking to finance more modest properties turn to land contracts, seller-financed mortgages, lease-purchase agreements, and personal property loans. That financing is often more expensive and lacks the consumer protections that come with mortgages, Roche said.

"In some arrangements, the deed or the title to the property isn't handed over until much later in the transaction, sometimes not until final payment is made," Roche said. Those borrowers "have the responsibilities of homeownership but not all of the benefits."

The use of alternative financing is also not equitably distributed. Hispanic borrowers are almost twice as likely to use alternative financing than any other race or ethnicity, Pew researchers found.

Roche said that small-dollar lending is an overlooked area for mortgage lending, but that it has a lot of potential. Although it's not yet clear how HUD will tackle the issue, Roche said she is encouraged that HUD is focused on the problem.

"In order to really get at the challenges in the smaller mortgage space, whether that's lenders' difficulty originating these profitably or the ability for buyers to access them, it's going to take a multi-pronged effort," said Roche. "HUD even identifying this as challenge is an important step."

The VA also faces challenges unrelated to the pandemic. The cost of credit for its borrowers is set by Congress, not the department. The perception of VA loans as risky and logistically complicated — even if an outdated view — continues to impact the competitiveness of the borrowers it serves.

But the VA is hoping to change that.

John Bell, deputy director at the VA, said the agency has made strides in recent years to get loans processed and out the door in a timely manner.

HousingWire sat down with Bell to learn about how the VA is working to revamp the image of the loans it offers, how it plans to modernize its appraisal processes, how it coordinates with other agencies, and whether its COVID-19 partial claim program will get an extension.

Editor’s note: This interview has been edited for length and clarity. 

Maria Volkova: There are some negative perceptions that the VA product is more cumbersome to deal with and riskier than a conventional loan. How is the VA addressing this?

John Bell: We have been trying to get the word out about improvements to our program and trying to get this message to the right people at the right time. Our borrowers are the cream of the crop. They’ve got 722 credit scores, they’ve got 40% debt ratios, they’ve got average reserves in the bank of $54,000. These are great borrowers, and they need to be given a chance.

We have done a lot of work reducing the time that it takes for certificates of eligibility to be issued. When I started 12 years ago, the average time was 20 business days. That is now 48 hours for 92% of all our requests. We’ve also done a lot of work in appraisals and trying to reduce the time that it takes not only to assign an appraisal to an appraiser, but also the time an appraisal is delivered to us.

MV: How is the VA educating stakeholders in the industry about improvements made to the program?

JB: We just approved a brand new training department for VA. We now will have our first training group that will be intensely focused on just spreading the word, getting information out to lenders, veterans and real estate agents. We’re really excited about building this training team out and hiring a contractor to help us put together the materials.

MV: VA’s appraisal process is criticized for being lengthy and costly. Legislation is making its way through the Senate that will modernize appraisals, in part by allowing desktop appraisals. How will this benefit borrowers? Is this a positive development for the VA?

JB: We are thinking about how to best serve the industry in providing desktop appraisals. But remember, we are still a high LTV program and lenders own 75% of the risk in that delegated authority that we’ve given them. Even if we have a desktop program, that doesn’t necessarily mean that a lender wants to use the desktop program, because there is a lot of risk.

It's really about putting options out there and then letting lenders determine what best suits their needs as well as keeping the veteran competitive. I would love to broad stroke say, 'Hey, you have this ability,' but unfortunately it really must be thought out. Procedural information comes out very soon on what we can and can’t do, so that’s even before any legislative changes that would come out this year.

There are also things that we can do right now at the VA without legislative help. Last year the Assisted Appraisal Processing Program launched. The program allows appraisers to utilize any tools or resources at their disposal to put together an appraisal and to sign off and certify a house's value. Our problem is getting appraisers and lenders to want to use it. Right now, we only have a 14% usage rate. We’re trying to find out why that is.

MV: Approximately 200,000 VA and FHA borrowers are currently in forbearance. What is the VA doing to help veteran's whose financial wherewithal continues to be impacted by the pandemic?

JB: There are a little less than 100,000 veterans that are still in forbearance or some type of modification mitigation program. We have the partial claim program that sunsets in October, but we also have other tools that veterans can utilize such as COVID refund modifications and loan deferment. These options are available through July of 2023.

MV: Stakeholders in the mortgage industry have been calling for the VA to extend the deadline for the partial claim program and possibly make it a permanent fixture. Why is the VA moving to sunset the partial claim program in October?

JB: Just because the partial claim program is sun setting on October 28, that's not the end of the story. We are working on other permanent options for our veteran borrowers.

This was a regulation that we put together in six months that normally would take three years. Whenever you do things like that, there are things you miss. There are things you wish you had done differently. As we have gone through this program over the past six, eight months, we've seen some of those holes and where we could have done things a little bit better to tie some loose ends together. That would make it easier for servicers, easier for veterans and easier for our staff to be able to maneuver.

We're currently trying to solve what we should permanently do. You'll see this from us shortly.

MV: In recent years the Consumer Financial Protection Bureau and the VA have cracked down on deceptive ads targeting veteran borrowers. Why do you think that veteran borrowers have been targeted by these types of campaigns and what is the VA doing to educate borrowers about these types of schemes?

JB: A lot of it had to do with our interest rate reduction refinance loan. It's a rate and term loan where you're just signing your name, there's no appraisal, they're not underwritten. So they really were easy pickings because you didn't have to go through that approval.

We have a lot of veterans that work for our program and a lot of veterans that have utilized the program that are getting those same marketing materials. As we receive those marketing materials ourselves, we are [spreading the word to veterans and lenders].

We partnered and we continue to partner with the CFPB to try to crack down and monitor those those type of ads. And it's not just for the interest rate refi program, it's also for cash-out refinances. It wasn't just a one time thing, every month we're having discussions and sending [the CFPB] materials that we see in the industry.

MV: Certain legislation is in part funded by increasing the cost of credit for VA borrowers. What is the decision process behind adding funding fees to legislation, which inevitably impacts veteran borrowers?

JB: We have zero input when it comes to the funding fee and we basically do what Congress requires us to do. They set the funding fee rates, they set the length of the funding fee they set, who is responsible, or who is required to pay. And then we follow whatever that guidance is.

I understand the frustration. We just don't have a say in that.

In the plans, both government-sponsored enterprises explain how they will provide financing for manufactured and rural housing, and support affordable housing preservation.

Although the lesser of the two government-sponsored enterprises by size, Freddie Mac was alone in committing to purchasing manufactured homes not titled as real property, or chattel loans, a key item affordable housing advocates had sought.

Chattel loans, which make up 42% of the manufactured housing market, have higher interest rates and fewer consumer protections than mortgages. They are also disproportionately used by minorities, a Consumer Financial Protection Bureau report found. Freddie Mac also recently preempted its larger counterpart on targeted lending programs.

According to Fannie Mae’s duty to serve plan, talks to develop pilot programs for purchasing chattel loans are ongoing with FHFA. But it has not yet committed to purchasing them.

“We continue to work with our regulator to understand safety and soundness considerations and the viability of a chattel loan pilot program,” Fannie Mae’s plan reads.

Freddie Mac said it plans to purchase at least 1,500 loans titled as personal property in 2024, although it does not yet have a product to do so, and any product would need approval from FHFA.

“Purchasing 1,500-2,500 loans will be a challenge, given that we are new to the market and will have to establish a risk structure and operational processes to support the loan volume,” the plan states.

Freddie Mac also plans to purchase 6,300-7,500 manufactured housing loans titled as real property in its duty to serve plan.

By 2024, Fannie Mae plans to increase its yearly purchase of conventional manufactured home loans to 10,000, a 16% increase over its current baseline of 8,196.

Fannie Mae plans to reduce its purchases of Section 8 loans from 2020 levels, which it says were abnormally high because of market distortions. Its Section 8 loan target purchase will be 159, although it said it “would embrace purchasing additional Section 8 loans if subsidy resources increase during this plan cycle.”

Fannie Mae’s initial targets for its rural multifamily loans will also be lower than 2020 levels. By 2024, Fannie Mae plans to purchase 52 loans annually on multifamily properties in high-needs rural regions. That’s a 21% increase over the baseline of 43, but little more than the 50 such loans it purchased in 2020.

"Fannie Mae's commitment to serve the needs of homeowners and renters in underserved markets has never been stronger," Fannie Mae chief administrative officer Jeffery Hayward said. He added that he looks forward to working with the FHFA, industry stakeholders, and business partners to "knock down barriers in these underserved markets across the country and help more families have an affordable place to call home."

In a statement, Mike Hutchins, president of Freddie Mac, said the GSE's plan expands upon past efforts.

“This comprehensive and sustainable plan is in large part possible due to the long-term commitment and partnership of organizations nationwide,” Hutchins said. “We welcome the opportunity to do more.”

Jim Gray, a nonresident senior fellow at the Lincoln Institute, said that the Lincoln Institute would in the coming weeks evaluate the duty to serve plans and issue a blueprint scorecard of how these plans measure up to the plans the Underserved Mortgage Markets Coalition suggested in January.

“We also continue to seek the release of the Equitable Housing Finance plans,” Gray said, which have been delayed since their planned release at the beginning of the year.

Earlier this year, the FHFA sent Fannie Mae and Freddie Mac back to the drawing board on their duty to serve plans. The two mortgage finance giants submitted the initial plans to the FHFA while it was still under Mark Calabria’s leadership, before the Biden administration removed him and appointed Sandra Thompson acting director.

Affordable housing trade groups, under the umbrella of the Underserved Mortgage Markets Coalition, spearheaded by the Lincoln Institute, had earlier urged FHFA to reject the initial plans. 

The coalition said the initial plans fell short, in part because they did not allow for equity investments targeted to underserved markets, and they did not encourage pilot programs for underserved markets.

Antony Jenkins, who is currently vice chair of the board’s nominating and corporate governance committee, will also resign May 1.

Fannie Mae’s president, David Benson, will serve as interim CEO and board member, starting May 1, although that decision is subject to approval by Fannie Mae’s conservator, the Federal Housing Finance Agency. Fannie Mae said it plans to conduct a national search for a permanent CEO.

Fannie Mae’s board also elected Michael Heid, who currently chairs the community responsibility and sustainability committee, to succeed Bair as chair of the board.

Fannie Mae did not respond to requests seeking comment.

In a statement, FHFA Acting Director Sandra Thompson said the changes will "assure the continuity and stability necessary for meeting their mission responsibilities in a safe and sound manner."

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FHFA also said that Diane Nordin would be vice chairman of the board. Nordin currently chairs Fannie Mae's compensation and human capital committee.

"Fannie Mae will continue to thrive under the experienced leadership team of Mike Heid as Chairman of the Board, Diane Nordin as Vice Chairman, and Dave Benson as Interim CEO in addition to his current duties as President," said Thompson. "Their deep knowledge of the GSEs and the broader mortgage system will ensure Fannie Mae continues to deliver solutions in response to the challenges facing borrowers in today’s mortgage market."

In a prepared statement, Bair praised the GSE's employees for their performance during the pandemic and a change in presidential administration.

“Unfortunately, I have found it difficult to meet the substantial time demands of this position while fulfilling my other Board and advisory responsibilities,” Bair said. “I am very proud of this organization’s many innovations to promote sustainable homeownership, including streamlined refinancings for low-income households, use of rental data in underwriting, and a more progressive fee structure.”

She also said that her successor, Heid, is “the right person to continue and build on our mission work.”

Bair served as the chair of the Federal Deposit Insurance Corporation during the second Bush administration, while FHFA Acting Director Sandra Thompson was FDIC director of supervision and consumer protection. Bair has chaired Fannie Mae’s board since November 2020, the first woman to serve in that role.

Frater has been CEO since March 2019. Prior to that, he was Fannie Mae’s interim CEO. He was previously CEO of Berkadia Commercial Mortgage, which provided advisory and research services for multifamily and commercial properties. Frater was also one of the founders of asset manager BlackRock Inc.

Frater, in a prepared statement, said that he committed to serving three years as CEO when he assumed the role in 2019.

“Given the strides we have made on so many fronts, this is the right time to transition to a new CEO,” said Frater. “Dave knows this company better than anyone else and will provide outstanding leadership, together with our new Board Chair Mike Heid, as the entire enterprise works together to build a more sustainable housing finance market that better serves people across America.”

Heid, the new chair of Fannie Mae’s board, thanked Bair and Frater for their leadership in “unprecedented times.”

“This is a pivotal time for Fannie Mae, and I look forward to working with [Benson], the exceptional Fannie Mae team, and with my colleagues on the Board in service of homeowners and renters across the country,” said Heid.

The leadership shakeup at the GSE follows several waves of high-level departures. Fannie Mae indicated in a disclosure that Kimberly Johnson, its COO, would depart the enterprise in April.

Numerous executives left the enterprise in 2020 and 2021. Sources at Fannie Mae cited a stifling work environment, reduced chances of leaving conservatorship and better pay in the private sector as factors that led to the departures.

Pink slips will arrive for 236 employees at six different offices in five California cities, with the expected date of separation on May 6, the Worker Adjustment Retraining Notifications show. According to the company, bumping rights do not exist for these positions, and a union does not represent employees.

In January, the company said it had 2 million customers and over 7,000 employees in 16 locations. Pennymac did not respond to a request for a comment.

Two offices in Westlake Village will have a reduction of 96 jobs. Most of the positions to be eliminated are home loan specialists, including those with expertise in refinancing. But the company will also reduce top management jobs, such as VPs for risk and project management. 

In Roseville, where the company has a consumer-direct business and information technology organization, Pennymac will eliminate 81 positions. These layoffs were first reported in the Sacramento Business Journal. 

The company will also lay off 24 employees in Pasadena, 19 in Agoura Hills, and 16 in Moorpark.

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Pennymac has said it is making an effort to boost its consumer direct lending business. In January, the company announced it would invest $3.9 million to open a new mortgage origination center in Franklin, Tennessee, creating 325 jobs in Williamson County.  

Doug Jones, president and chief mortgage banking officer at Pennymac, said at the time the new facility would boost Pennymac’s operations coast-to-coast “while supporting the organization’s overall growth initiatives.”

The company estimates its market share in the consumer direct channel was 1.4% in 2021, compared to 2.3% in the broker channel and 16.8% in correspondent production, where it is the market leader. In loan service, it is at 4.1% of the market.

Last year, Pennymac Financial Services posted record loan production but had a significant decline in net profits, as other top publicly traded originators saw their profits shrink, too.  

The nonbank reported a record $234.5 billion in unpaid principal balance in 2021, up 19% from 2020, its latest earnings report showed. The company reported a net income of $1 billion in 2021, down from its high of $1.6 billion the previous year.

Lorelei Salas, assistant director for supervision policy at the CFPB, wrote in a blog post that the CFPB will be closely monitoring complaints of servicers not giving borrowers the option or time to apply for the Homeowners Assistance Fund (HAF).

The CFPB did not immediately comment.

In the blog post published on Monday, the bureau listed out expectations of servicers, one of which is strongly encouraging servicers to participate in HAF programs. Participating in HAF programs is voluntary, the bureau added.

Per the blog, the watchdog said that servicers should provide borrowers with sufficient time to move through the HAF application process prior to proceeding with foreclosures and that foreclosing on a homeowner while a HAF application is pending will “merit increased scrutiny.”

As of March 1, 2022, 768,000 mortgage borrowers remain in active forbearance, the CFPB wrote. Many of these consumers are seriously delinquent and at risk of foreclosure, the CFPB said.  

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The bureau said that funds from HAF — a federal program that provides money to states, tribes and territories to assist homeowners — can be used as a tool to help these homeowners avoid foreclosures.

For example, the funds can be used to pay down the amount consumers owe on their mortgage, allowing for consumers to enter loan modification with lower payments, the CFPB said.

The bureau also said it expects servicers to train and equip service representatives to help borrowers access the HAF program.

The bureau wrote that servicers must provide borrowers accurate information about the loss mitigation process, including accurate information about the servicer’s participation in the HAF program. The CFPB did not list what the penalties could be for not providing accurate information about the loss mitigation process.

It's at least the fifth time the CFPB has issued a similar warning to servicers as they navigate the end of forbearance, loss mitigation and the HAF. However, it's not clear if any enforcement actions have resulted from the promise of increased scrutiny.

In January 2021, the bureau put the industry on alert, warning that it would direct its attention to how mortgage servicers were helping borrowers with COVID-19 forbearance.  At the time, the bureau promised aggressive action. Soon after, it told servicers that "unprepared was unacceptable," as the end of forbearance approached.

In four bulletins, the government watchdog warned borrowers of loan modification and foreclosure schemes, outlined scams that could impact reverse mortgage borrowers and said that renters, too, can be targeted by nefarious players.

According to a HUD OIG spokesperson, their goal in publishing these bulletins is to make sure that borrowers are aware of the most common fraud schemes, both as it relates to the pandemic and other common fraud schemes.

The IG did not explain in its multiple bulletins whether these schemes have been on the rise, but urged borrowers to reach out if they have fallen prey to any fraudulent activity. But a spokesperson said the frequency of schemes is enough for the public to be alerted.

"The prevalence of these schemes happen often enough that we believe the public should be made aware of them," the IG spokesperson said.

The fraud-prevention outreach comes as the Biden administration intensifies its efforts to curb pandemic-related fraud. In May 2021, the U.S. Attorney General announced the creation of a COVID-19 fraud enforcement task force. President Biden said during his state of the union address that a chief prosecutor would be appointed to lead a group of specialized prosecutors and agents focused on pandemic fraud.

The White House also plans to provide more resources for the DOJ task force to prosecute egregious pandemic fraud.

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In one of the bulletins, the watchdog listed seven potential schemes that a borrower in financial distress could fall victim to, including a fake government modification scheme, rent-to-own scheme, and foreclosure and bankruptcy schemes.

Per the inspector general’s bulletin, borrowers should be wary of fraudsters offering to negotiate a refinance for an upfront fee.

The bulletin explains that fraudsters will typically pocket the fee and file a bankruptcy in the borrower’s name without their knowledge. The IG said that one indicator of this scheme is a sharp decline in calls from creditors.

HUD’s watchdog also warned of phony foreclosure-rescue schemes where a fraudster advises a borrower to make mortgage payments directly to them and promises to negotiate with a lender on the borrower’s behalf.

In another bulletin, the IG warned borrowers that HUD does not initiate contact with individuals about its assistance. The watchdog urged borrowers to be wary of someone who promises to stop an eviction for a fee.

The inspector general also listed out common schemes that could impact reverse mortgage borrowers, and said that older adults should not sign anything they do not understand. HUD's home equity conversion mortgage program accounts for most of the reverse mortgage market.

The IG issued these bulletins a few days after the Federal Housing Administration released its January 2022 credit risk report, which showed that 58,512 FHA properties were in foreclosure.  

Though the report shows that FHA properties in foreclosure have declined from a high of 132,560 in December 2021, foreclosures continue to be at higher levels than when the foreclosure moratorium was in place. In July 2020 there were a mere 20,737 properties in foreclosure. And many in the industry believe that this number will continue to rise.

The rate of seriously delinquent loans also fell in the month of January 2022 to a non-seasonally adjusted rate of 6.81%, down from 7.28% in December 2021.

The IG also advised borrowers to use caution when discussing loan rescue plans offered by individuals, especially when they appear too good to be true. The watchdog urged borrowers to not pay upfront fees, sign any documents giving up the title to a property or pay for a forensic audit.  

The Federal Housing Administration (FHA), within the department of Housing and Urban Development, provides mortgage financing for borrowers the conventional market doesn't serve, yet it has been understaffed for over a decade.

The department’s leadership is now fighting for resources to address the issue, and HUD appears poised to receive a lifeline. A House-approved omnibus spending bill includes $431 million for FHA payroll and expenses — nearly $30 million more than it got last year.

But former FHA and HUD employees question whether a cash injection is enough to solve systemic problems, including uncompetitive pay, a lengthy hiring process and an imminent wave of retirements. Nearly two-thirds of career staff are nearing retirement age, which could deepen an institutional brain drain.

Each of FHA’s counterparts in the conventional mortgage market have about three times as many full-time employees. A 2022 HUD budget report said that the Office of Housing—which includes FHA—had 2,470 employees. Fannie Mae had 7,400 full-time employees as of Dec. 18, 2021, while Freddie Mac had 7,284 at the end of January.

Meg Burns, executive vice president at the Housing Policy Council and former director of single-family program development at the FHA, said that during her time at the administration more than a decade ago, the employee shortage severely limited work the FHA could do.

“Of course [Fannie Mae and Freddie Mac] can provide better program guidance, of course they can provide training to the marketplace and hold the hands of lending institutions who are trying to operate their programs,” Burns said. “They’ve got 25 people and we’ve got half a person.”

A spokesperson for HUD said the department’s leadership is working to address staffing shortages, and is already making progress.

“The impact of Secretary [Marcia] Fudge’s commitment to increasing staffing levels is already being realized in her first year,” the HUD spokesperson said.

A solution presents itself

HUD’s staff shortage has been brewing for a long time, but it’s now directly threatening the agency’s mission.

A November 2021 HUD inspector general report charted a 30% staffing decline from 2012 to 2019, which it said “significantly eroded” HUD’s ability to carry out its mission.

But the department may now finally be getting the resources it requires to tackle the issue. If passed by the Senate and signed into law, the Office of Housing would receive $431 million for salaries and expenses this year. That’s just shy of the $452.3 million HUD requested, and an increase from the $404.2 million it received for salaries and expenses in 2021. 

Part of this budget will go to hiring an additional 125 employees, raising the Office of Housing headcount to 2,595 full-time employees.

Dana Wade, chief production officer at Walker & Dunlop and former FHA commissioner during the Trump administration, said that there are steps HUD could take to broaden its recruitment. She highlighted the “presidential management fellows program,” and said that some of FHA’s best leaders came up through the program.

“But there’s more that HUD should do,” Wade said. “I really think that the FHA should do more to connect with universities to do direct recruiting.”

To tackle budget issues in the long term, former employees have suggested that the FHA should go around Congress altogether, and fund itself.

Burns said that the HPC put together a proposal a few years ago to make FHA into a government corporation, but the proposal never went anywhere. 

“It takes a lot in Washington to move that kind of idea along,” she said. “You have to line up the right people to support it, but I will tell you, that concept has been around for decades.”

“It’s designed to give FHA access to its own revenue to support its operations, and to give FHA a little bit of autonomy so that they can have the kind of staff that they need.

Ted Tozer, former Ginnie Mae president, said that it’s only fair the FHA should have access to the money it brings in.

“FHA is a moneymaker, not an entity that is costing the government money and they should have access to it,” said Tozer.

Stick to the plan

HUD’s Office of Housing plans to hire at least as many employees this year as last, but a slow hiring process and uncompetitive pay stand in the way. 

Last year, the Office of Housing’s headcount increased by a little over 100 employees to 2,470, per HUD’s budget in brief report.  The Office of Housing also outlined plans to hire an additional 125 employees in 2022.

Currently, the FHA has three dozen open career staff vacancies via USAJOBS and nine out of 16 positions are vacant in FHA’s assistant secretary for housing office.

However, despite the need to bring new employees on board, HUD has struggled to fill vacancies in a timely manner.

A HUD IG report from August 2021 found that the department’s average time to hire an employee was 141 days, 38 days longer than the department’s self-imposed goal of 103 days.

The watchdog said that HUD’s failure to hire staff in a timely manner stems from the Office of Chief Human Capital Officer (OCHCO) not putting into place mechanisms that would reduce the length of the hiring process. The IG also found that training for the hiring process was inconsistent, and hiring roles and responsibilities were unclear.

In light of record numbers of workers quitting — 48 million workers quit last year — finding talent and retaining poses a challenge. Wade said that the bureaucratic hiring process keeps the FHA from bringing in top talent in the first place.

“Right now, there is a war for talent. We spent just about all our time trying to recruit talented people [when I was at the FHA],” Wade said. “FHA needs to hire qualified people who can manage the risk and understand finance and understand how to run the business.”

But beyond an unwieldy hiring process, the administration cannot pay at the same level that a private sector company can, Wade said. Even when compared to other federal housing agencies, FHA falls short.

“FHA loses people to the regulator across the street, the Federal Housing Finance Agency, because they can pay on an independent pay scale, so they can pay more money than HUD can,” she said.

Tozer said that because FHA’s pay scale is not as competitive as Fannie Mae’s or Freddie Mac’s, the administration struggles to replace talent that leaves.

“The career staff that is retiring believed in the mission, but now you’re trying to recruit new people who don’t have the same kind of ties to the program and it’s going to be tougher to recruit at the same pay scale,” Tozer added.

Short-handed

Former HUD officials say that apart from staffing shortages, another issue affecting morale and the direction of the administration is the leadership vacuum at the top of FHA.

Julia Gordon’s confirmation as FHA commissioner has been in limbo since last year, bogged down in part by a tweet that Gordon made criticizing the police. In January 2022, after the Senate returned it, the White House again submitted Julia Gordon’s nomination.

But the stalemate has continued. To move forward, Senate Maj. Leader Chuck Schumer, of New York, would have to devote floor time to debate her nomination.

Edward Golding, former principal deputy assistant secretary for housing, views this as the most pressing issue for the FHA. Golding said that confirming Gordon as the commissioner would be a good first step in beginning to address the staff shortage at the FHA.

“You need a strong leader [at FHA] to push issues that impact the FHA,” said Golding. “We have a secretary who has some good ideas, but you just need more execution, and you need more people.”

A HUD spokesperson said in a statement that the department “looks forward to the swift confirmation of [Gordon], so that our department can continue to deliver for the American people.”

One former HUD official who requested anonymity said that Lopa Kolluri, principal deputy assistant secretary at the FHA, should get some recognition for running the administration without a commissioner.

“She has been doing the job of an FHA commissioner for over a year and she’s not even Senate confirmed,” the former HUD official said.

The former HUD official said that FHA’s reluctance to lower mortgage premiums is a reflection of Kolluri’s leadership. At the end of last year, FHA said 7.28% of its loans were seriously delinquent, down from a seasonally adjusted high of 12.04% in March 2021.

“I have been pleased that [Kolluri] has been cautious in running the FHA,” the former official said.

The trade group noted that the survey results showed the slowest annual pace since July 2021.

However, from December 2021 to January, purchase applications grew, with a 10% month-over-month gain recorded by MBA’s survey. On an unadjusted basis, the MBA estimates there were 66,000 new home sales in January 2022, an increase from 60,000 new home sales recorded in December. 

Joel Kan, associate vice president of economic and industry forecasting at the MBA, said in a statement that building delays continue to impact the emergence of additional housing supply.

“While homebuyer demand remains strong, purchase activity is being constrained by higher prices and building delays due to supply-chain pressures and building materials shortages,” Kan said.

He also noted that purchase activity for new homes continues to be concentrated in the higher end of the market and that sales prices are continuing to grow with the average loan size coming in at $427,000 in January, another record.  

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The average loan size for new homes in December was $423,102, the trade group noted.

Throughout 2021, there were an estimated 1,595,100 housing starts, a 15.6% increase from 2020, a report released last month by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau said.

Per the MBA report, new single-family home sales slumped in January, with a seasonally adjusted annual rate of 821,000 units, a 7.4% decrease from the month prior. In December, home sales were at a seasonally adjusted annual rate of 887,000 units, the report said.

By loan type, conventional loans made up 77% of loan application volume, while FHA loans composed 13% of the applications. VA loans made up 9.5% of applications and USDA loans made up 0.5%.

Starting Feb. 16, the public can submit petitions for rule making directly to the agency, the CFPB announced today.

According to the government watchdog, members of the public can now submit their opinions on matters pertaining to regulations, whether that be a request for the agency to pursue a new rule, amend an existing one or repeal a rule. The petitions will be automatically posted on public dockets for review and comment.

However, feedback from former government employees and lobbyists will now be subject to public review, the CFPB said.

In its announcement, the CFPB said that "former government employees and other individuals who are paid to influence the agency’s rulemaking agenda behind the scenes will be asked to submit their petition for public inspection instead."

“Americans should be able to easily exercise their Constitutional rights without hiring a high-priced lawyer or lobbyist,” said CFPB Director Rohit Chopra. “Our new program will broaden access to the agency’s rulemaking process.”

In November 2021, Chopra said that he would not tolerate a "revolving door" culture at the agency.

In a bulletin, Chopra raised concerns that former employees may "have a financial incentive to exploit confidential information to which they may have had access," potentially in violation of criminal law, he said.

Chopra said at the time that agency alumni would not receive special treatment. The CFPB director said that heightened scrutiny would be applied to matters and decisions "where a party has employed or retained the services of a former employee."

The bureau also said in their announcement this week that the public petition process is in line with recommendations issued by the Administrative Conference of the United States.

In 2014, the conference recommended agencies improve their procedures and practices with respect to petitions for rulemaking, because “few agencies have in place official procedures for accepting, processing, and responding to petitions for rulemaking.”

The CFPB added that they are committed to listening to the public that it serves and that “the public’s petitions will help the CFPB identify consumer protection issues worthy of reform, rulemaking, or in need of further clarification.”

Agencies in the housing space including the Department of Housing and Urban Development, Federal Housing Finance Agency, and the Department of Veterans Affairs do not have a dedicated page for the public to file petitions for rulemaking.

Per a mortgagee letter published on Tuesday, the deadline to onboard for lenders has been moved to March 14, 2023. The previous deadline, announced in mid- 2021, was March 14, 2022.

The administration pushed the timeline for an additional year because stakeholders "expressed concern with the existing timeline," the ML said.

A HUD spokesperson said the timeline was extended following feedback from lenders about the transition timeline and their need for more time to adequately onboard to the new module and operationalize its use with their staffs.

"We do believe that this additional time will allow lenders to successfully migrate to the new technology," the HUD spokesperson said.

The letter noted that during this period mortgagees and technology service providers are encouraged to continue their integration with and usage of the module for all forward and HECM origination electronic appraisal deliveries.

Once the deadline arrives, it will be mandatory for lenders to use FHA Catalyst for submitting appraisals, unless a previous appraisal version was submitted to the legacy EAD, the administration said.

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The roll-out of FHA Catalyst—which has been touted as a success during Trump’s administration—hit a snag last year.

According to a report published by the Department of Housing and Urban Development’s inspector general last year, momentum around the project stalled in the first part of 2021.

The reason for the stall stemmed from staff vacancies and employee turnover, which were exacerbated during the presidential transition, the report said, so the initiative hit a standstill.

“We found a lack of staffing capacity, implementation of effective coordination and communication practices, and effective oversight of management controls over acquisition processing,” the report read.

HUD also delayed a migration planned for December 2021 — to move its single-family default monitoring to FHA Catalyst — until March 1, 2022, when mortgagees must submit all default data to the FHA Catalyst system.

In February, Lopa Kolluri, principal deputy assistant secretary at the FHA, acknowledged the delays, but said that the administration is back on track with their modernization initiative.  

“I feel really good about where we are with FHA Catalyst,” she told HousingWire.

The IG report said that as of August 2021, HUD had resumed FHA Catalyst development work at limited capacity and as of October 2021, HUD estimated that it would complete FHA Catalyst development in March 2025.

EDITOR'S NOTE: This story has been updated to include comments from HUD.

In a settlement with the California Department of Financial Protection and Innovation (DFPI), Maryland’s Office of the Commissioner of Financial Regulation and the Oregon Division of Financial Regulation, Danny Yen, the owner of Carlsbad, California-based mortgage education course provider Real Estate Educational Services, also agreed to a lifetime ban on teaching any mortgage-related content.

Additionally, the Yen family will fully cooperate in any state investigations — including by giving depositions — of mortgage loan originators. Yen also agreed to provide signed declarations “reciting the facts relating to their interactions with MLOs, completion of PE and CE courses, and provision of banked credit hours,” the suit said.

According to the settlement, Yen’s family must pay a civil monetary penalty of $75,000, divided between state financial regulators in California, Maryland and Oregon. Previously, state regulators had said the fines would be as much as $3.4 million.

If the Yen family violates the terms of the settlement, the family would have to pay a $15 million non-compliance penalty that will be distributed equally among the participating states, the settlement said.

In mid-January, a 26-state investigation led by DFPI picked up on discrepancies while using a tool to investigate fulfillment of National Mortgage Licensing System requirements. (The NMLS requires that every LO spends an average of eight hours on an annual basis to recertify their national license.)

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The investigation found that over 600 LOs, that all paid for education programs from REES, failed to fulfill the CE requirement to recertify.

Regulators accused Yen and his family members of taking classes for LOs in exchange for compensation or giving LOs class credit without requiring them to show up to class. Part of the penalty stems from REES offering online courses — like a three-hour one on fair housing and discrimination laws — but only being licensed to give in-person classes.

LOs in 42 states who settled with state regulators will have to pay an average of about $2,700 each — $1,000 for each state they are licensed in — for skipping the annual eight-hour course. They must also surrender their licenses for three months and take additional educational programs.

For now, only 441 LOs have entered into a settlement with state regulators out of the 608 LOs found to not have completed their requirements. However, state regulators are still pursuing actions against 167 LOs who have not settled.

“This settlement will allow California and other regulators to discipline the remaining loan originators, while the lifetime teaching restrictions send a strong message that we will not allow fraud,” said Clothilde Hewlett, commissioner at DFPI, in a statement.

The settlement also said that Yen is fighting a separate Jan. 14 administrative action from California, which seeks injunctive relief as well as money penalties for violations of alw stemming from the education fraud schemes. Yen filed his request for an administrative hearing to contest the action and the five-day trial began in the Los Angeles Office of Administrative Hearings this week.

During oral arguments in Miami before the U.S. Court of Appeals for the Eleventh Circuit, Lawrence DeMille-Wagman, CFPB’s attorney, argued that a consent agreement from 2013 did not excuse the mortgage servicer from future violations and that Ocwen is on the hook for alleged wrongdoings.

Last March, U.S. District Judge Kenneth Marra, in Florida's Southern District in West Palm Beach, ruled that most of the CFPB's claims were blocked because of a 2013 settlement between Ocwen, the bureau, authorities in 49 states, and the District of Columbia.

The CFPB took issue with that ruling, and filed an appeal last October. In a hearing last week, DeMille-Wagman argued that the settlement agreement did not shield Ocwen from all future liability.

“If the regulated party in the post consent period violates the law in a way that also violates the injunctive provisions of the consent, the regulatory agency is free to either pursue a contempt action or to bring a new case alleging the law enforcement violations,” DeMille-Wagman argued.

“It may be now that Ocwen wishes it had negotiated a more thorough, more comprehensive release in [December] 2013, but it did not.”

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The attorney for Ocwen, William Jay, pointed to stipulations in the consent order that the mortgage servicer had a “right to cure” violations without facing penalties.

Jay argued that, in the consent order, the parties agreed to give Ocwen time to make its systems and practices compliant. The order established a system to make sure Ocwen complied with the standards, he said, and gave them time to fix any violations without a penalty.

Per the consent order, if Ocwen didn't resolve violations, Jay argued, the penalty would be "swift."

"It's a $1 million dollar penalty at the drop of a hat," Jay said. "That was the bargain. That's what the bureau is attempting to unwind here.”

In 2017, the agency announced that it was suing Ocwen for “failing borrowers at every stage of the mortgage servicing process.”

The CFPB’s lawsuit alleged that Ocwen cost borrowers money, and in some cases, their homes, as a result of years of “widespread errors, shortcuts, and runarounds” dating back to January 2014.

Specifically, the bureau alleged that Ocwen botched “basic functions like sending accurate monthly statements, properly crediting payments and handling taxes and insurance.”

The CFPB declined to comment. Ocwen did not return a request for comment.

The current dispute stems from now-settled allegations by the CFPB that date to the early days of the watchdog agency.

In 2013, the CFPB accused Ocwen of “engaging in significant and systematic misconduct that occured at every stage of the mortgage servicing process." The CFPB alleged that the mortgage servicer failed to timely and accurately apply payments made by borrowers, and that it charged borrowers authorized fees for default-related services. 

Those accusations were resolved with a consent order issued Dec. 17, 2013, shielding the servicer from future actions arising from the alleged practices up to that point. Ocwen also agreed to pay $2 billion in consumer relief as part of the settlement.

Ocwen, in a Jan. 2021 statement, said that the “CFPB’s claims regarding Ocwen’s past servicing practices are unsubstantiated.”

Ocwen, at the time, said it had set aside an additional $13.1 million as a result of efforts to resolve the matter with the CFPB through mediation, which eventually failed. According to the firm's latest quarterly filing, it has now set aside $44.6 million as of the end of the third quarter of 2021, for legal bills and regulatory matters, including the dispute with the CFPB.

Founded in 2000, Scottsdale, Arizona-based HomeSmart is the seventh largest brokerage in the country by transaction sides, or how many times a HomeSmart agent represented the buyer or seller in a deal, according to RealTrends.

Last Friday, HomeSmart filed an “S-1” with the Securities and Exchange Commission, a document that conveys HomeSmart’s intention to sell company shares to prospective investors and the public.

HomeSmart has yet to give itself a valuation or declare how much money it seeks to raise in a public offering. The company generated $478 million revenue in the first nine months of 2021 – a figure that includes what income is earned by their independent contractor agents, and posted a $2.3 million net loss, according to the filing.

HomeSmart, like Compass, Keller Williams, eXp and other brokerages, states it has unique technology to modernize real estate.

“HomeSmart is a revolutionary real estate enterprise powered by our proprietary end-to-end technology platform,” declared the first page of the voluminous SEC filing, later elaborating: “We have been developing our software in-house over the last 20 years and have a 100% adoption rate across our agents.”

There’s substance to HomeSmart’s claim, argued Steve Murray, senior advisor at RealTrends and longtime real estate industry consultant.

“HomeSmart does have one of the most interesting tech platforms out there as it has been internally built and basically covers all aspects of a brokerage firm’s operations,” Murray said. “The fact that it has been used for years and built upon and it’s a totally cloud-based platform does make it both unique and useful to its own operations.”

And HomeSmart has grown its agent base 30% the last two years from 17,841 agents at the end of 2019 to 23,197 agents as of Sept. 30, who are spread across 47 states. HomeSmart is a “flat fee” brokerage, meanings its agents pay a set transaction fee per deal instead of a commission percentage.

HomeSmart’s revenue soared 74% from the first nine months of 2020, when the company reported $275 million generated. But that growth came with the company veering from the black to the red. HomeSmart posted a $7.1 million profit in the first nine months of 2020, before the $2.3 million loss at 2021’s three quarter mark.

Also, $447 million of HomeSmart’s revenue in the first three quarters of 2021, or 94% of its total revenue, returns to its agents as “commission and other agent-related costs.”

A not insignificant component of HomeSmart’s finances is what is funneled to, and from, Widdows.

The CEO commands a $960,000 salary but has also received multi-million-dollar yearly payments from a “corporate reorganization.” For example, in 2020, an unspecified HomeSmart subsidiary gave Widdows $10.1 million. Widdows, though, also made a $6.5 million “contribution” back to HomeSmart the same year.

Also, HomeSmart entered into two “eight-year note payable agreements” for which Widdows will get $3 million and $7 million each, plus interest. The deal is partly mitigated by a separate $2 million “note receivable agreement” between HomeSmart and Widdows.

Messages left with HomeSmart were not returned.

“He is taking out more money than he is putting in despite the company being barely profitable,” said Lloyd Greif of Greif & Co. investment bank in Los Angeles. “That’s probably not the best practice.”

Greif, a financial adviser for decades, expressed confusion about Widdows putting in, and then taking out, money at the same time. “Why not just take out in a lesser amount?” Greif said.

But Wayne Guay, an expert in executive compensation at the University of Pennsylvania, said these are perhaps not dubious dealings.

“The corporate reorganization may, in fact, have been executed to facilitate the company’s IPO, which may have required various payments to various parties to get everything in order,” Guay said.

One related matter revealed in the filing: Angelique Chambers, described as living with Widdows and working as a loan officer for HomeSmart subsidiary Minute Mortgage, was granted in July restricted stock units worth almost $300,000.

Greif saw the stock options to a personal acquaintance – and workplace subordinate – as ethically questionable. “He can’t run the company as a personal piggy bank,” Greif said.

“Guaranteed Rate will continue to thrive and win market share by having a laser focus on leveraging our industry-leading purchase platform augmented by the best loan officers in the business,” Guaranteed Rate CEO Victor Ciardelli wrote in an email to brokers that HousingWire reviewed.

To ensure success, the company “sometimes makes hard decisions,” but Guaranteed Rate’s leadership is committed to making what is already the best value for its customers, Ciardelli wrote. The email explained that the last day to register a loan is January 12, while the last day for closing a transaction is February 28.

Guaranteed Rate acquired Stearns Holdings in January 2021 for an undisclosed sum from the financial giant Blackstone Group, which also acquired a stake in Guaranteed Rate as part of the transaction. The year prior, Stearns originated $20 billion in loans.

HousingWire reported in 2021 that Stearns’ retail operations would be folded into Guaranteed Rate. Wholesale, JV and partnership businesses remained as stand-alone segments led by Stearns’ CEO David Schneider. Stearns had a sizable partnership business, led by Steve Stein, a more limited retail operation, and a wholesale channel that was the largest in the industry as recently as 2013, but had lost market share to UWM.

Founded in 2000 and known for its robust retail operations, Guaranteed Rate has been growing in stature in recent years. In acquiring Stearns, the company sought to boost retail loan originations, scale its JV platform, and develop new multichannel capabilities. HousingWire reported the acquisition would provide significant revenue for Guaranteed Rate to pursue a potential IPO.

What Pennymac TPO’s rebrand means for the wholesale channel

Pennymac is changing the name of its wholesale division from PennyMac Broker Direct to Pennymac TPO. To learn more about the intention behind the rebrand and Pennymac TPO’s plans for the future, HousingWire sat down with Senior Managing Director Kim Nichols.

Presented by: Pennymac

Guaranteed Rate originated $90 billion from January to September 2021, an 81.8% increase compared to 2020, according to Inside Mortgage Finance. The volume puts the company as number eight among the top mortgage lenders in the country.

The company’s star loan officers have set origination records, explaining in part Ciardelli's promise to invest and focus on the purchase platform its LOs use.

Massachusetts-based Shant Banosian, for example, said he had funded a whopping $2 billion in total origination volume from November 2020 to November 2021. The figure is believed to be a record for a retail loan originator. His colleague Ben Cohen, a loan officer from Illinois, eclipsed the $1 billion threshold in September 2021.

Nassim Nicholas Taleb coined the term “antifragile” in his book Antifragile: Things That Gain from Disorder. Taleb’s work, originally centered on financial risk management, describes systems that don’t merely survive shocks but improve because of them. Unlike resilience, which aims to bounce back to the status quo, antifragility means that stress, volatility, and disruption actually make the system stronger.

This concept struck me as essential for cybersecurity, particularly in industries like mortgage, real estate, and title, where vast amounts of sensitive financial and consumer data are constantly targeted. At Williston Financial Group (WFG), we see an average of 80,000–120,000 cyberattacks each month. We encounter hundreds of phishing emails, wire fraud attempts, and other malicious intrusions every week. The reality is clear: our adversaries are relentless, and the status quo simply isn’t good enough.

Learning from kintsugi

To explain antifragility in a way that resonates, I often use the Japanese art of Kintsugi, which means “golden joinery.” I first heard this analogy in a conversation with a colleague at an information security leadership conference, and it struck me immediately. Instead of discarding broken pottery, Japanese artisans repair the cracks with gold, creating an entirely new piece that is stronger, more beautiful, and more valuable than the original. The breakage is not hidden; it is celebrated as part of the object’s history.

Cybersecurity should function the same way. When we experience a breach, a phishing attempt, or even a suspicious event, we should not just patch the crack and hope to return to “normal.” We should emerge stronger, smarter, and better prepared to withstand the next attack. Every incident—large or small—becomes an opportunity to add gold to the cracks in our defenses.

Moving beyond resilience

The difference between resilience and antifragility is profound.

• Resilience means recovering after an incident, returning to where we were.
• Antifragility means using that incident to advance—to create a new, stronger baseline of protection.

Most organizations treat major breaches as lessons learned. They conduct a postmortem, update processes, and implement new defenses. But what about the smaller events—the phishing emails caught by filters, the employee who almost clicked a malicious link, the attempted but failed wire fraud? Too often, these events are dismissed as routine “noise.”

In an antifragile model, every event is treated like an incident. Every close call prompts analysis: Why did this happen? How could it have been worse? What can we do differently to ensure we are better next time? This mindset ensures we continually sharpen our defenses, turning every attack into intelligence that forces adversaries to work harder with each attempt.

Why It matters for mortgage and real estate

For mortgage and real estate professionals, cybersecurity might seem like a background concern—something the IT team handles. But the truth is, our industry is uniquely attractive to cybercriminals. Wire transfers, personal financial data, and large sums of money moving quickly make us prime targets.

The consequences of even a single lapse can be devastating: compromised client trust, financial loss, regulatory scrutiny, and reputational damage. In an antifragile model, however, each attempted attack becomes an investment in stronger defenses. Instead of fearing disruption, we leverage it to continuously improve how we protect our businesses and our clients.

A practical example

Consider a recent incident where a fraudster used a phone-based phishing ploy instead of the usual email link or attachment. An unsuspecting user called the number, spoke to a convincing “support agent,” and was persuaded to download remote access software. While our systems contained the damage, the lesson was clear: the threat landscape is constantly shifting.

Instead of simply recovering, we changed our response protocols, blocked unnecessary tools, and adjusted our training. The result: we are now better equipped to prevent the same tactic from succeeding again. That is antifragility in action.

Building antifragile security programs

To build antifragile systems, organizations must commit to:

1. Treating every event as an opportunity. Don’t wait for a catastrophic breach. Learn from the small things, too.
2. Conducting postmortems consistently. Ask not just what happened, but why—and what new measure can prevent recurrence.
3. Celebrating improvement, not just recovery. Just as Kintsugi highlights the cracks filled with gold, recognize and embrace the ways your defenses are stronger after each test.
4. Staying dynamic. Cybersecurity is not static. Every event should shift your baseline, forcing attackers to work harder each time.

The call to action

Cybersecurity in the mortgage and real estate sectors can no longer be about merely holding the line. The volume and sophistication of attacks will only increase. Resilience is important—but antifragility is essential.

We need to view each intrusion, each phishing attempt, and each fraud scheme not as a setback but as a chance to emerge stronger. Like Kintsugi pottery, our defenses should bear the marks of past battles—visible reminders that we did not just survive, but improved.

By embracing antifragility, we don’t just protect our businesses. We evolve them. And in doing so, we protect the trust at the very heart of every mortgage, every real estate transaction, and every closing.

Bruce Phillips, CISSP, is Chief Information Security Officer at Williston Financial Group.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the editor responsible for this piece: zeb@hwmedia.com.

Not because the tactics are old. We have webinars instead of lunch-and-learns, sponsored posts instead of postcards. The problem isn’t outdated tools. It’s the mindset, the fact that most of us never really learned how to market in the first place.

That’s not an indictment of the people doing the work. It’s an indictment of the systems they inherited.

It’s Thursday afternoon in 2025. You’re setting up a booth at a Realtor appreciation event, maybe your third one this year. You paid $2,500 for the table. Dozens of agents drift by. Three stop. One takes a koozie without even looking up.

By six o’clock you’re loading candy and koozies back into your car and calling it brand awareness. You’ll do it again next quarter.

That’s not an outlier, it’s just how the industry still operates, quietly and routinely.

For years after the crash, referrals carried the business. When business comes to you, marketing never has to evolve.

When the market shifted, the industry didn’t reinvent. It got quieter doing the same things. The loudest voices drew scrutiny; the flashiest lenders collapsed. So the industry built systems that kept everyone safe: layers of approval, compliance reviews, and messaging so neutral it said nothing at all. Those systems are still running seventeen years later, even though the reasons we built them are gone.

Today, lenders still fund the same activities: Realtor lunches, co-branded postcards, appreciation events. Not because they work, but because that's what mortgage marketing has always looked like.

Ask ten loan officers what marketing means and you’ll probably get the same answer: “I just need more leads.”

That isn’t a strategy. It’s desperation dressed up as demand.

Scroll any lender’s social feed and you’ll see the pattern. A closing photo with keys on a counter. A quote about “homeownership dreams.” “Proud to help another family close.” Then in November, “Grateful for my partners.”

Everyone’s trying to be seen. No one’s actually being discovered.

More than half of Millennial and Gen Z buyers say they're overloaded by financial information, and just as many have delayed major decisions because of complexity. That's not just an affordability crisis; it's a clarity crisis. And while that's happening, lenders still spend most of their budgets on Realtor-focused tactics that worked when the phone rang on its own.

The cost isn’t just philosophical. When borrowers find answers from creators instead of lenders, your cost-per-lead doubles. You’re paying for visibility you could have earned organically if you’d ever learned how.

Borrowers want someone who knows what it feels like to stare at a listing at midnight and think, Can I really afford this?

They want answers that sound human, not branded.

But the industry keeps showing up with “market updates” that nobody opens, because we never learned what people actually open.

Meanwhile, someone with a ring light is explaining DTI ratios in 90 seconds and building more trust than most lenders earn in a year. Among Gen Z, 71% use TikTok for homebuying research and 41% say they trust influencers for advice, according to FirstHome IQ. Real estate creators with a few thousand followers now out-engage national lenders, not because they’re better marketers, but because they actually market.

This isn’t a courage problem.
It’s a competency problem, the result of doing what worked just well enough to survive.

Real marketing in 2025 answers real questions.
It builds trust by being useful instead of pretty.
It creates demand instead of waiting for referrals.
And it sounds like someone you’d reply to, not a committee trying not to offend anyone.

The loan officers winning right now aren’t braver.
They just learned what the rest of the industry never had to: how to show up where decisions actually get made.

Because what most lenders call marketing isn’t marketing.
It’s the appearance of marketing, the activity we do when no one taught us the difference between being busy and being believed.

The 2008 playbook got you here because you didn’t need a real one. Now you do. And the good news is, the ones who learn fast enough will own the next decade.

Think your marketing playbook hasn't caught up to the market? You're probably right.

Over the next few months, this series will break down what modern mortgage marketing actually looks like. We’ll look at how to build demand engines that work, how to measure real influence, and how to rethink compliance, recruiting, and content creation for 2025 and beyond.

Next up: why most loan officers are invisible (and how the best ones aren't).

Follow the series. I'll show you what's working, what's failing, and how to finally break out of the "safe but invisible" trap.

It's time to move past 2008.

Bri Lees is the Head of Marketing at NEO Home Loans.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the editor responsible for this piece: zeb@hwmedia.com.

The mountain metro recorded 232 homes absorbed from the market weekly while maintaining 2,511 active listings. New inventory additions totaled 120 properties, creating a months of supply measure of 2.6, slightly above the state's 2.6 months and national figure of 2.5 months.

Inventory and pace

Asheville's housing stock moved at a measured pace, with homes taking a median 84 days to find buyers, one week longer than both state and national medians of 77 days. The absorption rate of 232 homes weekly outpaced new listings by nearly 2-to-1, suggesting buyers engage when pricing aligns with expectations.

The 4.1% relisting rate indicates most sellers who remove properties from the market return with adjusted strategies rather than abandoning sale plans entirely. Price increases affected just 0.9% of active inventory, underscoring the dominant trend toward downward adjustments.

Home price trends

At $295.3 per square foot, Asheville commands substantial premiums over both North Carolina ($210.3) and national ($212.3) averages. The $599,000 median list price represents a $174,000 gap above state levels and $166,020 above the national median of $432,980.

Despite aggressive price cutting on more than half of available homes, the overall pricing structure remains elevated. The contrast between widespread reductions and sustained high medians suggests initial listing prices may have tested even loftier thresholds before sellers recalibrated.

What to watch

Monitor the 52.9% price reduction rate as a leading indicator of seller flexibility. Track whether the $599,000 median holds or begins reflecting the downward pressure evident in individual listing adjustments. Watch absorption rates relative to new inventory additions, the current 232-to-120 ratio favors market tightening if sustained.

The 84-day median days on market serves as a key benchmark for transaction velocity in this premium-priced metro.

Use the 52.9% price cut rate when advising sellers about realistic pricing strategies in Asheville's current market. Track the weekly absorption figure of 232 homes to gauge buyer activity levels. Monitor the $295 per-square-foot benchmark when evaluating individual property values against metro norms.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

The Denver–Aurora–Broomfield metro recorded 8,222 active single-family listings, up 17.5% from 6,999 a year ago. Despite more competitive pricing, weekly absorption slipped to 838 homes from 878 last year, indicating buyers remain selective even as sellers adjust expectations.

Inventory builds as buyer activity moderates

Denver’s months of supply sits at 2.5, maintaining seller-favorable conditions even as listings rise. The metro added 558 new listings during the week, expanding inventory and giving buyers more options than in recent years.

The 70-day median time on market represents a 25% annual increase but remains 14 days faster than Colorado’s statewide median of 84 days. Denver continues to move relatively quickly within the state, though activity has cooled from 2024 levels.

Price adjustments signal market recalibration

The median list price slipped to $680,000 from $699,900 a year ago, a $19,900 decline reflecting sellers’ response to changing conditions. At $275.5 per square foot, Denver homes still command a premium above Colorado’s $268.7 and the national $213.1 averages.

Only 2.2% of listings raised prices during the week, while 7.9% represented relisted properties that previously left the market unsold. Together, these figures highlight a market in transition as sellers work to find pricing that aligns with tempered demand.

What to watch

Watch whether the 53.7% price-cut rate rises or levels off through winter. Compare the 838 weekly absorption figure with 558 new listings to assess inventory trends. Track the 70-day median to see whether market times extend further or stabilize as sellers continue adjusting.

Use the 53.7% price-cut rate to set realistic pricing expectations with sellers and the 70-day median to frame timeline discussions. Monitor the 2.5 months of supply to identify when market balance may shift more decisively.

HousingWire used HW Data to source this story. To see what’s happening in your local market, generate housing market reports. For enterprise clients looking to license this data at scale, visit HW Data.

The Columbia metro recorded 2,749 active single-family homes for sale, with sellers adjusting expectations as market dynamics evolve. The median list price held at $315,000, positioning Columbia as a more affordable option compared to both state and national levels.

Inventory flow shows balanced activity

Weekly market activity demonstrated equilibrium between supply and demand. The metro absorbed 229 homes while adding 213 new listings during the week. This near-balance in inventory flow contributed to the 3.0 months of supply, placing the market squarely in neutral territory.

Properties spent a median of 63 days on market before going under contract. The 7.6% relisted rate remained within normal ranges, while only 1.7% of sellers increased their asking prices during the week.

Pricing remains competitive against broader markets

Columbia's $315,000 median list price sat well below South Carolina's $390,700 median and the national median of $432,980. The metro's price per square foot of $156.2 compared favorably to the state's $194.2 and the nation's $212.3.

The widespread price adjustments reflect sellers responding to current market feedback rather than distress. With nearly half of all listings showing price cuts, sellers are actively working to align with buyer expectations in the shifting market.

Market velocity outpaces state and national trends

Columbia homes moved faster than broader markets, with the 63-day median days on market beating both South Carolina's 70 days and the national 77-day median. This quicker pace, combined with balanced absorption rates, indicates the metro maintains healthy transaction velocity despite the transition to neutral conditions.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate housing market reports here. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

The widespread price cuts signal a fundamental shift in negotiating power as Portland's housing market moves firmly into buyer-favorable territory. With 5,583 single-family homes actively for sale and only 697 absorbed during the week, sellers face mounting pressure to attract offers in an increasingly competitive landscape.

Extended market times reshape seller expectations

Portland homes now take 14 days longer to sell than the national median of 77 days, forcing listing agents to recalibrate pricing strategies. The 84-day median days on market exceeds Oregon-Washington's statewide figure of 70 days by 20%, highlighting the metro's particular challenges in moving inventory.

Despite the pricing pressure, Portland maintains a substantial premium over broader markets. At $665,000, the median list price sits 51% above the state median of $440,000 and 54% higher than the national median of $432,980. The price per square foot tells a similar story at $308, representing a 19% premium over the state's $259 and 45% above the national $212.

Inventory metrics point to shifting dynamics

The metro's 2.0 months of supply indicates a market approaching balance, though still below the national 2.5 months and state's 2.2 months. Weekly new listings totaled 335 properties, while 697 homes left the market through sales or other absorption.

Only 2.3% of sellers raised prices during the week, underscoring the one-directional pressure on asking prices. Additionally, 6.2% of properties showed as relisted, suggesting some sellers pulled and relaunched listings to reset market perception.

Business implications for market participants

Track the 49.8% price reduction rate as a leading indicator of seller urgency in client conversations. Use the 84-day median to set realistic timeline expectations for new listings. Monitor the $308 per square foot benchmark when evaluating pricing strategies across different Portland neighborhoods. Leverage the 2.0 months supply figure to demonstrate the market's movement toward more balanced conditions compared to recent seller-dominated years.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate housing market reports. here. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

Overall customer satisfaction with mortgage lenders rose sharply to 760 on a 1,000-point scale, up 33 points from last year's score of 727, the study found. Lenders improved in communication, reliability, accountability and use of digital tools to engage customers.

When looking at individual lenders, Citi ranked highest in mortgage origination satisfaction with a score of 802, followed by Bank of America at 792 and Citizens at 787.

“Mortgage lenders have come to recognize that the more educated their customers are about the details of their mortgage products, the more loyal and lucrative their relationships become,” said Bruce Gehrke, senior director of wealth and lending intelligence at J.D. Power.

“The highest-ranked lenders in today's market aren't just those with the best rates, they're the ones that have perfected hybrid engagement. By blending high-touch advisor relationships with intelligent digital infrastructure, leading lenders are transforming what used to be a transactional, document-focused ordeal into a consultative partnership.”

Mortgage lenders that provide guidance or advice received top scores from 79% of their customers, up from 76% in 2024. As a result, customers who rated their lenders highly for guidance were 2.3 times more likely to say they would “definitely” choose the same lender for future loans.

Early engagement with borrowers also contributed to higher satisfaction. Customers reported satisfaction scores 32 points higher when lenders connected with them at the start of the homebuying journey, compared with later engagement. Satisfaction dropped by 64 points when lenders first engaged at the mortgage application stage.

The study also found that more than half of customers (54%) are “completely comfortable” with lenders using artificial intelligence in the mortgage process, and 31% are “partially comfortable.” But 71% said it is “very important” for lenders to inform them when AI is being used.

The U.S. Mortgage Origination Satisfaction Study evaluates overall satisfaction based on six factors: communication, digital channels, level of trust, whether the loan meets the customer’s needs, ease of doing business, and the quality of people.

The 2025 study surveyed 10,067 customers who originated a mortgage or refinanced within the past year, with data collected from September 2024 through September 2025.

The metro's single-family home inventory stands at 12,039 properties with a median list price of $605,000, positioning the market 21% below California's statewide median of $769,000. At $329.2 per square foot, Riverside homes trade at a 19% discount to the state's $408.6 average, offering relative affordability in the Southern California market.

Inventory drawdown accelerates despite neutral conditions

Weekly absorption outpaced new listings by 273 homes, reducing available inventory even as the market maintains neutral conditions. The 3.0 months of supply sits slightly above the national average of 2.9 months, indicating balanced conditions between buyers and sellers.

Properties typically spend 70 days on market before going under contract, matching the statewide median. The 8.6% of listings that have been relisted remains below the 10% threshold that often signals weakening buyer competition.

Price adjustments reflect market recalibration

More than one-third of active listings have reduced their asking prices, with 35.3% taking cuts in the past week. This adjustment rate exceeds the typical 30-35% range seen in balanced markets. Meanwhile, 2.9% of sellers increased prices, suggesting pockets of stronger demand exist within the broader market.

The median list price of $605,000 represents a significant discount to both state and national benchmarks. Nationally, the median sits at $435,000, making Riverside 39% more expensive than the typical U.S. market despite its California discount.

Market positioning favors transaction velocity

The combination of below-state pricing and active buyer demand has created conditions supporting robust transaction volume. The 1,011 weekly absorptions demonstrate sustained buyer activity despite the prevalence of price reductions.

Riverside's price per square foot of $329.2 exceeds the national average of $213.1 by 54%, reflecting California's premium while remaining accessible relative to other state markets.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

The firm describes the product as a new premium listing solution designed to capture more attention and help sellers improve the visibility of their listings. Spotlight Listings give properties premium placement on the website and features an expanded image gallery. 

In addition to the launch of Spotlight Listing, Realtor.com also rolled out enhanced features of its Local Expert marketing product. The company said the enhanced features allow agents to showcase recent sales, ratings or reviews, as well as build credibility with potential clients through targeted, high-visibility ads, and enhanced profiles.

“As the market shifts in favor of buyers, agents need tools that not only promote homes to motivated buyers but also elevate their personal brand,” Owais Siddiqui, Realtor.com’s senior director of product management, said in a statement. “Spotlight Listings and Local Expert deliver a powerful combination – Spotlight Listings helps sellers elevate visibility with serious buyers, while Local Expert helps agents to build lasting brand recognition and drive new business.”

Together, Realtor.com said these two launches help empower agents to boost their visibility in search results on the site and strengthen their personal brand with buyers and sellers. 

The suit, which was filed on Nov. 5 in Arizona's Maricopa County Superior Court, claims that Grella, former branch manager Gregory Nichols and Michigan-based Platinum One Lending, which Grella holds an ownership interest in, conspired to recruit NEXA loan officers and use the company’s confidential data to build a competing operation.

"NEXA isn’t in the business of playing games," said NEXA CEO Mike Kortas in a statement to HousingWire. "When someone or some group attempts to harm the company and all those amazing people that are part of our family, we will do everything to protect their interests. In this case, I will just let the facts speak for themselves."

Kortas said that NEXA is working closely with legal counsel. "Our focus right now is simple: protect our people, our partners, and the thousands of loan officers who count on us. Any actions taken against NEXA will be met with accountability, period...I’ve always believed opportunity shows a person’s character. Some people use it to grow — others waste it. Either way, NEXA keeps moving forward. We’re not slowing down for anyone."

Grella and other defendants did not respond to HousingWire's requests for comment at the time of publication.

Also named in the suit are former NEXA loan originators and managers Anthony and Cristy Galaviz, Brandon Watson, Kristin Berg, Naveen Vadhwa, Nicole and Katey Powalisz, Shannon Bell, Taylor McCarty, Alexandra Marchand, Tabitha Jimenez and Zane Darlington.

Grella's wife, Sheridan Murray-Grella, and Platinum One Lending are also named, along with 25 unnamed "Doe" defendants.

Lawsuit alleges Grella used inside knowledge

The lawsuit alleges that the former employees "violated binding contractual obligations, duties of loyalty, and established principles of Arizona law, resulting in substantial financial and reputational harm to one of the nation’s largest and most successful mortgage broker[s] and lender[s]."

NEXA claims Grella, who was terminated in March 2024 and "currently holds a 49.5% dissociated membership interest" in NEXA, used insider knowledge of the company’s systems and compensation structure to help Platinum One replicate its business model.

Nichols is accused of working with Grella while still employed at NEXA to solicit colleagues and transfer loans and customers.

The complaint says Nichols and 11 other loan originators violated employment agreements that barred them from soliciting co-workers or using proprietary information. NEXA alleges that the group concealed their plans, lied during exit interviews about leaving the industry or going to other companies and misused borrower information after they eventually started working for Platinum One.

The suit states that "Nichols and the co-conspirators that left NEXA and ultimately joined Platinum One started stating they were a part of the Nichols Team before Nichols ever joined Platinum One."

NEXA accuses the defendants of breach of contract, breach of loyalty, tortious interference, unfair competition, civil conspiracy and unjust enrichment. The company is seeking monetary damages, punitive awards and court orders barring the defendants from using its data or contacting its employees and customers.

Other litigation

NEXA has been involved in other legal action this year. Within the last month, the Arizona-based lender expanded its lawsuit against former employee Kristine Wake and named Grella, Murray-Grella, and Platinum One Lending in the litigation, arguing that each defendant misappropriated trade secrets, violated contracts and conspired to recruit NEXA staff to a competing firm.

The amended complaint builds on NEXA’s May 2025 suit accusing Wake of using confidential training materials, soliciting employees to join a rival venture and refusing to return a company domain name. The case is still ongoing.

NEXA previously sued the Grella couple in April 2024, alleging contract breaches, fiduciary violations, interference, fraud and defamation. Grella, who co-founded NEXA with Kortas in 2017 after both left Equity Prime Mortgage, was terminated in March 2024 amid buyout talks. He has separately accused Kortas of misusing company funds for aircraft expenses, a claim Kortas denies.

The widespread pricing adjustments come as Las Vegas homes sit at a $549,000 median list price, $10,000 below Nevada's statewide median of $559,000. Despite the price cuts, buyer activity remains healthy, with 595 homes absorbed during the week compared to 398 new listings entering the market, maintaining positive net absorption even as sellers recalibrate expectations.

Price adjustments accelerate while absorption outpaces new inventory

The 39.7% price reduction rate towers above typical market norms, while only 1.8% of listings increased prices during the same period. Sellers who cut prices reduced asking amounts by a median percentage that reflects growing urgency to attract offers. Additionally, 17.2% of current inventory consists of relisted properties, homes that left the market and returned, often with adjusted pricing strategies.

Weekly absorption of 595 homes exceeded new listings by nearly 200 homes, demonstrating sustained buyer interest when pricing aligns with market expectations. The 77-day median time on market matches both state and national levels, indicating Las Vegas homes move at the broader market's pace despite local pricing pressures.

Inventory builds above national average

Las Vegas maintains 7,337 active single-family listings, translating to 3.4 months of supply based on current absorption rates. This inventory level places the metro 19% above the national average of 2.9 months, shifting market dynamics toward more balanced conditions between buyers and sellers.

The $270.9 price per square foot remains just below Nevada's $271.2 average, though it sits 27% above the national median of $213.1 per square foot, reflecting the metro's continued premium pricing despite recent adjustments.

Market indicators point to continued rebalancing

The neutral market classification reflects the convergence of multiple factors: elevated inventory levels, aggressive price reductions, and steady buyer activity at adjusted price points. The gap between weekly absorption and new listings suggests demand persists, but buyers exercise greater selectivity given expanded choices and sellers' willingness to negotiate.

Track the 39.7% price reduction rate as a key indicator of seller sentiment in coming weeks. Monitor whether the 3.4-month supply level stabilizes or continues building toward buyer-favorable territory. Use the 595 weekly absorption figure against new listing volumes to gauge whether current pricing adjustments successfully attract buyer interest.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

The pricing discipline stands out in a slowing market. Just 35.2% of active listings have reduced their asking prices, while 1.3% actually increased prices in the past week. This restraint comes despite clear signals of buyer hesitation, weekly absorption has plummeted 37% year-over-year, leaving 2,983 homes on the market compared to 2,799 last November.

Inventory builds as sales pace slows

The metro's 2.3 months of supply keeps conditions in seller-favorable territory, though the market has shifted from last year's tighter conditions. New listings continue flowing at 235 homes per week, while the slower absorption rate allows inventory to accumulate. The 19.7% relisting rate suggests some sellers are testing different strategies after initial market exposure.

At $613.7 per square foot, San Diego commands a 50% premium over California's statewide average of $408.61. The metro's median price sits 59% above the state's $769,000 median, reinforcing why sellers feel confident holding their ground.

Premium pricing persists despite longer waits

San Diego's $1,225,000 median has dipped just 2% from last year's $1,250,000, a modest adjustment considering the extended selling timeline. The market maintains its position as one of California's priciest, with homes taking less time to sell than the 70-day state median despite the year-over-year increase.

Nationally, San Diego homes cost nearly three times the $435,000 U.S. median and almost triple the $213.14 per-square-foot average. The 63-day selling timeline beats the national 77-day median, providing additional context for seller confidence.

What to watch

Monitor the 35.2% price-cut rate for signs of seller capitulation. Track whether weekly absorption stabilizes above 350 homes or continues declining. Watch if the 19.7% relisting percentage climbs as patient sellers reconsider strategies.

Use the 63-day median selling time to set realistic expectations with clients. Leverage the 2.3 months supply metric when advising on pricing strategy. Share the 37% absorption decline to illustrate changing buyer behavior in a market where sellers still control conditions but face lengthening timelines.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

The county recorded 5,904 active single-family listings during the week ending Nov. 7, with homes selling in a median 84 days. That is about one week slower than the 77-day national median but one week faster than Texas’ 91-day median. This steady market velocity occurs despite widespread seller concessions, as more than half of all listings saw asking prices drop during the tracking period.

Metro maintains $520K median as 56% of listings see price reductions

Price adjustments dominate Collin County’s active inventory, with 55.7% of sellers reducing their asking prices compared to just 3.2% increasing prices. The median list price holds firm at $519,900, translating to $206.1 per square foot, a 13% premium over the state’s $181.8 per square foot.

Weekly market activity shows 428 homes absorbed against 263 new listings entering the market. The absorption rate exceeds new inventory by 63%, indicating sustained buyer demand despite elevated pricing. Additionally, 9.2% of properties represent relisted homes that previously left the market without selling.

Days on market trails U.S. pace but still beats state by a week

Collin County homes take a median 84 days to sell, running slightly slower than the 77-day national median but outperforming Texas’s 91-day median by one week. The pattern reinforces Collin County as a competitive major-market suburb rather than a slower-moving statewide outlier.

The market maintains 3.5 months of supply, positioning below the state’s 4.0 months and closer to the national 2.9-month level. This inventory metric supports neutral market conditions even with elevated price cuts.

Market segments show broad strength across price tiers

Segment-level data shows demand distributed across the price spectrum. Top-tier listings around $920,000 average larger homes on quarter-acre or larger lots and spend about 91 days on the market. Upper-middle and lower-middle segments, with median prices near $599,900 and $446,908, see solid absorption and roughly 84 days on market. Entry-level homes near $329,990, typically smaller and on tighter lots, move fastest at a 63-day median. Together, the tiers indicate that while higher-priced homes require more time, buyers are active in every segment, not only at the top or bottom of the market.

Neutral market conditions persist with 3.5 months of inventory

Market balance indicators show Collin County operating in neutral territory with 3.5 months of inventory available. This positions the metro between buyer and seller market extremes, even as pricing adjustments suggest sellers are recalibrating initial expectations.

The combination of premium pricing, widespread reductions, and steady market velocity creates a dynamic where fundamental demand supports higher valuations while requiring negotiation flexibility. With 428 weekly absorptions maintaining demand against moderate inventory levels, the market demonstrates resilience in sustaining its price premium relative to broader Texas metrics.

Track the 84-day median days on market as a key indicator of demand strength. Monitor the 55.7% price reduction rate for signs of seller sentiment shifts. Use the $519,900 median price benchmark to gauge whether premium positioning holds amid ongoing adjustments.

HousingWire used HW Data to source this story. To see what is happening in your own local market, generate housing market reports here. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

Wehrle has worked in real estate for nearly 35 years, holding roles as an agent, broker-owner, instructor and coach. She has been active in local and state Realtor associations and with the National Association of Realtors.

A University of Missouri graduate, Wehrle has also been involved in LGBTQ+ advocacy — serving three years as co-chair and currently as advisor for Anywhere Real Estate’s LGBTQ+ employee resource group, REALPRIDE.

“I’ve had the honor and privilege of having a career in the real estate industry. It’s a thrill for me to be of service, impacting the lives of homebuyers and sellers along with empowering/guiding agents and brokerage leadership towards success,” Wehrle said. “I believe our industry has the unique opportunity to be the ones who champion the removal of any barriers of homeownership entry for all marginalized groups including the LGBTQ+ community.

“The Alliance will continue to advocate and showcase examples of discrimination that hinder LGBTQ+ real estate professionals and our clients. We also have a commitment to welcome those real estate professionals who have LGBTQ+ children into the Alliance. With a growing membership pool, the opportunities to impact change grows each day.”

Richard Woods, longtime broker/owner of Woods Real Estate Services in San Diego, will serve as first vice president in 2026 and is slated to become president in 2027.

Austin Rowe was elected second vice president for 2026 and is expected to assume the presidency in 2028. Dan Darr was named secretary while Rodney Mason will serve as treasurer.

Rowe is a Realtor with Onward Real Estate in Nashville, Tenn., and has been in the industry for nearly 10 years.

Darr, a Realtor at Equity Union in Palm Springs, Calif., is a 10-year a real estate veteran. Mason is a senior loan officer at CrossCountry Mortgage in Atlanta.

State Attorney General Andrea Joy Campbell sued Hometap in February 2025, labeling the company’s primary product offerings as “illegal reverse mortgages that fail to comply with state consumer protection laws.”

Hometap, which operates in 16 states and Washington, D.C., countered these claims by saying it “firmly believes in the integrity of our products and the financial flexibility they provide to Massachusetts homeowners.” But as the lawsuit continues to play out, Massachusetts is no longer listed among the states the company does business in.

The suit in Massachusetts is similar in nature to a case filed in Washington state against fellow HEI provider Unison. An appellate court recently ruled in favor of the plaintiffs and determined that Unison’s product was a reverse mortgage under state law. Unison initially sought to appeal that decision but settled with the plaintiffs shortly thereafter.

New filings in Hometap suit

On Nov. 3, Hometap and the state Attorney General’s Office (AGO) released multiple court filings in which the plaintiffs sought to “strike insufficient defenses” from the lawsuit, while the defendants attempted to keep them in place.

Among the legal arguments addressed in the filings, Hometap labels the lawsuit as an “about-face.” The company claims that neither the AGO’s office nor the Massachusetts Division of Banks (DOB) expressed concerns about the company’s HEI product going back to 2018, when they were first introduced in the state. The company also said that the state bank regulator has acknowledged that HEI products differ in many aspects from mortgage loans.

Additionally, Hometap notes that companion bills were introduced by Massachusetts lawmakers in early 2025 that seek to place HEI providers under the DOB’s purview. H. 1106 and S. 705 would specify that HEIs are not loans and set forth obligations to ensure they are not deceptive or unfair.

The company said it’s already abiding by these obligations and that the HEI industry helped to develop the bills as part of its desire to be more closely regulated.

“Just about a month after this legislative process was initiated, the Commonwealth chose to short-circuit (and contravene) it by filing this action in a complete course reversal of its early interactions with Hometap,” the company’s filing states.

In response, the state argues that its early interactions with Hometap do not equate to an endorsement of its product.

It notes that the AGO’s office is allowed to take meetings with the public “without needing to predetermine whether it is in a position to commit the resources necessary to reach a firm legal position about a purportedly novel product or immediately prioritize an investigation and enforcement action.”

It goes on to claim that forcing the AGO to do so would make it less accessible to the public, since it would be placed in a position to make “snap-judgments of law based on limited information.” The AGO argues that requiring further discovery into whether its enforcement actions are reasonable would be overly burdensome and should be stricken from the lawsuit.

The Small Business America report — based on an April 2025 survey of 1,000 small-business owners regarding their outlook and readiness to offer retirement benefits — found that overall business optimism is high among 71% of respondents. Yet their readiness to offer retirement plans varies by generation.

"Hearing directly from small business owners of all ages and understanding their challenges is critical for us to deliver on our commitment to savers across America," Renee Grimm, senior vice president of retirement plans for Capital Group, said in a statement.

"For the thousands of small businesses who make up such a large proportion of U.S. companies, offering a retirement plan doesn't have to be a 'someday' item. With the right advice and support, business owners can discover how the benefits outweigh the perceived obstacles."

Millennial small-business owners (with a median of age 37) are the most likely to view offering a retirement plan as essential, with 77% calling it a business necessity. Fewer Gen Z (67%) and Gen X (57%) respondents share that view, with Gen X the least prepared to offer a plan despite being closer to retirement age.

Among small-business owners without a retirement plan, a gender gap emerged as 51% of women said their business is ready to offer one, compared with 64% of men.

The main barriers cited were cost (36%), the belief their business is too small (34%) and lack of administrative resources (32%). Of those without a plan, 61% said they would seek advice from a financial adviser — a step more common among men (76%) than women (58%) — although 31% said they don’t have an adviser.

Business owners who already offer a retirement plan reported fewer worries about issues such as labor costs, technology changes and cash flow.

Eighty-one percent said they’re glad they implemented a plan, citing improved employee retention (63%), morale (56%) and loyalty (44%) as key benefits.

"We can make a meaningful impact in providing access to retirement for more people if we can help educate owners on the benefits for themselves and their employees of saving for retirement," Grimm said.

"While correlation is not causation, we can observe that business owners who offer their employees a retirement plan seem to have greater peace of mind about the state of their business. The data suggests that a retirement plan may also help alleviate some business owners' concerns, including things like attracting and retaining talent."

Nationwide, 7.3% of mortgaged homebuyers used a VA loan in August, up from 6.5% a year earlier — the highest level for that month since 2019, according to a report from Redfin.

VA loans are available to active-duty military members and veterans, allowing qualified buyers to purchase homes with no down payment, no monthly mortgage insurance and flexible credit standards.

“Military members have made sacrifices to protect our home,” said Bill Banfield, chief business officer at Rocket. “VA loans are one of the most powerful benefits available to veterans and service members, opening doors to homeownership with zero down payment, no monthly mortgage insurance and flexible credit requirements.

“Now is a prime time for veterans and service members to take advantage of them. VA loans have a better chance of getting accepted in today’s buyer’s market than they did several years ago, when buyers were competing against each other and sellers were calling the shots.”

Buyers gain leverage

The number of VA loans increased 3% year-over-year in August — while conventional loans declined 9%.

Report analysts attribute the shift to changing market conditions that now give buyers more negotiating power.

“A buyer can make an offer with a VA loan, put virtually no money down, ask for $5,000 in closing credits, and get their offer accepted,” said Jim Fletcher, a Redfin Premier agent in Tampa, Fla. “The market is slow, there’s a backlog of inventory and buyers are in the driver’s seat. Florida historically has had a lot of all-cash buyers, but recently, there are more financed buyers — and many of them are able to win homes with ultra-low down payments while also having the seller cover most closing costs.”

During the pandemic’s competitive housing market, VA buyers often lost out to those offering larger down payments. In late 2020 and early 2021 — when mortgage rates hit record lows — less than 6% of mortgaged buyers used VA loans.

Sellers still weighing higher offers

Even as VA loan usage rises, these mortgages remain limited to eligible service members and veterans.

Sellers sometimes prefer conventional loans, which can bring higher offers or fewer contingencies, the report said.

“The overall market is slower than usual, but move-in ready houses in desirable neighborhoods are still selling fairly fast,” said Matt Ferris, a Redfin Premier agent in Virginia. “I’ve seen a few military sellers recently who have houses that fall into that category. Sometimes they’d ideally like to sell to another military family, but then they get four, five, six offers, and the best is from a buyer using a conventional loan, and they’re offering $10,000 more than the offer using a VA loan. The seller takes the higher offer with the conventional loan because they need to make the most money from the sale.”

In August, 13.9% of mortgaged buyers used an FHA loan — down slightly from 14.1% a year earlier. Conventional loans continued to dominate the market, accounting for 78.9% of all home loans.

VA loans most common in Virginia Beach

Virginia Beach, Va., led all major U.S. metros in VA loan usage, with 43.2% of mortgaged buyers using one in August — the highest share ever recorded for the city.

Jacksonville, Fla. (17.2%) and Washington, D.C. (16.7%) followed, with Washington seeing its highest August share in 14 years. San Diego (15.2%) and Las Vegas (11.9%) rounded out the top five.

Virginia Beach also saw the largest year-over-year increase, up from just under 40% last August. Other metros with notable gains included Orlando, Fla. (8.2%, up from 5.3%), and San Diego (15.2%, up from 12.3%).

Of the 40 metros analyzed, 32 recorded an increase in VA loan usage. In the remaining areas, declines were generally about one percentage point or less.

Findings reflect a nationwide shift away from large, aesthetic features toward practical, eco-friendly and tech-driven living.

WaterSense fixtures — which reduce water use by at least 20% — were the fastest-rising feature in 2025, appearing 289.6% more often in listing descriptions than a year earlier.

Homes with these fixtures had a median listing price of about $628,000.

“We’re seeing homeowners prioritize features that make their properties more efficient, resilient and self-sustaining,” said Anthony Smith, senior economist at Realtor.com. “Buyers increasingly view eco-friendly upgrades as both a lifestyle choice and a smart financial investment — especially as energy costs and climate concerns become part of everyday decision-making.”

Nature and tech focus

Biophilic and indoor-outdoor design ranked as the second-fastest-growing trend, up 163% year over year.

These homes feature large glass doors, interior courtyards and living walls that blur the line between indoor and outdoor spaces. The median list price for homes with these features was $859,000.

Outdoor low-voltage lighting — which rose 91% — also reflected the growing interest in designs that balance sustainability, aesthetics and function.

Tech-focused upgrades remain key selling points.

Built-in coffee systems, smart lighting scenes, and hardwired Ethernet/Cat6 connections all ranked among the top 15 fastest-growing features. The report noted that reliable connectivity and automation now rival square footage in importance to buyers.

“A decade ago, buyers might have asked about open floor plans or granite counters,” Smith said. “Today, they’re looking for EV chargers, high-speed wiring, and homes that can adapt. The definition of what makes a home modern has completely evolved.”

Other popular features, declining trends

Among the top 10 fastest-growing features, coastal modern design rose 126%, while home gyms increased 91%.

City skyline views, aged metal accents and built-in coffee systems also appeared more frequently.

Other notable risers included soundproofing, cold plunge setups, solar and battery backup systems and fenced yards.

Some classic features remain popular. Home office and Zoom room mentions increased 56.5% — while fenced yards and finished basements continued to appeal to buyers seeking flexible, family-friendly layouts.

Certain luxury features are falling out of favor.

Mentions of formal dining rooms with built-ins dropped 25.3%, infinity-edge pools declined 24.7%, and three-car garages fell 19.1%.

Despite the high rate of price cuts, the metro absorbed 652 homes during the week while adding 399 new listings to the market. The region's 6,472 active listings represent just 2.6 months of supply at the current sales pace, keeping conditions firmly in seller-favorable territory.

Inventory and pace

Seattle's housing inventory dynamics reveal a market operating at premium levels across all metrics. The median days on market stands at 63 days, moving 14 days faster than both the Washington state average of 77 days and the national pace of 77 days. The 2.6 months of supply sits below the state's 2.9 months and the national 2.9 months, reinforcing tight inventory conditions despite the elevated pricing.

The 11.7% relisted rate indicates some properties are cycling back onto the market after initial attempts to sell. Meanwhile, only 1.6% of active listings increased their asking prices during the week, contrasting sharply with the 44.7% that reduced prices.

Pricing

Seattle's $850,000 median list price towers above comparative markets, exceeding Washington state's $655,000 median by 30% and the national $435,000 median by 95%. The metro's price per square foot reached $410, surpassing the state average of $321 by 28% and nearly doubling the national figure of $213.

The pricing premium persists even as sellers adjust expectations through reductions. The combination of high absolute prices and widespread cuts creates negotiating opportunities for buyers while maintaining overall market values well above regional and national benchmarks.

What to watch

Monitor the 44.7% price reduction rate as a leading indicator of seller sentiment in the premium market. Track whether the 652 weekly absorption rate sustains as pricing adjustments continue. Watch the 2.6 months supply metric for any shift toward more balanced conditions, particularly if new listings outpace sales in coming weeks.

Use the 63-day median DOM benchmark to gauge market velocity changes. Track the $410 per square foot metric to identify whether premium pricing holds as sellers negotiate. Monitor the gap between Seattle's $850,000 median and state/national comparisons for signs of convergence or continued divergence.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

The newest edition of the report measures the overall health and sentiment of roughly 400 home flippers nationwide and reflects responses collected through the third quarter of 2025. The index slipped to a reading of 56 in the third quarter, down from 57 in the second quarter and 62 in the third quarter of 2024. Readings above 50 indicate expansion, while values below that threshold signal contraction.

“Flippers face weaker selling conditions amid economic uncertainty, rising inventory and persistently high mortgage rates,” the report stated.

As a result, the report found that just 26% of flippers reported good sales in Q3 2025 compared to the seasonal norm, which is down from 34% one year ago.

Fix-and-flip prices declined 3.7% year over year in the third quarter, while the share of homes that sold below their expected after-repair value climbed to 21%, the highest percentage since late 2022. Flippers are cutting prices more quickly than other sellers to avoid steep holding costs.

At the same time, renovation expenses reached a record high of $80,000, up from $76,000 in the previous quarter. These costs now account for about 16% of the average sales price.

“High-cost renovations are concentrated in pricier coastal markets, where those costs can be passed on to buyers,” the report explained.

The maximum share of a property’s after-repair value that flippers are willing to pay fell to 64% nationally — the lowest figure since mid-2023 and a signal of lower confidence in near-term home-price appreciation. That figure was down from 66% in Q2 2025 and 69% in Q3 2024.

Regional results varied widely. The pricing environment weakened most in the Northwest, Florida and Texas, where more than half of respondents reported lower home prices than a year ago. By contrast, Midwest and Northeast flippers saw steadier conditions amid tighter supply.

Flippers in Texas and Florida also reported the least competition for new deals, with about one-quarter saying it has become easier to find properties as inventory rises. Nationally, 19% of respondents said they face less competition than usual for deals — the highest share since late 2022.

Financing has become more expensive and harder to obtain. Only 48% of flippers secured new loans in the third quarter, down from 54% in the previous period, and those who did reportedly paid an average interest rate of 9.8%.

Investors accounted for a growing share of flipped-home buyers, representing 28% of purchases compared with 16% a year earlier. Many are taking advantage of discounted prices in oversupplied markets, the report explained.

Some flippers, however, expressed optimism for the coming months as 31% percent expect stronger sales in the next six months. But that share remains below last year’s level.

For real estate professionals, it's important to recognize these challenges and be prepared with the knowledge and resources to support those who have served. Whether it’s understanding military-specific financing options, obtaining the right certifications, or providing guidance through the intricacies of relocation, agents and lenders can make a world of difference in helping veterans achieve homeownership.

Challenges veterans face in homebuying

Veterans and military families often face specific obstacles that can complicate the homebuying process. Frequent relocations, financial instability due to periods of deployment, and the difficulty in transferring military benefits are just a few of the challenges contributing to this ongoing issue. Additionally, many veterans struggle with navigating the homebuying process due to a lack of knowledge about available programs, especially when transitioning back to civilian life.

One significant barrier is the misconception that homeownership is out of reach for many veterans. However, there are several programs designed specifically for veterans, such as the VA loan program, which provides easier access to home financing. Accessing these benefits requires an understanding of the nuances surrounding eligibility, processing, and loan specifics – an area where many veterans may need guidance.

How real estate pros can support vets

To assist veterans, real estate agents should pursue education and certifications that specialize in serving the military community. A great example is the Military Relocation Professional (MRP) certification. This certification equips agents with the knowledge to assist military families in their relocation and homebuying needs, including understanding the intricacies of military benefits such as VA loans and housing allowances. This training is valuable when working with active-duty military members, veterans and their families, as it provides the tools to navigate the homebuying process.

The VA loan program, backed by the U.S. Department of Veterans Affairs, allows qualified veterans to purchase homes with little to no down payment and often at better terms than traditional loans. However, it’s important for agents to be well-versed in the eligibility requirements, which include military service, length of service, and discharge status, as well as the specific details of the VA loan process.

VA loan program underused

Currently, the potential of the VA loan program remains significantly underused. An analysis by Veterans United Home Loans found that over 58,000 VA loans go “untapped” each year in U.S. metro areas, resulting in nearly $28 billion in unused VA loan volume in 2024 alone.

For lenders and agents, having a strong understanding of the VA loan program and how to guide veterans through qualification is necessary in addressing this gap. By working with lenders who have experience with VA loans, agents can help ensure a smoother process and support more veterans in securing the homes they have earned.

Beyond the VA loan, there are other financial assistance programs available to veterans. For example, many states and municipalities offer down payment assistance, tax breaks, or grants to veterans, especially first-time homebuyers. Agents can be a valuable resource for pointing veterans in the right direction, connecting them with financial resources, and ensuring they are aware of any available aid.

Advocacy and community support

Beyond the transactional aspect, real estate professionals can advocate for veterans in their communities by promoting housing initiatives that support military families and veterans. This might include supporting nonprofit organizations that assist veterans with homeownership or participating in community events that honor military families.

Real estate professionals can also take an active role in educating veterans about the broader homebuying process and the benefits available to them. Many veterans are unaware of all the support options available to them, so hosting educational seminars or providing informational materials can be an excellent way to serve the community.

Building stronger communities

For real estate professionals, the role extends beyond just closing deals. They have an opportunity to help veterans achieve the stability and security that homeownership offers. The unique challenges they face in the homebuying process require real estate professionals to be empathetic, knowledgeable and resourceful. By embracing these opportunities and continuously educating ourselves, we can better serve those who have served us.

This Veterans Day, take a moment to reflect on how you can make a difference in the lives of military families. Their journey to homeownership is not just about buying a house, but about giving them a place to call home, one that provides safety, stability and the promise of a bright future.

Lawrence Bellido is the 2025 president of the Orlando Regional REALTOR® Association (ORRA). ORRA is the 8th largest real estate association in the country, representing over 18,000 REALTORS®.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the editor responsible for this piece: tracey@hwmedia.com

More than 200 advocates from CAI — representing more than 77 million homeowners association, condominium and co-op residents — met with members of Congress and their staff to discuss federal issues in those sectors.

Meetings with legislators addressed access to affordable insurance, disaster recovery, affordable housing, preservation of community self-governance and other policies affecting community associations nationwide.

“We are bringing the voices of millions living in homeowners associations, condominiums, and housing cooperatives directly to Congress,” said Dawn Bauman, chief executive officer of CAI. “Our members are everyday American homeowners and community association stakeholders seeking access to mortgage financing, disaster recovery assistance, and affordable housing for their families and future generations.”

Key legislative priorities for the 2025 summit included:

• ROAD to Housing Act: Advocating amendments to allow first-time buyers in condominiums, housing cooperatives or homeowners associations to use HUD counseling tailored to association finances, qualify for small-dollar mortgages, receive fair appraisals and access grants or low-interest programs for major repairs — reducing the need for special assessments.
• FEMA Act: Supporting legislation to ensure federal disaster recovery funds cover privately owned roads and facilities in homeowners associations for equitable access to cleanup and repair resources.
• Amateur Radio Emergency Preparedness Act (HAM Radio): Opposing legislation that could infringe on community self-governance while supporting disaster preparedness within associations.
• Insurance: Addressing rising property insurance costs, limited coverage options and mortgage eligibility challenges for condominiums.
• Fannie Mae and Freddie Mac lending: Advocating for fair condominium and cooperative lending policies and urging the Federal Housing Finance Agency to modify unrealistic lending requirements and disclose ineligible lists.
• Affordable housing: Supporting policies to increase housing affordability nationwide while maintaining community self-governance.

In total, Zillow is currently facing seven lawsuits consisting of claims ranging from antitrust violations, to copyright infringement and job discrimination. 

HousingWire took a deep dive into all of this litigation, putting together a summary of the allegation and litigation history so you don’t have to. 

Compass v. Zillow 

Filed in late-June 2025, the lawsuit contends that Zillow’s listing access standards policy, which bans listings that are not available for display on Zillow within one business day of them being publicly marketed, stifles competition and has caused irreparable harm to Compass. 

Compass has filed a motion for a preliminary injunction preventing Zillow from enforcing the policy, which they began rolling out nationwide on June 30, 2025. As of early November, Zillow was enforcing the policy in over 500 MLSs nationwide. In mid-October, Zillow published a post on its investor website noting that since it began notifying agents of non-compliant listings over the summer, roughly 90% of agents who receive a notice only receive one. 

Over the summer, the two parties were engaged in an expedited discovery process related to a hearing scheduled for Nov. 18, 2025, regarding Compass’s motion for a preliminary injunction. 

In a supplemental brief filed by Compass ahead of the hearing, the Robert Reffkin-helmed firm claims to have uncovered evidence that Zillow and Redfin, which is not a defendant in the lawsuit, but which also announced its own yet-to-be enforced listing access standards policy, colluded to prevent competition. 

CoStar v. Zillow

CoStar was the next to file a lawsuit against Zillow. In its suit filed in late-July in U.S. District Court in Manhattan, CoStar accuses Zillow of “rampant” copyright infringement of listing photos. The complaint claims that Zillow’s unauthorized use of CoStar images amounts to one of the largest real estate image infringement cases in history. The photos in questions of rental properties that appear on its site, as well as on Redfin and Realtor.com, through syndication deals. 

Last week, Zillow filed a motion to transfer the case from the Southern District of New York to a District Court in Seattle, where the company is based. In that motion, Zillow criticized CoStar’s litigation tactics, claiming that CoStar deliberately chose a forum outside the Ninth Circuit, where Zillow has previously gained favorable rulings, and implied that CoStar could have resolved the matter by asking Zillow to remove the photos instead of filing a lawsuit. 

This is not the first time Zillow has been sued for copyright infringement. It was previously sued by real estate photography firm VHT and was ordered to pay millions after a jury found it liable.

Herrera v. Zillow 

Filed in mid-September in U.S. District Court in Denver by Samuel James Herrera, who calls himself “a day-one Zillow employee,” the lawsuit alleges that Herrera was wrongfully terminated by Zillow in February 2024. According to the complaint, Herrera was forced out of the company after he complained of discrimination.

In the complaint, Herrera claims that Zillow conducted an extensive investigation into Herrera after a terminated employee accused him of sexual harassment and discrimination. Herrera was cleared in the investigation; however, he claims that the feedback he received from company leaders “was filled with stereotypes about Hispanic men.” 

Herrera’s time at Zillow ended in February 2024 after he took a veteran Zillow employee to a five-hour, $724 dinner to ask for advice on a difficult project. According to the complaint, Herrera had received approval for the dinner and that the total cost was “not extraordinary for Zillow working dinners.”

Despite this alleged approval, Herrera said he was terminated for allegedly violating the company’s travel and expense policy. 

Zillow has clarified that while the company was founded in 2004, Herrera was not hired until 2010. Additionally, the firm has stated that the “claims alleged in the complaint are inconsistent with Zillow’s culture and values,” and that the firm believes that they are “without merit.” 

Regulators v. Zillow

In addition to catching the ire of former employees and other real estate industry players, some of Zillow’s actions have also caught the attention of both state and federal regulators. 

In mid-February 2025, Zillow announced a $100 million multifamily rental syndication deal with Redfin. Through the partnership, Zillow became the exclusive provider of multifamily listings on Redfin, Rent.com and ApartmentGuide.com. 

This apparently piqued the interest of both the Federal Trade Commission (FTC) and attorneys general in Virginia, Arizona, Connecticut, New York and Washington. In late September, the FTC filed a lawsuit in U.S. District Court in Alexandria, Virginia, in which it claimed that Redfin and Zillow conspired to eliminate competition in the rental listing space and that their syndication agreement violates antitrust laws. This suit was followed a day later by one filed by the five states’ attorneys general with identical claims. 

Zillow has maintained that the deal “benefits both renters and property managers and has expanded renters’ access to multifamily listings across multiple platforms.”

The suit has been stayed pending the resolution of the government shutdown. 

The RESPA claims 

To top things off, Zillow is now facing two lawsuits claiming that it has violated RESPA. The two suits both involve Zillow’s Flex and Premier Agent programs, but they differ in their claims. 

The first lawsuit was filed by home buyer plaintiff Alucard Taylor in U.S. District Court in Seattle in mid-September. The lawsuit alleges that the portal tricks consumers into using agents affiliated with Zillow through its Flex and Premier Agent programs, resulting in inflated home purchase prices. 

Taylor is being represented by Steve W. Berman, a named partner at class action litigation firm Hagens Berman Sobol Shapiro LLP, the same firm that represented plaintiffs in the Moehrl commission lawsuit.

According to the complaint, Zillow has furthered its “scheme” to drive up agent commissions through its listing standards policy.

“This policy effectively requires sellers and their agents to forgo using other initial methods to advertise the home sale. The effect of this policy is to inflate the unjustly earned profits Zillow receives from its deceptive conduct, as it continues to increase its dominance of the market,” the filing states. 

But Taylor is not the only homebuyer plaintiff suing Zillow. Last week, homebuyer plaintiff Araba Armstrong filed a lawsuit in U.S. District Court in Seattle claiming that Zillow used illegal kickbacks to bolster the rapid growth of its ZHL mortgage business.

According to the complaint, Zillow pressures agents in its Premier Agent and Flex lead programs to steer buyers to Zillow Home Loans for their purchase mortgage pre-approval. Allegedly, agents who sent more clients to Zillow’s mortgage arm for their pre-approvals received extra or higher-quality leads in exchange. If agents in the Flex program fail to send a sufficient number of leads to ZHL for pre-approval, they risk being removed from the program. 

A Zillow spokesperson clarified that there are a number of factors Zillow considers and several requirements an agent must meet to be part of the Zillow Flex program. Zillow said that this list of factors is examined when considering to reduce a number of leads an agent receives, remove them from the program or increase the number of leads they receive.

This is not the first time Zillow has dealt with allegations of a RESPA violation related to its mortgage program. In 2023, prior to the launch of ZHL, Zillow settled a class action lawsuit related to its mortgage co-marketing program. The program was also allegedly under investigation by the Consumer Financial Protection Bureau (CFPB), but the investigation was dropped without the CFPB issuing an enforcement action.  

The agreement aims to convert listings from ByOwner.com and BuyOwner.com — which together attract more than 500,000 monthly visitors — into full-service listings through Fathom’s real estate network.

According to the National Association of Realtors, roughly 6% of U.S. home sales are listed as for-sale-by-owner (FSBO), and about one in five of those eventually transitions to a full-service agent, the companies said.

Through the partnership, ByOwner will refer sellers and buyers seeking additional support to Fathom’s nationwide agent network.

Fathom agents gain access to clients, while Fathom Realty receives a higher percentage split for each successful conversion.

“We're excited to partner with ByOwner to unlock this major segment of the market,” said Marco Fregenal, CEO of Fathom Holdings. “FSBO sellers who need extra support now have a direct path into Fathom's full-service platform, and our agents gain high-quality listing and buyer opportunities. This partnership further accelerates our growth and supports our mission to strengthen our position as a leading brokerage across the country.”

Colby Sambrotto, CEO of ByOwner.com, said the partnership expands options for users of the platform.

“Our mission has always been to empower sellers,” he said. “With Fathom, we're adding a best-in-class agent option for those who want or need full-service support, giving our sellers and buyers the full range of choice.”

ByOwner.com connects property owners directly with buyers and renters — offering tools and marketing resources for both residential and commercial listings.

At First American, which released its earnings in late October, company-wide revenue was up 41% annually to $2.0 billion, while net income rose to $189.6 million compared to a $104.0 million net loss a year ago. The firm’s title insurance revenue posted a hearty 42% increase to $1.836 billion, while the segment reported a pretax income of $236.2 million compared to a net loss of $130.3 million a year ago. 

These results came as the number of title orders opened during the quarter rose from 166,100 a year ago to 191,300 during Q3 2025. However, the average revenue per direct title order dropped 3% year-over-year to $3,801, which can be attributed to a shift in the mix from higher premium commercial transactions to lower premium refinance and default transactions. In total, the firm said revenue from refinance orders was up 28% annually. 

“Although we've seen an uptick in volumes, the refinance market remains at historically low levels,” First American CEO Mark Seaton said during his firm’s Q3 2025 earnings call. “We're at the early stages of the next real estate cycle, and our industry-leading investments in data, technology and AI position us to outperform as the market strengthens. By modernizing our platforms and integrating AI across our operations, we expect to drive significant productivity gains, reduce risk and unlock new revenue opportunities, further extending First American's leadership in the industry.” 

Stewart post strong gains

Like First American, Stewart’s title insurance segment also posted strong gains in Q3 2025. Overall, the company recorded $796.9 million in revenue, up from $667.9 million a year ago. This helped fuel an increase in net income, which rose from $30.1 million in Q3 2024 to $44.3 million in Q3 2025. 

Stewart’s title segment posted a 19% annual increase in revenue, which jumped to $659.9 million, while the segment’s pre-tax income rose 38% annually to $62.0 million. This growth came as the total number of title orders opened domestically fell slightly to 87,403 for the quarter, compared to 87,464 a year ago.

This is primarily due to a decrease in the number of “other” title orders opened during the quarter, which fell from 13,421 in Q3 2024 to 9,823 orders in Q3 2025. The number of refinance orders opened posted the largest gain, rising by nearly 1,500 orders year-over-year to 22,399 orders.

The decrease in the number of orders opened was partially offset by a 6% year-over-year increase in the average domestic residential fee per file, which came in at $3,200. 

“I am more confident in the market's ability to improve over the next 12 months this year than I was last year at this time. The housing market continues to become a bit friendlier for buyers as inventory has been growing,” Fred Eppinger, the firm’s CEO, said on Stewart’s their-quarter 2025 earnings call. “Looking ahead, we believe the housing market will continue to gradually improve over the coming year, and 2026 will be the beginning of a transition back towards a more normal existing home sales environment, which we characterize as 5 million existing homes sold.”

Fidelity sees growth

Fidelity also recorded strong results in Q3 2025, reporting total revenue of $4.03 billion, up from $3.603 billion a year ago, and net earnings of $358 million, again up from $266 million in Q3 2024. 

While Fidelity’s title segment also posted growth during Q3 2025, it did not post the same level of improvement as Stewart and First American. During Q3 2025, Fidelity’s title segment saw an 8% year increase in revenue to $2.3 billion. However, the segment’s pre-tax earnings fell year-over-year to $359 million compared to $372 million a year ago. This decrease comes even as the number of purchase orders opened on a daily basis during the quarter was up 1%, and the refinance orders opened on a daily basis increased 15% annually. Additionally, CEO Mike Nolan noted on his firm’s earnings call that the daily number of purchase orders opened in September was higher than in August. 

“This is atypical and due to the modest downward trend in mortgage rates during the quarter, which we believe is indicative of the pent-up demand for housing,” Nolan said. “Refinance volumes have been responsive as 30-year mortgage rates decreased by 30 basis points during the third quarter. This generated an increase in refinance orders opened to 1,600 per day in the third quarter, up from 1,300 in the sequential quarter.”

Nolan also highlighted Fidelity’s digital transaction platform inHere and noted that the company is working on enhancing its identity verification process. 

“These initiatives help combat the rise in impersonation and wire fraud in property sales, and they complement our existing efforts to deliver the most trusted, efficient and fully digital closing experience nationwide,” Nolan said. 

Other areas where Fidelity is applying more technology is through AI tools designed to improve productivity and margin efficiency.

“With thousands of employees now actively engaging with AI through structured training, pilot programs, and targeted departmental adoption, we are building a sustainable AI fluency across our organization,” Nolan said. “Over time, we believe that our ongoing investments in technology, combined with our robust curated data, will lead to increased efficiency and productivity in our operations that will continue to support our market-leading pre-tax title margin.”

Old Republic net income falls

Although Old Republic reported an 8.1% annual increase in total revenue, which came in at $2.086, the firm’s overall net income fell to $279.5 million, from  $338.9 million a year ago. The dip in net income came as operating expenses rose 8.2% annually to $2.071 billion. 

The firm’s title insurance operation earned $767.0 million in net premiums and fees up 8.3% annually, and title insurance underwriting income rose 16.7% from a year ago to $27.8 million. The title insurance segment’s pretax net income also rose, jumping 13.7% annually to $45.7 million.

“The third quarter market story is a continuation of what we reported last quarter. We still see strong activity in the commercial sector, a modest uptick in refinance activity, and a softness in the residential purchase market driven by persistent price and affordability challenges,” Carolyn Monroe, the president of Old Republic National Title Holding Company, said during the firm’s third-quarter earnings call.

Like Fidelity, Monroe said her firm is also focused on technological advancements. 

“During the quarter, we continued progressing with the advancement of digital transactions tools and solutions for our direct operations and title agents through our strategic partnership,” Monroe said. “We remain focused on the importance of providing our agents with the innovative technological solutions required to maintain a competitive edge.”

The agentic AI company said in a press release that Haddad’s appointment marks a new phase in its efforts to expand end-to-end automation for brokers and non-delegated correspondent lenders.

Haddad joins bevri.ai with extensive mortgage industry experience. He's best known as the current CEO and chairman of the Association of Independent Mortgage Experts (AIME), a role he will continue to serve in.

“bevri.ai represents the evolution of what technology should do for the mortgage industry,” Haddad said in a written statement. “We’re taking the power of artificial intelligence and putting it directly in the hands of brokers so they can close faster, communicate better, and focus entirely on relationships instead of process."

“Our goal isn’t just speed, it’s clarity,” he added. “Technology should amplify human potential, not replace it. bevri.ai is here to make complex systems simple, intuitive and profitable for the people who drive this business every day.”

Haddad began his career in retail lending, advancing through leadership roles at one of the nation’s largest lenders before becoming managing partner at Next Door Lending. His most recent position at Next Door, per his LinkedIn account, was as president.

Haddad confirmed in a LinkedIn post his new position, and wrote, "I will have more details on my other ventures. To answer the basic questions…no, I am not leaving AIME and no I am not leaving Next Door Lending. Yes, there will be changes in my day-to-day."

Before Next Door, Haddad worked at Quicken Loans for several years.

Haddad expressed excitement to HousingWire about his new position. "The goal is simple, a true one-touch close with every lender," he said. "It shouldn’t matter what the underwriting guidelines, overlays, or nuances are. I still originate, using the same lenders and platforms as thousands of brokers nationwide, which gives me a front row seat to what’s broken and what’s possible."

Haddad continued, "Imagine a world where no matter the client, situation, or lender, you know exactly what’s needed to close with confidence. That’s the future we’re building, using AI and strategic partnerships with lenders to make One Touch Close the new standard."

“bevri.ai is building technology that delivers on what so many have promised, and few have achieved,” said Jason duPont, an investor in the company and the chief operating officer at NEXA Lending. “Jonathon’s leadership and bevri’s intelligence platform are poised to reshape how brokers experience automation, combining innovation with real-world impact.”

Not long ago, a situation discussed during one of our coaching calls served as a powerful reminder of how quickly professionalism can unravel when communication falters. While names and details have been changed, the lessons are universal.

When the message gets lost

In this case, a transaction became complicated when multiple buyer’s agents and a listing agent miscommunicated about compensation. Somewhere between the initial outreach, the offer, and the documentation, key information about commission expectations went missing.

The breakdown didn’t just cause frustration. It exposed a deeper issue that every agent must face head-on: How do we maintain fiduciary duty when others in the transaction don’t follow proper protocol?

The real issue is steering and fiduciary duty

One of the buyer’s agents expressed that had they known the seller wasn’t offering buyer-side compensation, they wouldn’t have shown the property. That statement, while perhaps said in frustration, highlights a critical legal and ethical concern.

Steering — deciding what homes to show based on compensation rather than client needs — is not only unprofessional but illegal. Agents must base every recommendation on the buyer’s best interest, not their own compensation. Anything less compromises trust, violates fiduciary duty and weakens public confidence in our industry.

The ripple effect

Even well-intentioned agents can make missteps when trying to smooth things over. In this scenario, the listing agent, hoping to keep the deal together, went back to her seller to amend the agreement and offer compensation that wasn’t part of the original listing.

The intention was good, but the execution undermined the seller’s original wishes and created confusion about representation and value. When agents absorb responsibility for others’ mistakes, they risk damaging client relationships and credibility.

The teachable moment

What should happen instead?

When a situation like this arises, transparency is your best ally. Present the facts exactly as they stand. Explain each option clearly and let your client decide how to proceed. The moment you deviate from the agreed-upon terms to “fix” another agent’s oversight, you shift the fiduciary balance.

Protecting your client means honoring their choices, not rewriting them under pressure.

Raising the bar together

As the industry continues adjusting to new compensation structures, confusion will happen. Some agents will adapt quickly; others will resist. What matters most is how you respond.

Don’t let untrained or misinformed agents shake your professionalism. Stand firm in your fiduciary duty, document everything, and communicate clearly and calmly.

This moment in real estate history is redefining what it means to be a true professional.

Let’s make sure that definition includes transparency, accountability, and the courage to do what’s right — even when it’s inconvenient.

The bottom line? Communication isn’t just a skill; it’s a safeguard. When we hold the line on ethics and clarity, we don’t just protect our clients. We protect the integrity of our entire profession.

We all share the same goal: To protect consumers and elevate the standards of our profession. Conversations like these aren’t always comfortable, but they’re how we get better. And for those of us who train and coach agents every day, we’ll keep showing up to help ensure that better becomes the new normal.

Darryl Davis, CSP, has spoken to, trained, and coached more than 600,000 real estate professionals around the globe. He is a bestselling author for McGraw-Hill Publishing, and his book, How to Become a Power Agent in Real Estate, tops Amazon’s charts for most sold book to real estate agents.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the editor responsible for this piece: tracey@hwmedia.com

The deal, announced on Monday, combines Atlantic Coast Mortgage’s technology-driven lending platform with Tidewater’s regional presence and reputation for customer service, the companies said in a joint announcement. Terms of the transaction were not disclosed in the announcement.

Atlantic Coast Mortgage president and co-founder Jon Coy said the acquisition marks “an important step” in the company’s effort to expand its reach while maintaining a focus on client service.

“Tidewater’s deep roots and outstanding reputation across the Mid-Atlantic align perfectly with our vision and values,” Coy said. “Together, we will deliver an exceptional mortgage experience on a larger scale while continuing to give back to the communities we serve.”

Tidewater President Rob Runnells said joining Atlantic Coast Mortgage will allow the company to broaden its products and resources while maintaining its culture. According to Modex, Tidewater has a year-to-date volume of $389.41 million.

“Our clients will benefit from ACM’s advanced technology platform and national resources, and our employees will have new opportunities for growth,” Runnells said.

Founded in 2011, Atlantic Coast Mortgage originates residential mortgages and construction loans. It operates 23 branches across Virginia, Maryland, the District of Columbia, North Carolina, South Carolina and Florida. Year to date, the company has produced a total volume of $1.73 billion, according to Modex data.

An increase in the MCAI, which relies on ICE Mortgage Technology data, is indicative of loosening credit. The index was benchmarked to 100 in March 2012. Conversely, a decline in the MCAI indicates that lending standards are tightening.

The conventional MCAI increased 4.1%, while the government MCAI increased by 0.1%. Of the component indices of the conventional MCAI, the jumbo MCAI increased by 5% and the conforming MCAI rose by 2%.

Joel Kan, MBA’s vice president and deputy chief economist, noted that October's credit availability level was the highest seen since 2022 due to investors broadening their loan offerings.

“The increase was driven by growth in conventional mortgage credit availability, while government credit supply changed little," Kan added. "A greater number of ARM and cash-out refinance loan programs contributed to credit supply growth, although the programs were mostly limited to higher credit score borrowers.

"A steeper yield curve, leading to a bigger differential between fixed-rate mortgage rates in comparison to ARM loan rates, has increased the popularity of ARMs in recent months. Additionally, more non-QM programs supplemented the increase in the jumbo index to its highest level since 2020.”

The conventional, government, conforming and jumbo MCAIs use the same methodology as the larger MCAI index. They measure relative credit risk and availability within their loan categories.

The government MCAI tracks Federal Housing Administration, U.S. Department of Veterans Affairs and U.S. Department of Agriculture loan programs, while the conventional MCAI covers nongovernment loans.

The conforming and jumbo MCAIs are subsets of the conventional index, with the conforming MCAI tracking loans within conforming limits and the jumbo MCAI tracking those above the limits.

The broader MCAI includes an expanded historical series dating back to 2004, providing context on credit availability through the housing crisis and recovery. Data before March 2011 was based on semiannual observations and interpolated monthly for consistency. The historical methodology has not been updated.

The lawsuit was initiated in early June by all three Alexander brothers, including both real estate agents Tal and Oren Alexander, and their brother Alon Alexander. However, they did not file a complaint until early November. The brothers were arrested in Miami in early December 2024 under federal sex trafficking allegations. 

The Real Deal began covering the rape and sexual assault allegations lodged against the brothers during the summer of 2024. 

According to the complaint, The Real Deal “intentionally and recklessly published a series of false and misleading stories accusing the Alexanders of rape and sexual abuse,” and that the publication “refused to consider or publish anything that called into question its false narrative.” 

The complaint goes on to claim that Oren Alexander shared information that would clear him of fault with The Real Deal, but that the publication did not publish this information. According to the complaint, The Real Deal did this to increase subscriber count and please advertisers.

The complaint also rebuffs The Real Deal’s claim that Oren Alexander threatened the publication in early March 2025, claiming that these allegations were false. 

“TRD’s unlawful conduct was knowing, malicious, willful and wanton and/or showed a reckless disregard for the Alexanders’ rights, which has caused, and continues to cause them to suffer permanent and irreparable harm to their professional and personal reputations,” the complaint states. 

The Alexanders are currently awaiting trial in the sex trafficking lawsuit. They were denied bail by both district and appeals court judges. In addition to this lawsuit, they also face several civil lawsuits from alleged victims.

The brothers announced a leave of absence from their brokerage Official Partners in June 2024 after the original allegations surfaced. 

The brothers are seeking $500 million in punitive and compensatory damages.

The Real Deal did not immediately return HousingWire’s request for comment.

Homeowners entered the fourth quarter of 2025 with $11.2 trillion in tappable equity — the amount that can be accessed while retaining at least 20% equity in their properties. This translates to an average of $204,000 available to borrow, according to the November 2025 Mortgage Monitor Report from ICE Mortgage Technology.

Annual home-price appreciation increased to 0.9% in October following nine months of slowing appreciation. But with ICE’s Conforming 30-year Fixed Mortgage Rate Lock Index at 6.17% in late October — the lowest rate in a year — the cost to withdraw $50,000 in equity has fallen by more than $100 per month from recent highs.

For homeowners using home equity lines of credit (HELOCs), rates have dropped from nearly 10% in early 2024 to the low-7% range as of Q3 2025, according to the report.

“Homeowners still have near-record amounts of tappable equity, and the cost to access that equity continues to improve,” Andy Walden, head of mortgage and housing market research at ICE, said in a written statement. 

Lower rates are also reopening the refinance window. The number of borrowers who meet traditional credit requirements (+720 score) have at least 20% equity in their home while being able to save at least 75 basis points through a refi rose to 1.7 million — the highest number since early 2022.

When including all borrowers regardless of credit score or equity, 4.1 million are “in the money” to refinance, a figure that could rise to 5 million if rates decline to 6.125%. according to ICE.

"The recent easing in mortgage rates has begun to open the refinance window for many borrowers, particularly those who originated loans in the past two years,” Walden added.

“As refinancing and equity-tapping become more favorable, lenders and servicers have an opportunity to proactively support borrowers,” Tim Bowler, president of ICE Mortgage Technology, said in a statement.

On Monday, the firm announced that it has acquired Delta South Title Inc., for an undisclosed sum. This acquisition marks Propy’s entrance into Alabama. 

Earlier this fall, Propy announced that it was looking to acquire an average of 10 title firms across the country valued at $10 million with $5 million to $50 million in revenue and “strong local roots.” 

With over 40% market share in Mobile County, Alabama, Propy said that Delta South Title fits this mold. 

“As consolidation accelerates and technology reshapes every part of the real estate transaction, we want to empower independent title firms that are already performing at the top of their market but ready to embrace AI to scale further,”  Natalia Karayaneva, the CEO of Propy, said in a statement. “By bringing Propy’s AI and blockchain infrastructure to modernize closings, we’re giving this team the tools to double their deal capacity and triple profitability.”

According to Delta South Title owner Kyle Couch his interest in Propy was prompted by a desire to not get “left behind when AI started taking over.”

“When Propy came along, it just clicked that this is where the market is headed,” Couch said in a statement. “Propy made me realize that even with steady profits, we were still turning down business because of how much time we spent on paperwork. What sold me was giving my employees more time back, helping them work smarter, not harder. We’re excited to see how we can grow together.”

According to the release, Crouch and his team are excited to embrace Propy’s technology and are looking forward to leveraging it to fuel future growth.

Propy said it plans to use this acquisition as a model for future roll-ups.

In October, Karayaneva told HousingWire that Propy was embracing this strategy in order to help accelerate its path to a $1 billion valuation. 

“We’ve been growing organically really well, but it would take about five years to get to a $1 billion valuation if we continue at our current organic growth rate,” Karayaneva said. “By acquiring companies, we plan to get to that $1 billion valuation within the 18 months.” 

On Friday, Araba Armstrong filed a lawsuit in U.S. District Court in Seattle claiming that Zillow used illegal kickbacks to bolster the rapid growth of its mortgage business. Araba is a first-time homebuyer from Anchorage, Alaska, who purchased a home with the help of a buyer's agent she connected with through Zillow. She claims that she obtained a pre-approval, and eventually her mortgage from ZHL, at the direction of her agent. 

The lawsuit alleges that Zillow has violated  the Real Estate Settlement Procedures Act (RESPA) and the Washington Consumer Protection Act. Additionally, the lawsuit claims that Zillow aided and abetted real estate agents in breaching their fiduciary duty to consumers. 

According to the complaint, Zillow pressures agents in its Premier Agent and Flex lead programs to steer buyers to Zillow Home Loans for their purchase mortgage pre-approval. Allegedly, agents who sent more clients to Zillow’s mortgage arm for their pre-approvals received extra or higher-quality leads in exchange. If agents in the Flex program fail to send a sufficient number of leads to ZHL for pre-approval, they risk being removed from the program. 

Plaintiff claims buyers were steered

The plaintiff claims that buyers were steered to ZHL for their pre-approval without being informed that a large lead source for their agent depended on this. 

“Zillow’s system harms consumers, who are robbed of the disinterested advice of their fiduciary real estate agent, and instead are unknowingly steered towards ZHL’s limited and often uncompetitive mortgage products,” the complaint states. “Zillow’s system ensures that agents’ financial interests are aligned with Zillow’s corporate goal of maximizing mortgage originations through ZHL, not with their clients’ best interests.”

According to the complaint, Araba was “not informed of Zillow’s quotas, incentives, or requirements linking the agent's access to Zillow leads to referrals or pre-approvals with ZHL.” 

Additionally, the complaint claims that Zillow knew that allegedly forcing Zillow Flex agents to steer clients to ZHL constituted a breach of the agents’ fiduciary duties to their clients. 

“The Participating Agents’ fiduciary breaches caused consumers to incur loan costs, lose access to more favorable lending programs, and receive biased guidance from agents who appeared to act in their best interests but were influenced by Zillow’s financial incentives, undisclosed to the consumers,” the complaint states. “Despite that knowledge, Zillow knowingly and substantially assisted Participating Agents in the primary wrong of breaching their fiduciary duties.”

Seeking class-action status

The lawsuit is seeking class-action status, for a proposed class of “all persons in the U.S. who were referred to ZHL by a participating agent, and obtained a mortgage loan from ZHL in connection with the purchase of residential property.” 

The plaintiff is demanding a jury trial, damages and is asking for injunctive relief preventing Zillow from continuing these allegedly unlawful practices. 

Last month, The Capitol Forum published a report claiming that their research and reporting shows that Zillow’s Flex program could violate RESPA. The report detailed interviews with several agents, many of whom claimed they were Zillow Flex agents, in which they said that Zillow required Flex agents to steer homebuyers to use ZHL for their loan pre-approval. 

A Zillow spokesperson clarified that there are a number of factors Zillow considers and several requirements an agent must meet to be part of the Zillow Flex program. Zillow said that this list of factors is examined when considering to reduce a number of leads an agent receives, remove them from the program or increase the number of leads they receive.

In an emailed statement to HousingWire regarding the allegations in The Capitol Forum article, a Zillow spokesperson wrote that the company is “always focused on providing the best experience possible for consumers looking to buy, sell, rent and finance,” and is guided by its “commitment to operate responsibly and in accordance with applicable laws.”

“Our approach prioritizes transparency and consumer choice, ensuring consumers receive the information and services they want and ask for at the right time throughout their real estate journey,” the spokesperson wrote. “Through our strong partnerships with real estate agents, ongoing product innovation and steadfast advocacy for consumers, we continue to set a high standard for responsible engagement across the real estate industry.”

This is not the first time Zillow has dealt with allegations of a RESPA violation related to its mortgage program. In 2023, prior to the launch of ZHL, Zillow settled a class action lawsuit related to its mortgage co-marketing program. The program was also allegedly under investigation by the Consumer Financial Protection Bureau (CFPB), but the investigation was dropped without the CFPB issuing an enforcement action. 

Zillow did not immediately respond to HousingWire’s request for comment about the lawsuit. 

Weekly housing inventory data

Housing inventory growth during the prime selling season was up 33% year over year, and recently it has moved lower toward 16%. As demand picked up slightly, and new listings data began to decline, the growth rate of inventory has slowed by half, but remains up year over year in a healthy manner. The year-over-year growth has provided a much more buyer-friendly marketplace, but we are entering the seasonal decline in inventory for 2025.

• Weekly inventory change (Oct. 31-Nov. 7 ): Inventory fell from 856,701 to 842,242
• The same week last year (Nov. 1-Nov. 8): Inventory fell from 735,663 to 721,576

New listings data

Over the past three weeks, our Housing Market Tracker has shown some fluctuating data, but things seem to be returning to normal. Last week, we saw some growth in new listings even as we enter a seasonal decline period. Once again, in 2025, the new listings data is not exhibiting any signs of seller stress.  

To give you some perspective, during the years of the housing bubble crash, new listings were soaring between 250,000 and 400,000 per week for many years. Here’s last week’s new listings data over the past two years:

• 2025: 55,481
• 2024: 48,863

Price-cut percentage

In a typical year, approximately one-third of homes experience price reductions, highlighting the dynamic nature of the housing market. Homeowners adjust their sale prices as inventory levels rise and mortgage rates stay elevated. With more inventory and higher rates, our price-cut percentage data is higher than last year.

For my 2025 price forecast, I anticipated a modest increase in home prices of approximately 1.77%. This suggests that 2025 will likely see negative real home prices again. The rise in price reductions this year compared to last year reinforces my cautious growth forecast for 2025.

Here are the percentages of homes that saw price reductions in the previous week in the last two years:

• 2025: 41.7%
• 2024: 40%

Mortgage rates and the 10-year yield

In my 2025 forecast, I anticipated the following ranges:

• Mortgage rates between 5.75% and 7.25%
• The 10-year yield fluctuating between 3.80% and 4.70%

It was an eventful week for the bond market. Although it was supposed to be jobs week, the usual data we rely on was not available due to the government shutdown. However, the positive ADP report and ISM new orders caused bond yields to rise. The following day, we received labor data that was softer than expected, resulting in a decline in yields.

Overall, the 10-year yield is currently near its yearly lows. This trend is not a result of cooling inflation, but rather a reflection of a weakening labor market, particularly in 2025. The 10-year yield ended up closing roughly where it started the week at 4.10% and mortgage rates ended the week just a tad lower at 6.32%, according to Mortgage News Daily, with Polly rate lock data closing at 6.31%.

Mortgage spreads

Mortgage spreads have been the best story for mortgage rates in 2025. We are only 0.29% basis points away from normal levels again. The main thing to remember is that mortgage rates would not get near 6% if the spreads didn’t improve this year, and we still have some room for improvement next year. 

Historically, mortgage spreads have ranged between 1.60% and 1.80%. If the spreads today were as bad as they were at the peak of 2023, mortgage rates would currently be 1.01 percentage points higher. Conversely, if the spreads returned to their normal range, mortgage rates would be 0.59% to 0.39% lower than today’s level. With normal spreads, mortgage rates would be at 5.83% to 6.03% today.

Purchase application data

We’ve had 14 weeks of testing the housing data in 2025 with mortgage rates under 6.64%. In the last few years, housing data has performed better when mortgage rates have fallen below 6.64% and headed toward 6%.

Over the last 14 weeks, we have had eight positive prints, six negative prints and 14 consecutive weeks of double-digit year-over-year growth in purchase apps. Last week saw a 1% decline from the previous week but a 26% increase year-over-year. 

Earlier in the year, we saw healthy year-over-year growth, but the weekly data was choppy. The last 14 weeks have been the best of the year, but I would like to see 4 to 6 more weeks of positive week-to-week data. Usually, when rates increase, it does impact the weekly data for next week. 

Here is the weekly data for 2025 so far:

• 20 positive readings
• 17 negative readings
• 6 flat prints
• 40 straight weeks of positive year-over-year data
• 27 consecutive weeks of double-digit growth year over year 

Weekly pending sales

Our weekly pending home sales have been quite volatile, mainly due to the impact of a two-week holiday and the recent AWS outage that affected one of our reporting weeks. However, it appears that things are returning to normal, and we've observed a nice week-to-week increase.

On a year-over-year basis, we are showing significant growth. Remember that last year at this time, mortgage rates surged toward 7%, so take that into account when comparing year-over-year data. Nonetheless, mortgage rates near 6% can have a positive  impact on the housing market.

Weekly pending sales for last week:

• 2025: 59,245
• 2024: 51,277

The week ahead: No inflation week yet 

Typically, I would refer to this as inflation week, but until the government shutdown is resolved, the focus will be on some significant bond auctions that could introduce volatility. Additionally, a few speeches by Federal Reserve presidents may also impact the market. We would normally see retail sales data, but that is unavailable during the shutdown as well. Still, there are still enough events this week to influence rates.

You also have to factor in a higher mortgage rate than what you get with a 30-year fixed loan.

On Sunday, FHFA Director Bill Pulte responded to the backlash with this post: "We hear you. We are laser focused on ensuring the American Dream for YOUNG PEOPLE and that can only happen on the economic level of homebuying. A 50 Year Mortgage is simply a potential weapon in a WIDE arsenal of solutions that we are developing right now. STAY TUNED!"

What's the interest rate on a 50-year loan?

So how much would a 50-year mortgage end up costing homebuyers? To answer that, we have to consider the mortgage rate and the interest paid over the life of the loan, and compare that to the benefit of a lower monthly payment.

HousingWire Lead Analyst Logan Mohtashami outlined what the rate on a 50-year loan could look like.

"Traditionally, the longer the amortization, the higher the mortgage rate," said Mohtashami. "Looking at the difference between a 20-year mortgage and a 30-year mortgage, the best-case scenario for a government-backed 50-year loan product would put rates most likely between 0.42% to 0.57% higher than a 30-year fixed mortgage.

"Using the 30-year fixed mortgage rate at the close on Friday of 6.32%, you could be looking at mortgage rates of 6.74%-6.89% for a 50-year loan. It could be higher than that, but that's the best-case scenario I see," Mohtashami said.

Taking that 6.32% for the 30-year and using 6.80% for the 50-year, here are the payments according to the Fannie Mae mortgage loan calculator, at different price points. This is only calculating the principal and interest payment, as the rest of the monthly payment — taxes and insurance — vary too much by location to provide a valuable average.

Below is another view of the difference in interest payments over the life of the loan between the two loan terms.

Regulatory challenges could mean higher rates

The interest difference could be much starker depending on how a 50-year mortgage is structured for the market. After the great financial crisis, Congress passed the Dodd-Frank Wall Street Consumer Protection Act which stipulated the kinds of mortgages that Fannie Mae and Freddie Mac would buy on the secondary market.

"A 50-year mortgage would not violate the Dodd-Frank Act outright, but it would not qualify as a Qualified Mortgage (QM) under the Act's Ability-to-Repay (ATR) rules," said James Brody, managing partner at Brody Gapp LLP. "Current regulations cap QM loans at a 30-year term, so any loan exceeding that duration falls outside the standard."

"In practice, this means a 50-year loan could only be originated as a non-QM mortgage, which lacks the legal safe harbor protections of a QM and typically carries higher interest rates. Unless the ATR rules are amended to include 50-year terms, lenders would be unable to sell these loans to the GSEs (Fannie Mae and Freddie Mac), severely limiting the product’s liquidity.

"In short, while not illegal, a 50-year mortgage has very limited salability in the secondary market under the current Dodd-Frank framework," Brody said.

Flávia Furlan Nunes contributed reporting to this story.

The image Trump posted on Truth Social features a head shot of President Franklin Delano Roosevelt under the title 30-year mortgage, and his own head shot under a title of 50-year mortgage. Pulte then replied: "Thanks to President Trump, we are indeed working on The 50 year Mortgage - a complete game changer."

As with other official announcements on social posts, there wasn't a lot of detail provided and nothing has been posted on the White House press page as of this writing.

The president has been focused on the issue of housing affordability throughout his term, leading off on inauguration day with an executive order for emergency price relief in housing. He has also pressured Federal Reserve Chair Jerome Powell to lower interest rates and launched investigations against Fed members and tried to fire them to try to achieve lower rates.

A longer fixed-rate amortization on mortgage loans would lower monthly payments. Using Fannie Mae's mortgage loan calculator with a 20% down payment and a mortgage rate of 6.575%, the breakdown below shows payments at different home prices and mortgage terms. This is just for principal and interest and doesn't include property taxes or insurance. It also assumes the same interest rate for a longer-term loan, which is not a given.

$300,000
30-year fixed: $1,529 principal and interest
40-year fixed: $1,418 principal and interest
50-year fixed: $1,366 principal and interest

$400,000
30-year fixed: $2,038 principal and interest
40-year fixed: $1,891 principal and interest
50-year fixed: $1,822 principal and interest

$500,000
30-year fixed: $2,548 principal and interest
40-year fixed: $2,363 principal and interest
50-year fixed: $2,277 principal and interest

While the longer mortgage term does reduce the monthly payment, it also reduces the amount of equity homeowners build and at some point, the savings are minimal — as you see between the 40- and 50-year terms above.

There is also a legal obstacle to a 50-year mortgage. After the great financial crisis, Congress passed the Dodd-Frank Wall Street Consumer Protection Act which made mortgage underwriting stricter. The Qualified Mortgage (QM) rule is part of that legislation and does not currently allow a 40- or 50-year mortgage, so that would have to be changed for this proposal to get widespread adoption. It's possible that a 50-year mortgage could be offered by lenders as a non-QM mortgage, which typically comes with higher mortgage rates to balance out the risk.

The drop in equity is one reason HousingWire Lead Analyst Logan Mohtashami doesn't like the idea.

"I understand that we have housing affordability challenges in America, but subsidizing more demand from 30- to 50-year mortgages is not the policy we want to take now. Housing has to balance itself out through slowing home-price growth and wages increasing — as it has for many decades. To add another subsidization to the market just prevents that healing process from occurring, which also prevents less equity build out as well. So I am not a fan of any increasing in the amortization, the 30-year fixed is perfectly fine as is.

"Additionally, a 50-year mortgage is currently illegal under the qualified mortgage law, so that would have to change as well," Mohtashami said.

Lambert quoted Pulte as saying: "I anticipate that the president will make a decision either this quarter or early next year as it relates to the IPO."

The future of Fannie and Freddie has been a hot topic in President Trump's second term as the two government sponsored enterprises spend their 17th year in conservatorship following the great financial crisis. Releasing them from that conservatorship is complicated, since they now backstop about 70% of all mortgage loans in the U.S., providing liquidity and stability in the market.

Privatizing Fannie and Freddie would take years, experts say, because it will require addressing their regulatory capital requirement shortfall, the status of Treasury's senior preferred shares and the current implicit guarantee. Selling some shares while they remain in conservatorship would be an easier option.

In May, Trump said he was "giving serious consideration to bringing Fannie Mae and Freddie Mac public" and would make a decision in the "near future." A week later he clarified that any change would keep the implicit guarantee intact.

In July, Trump met with CEOs of some of the country’s biggest banks, including JP Morgan Chase CEO Jamie Dimon, Goldman Sachs Group CEO David Solomon, and Bank of America CEO Brian Moynihan, to one-on-one pitch meetings to discuss the future of the GSEs.

In August, the Trump administration said it planned an IPO for Fannie and Freddie later this year and believed it could raise roughly $30 billion from the initial stock offering. A few days later, Trump posted an AI image of him at the New York Stock Exchange with the words: MAGA LISTED NYSE and The Great American Mortgage Corporation, with a date of November 2025. The image fueled speculation about the FHFA merging Fannie and Freddie but the idea has gotten significant industry pushback.

The transaction, announced Friday, expands Stewart’s suite of services in the property preservation arena, which supports default servicing, while providing MCS with additional capital to invest in other business lines.

The deal is expected to close before the end of the year and will be immediately accretive, Stewart said. The company plans to fund the transaction with available resources. The acquired division will continue operating as a standalone company.

“Property preservation services are critical and necessary for servicers as part of the mortgage lifecycle, and currently a service Stewart does not offer,” Stewart CEO Fred Eppinger said in a statement.  

Founded in 1986, MCS is selling its property preservation, inspection and other asset management and maintenance operations. But it will continue to operate its MCS Commercial, MCS Residential and MCS Government Services divisions and brands.

Processes, operations and technology to support mortgage servicers and lenders will transition to Stewart. In recent years, MCS has expanded through acquisitions of preservation leaders MSI and Five Brothers Asset Management Solutions.

“Our mortgage services customers will continue to receive the exceptional services MCS has delivered for years under this new ownership,” Craig Torrance, CEO of MCS, said in a statement. "The remaining MCS businesses will continue to operate under the MCS brand and are well-poised for continued growth.” 

The sale provides additional capital and flexibility for future growth at MCS, which is currently led by a group of investors including Littlejohn & Co., Lynstone Holdings and Neuberger Berman Alternatives Advisers. Andrew Nolan will remain president of residential and commercial operations for MCS, reporting to Torrance.

Troutman Pepper Locke served as outside counsel to Stewart. Macquarie Capital acted as exclusive financial advisor to MCS, and BakerHostetler served as its legal adviser.

“I'm a computer nerd turned lawyer, turned founder, but I think of myself primarily as a product manager,” Nejatian said during Thursday evenings call. “That's what I've spent most of my career doing: building products and leading teams to build better products faster. I'm not the guy you invite to your place if you want someone to bring to party. I'm the guy you invite to your party if you want someone to fix your Sonos.”

Based on Opendoor’s Q3 2025 financial results, Nejatian will have his work cut out for him. During the third quarter, Opendoor’s revenue shrank from $1.377 billion in Q3 2024 to $915 million, as the net loss for the quarter ballooned to $90 million, as compared to $78 million a year ago.

As he looks to right the ship at Opendoor and bring the company back to profitability, he told investors and analysts that he and his leadership team are “going to make a bunch of changes,” and that the “new Opendoor” will look nothing like the old one.

One of the first changes Nejatian has made at Opendoor is increasing the pace at which the iBuyer purchases homes.

“On my first day at work on September 15, Opendoor had entered into contracts to buy 120 homes in the prior seven days. By last week of October, that number had risen to 230 homes. In seven weeks, we nearly doubled our speed of acquisition,” Nejatian said. 

According to Nejatian, the “old Opendoor” was slow and “broken” because it had “lost faith in the power of software to make selling, buying and owning a home easier.”

“It just kind of thought of itself as an asset manager trying to predict the economy. The previous Opendoor also didn't really believe in the power of AI to do anything, much less to make our work less toilsome,” he said.

When Nejatian joined the firm in September, he claims that “there were a dozen people whose only job it was to copy and paste information from PDFs into glorified spreadsheets.” Nejatian also claims that the company was wasting “millions of dollars” paying a “well-known consulting firm” to make decisions that he feels should have been made by executives. But most importantly, according to Nejatian, Opendoor had "become so risk averse that it no longer really believed in buying and selling homes.”

Bolstering this claim, Nejatian said, is the fact the Opendoor purchased fewer homes in Q3 2025 than it has since 2017, when the firm just launched. During the quarter, Opendoor purchased a total of 1,169 homes, down 3,504 homes purchased a year ago.

“In the last few weeks, we've reversed course on all these decisions,” Nejatian said. “We are ditching manager mode. We're now firmly in founder mode. We are refounding this company.”

Core beliefs remain

Looking to the future, Nejatian said there are a few core beliefs the company maintains. These include that it is a software company, that AI will empower its operation, and that its leaders are there to make hard decisions and drive operational excellence. As Opendoor looks to get back to profitability, Nejatian said the firm is committed to only spending money on channels that give it “great payback” and that they are going to “stop spray and pray marketing.”

“We're going to profit from flow, speed and tight spreads, not on bets on the direction of the economy. Our business plan is simple: Buy and sell lots and lots of homes quickly, be operationally excellent, and increase our value to each homeowner by launching services like mortgage, insurance, and warranty,” Nejatian said. 

He and the Opendoor leadership team are envisioning a future where a homebuyer will choose their home, financing, warranty and insurance all in one place. Hedging on this bet, Opendoor launched Opendoor Checkout earlier this week. The new feature, which is only available in certain markets currently, allows buyers to tour an Opendoor home and place an offer to buy it on Opendoor’s website without ever talking to a person or agent. 

“We are shipping the buy now button for homes on the internet,” Nejatian said. “Right now, homeowners have to deal with a bunch of different companies, brokers, agents, a lot of different stuff to get what they need for a house. That doesn't make sense. We have the internet. We're going to fix this.” 

In addition to Checkout, since Nejatian took the helm at Opendoor, the firm has launched several other new features and products, including automated title and escrow, a home trade in widget for builders and Buyer Peace of Mind, which he said gives buyer’s certainly when they purchase a home through a home warranty and early move-in. 

While Nejatian has grand plans for the future of Opendoor, he acknowledged that the path forward would not be easy and that they were bound to make mistakes. However, he assured investors and analysts that he and the leadership team would be accountable.

“At every single step, you're going to see us care deeply about our mission and be transparent as we build,” he said. “I’m incredibly bullish. I am more bullish today than I was when I took this job. I think we're going to actually make a change and make a real difference in the future of homeownership in this country.”

With the acquisition, Linthicum-based NFM will expand its presence along the East Coast, while Homespire will gain access to new growth opportunities amid a challenging market for smaller mortgage lenders. 

Founded in 1998 by David Silverman, NFM originated about $7.15 billion in mortgages over the past 12 months — primarily in Florida, Maryland and Ohio — according to RETR data. As of Friday, the company had about 480 producing loan officers across 96 branches, the data shows.

NFM Lending president and chief operating officer Bob Tyson told HousingWire that the transaction allows NFM to expand its “reach and resources,” since Homespire is “a great smaller organization.” 

“They get access to all the bells and whistles of a larger organization — products, technology — we are able to provide for them,” Tyson said.

Homespire is led by president Michael Rappaport. Per RETR, it has 42 producing LOs across 10 branches and originated about $490 million over the past year, with more than half of that volume tied to conventional loans.

Most of its business comes from Maryland, Virginia and Florida, giving NFM deeper exposure along the East Coast and adding an experienced management team.

“The deal is about synergies. They're also local, Michael has an excellent reputation and we welcome his leadership here,” Greg Sher, managing director at NFM, said in an interview. “One of the things we look forward to the most, every time we do a deal, is to dig into their processes and extract nuggets to make NFM better.”

Homespire, headquartered in Gaithersburg, will operate as a division of NFM under the name Homespire Home Loans and will continue to be led by Rappaport.

NFM extended job offers to Homespire’s loan officers, processors, underwriters and closers, among other professionals, according to Tyson. Like other brands under the NFM umbrella — including Main Street Home Loans, Bluprint Home Loans, Elevate Home Loans and Element Home Loans — Homespire will operate its own team.

"As the mortgage industry evolves, Homespire must continue evolving with it," Rappaport said in a written statement. "This strategic partnership is a powerful step forward — one that strengthens what we've built, enhances our capabilities, and positions us to deliver even greater value to our clients while staying true to who we are."

Filed in the U.S. District Court for the Southern District of New York, the lawsuit claims that Real orchestrated Ressler’s termination under false pretenses and replaced her with a less qualified male employee. In the suit, Ressler, who was relieved of her role as CFO in April, claimed that she was pushed out of the company after becoming pregnant and taking maternity leave.

In a joint update letter filed on Thursday, Allison Van Campen, Ressler’s attorney, told Judge Analisa Torres that following mediation on Oct. 30, the parties reached “a settlement in principle.” 

In the letter, Van Campen told Judge Torres that the parties were asking the court to extend all deadlines until December 17, 2025, while they finalize the terms of a written settlement agreement and fully resolve the matter.

The parties agreed to go into mediation in late August. 

Due to their decision to settle the lawsuit, Judge Torres issued a ruling dismissing the lawsuit on Thursday. 

According to a statement from Real, the brokerage will not make any payment to Ressler. However, Ressler will reimburse Real for personal charges made on her company issued corporate credit card. 

"The parties are working to finalize the terms of a written settlement agreement to fully resolve this matter," the statement reads.

Ressler joined Real in July 2020 as vice president of finance and was promoted to CFO three months later.

That moment, repeated across the country, defines one of housing’s longest-running love-hate relationships.

According to new research from 1000WATT, the branding and creative agency for housing companies, Realtors and builders are like an estranged couple who just need better communication — and maybe a little mutual respect.

In September 2025, 1000WATT surveyed 600 real estate agents nationwide about what they love (and loathe) about working with builders. The results? A mix of optimism, frustration and opportunity.

The good news: Real estate pros want to work with builders

Despite their complaints, most agents see potential in the relationship. A combined 61% of surveyed agents said they feel somewhat positive or very positive about working with builders. Only 14% expressed negative feelings.

Why the good vibes? Agents cited builder incentives (27%), smoother transactions with fewer inspection issues (13%), and the belief that builder reps are often easier to work with than resale listing agents (28%).

As one respondent put it: “Selling new construction is a more straightforward process altogether and has inherent benefits for my buyers that are easy to articulate.”

Even clients tend to agree. When Realtors introduce the idea of a new build, 56% of agents said their buyers respond positively or very positively, while just 6% report pushback.

The money talk: Clarity beats commission

Sure, agents appreciate a generous paycheck. But the survey found that consistency and transparency around compensation matter more than the percentage itself.

“Higher comp is good,” one agent said, “but consistency and clarity are valued most.”

Nearly a quarter (24%) of respondents said “low or unclear commissions” are their biggest frustration. The message is clear: surprises on payout — or confusion about the process — erode trust faster than a construction delay.

Builders who post their co-broke policies publicly, communicate them early, and follow through consistently gain an edge. It’s not just about the check. It’s about credibility.

Communication cures a lot

If there’s one area where builders can make immediate gains, it’s in communication. Roughly one-third of survey respondents said builder reps don’t communicate well with them or their clients.

Agents live and die by responsiveness. A lack of follow-up makes them nervous about client poaching or about missing key updates on construction timelines.

Paranoia, the report notes, “can be assuaged by regular communication.” In other words, builders don’t have to outspend competitors—they just have to out-communicate them.

As one Realtor put it bluntly: “If you cut my commission from 2.4% to 1%, then make sure you do most of the work and keep me in the loop.”

Builders, meet Realtors where they are

Agents aren’t asking for extravagant marketing campaigns — they’re asking for access. A recurring theme in the survey was that builders should make it easier for Realtors to know about and share inventory.

That means providing simple, shareable marketing materials (no "builder jargon”), showing up at office meetings, and, crucially, posting listings on the MLS.

While 37% of Realtors look directly at builder websites for inventory, 39% rely on the MLS as their go-to source. If you’re not there, you’re invisible to a large part of your potential sales force.

“Quit making it so hard to work with you,” one exasperated respondent said. “Get on board with new ways of marketing and working with buyers who potentially will buy your homes.”

Respect: The intangible that changes everything

If compensation and communication are the logistics, respect is the emotional currency of this partnership. and it’s often in short supply.

Many Realtors told 1000WATT that they feel appreciated only when the housing market turns cold and builders need their help. “They shower us with love when sales are slow and treat us as the enemy when sales pick up,” one wrote.

That inconsistency leaves scars. Builders who demonstrate respect in all market conditions by keeping agents informed, paying on time and recognizing their contribution will earn long-term allies.

Or, as another agent said: “Partner with us. We could exponentially increase your sales. Don’t make us the side chick and dump us when the market gets hot.”

A relationship worth rebuilding

The survey data paints a picture of cautious optimism: Realtors want to partner with builders, and builders benefit when they do. But the relationship still hinges on a few simple, fixable things — clarity, communication, and consistent respect.

One Realtor summed it up best: “Winning business from agents isn’t about bigger commissions or fancier models. It’s about removing friction and adding credibility. Make it consistently easy for them to look good.”

If builders take that advice to heart, the industry’s most dysfunctional couple might finally find common ground—and maybe even call it a happy partnership.

Click here to read the full report.

Longbridge posted net income of $8.6 million from July through September — down from the $10.7 million profit it achieved in the second quarter but a continuation of a positive trend after its $1 million loss in the first quarter of 2025.

During the third quarter — shortly before federally insured Home Equity Conversion Mortgages (HECMs) were stalled by the federal government shutdown — Longbridge originated $498.6 million in volume across its HECM and proprietary lending segments. Its wholesale and correspondent channels were responsible for 71% of the volume.

“The Longbridge segment had another excellent quarter with strong contributions from both origination and servicing,” said JR Herlihy, Ellington’s chief financial officer. “Origination profits were driven by higher origination volumes of prop reverse mortgage loans, higher origination margins for HECM reverse mortgage loans, and net gains related to the prop loan securitization completed during the quarter.”

The company’s servicing book grew by 37% on a quarterly basis to reach $750 million in unpaid principal balance (UPB) at the end of September. Longbridge said it originated a record amount of proprietary reverse mortgages in the third quarter, and proprietary loans now account for 62% of the portfolio’s value, up from 52% at the end of June.

Mark Tecotzky, Ellington’s co-chief information officer, said that technology investments across the company are spurring growth — something that Longbridge wholesale employees highlighted during last month’s annual meeting of the National Reverse Mortgage Lenders Association.

“We continue to invest in proprietary technologies that enable our affiliate loan originators and other partners to originate and deliver loans more efficiently to us,” Tecotzky said. “Those technology investments are paying off through higher purchase volumes as we have greatly expanded the breadth of originators who sell loans to us. We’re also optimistic about the potential for technology to both automate and improve many aspects of loan underwriting.”

Q&A with analysts

During the Q&A portion of the earnings call, Timothy D’Agostino of B. Riley Securities asked about Longbridge’s competition in the proprietary reverse mortgage space.

Ellington CEO Laurence Penn said that “there’s not much (competition) in the prop space in particular,” adding that Longbridge is the country’s No. 2 producer by volume.

“I think the reason that it’s harder for others to originate the product is that they don’t have the kind of capital base and the outlet for the product the way that do in a kind of vertically integrated way,” Penn said.

“… The fact that our securitization is going so well has meant that we’ve been able to actually offer better terms to borrowers, because the securitization outlet has provided us better execution over the past several quarters. So that has translated into better rates for borrowers, which has translated into higher volumes for us.”

In response to a question from BTIG analyst Eric Hagen about whether the Longbridge portfolio requires “more leverage to achieve its target returns,” Penn said he didn’t think so, pointing out that most of the company's equity is tied to servicing — especially HECM servicing, which still accounts for the majority of the reverse mortgage market.

“That’s just a very high-yielding return on that servicing without any leverage — much higher yielding than forward (mortgage) servicing,” Penn said.

UBS analyst Marissa Lobo asked for Penn’s views on how moderating home-price appreciation (HPA) and an evolving regulatory environment are impacting the company’s outlook for the reverse mortgage space.

Penn referred to Ginnie Mae’s development of HMBS 2.0, an alternative securitization program that “seems to be stalled.” But he added that home-price appreciation “definitely matters” since lenders that retain residuals through proprietary securitizations assume long-term exposure to home-price changes.

“It’s something that we keep a very close eye on and it will impact the value of that portfolio,” Penn said. “But you also have to remember, there’s a lot of cushion there. ... All reverse mortgages are originated at initial extremely low LTVs. So you’re really not so much exposed to shorter-term HPA as you are to ultra-long-term HPA. In the short term, you’re talking about LTVs that are well below 50%.”

Through this partnership, Roam’s assumable mortgage tools and transaction support will be available to homebuyers shopping for homes on Opendoor’s platform. 

"Opendoor completely reimagined the way that consumers buy and sell homes," Raunaq Singh, the founder and CEO of Roam, said in a statement. "By pairing Roam's assumption infrastructure with Opendoor's marketplace experience, we can help sellers get more for their home sale and help buyers access low-rate financing. This allows consumers to move with confidence — regardless of the rate cycle."

According to the release, with this integration, Opendoor will identify homes with assumable mortgages and surface Roam as a pathway for qualified sellers to pursue a higher sales price. The firms said they would begin this process eligibility coordination, education and agent enablement, but see opportunities to deepen integration in the future. 

The firms noted that Roam’s founder Raunaq Singh previously led Opendoor’s mortgage operation and that the company is backed by Opendoor co-founders and board members Keith Rabois and Eric Wu. Roam’s Series A funding round, which earned it $11.5 million, was led by Rabois’ venture capital firm Khosla Ventures.

In addition to serving at CDO, Conroy will also serve as the senior vice president of strategy and innovation. The trade group said that Conroy’s appointment marks a “major milestone” in its ongoing digital transformation and that it reinforces its commitment “to leveraging technology to enhance member value.”

“Data is one of NAR’s most important strategic assets – and the way we structure and use it will shape where our association goes next,” Nykia Wright, the CEO of NAR, said in a statement. “David’s vision, leadership, and track record of transformational technology work will help deepen our analytic capabilities, streamline operations and drive innovation in ways that give our members a strategic advantage.”

In this role, Conroy will be tasked with guiding the data strategy for the entire organization, working to unify disparate technology and data functions, and scale internal systems to better support NAR members. In addition, he will also oversee data governance, systems integration and innovation delivery. 

“David’s appointment represents a critical turning point for NAR,” said Mark Birschbach, NAR’s executive vice president of strategic business, innovation & technology. “The chief data officer role will help us better integrate our technology platforms, strengthen data-driven decision-making, and accelerate the innovation that keeps our members competitive. David’s deep understanding of both our systems and our strategic priorities makes him uniquely qualified to lead this work.”

Prior to this appointment, Conroy served as the chief technology officer at the California Association of Realtors (CAR). At CAR he helped modernize legacy systems, consolidated data platforms and helped guide data alignment efforts across the organization. Earlier in his career, Conroy had served as NAR’s director of technology and innovation and has served as the director of information technology at the Massachusetts Association of Realtors. 

“As real estate enters an era of accelerating technology change, having a unified, purposeful data and innovation agenda is essential,” Conroy said in a statement. “I’m honored to lead this work at NAR, collaborating across teams to ensure that our platforms, infrastructure, and insights empower our members and help shape the future of real estate.”

Conroy will officially rejoin NAR in early January 2026. 

According to eXp, this growth and improvement stems from the recruitment and retention of more productive agents. While the firm’s overall agent count dropped 2% annually to 83,446 agents, eXp said this is still a quarter-over-quarter improvement. 

“It's a great indication that our strategies and programs we've created to attract and retain agents are working. Not only have we been able to attract and retain agents, but we're creating a stronger, more productive agent base. In the U.S., the majority of our departing agents continue to be our lowest producing cohort, and we're retaining the highest producing agents, which are multiple times less likely to churn than our lower producing agents,” Leo Pareja, the CEO of eXp Realty, told investors and analysts during his firm’s Q3 2025 earnings call Thursday night. “In fact, of the nonproductive agents that left eXp, 63% left the industry altogether. Fewer agents are leaving, with attrition improving by 18% year over year in the U.S.” 

The data supports Pareja’s assertion, as eXp’s transaction side count was up 3% annually to 121,516 transactions for the third quarter, and sales volume rose 7% to $54.1 billion, despite the overall count in agent count.

Focusing on tea attraction and retention

As eXp looks for more growth, Pareja said the firm is focusing on strategies to attract more teams and to help teams recruit more agents. One initiative aimed at doing this is FastAttract, an educational program designed to help agents build their revenue share lines. The program was piloted during Q3 and executives said they expect to formally include it in the eXp University program beginning in 2026. 

“We're really excited about the skill development that FastAttract will bring to help so many of our agents build their revenue share skills,” Wendy Forsythe, the chief marketing officer at eXp, said during the call. 

As eXp looks to the future, executives said the company wants to further leverage AI to help automate and simplify operations, expand affiliate and partnership programs and continue growing internationally.

“The actions we took in the first half of 2025 laid a strong foundation for the results that we're seeing now. We focused on improving operational efficiency through back-office automation and technology investments while leveraging AI to stream our high-volume workflows,” Jesse Hill, eXp’s chief financial officer, said.

“Our expanded affiliate programs, including eXp Luxury and Land and Ranch, are expected to contribute to margin expansion as they continue to ramp. Our scalable international playbook continues to drive growth across markets. We also introduced enhanced marketing and digital community tools, empowering our agents to build stronger, more sustainable businesses. Together, these initiatives have strengthened our platform, improved productivity, and positioned us to deliver profitable growth as the real estate industry continues to evolve. “

The Wisconsin metro's 767 active single-family listings carry a median asking price of $425,000, positioning the market between state ($399,900) and national ($435,000) levels. At $200.1 per square foot, Green Bay homes price below both Wisconsin's $209.4 and the national $213.1 averages.

Swift sales define local dynamics

Properties in Green Bay spend less than half the time on market compared to national norms. The 35-day median represents a 14-day advantage over Wisconsin's 49-day state median and cuts the national 77-day figure significantly.

Weekly absorption outpaced new inventory, with 67 homes leaving the market against 59 fresh listings. This positive absorption rate occurs despite inventory levels reaching 2.9 months of supply, nearly matching the national 2.9-month figure while exceeding Wisconsin's tighter 2.0-month level.

Price corrections shape competitive landscape

One-third of Green Bay sellers adjusted expectations downward, with 33.1% of active listings showing price cuts during the week. Meanwhile, just 0.7% of listings increased prices, indicating broad recognition of market conditions among sellers.

The 8.0% relisted rate suggests most properties moving through the market without cycling back, remaining below the 10% threshold that often signals weakening demand. This combination of price flexibility and low relisting activity helps explain the market's maintained velocity.

Market indicators point to equilibrium

Green Bay operates in neutral territory according to market balance metrics, avoiding the extremes of buyer or seller dominance. The 2.9 months of inventory provides adequate choice without creating oversupply conditions.

Track the 35-day median DOM as a key performance indicator for the metro's continued health. Monitor the 33.1% price reduction rate for signs of stabilization or further seller adjustments. Use the weekly absorption-to-new-listing ratio to gauge ongoing demand strength in this balanced market environment.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

Most originators have invested in modern borrower experiences, providing seamless, digital-first origination and onboarding processes. Servicers, always conscious of the bottom line, have not invested in the same way. For a borrower, the servicing experience can feel like they've stepped back in time. The communications they receive—letters, statements, disclosures—are highly regulated, thus, long, complex and generic, delivered by mail or as static PDFs inside digital portals. This stark contrast undermines trust from day one, reflected in the fact that only about one-third of borrowers rate their servicers’ communications favorably.

To meaningfully improve the borrower experience, servicers must prioritize modernizing their communications and the technology that supports them. To reduce costs, boost efficiency and deliver personalized, digital-first experiences borrowers expect, consider these key areas:

1. Accelerate change cycles with business user control 

When borrowers need help, they want answers fast—particularly during times of stress and hardship. If they are left waiting too long, trust erodes and the relationship can be damaged irreparably. Similarly, regulators demand fast turnaround on changes.

The reality is that long communication creation and change cycles severely limit servicers’ responsiveness. Business teams may have a draft ready in days only to wait weeks, sometimes months, for IT or print vendors to code changes into a legacy system.

Allowing business teams to control the process end to end themselves enables non-technical users to create, update and implement changes without relying on IT’s timelines. This can result in change cycles accelerating from four to six weeks to as little as one day.

2. Eliminate channel silos with a centralized hub 

According to J.D. Power, borrowers expect flexibility in how they interact and easy access to information. Supporting a wide range of communication channels and letting borrowers choose which they prefer is the most straightforward way mortgage servicers can deliver this. 

Most servicers don’t, because managing their current fragmented ecosystem is already complex. Print, email, SMS and app/portal content often live in separate systems that are managed by different teams or outsourced to third-party providers. This forces maintenance of large amounts of duplicate content and inconsistency. Because adding new channels compounds this complexity, digital transformation has been slow to take hold.

Mortgage servicers leveraging a centralized content hub, where all print and digital communications are managed in one place, can eliminate these challenges. Within these platforms, content isn’t tied to channel-specific templates, so it can be reused across channels while being controlled from a single point of change. This means the same content can support traditional composed formats like print and email, as well as dynamic digital experiences such as portals, mobile apps or chatbots.

This approach not only improves efficiency and reduces cost—it gives servicers the agility to meet borrowers’ preferred channel today and quickly adapt as expectations evolve.

3. Use AI to accelerate plain language and translation 

Most servicers send communications packed with mortgage terminology and legalese that confuse many borrowers, particularly those with limited English proficiency. When borrowers can’t understand what they’re reading, they’re far more likely to ignore the message, take the wrong action or call their servicer in frustration—all of which drives up servicing costs.

There are many tactics for making communications clearer: writing to accepted readability standards, adopting plain-language principles or translation into preferred languages. Because most servicers lack the resources to do this in-house—and outsourcing is expensive—it’s rarely done.

AI can now automate much of this work. It can analyze a servicer's communications library, flag content likely to cause confusion and provide rewritten alternatives optimized for readability or plain language. AI-based translation tools are now fully capable of accurately translating complex, regulated content at scale. AI can also perform accuracy checks to validate that meaning and structure are consistent across all language versions. 

Critical to leveraging AI, however, is ensuring it is integrated with your communications management systems. This eliminates the need to reapply formatting, accommodate variable data in the content and reimplement content after optimization, significantly streamlining the process. This strategy enables communications to be optimized or translated and ready to go in seconds. 

Modernizing the borrower experience doesn’t have to add cost or complexity. By empowering business users to manage communications in a centralized content hub and using AI to make them clearer and more accessible, servicers can reduce the cost to serve while strengthening borrower relationships.

Patrick Kehoe is Executive Vice President of Product Management at Messagepoint.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the editor responsible for this piece: zeb@hwmedia.com.

The state's housing inventory reached 97,224 active listings for the week ending Nov. 1, with 43.9% of sellers cutting prices to attract buyers. Despite these concessions, Florida homes lingered on the market significantly longer than properties elsewhere in the country, suggesting buyers are exercising newfound negotiating power or facing affordability challenges at higher price points.

Inventory builds as buyer conditions strengthen

Florida's months of supply climbed to 3.6, exceeding the national level of 2.9 months and pushing the market into buyer-favorable territory. The state recorded 4,427 new listings during the week while 6,808 homes were absorbed from the market.

The median days on market stretched to 98 days, well above the 77-day national median. This extended selling timeline persisted despite aggressive price reductions, with 43.9% of active listings taking cuts, a rate that typically signals sellers competing for limited buyer attention.

Major metros show wide market variations

Florida's major cities displayed significant differences in market dynamics. Naples led in median prices at $997,800 with homes sitting 140 days, while Jacksonville offered the most affordable option at $312,574 with a 77-day median.

Miami's luxury market commanded $798,000 median prices with 91-day selling times. Orlando and Tampa showed similar patterns, both near $510,000 with 77-day medians. Fort Lauderdale's $839,000 median price came with 112 days on market, while West Palm Beach properties at $725,000 took 105 days to sell.

Price-cut rates varied dramatically across metros. Tampa sellers led with 54.9% reducing prices, followed by Orlando at 48.7% and Pensacola at 48.6%. Naples showed the most resilience with only 33% cutting prices, despite having the longest selling times.

Supply levels signal shifting power dynamics

Months of inventory ranged from Orlando's tight 2.7 months to Sarasota's 5.5 months. Kissimmee reached 5.1 months while Cape Coral hit 4.6 months, both firmly in buyer-favorable territory. Jacksonville maintained 2.7 months despite having the state's largest city inventory at 3,082 active listings.

Market conditions varied from Orlando's neutral territory to strong buyer markets in Kissimmee and Sarasota. Cape Coral, Fort Myers, and Naples all showed buyer-favorable conditions, while Jacksonville, Tampa, and Orlando remained closer to balance.

Price dynamics reveal market tension

Florida's median list price held at $480,000, maintaining a $45,000 premium over the national median of $435,000. The price per square foot reached $249.4, compared to $213.1 nationally, representing a 17% premium for Florida properties.

While 43.9% of listings saw price decreases, only 2.2% increased their asking prices during the week. Additionally, 7.3% of properties were relisted after previously being removed from the market, indicating some sellers are regrouping their strategies rather than accepting current market terms.

What to watch in Florida's shifting market

The 98-day median selling time and 3.6 months of supply signal clear buyer advantages in negotiating power. The 43.9% price-cut rate provides a benchmark for market softness, while the $480,000 median price point remains a key threshold for affordability considerations.

Track the 98-day median days on market as a leading indicator of market velocity. Monitor the 43.9% price-cut rate for signs of seller urgency. Use the 3.6 months supply metric to gauge whether buyer conditions strengthen further. Share these benchmarks with clients navigating Florida's evolving market dynamics.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

Revenue for the California-based mortgage lender rose 14% from the previous quarter to $323 million, while adjusted revenue increased 11% to $325 million. Pull-through weighted gain-on-sale margins rose 9 basis points to 339 bps.

Founder and CEO Anthony Hsieh said the company’s focus during the quarter was on reshaping its leadership team to drive operational excellence and position for profitable growth. Just hours before the earnings call, the company named Nikul Patel as its chief growth officer.

"In the third quarter, we initiated a business transformation that included naming new leadership across all of our origination channels — consumer direct, retail and partnership lending — as well as our in-house servicing platform," Hsieh said to investors during Thursday's earnings call.

When asked what the minimum level of originations are for loanDepot to return to profitability, Hsieh answered that when margins widen, he expects volumes to return and work to the company's benefit.

"Right now, we are pivoting the use of new and emerging technologies across sales, operations and software engineering, with an expectation that these innovations will improve the customer experience while driving improved productivity and lowering our cost of production," he said.

Hsieh also reiterated confidence in the company’s ability to “profitably regain market share,” emphasizing the value of its diversified business model and strong servicing platform.

“We started this company and ... have grown 38% year over year for the first 11 years of our life, so we understand what it takes to grow market share and grow profitably,” he said.

Third-quarter figures

Chief financial officer David Hayes said stronger revenue and expense control helped narrow the company’s losses. “We also strengthened our balance sheet, increasing cash by $51 million to $459 million,” Hayes said.

loanDepot posted posted higher lock volumes and smaller losses in the third quarter, although loan origination activity declined slightly from the second quarter. Pull-through weighted lock volume rose 10% from Q2 to $7 billion, while origination volume slipped 3% to $6.5 billion.

Purchase loans made up 60% of total originations, down from 63% in the second quarter, the company said.

Expenses climbed 6% to $334 million, driven mainly by higher personnel costs, along with higher general and administrative expenses. loanDepot reported a net loss of $8.7 million, down 65% from a loss of $25.3 million in the prior quarter.

Its adjusted net loss fell 82% to $2.8 million, down from $16 million in Q2 2025. Adjusted EBITDA rose 90% to $49 million. And the company ended Q3 with $459 million in cash, up from $409 million in the second quarter.

Non-volume-related expenses increased by $15.8 million from the previous quarter, largely due to the absence of one-time salary and administrative cost benefits recognized earlier in the year. The company’s organic refinance consumer-direct recapture rate fell to 65%, compared to 70% in the previous quarter.

Looking ahead, the company expects Q4 2025 origination volume to range between $6.5 billion and $8.5 billion, with pull-through weighted rate lock volume between $6 billion and $8 billion. The company forecasts a pull-through weighted gain-on-sale margin of 300 to 325 bps.

The company reported a GAAP gross profit margin of 74% in the third quarter, unchanged from the same period in 2024. Non-GAAP gross profit margin rose to 78%, up from 75% a year earlier.

Blend's GAAP operating loss narrowed to $4.9 million, down from $11.3 million in Q3 2024, while non-GAAP operating income increased from $300,000 to $4.6 million during the year.

The company said total revenue and non-GAAP operating income for the quarter exceeded the midpoint of its guidance. In Q2 2025, it estimated third-quarter volume between 1.13 million and 1.23 million units, and total revenue between $31.5 million and $33.5 million.

“In the third quarter, we signed 14 new deals and expansions, including a seven-figure expansion with a top 20 bank and a major renewal and expansion with a consumer banking customer across six product lines,” Nima Ghamsari, co-founder and head of Blend, said in a statement.

“When I look at the macro environment finally showing signs of life — particularly the potential for lower rates — and combine it with the specific momentum we are generating ourselves, I have never been more excited about our business.”

During the company's earnings call on Thursday afternoon, Ghamsari touted the company's fifth straight quarter of non-GAAP operating profitability.

Going into 2026, Ghamsari said the company is focusing on three key areas: growing its mortgage take rate, expanding its consumer banking suite and investing in artificial intelligence. He said Blend, like others in the mortgage space, is navigating "the industry's $11,000 problem," referring to the high cost to produce a loan.

Revenue by segment

Blend's mortgage suite, which comprises 54% of its total revenue, totaled $17.7 million for the third quarter. Mortgage suite revenue was down 18% year over year and down 1% from Q2 2025, said Jason Ream, Blend's head of finance.

Its consumer banking suite represented 39% of total revenue, or $12.7 million, during the same period. Ghamsari noted that this segment accounted for 29% of revenue a year ago.

"We saw continued strength and growth in our consumer banking suite, which was offset by some headwinds to revenue or mortgage business," Ghamsari said during the call. "But this was not a surprise to us — it reflects the intentional, strategic transitions that we are navigating, specifically moving from lower-margin services businesses to higher-margin partnerships and managing the final rolloff of legacy customers that we've discussed in prior quarters."

Software platform revenue totaled $30.5 million, down 2% from a year earlier, while professional services revenue rose 18% to $2.4 million.

GAAP diluted net income per share attributable to common stockholders was $0.02, compared with a loss of $0.02 in the same period last year. On a non-GAAP basis, diluted net income per share broke even, compared with a loss of $0.01 in the third quarter of 2024.

Looking ahead to the fourth quarter, Blend expects total revenue to come in between $31 million and $32.5 million, with non-GAAP net operating income between $2.5 million and $3.5 million.

Springfield's housing market shows buyer-favorable conditions with 232 active listings and 2.2 months of supply. The metro absorbed 25 homes during the week while adding 37 new listings to inventory. Price adjustments remain elevated, with 43.1% of active listings taking price cuts compared to just 0.4% increasing prices.

Inventory and pace

Active inventory totaled 232 single-family homes in the Springfield metro, with sellers adding 37 new properties to the market during the week. The market absorbed 25 homes, maintaining a 2.2-month supply that matches the Illinois state level of 2.3 months. Both remain below the national 2.9 months of supply.

The 28-day median days on market represents one of the fastest sales paces in the region. Homes in Springfield sell faster than the national median of 77 days. The rapid turnover occurs despite limited price appreciation pressure, with the median list price at $199,700.

Pricing dynamics

Springfield's median list price of $199,700 translates to $113.2 per square foot, significantly below the state median of $168.1 per square foot and the national median of $213.1. The lower price point contributes to the market's velocity.

Price reductions dominate seller activity, with 43.1% of listings cutting prices during the week. Only 0.4% of sellers raised prices. The high rate of price cuts indicates sellers are adjusting expectations to maintain the market's quick sales pace. Meanwhile, 1.7% of properties were relisted after previously being removed from the market.

What to watch

Monitor whether Springfield maintains its 28-day sales pace as winter approaches. Track the 43.1% price cut rate for signs of stabilization. Watch if the 2.2 months of supply tightens further or aligns more closely with slower state patterns.

Use the 28-day median DOM benchmark when advising clients on listing timelines. Track the 43.1% price cut rate to guide pricing strategies. Monitor the weekly absorption rate of 25 homes against new listing volumes to anticipate inventory shifts.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

The acceleration in sales speed represents a significant improvement from a year ago, when homes in Terre Haute took a median of 56 days to sell. The current 42-day median also outpaces the national figure of 77 days, positioning the metro as one of the faster-moving markets in the country despite its relatively modest price point.

Inventory remains tight as absorption matches new listings

Active inventory in the Terre Haute metro stood at 300 single-family homes during the week ending Nov. 1, up from 288 homes a year earlier. The market absorbed 33 homes during the week, nearly matching the 35 new listings that came to market. This balance between supply and demand has kept months of supply at 2.2, below both the state level of 2.4 months and the national level of 2.9 months.

The tight inventory conditions have maintained seller-favorable market dynamics in Terre Haute. However, sellers are showing flexibility on pricing, with 38.3% of active listings taking price cuts during the week. Only 0.7% of listings increased their asking prices, while 6.3% of properties were relisted after previously being removed from the market.

Pricing shows strength despite affordability pressures

At $170,000, Terre Haute's median list price remains well below the Indiana median of $299,999 and the national median of $435,000. The metro's price per square foot of $111.9 compares to $156.7 statewide and $213.1 nationally, offering relative affordability for buyers despite the year-over-year gains.

The 11.5% annual price growth in Terre Haute outpaced many larger markets, though the increase comes from a lower base. The combination of rising prices and faster sales suggests sustained demand in the metro, even as the high percentage of price cuts indicates some resistance at current asking prices.

Market conditions to monitor

Use the 42-day median days on market as a benchmark when advising clients about realistic selling timelines. Track the 38.3% price cut rate to gauge seller flexibility in negotiations. Monitor the 2.2 months of supply to anticipate whether market conditions might shift toward more balance between buyers and sellers.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

Onity, which released its third-quarter earnings on Thursday, said it was notified by Rithm on Oct. 31 of its intent to not renew the subservicing contract, with the termination taking effect on Jan. 31, 2026. 

Most of the portfolio transfer is expected to occur during the first half of 2026. But $8.5 billion in unpaid principal balance (UPB) requires the consent of trustees and other parties, creating uncertainty around the timing and completion of the transfers.

Onity’s total servicing book stood at $311.5 billion in UPB at the end of Q3 2025, meaning that the Rithm portfolio represents about 10% of the total. Still, the company said it does not expect a material financial impact.

“The Rithm subservicing is a shrinking portfolio of mainly low-balance, pre-2008 subprime loans and accounts for over half our delinquent loans and borrower litigation,” Glen Messina, Onity’s chair, president and CEO, said during the earnings call. “For 2025, the Rithm subservicing was less than 5% of our total adjusted revenues, and one of our least profitable portfolios before corporate allocations.”

Messina said the elimination of this portfolio will allow the company to streamline and simplify infrastructure, further the digital transformation of the business, and increase focus on products and services that contribute to its growth path. He expects to adjust the cost structure and replace the earnings contribution with more profitable businesses. 

The portfolio is now “about 25% of the size it was five years ago,” Messina said. “It has gotten to the point where the portfolio is so small, delinquencies are high, and the cost of servicing is high,” Messina said. “It is uneconomical for us and our client to maintain the current relationship.” 

Messina said Onity has signed nine new clients so far this year and has six new agreements under negotiation. “We expect subservicing additions in the second half of $32 billion, or over 2.5 times the first-half level,” he added.

The median days on market jumped to 84 days in the week ending Nov. 7, up from 70 days year-over-year, while median list prices dropped 2.2% to $484,000 from $495,000. Nearly half of all active listings (47.6%) reduced their asking prices during the week, yet the extended selling times persist.

Inventory builds as absorption stays steady

Active inventory reached 9,255 single-family homes, a 19.4% increase from 7,753 listings a year ago. Despite the growing inventory, weekly absorption improved 9.7% year-over-year, with 670 homes removed from the market compared to 611 during the same period last year.

The months of supply stands at 3.3, positioning Orlando in neutral market conditions. New listings totaled 462 for the week, while the relisted rate remained low at 4.2%, indicating sellers aren't cycling properties on and off the market.

Pricing dynamics show mixed signals

The median list price of $484,000 represents $235.6 per square foot, below Florida's state median of $249.4 per square foot. While 47.6% of active listings took price cuts, only 2.4% increased their asking prices.

The price reduction activity hasn't translated to faster sales. The 84-day median selling time sits 14 days below Florida's statewide median of 98 days but exceeds the national median of 77 days by a week.

How Orlando compares

Orlando's 3.3 months of supply falls between the national level of 2.9 months and Florida's 3.5 months, suggesting the metro maintains slightly tighter conditions than the state overall. The median list price of $484,000 exceeds the national median of $435,000 by 11.3% but tracks closely with Florida's $480,000 state median.

Monitor the 84-day median days on market and the 47.6% price reduction rate as key indicators of market velocity. Track whether the 19.4% year-over-year inventory growth continues to outpace the 9.7% absorption increase, which could shift the 3.3 months of supply higher and move conditions further into buyer-favorable territory.

Use the 84-day selling timeline when advising clients on realistic marketing periods. Leverage the 47.6% price cut rate to set competitive initial pricing strategies. Monitor the $235.6 per-square-foot benchmark for pricing guidance in the Orlando metro.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

The Philadelphia metro housing market shows buyer-favorable conditions with 2.0 months of supply, below the national level of 2.9 months. During the latest week, 863 homes were absorbed from the market while 663 new listings entered, indicating stronger demand than new supply. The metro maintains 6,944 active listings.

Inventory and pace

Philadelphia metro homes move faster than both state and national benchmarks. The 49-day median days on market compares favorably to Pennsylvania's 56 days and the national 77-day median. New listings totaled 663 for the week, while 863 properties left the market through sales or other absorption.

Active inventory stands at 6,944 homes with 2.0 months of supply. The relisting rate reached 7.7%, indicating most properties sell without returning to market. Price adjustments remain common, with 39% of active listings taking cuts while 2% increased prices.

Pricing

The Philadelphia metro's $439,900 median list price exceeds Pennsylvania's $325,000 median by 35.4%. Price per square foot reached $236.1, surpassing both the state's $185.7 and national $213.1 levels.

The high rate of price reductions at 39% reflects market dynamics as sellers adjust expectations. Meanwhile, only 2% of listings increased prices during the week, showing limited upward price pressure in current conditions.

How it compares

Philadelphia metro outperforms broader regions on key metrics. The market moves 28 days faster than the national pace and 7 days faster than Pennsylvania overall. Months of supply sits below both state (2.3) and national (2.9) levels.

Price per square foot in Philadelphia metro exceeds the national average by $22.9 and the state average by $50.4, reflecting the metro's position as a higher-cost market within Pennsylvania.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate your housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

FHFA Director Bill Pulte and the Trump administration have voiced support for more competition by allowing the government-sponsored enterprises (GSEs) to adopt alternative credit models. In July, Pulte announced via social media that Fannie Mae and Freddie Mac would accept VantageScore 4.0 immediately.

On the horizon, too, is a potential shift from the long-standing tri-merge credit report to a bi-merge version. While the changes aim to shake up how risk is measured and presumably lower costs, lenders are concerned that the transition could be complicated and expensive.

For years, Fair Isaac Corp. (FICO) dominated mortgage lending. FHFA’s approval of VantageScore 4.0, developed by the three major credit bureaus, introduces a new level of credit competition. As a response, FICO rolled out a new pricing model for its credit scores, selling them directly through tri-merge resellers. 

"Equifax, Experian, and TransUnion collectively own VantageScore and, as an oligopoly in the conforming mortgage market, have historically controlled the pricing and distribution of both FICO Scores and VantageScores," a FICO spokesperson said in a statement.

"This structure poses an obvious challenge to the true-score competition in the mortgage market and ultimately undermines the integrity of the mortgage credit ecosystem."

Anticipated benefits

Cynthia Chen, CEO and founder of Kikoff, a financial platform that provides tools to help users build credit, said that the benefits at hand are lower credit report fees, faster loan processing and potential cost savings.

“VantageScore 4.0 leverages advanced machine learning and trended credit data, enabling lenders to better identify responsible borrowers, especially those with limited or recently improved credit histories,” Chen added.

Unlike earlier models, which capture a borrower’s credit snapshot, newer versions analyze up to two years of payment patterns. This means consistent, on-time payments can help borrowers qualify for better terms sooner.

Sandra Tobon, director of housing counseling and community outreach at Consolidated Credit, said the update forces lenders to view borrower behavior more holistically.

“With trended data now playing a bigger role, it’s no longer enough to look at a borrower’s credit at one moment in time,” she said.

S. P. “Wije” Wijegoonaratna, CEO of Aliya Financial Technologies, said the legacy system often disadvantages some borrowers.

“Traditional credit scores like FICO were designed around mortgages, the largest consumer lending market, and therefore make commercial sense, and as a result, the scores are often poorly suited for the smaller, unsecured loans that underserved consumers actually need," he said.

Craig Ungaro, chief operating officer at AnnieMac Home Mortgage, explained that the industry is reckoning with “two forces happening at the same time" — rising credit costs and scoring modernization.

“There’s a major price hike going on with the bureaus and FICO,” Ungaro said. “At the same time, there’s this modernization effort saying, ‘Hey, the profile of borrowers today is changing. Maybe we need different credit methodologies.’ Those two timelines are colliding.”

He said lenders are trying to “stop the bleeding” by optimizing when and how they pull credit. “Only about 18 to 20% of credit pulls become funded loans,” Ungaro said. “That means more than 80% are wasted costs.”

To cope with that, Ungaro said that lenders like AnnieMac are ramping up efforts to optimize credit report usage and manage vendor contracts.

Ungaro expects some relief from increased score competition but remains cautious. “I expect that my costs are still going to go up,” he said. “We’re just trying to be smarter about it.”

He warned that as lenders adopt alternative credit data and new scoring models, fair lending compliance will be critical.

“You could run into issues if loan officers are flipping between models to get approvals,” he said, adding that he is keeping an eye on buy now, pay later (BNPL) activities. “You have to make sure the process remains fair.”

He also questioned the shift to bi-merge credit reports, which would use data from two bureaus instead of three. “Only about 74% of trade lines report to all three bureaus,” he said. “If we’re using just two, are we really getting the full picture?”

Lenders await clarity

The FHFA and GSEs are expected to phase in the new models over the next few years, but lenders are still waiting for final timelines and final bureau pricing.

FICO told HousingWire it has kept credit score prices flat — and in some cases, cut them by half — by removing the middleman through a new direct licensing model.

"In 2025, tri-merge resellers paid on average $10 per FICO Score. In 2026, tri-merge resellers participating in the FICO direct license program will pay $10 per FICO Score or they can elect to cut this price by more than half and pay $4.95 under our performance model," the company's spokesperson wrote.

"In addition, the $4.95 for our performance model includes secondary use of the score for origination, which is estimated to be an additional 18% or more cost savings."

Credit bureaus announced pricing in October.

Starting in 2026, TransUnion said it will offer VantageScore 4.0 for $4 per score and provide it free to lenders that purchase a FICO score through the end of that year. The company said the pricing compares to FICO’s $10 per score announced for 2026.

Experian said last month it would make VantageScore 4.0 available at no cost indefinitely, pledging that if it ever begins charging, its pricing will remain at least 50% lower than FICO’s.

A week earlier, Equifax said it would offer VantageScore 4.0 at $4.50 per score through 2027 while also providing it for free through 2026 to customers who purchase FICO scores during that period.

FICO said that any rise in credit costs next year would likely stem from credit bureaus increasing data fees to offset lost revenue from no longer distributing FICO scores. The company noted that bureaus previously charged a markup of about 100%, which was made possible by limited competition in the conforming mortgage market.

Ungaro said Wednesday that his team expects updates “in the next week or so.” In the meantime, lenders are preparing — but are not sure for what exactly.

“We’re not panicked,” he said. “But yeah, I wish there was a little more clarity.”

Active inventory reached 5,509 single-family homes, up 27% from 4,337 homes a year ago. The median list price held at $339,500, a modest 1.3% increase from $335,000 last year, while homes took a median of 49 days to sell compared to 42 days in 2024.

Inventory builds as absorption slows

Weekly absorption dropped to 512 homes from 579 a year ago, representing an 11.6% decline. New listings totaled 458 for the week, creating a gap where fewer homes left the market than entered. The months of supply stands at 2.6, indicating neutral market conditions where neither buyers nor sellers hold a decisive advantage in this Indiana metro.

The relisting rate of 4.1% suggests most sellers remain committed to selling rather than withdrawing from the market. Price per square foot reached $166.6, providing a baseline for buyers evaluating home values across the Indianapolis metro.

Price cuts dominate seller strategy

More than half of all active listings took price reductions, while only 0.7% increased asking prices. This 55.8% price-cut rate reflects sellers recalibrating to current market conditions after initially testing higher price points.

The widespread price adjustments occur despite the median list price maintaining relative stability year over year. This pattern indicates sellers started with ambitious asking prices but quickly adjusted when homes lingered on market.

What to watch

Monitor the 49-day median days on market as a leading indicator of market velocity. Track whether the 55.8% price-cut rate moderates as sellers align initial pricing with buyer expectations.

Use the 55.8% price-cut rate when advising sellers on initial pricing strategy. Track the 512 weekly absorption figure to gauge buyer demand levels. Monitor the 2.6 months of supply to identify shifts between buyer and seller market conditions. Share these metrics with clients to demonstrate data-driven market knowledge.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

Onity — the parent company of PHH Mortgage Corp. and its subsidiary, Liberty Reverse Mortgage — originated $143 million in reverse mortgages from July through September, down from $166 million in the prior quarter and $197 million in the same period of 2024.

But margins rose to 446 basis points, compared to 367 bps in the second quarter and 314 bps in the third quarter of 2024.

The company essentially broke even in reverse originations during Q3 2025, posting a $1 million profit. Meanwhile, Onity’s reverse servicing segment recorded $4 million in adjusted pretax income, a rebound from a $3 million loss in Q2 2025 but down from a $10 million gain in Q3 2024.

“Reverse originations maintained profitability with higher margins on lower volume,” Sean O’Neil, Onity‘s chief financial officer, said during the company’s third-quarter earnings call on Thursday morning. “Reverse servicing pretax income rebounded to $4 million in the quarter, driven primarily by stronger gain-on-sale on the reverse assets.” 

The company’s owned reverse servicing portfolio stood at $11 billion at the end of Q3 2025, up from $8 billion a year prior. On average, its reverse owned and subserviced portfolio averaged $19 billion in unpaid principal balance (UPB), accounting for about 6% of Onity’s total book value.

According to the company, reverse mortgages provide upside potential if rates decline. They also serve as a cost-efficient hedge to its forward mortgage servicing portfolio, and they generate liquidity and accretive earnings through securitizations. They also offer a “one-stop solution” for correspondent clients that offer both forward and reverse products.

Overall performance

Across all business lines, Onity’s total average servicing portfolio stood at $311.5 billion in UPB at the end of Q3 2025, up from $304.2 billion in the same period last year, with more than half in owned servicing. The segment generated $31 million in adjusted pretax income.

In subservicing, Onity announced the termination of its agreement with Rithm Capital, which represented $33 billion in UPB — roughly 10% of the company’s total servicing book at the end of September. These loans, composed mainly of pre-2008 subprime mortgages, were among the company’s least profitable assets.

Meanwhile, Onity's originations segment posted $25 million in adjusted pretax income on $12 billion in volume, including $11.3 billion from its business-to-business channel.

“Our balanced business delivered sustained results with lower interest rates driven by originations profitability offsetting MSR runoff,” Glen Messina, the company's chair, president and CEO, said during the call. “Record origination volume and steady servicing profitability drove increased adjusted pretax income versus the second quarter and continued book value growth. 

“To highlight how far we have come in origination, our third-quarter funded volume was the highest we have recorded with a market size that is only 41% of the 2021 market peak,” he added.

Onity ended the quarter with adjusted pretax income of $31 million and an 85% recapture rate for loans originally sourced through its consumer-direct channel.

The team is led by Gordon and Tedra Green.

“Cincinnati is home to incredible athletes, executives and innovators,” Gordon Green, the team leader of The Green Team, said in a statement. “We’re honored to bring this elite national network home — raising the bar for luxury and lifestyle real estate across our city.”

Through this designation, The Green Team now has access to a national network of agents who specialize in working with professional athletes, entertainers and high-net-worth clientele. Additionally, the team gains access to curated events and advanced brand partnerships, which the team says will elevate the level of luxury representation available to clients in the Midwest. 

eXp Realty launched its Sports & Entertainment Division in late-October. The division provides agents with certification, branding tools and access to a global network designed to meet specialized needs.

Agents who complete the certification program gain access to exclusive eXp Sports & Entertainment branding, design materials and marketing resources.

The division also offers listing decks, social media templates and presentations tailored for clients ranging from local athletes to global celebrities.

To craft its Mid-year Investor Report, Realtor.com examined deed records from January 2000 to July 2025 on a national, state and large metro-level. The report only included single-family homes, condos, townhomes and row houses.

According to the report, 10.8% of all homes purchased in Q2 2025 were bought by real estate investors, up 0.1 percentage point compared to a year prior. However, this is still below the peak of 12.1% reported in Q2 2022. In total, during the first half of 2025, investors purchased roughly 257,000 homes, down 1.8% year-over-year. Overall home sales fell by 3.8% during the same time period. 

Real estate investors are buying more than selling

On the sell side, investors sold 9.2% of all homes sold in Q2 2025, the same as a year ago. 

In total, investors purchased roughly 41, 000 more homes than they sold during the first half of 2025. This gap is 10.8% wider than the first half of 2024, which the report attributes to easing investor selling activity. Overall, since the onset of the COVID-19 pandemic, investors have purchase roughly 726,000 more homes than they have sold, which the report claims has put pressure on the homeownership rate.

Missouri, Mississippi lead investor activity

The state with the highest share of investor buyers was Missouri at 18.9%, followed by Mississippi (17.1%), and Nevada (15.4%). On a metro level-basis, of the 50 largest metros Memphis, TN-MS-AR had the largest share or investor activity at 25.2%, up 4.7% annually. St. Louis, MO-KS came second with 20.6% followed by Kansas City, MO-KS at 19.3%. Of the top-10 metros, Columbus, Ohio saw the largest annual increase in investor purchaser activity at 6.0%. 

In Michigan (-53.1%), Maryland (-45.4%), and Virginia (-45.0%) investors tend to purchase properties below the median market purchase price, while in Montana (+35.1%), Utah (+33.7%), and California (+23.3%), investors paid the largest premiums. 

On the metro level, the typical investor purchase price was much lower than the market median in Detroit (-58.0%), Pittsburgh (-52.7%), and Baltimore (-52.0%). In contrast, investors paid the highest home premiums in Los Angeles (+19.8%), San Diego (+9.2%), and New York City (+8.7%).

According to the report, in the states and metros where investors are purchasing homes far below the median price point, they are competing with entry-level homebuyers, which could potentially increase affordability stress on these types of homebuyers

Overall, during the second quarter of 2025, the typical investor purchased a home for $287,000, more than $80,000 below the national median sale price.

When it comes to investor size, the share of small real estate investors purchasing homes reached its highest level since 2007 during the first half of 2025, with small investors accounting for 62.5% of all investor purchases. Meanwhile, medium investors accounted for 17.6% of all purchases and large investors accounted for 19.8% of purchases. According to the report, this drop off in the share of large investor purchases began in 2022.

Looking ahead, due to greater economic uncertainty, Realtor.com believes that investors are likely to focus on markets that offer a combination of affordability and steady housing demand. 

The National Association of Realtors (NAR) reported Thursday that 77% of the 230 markets it analyzed in Q3 2025 saw annualized home-price increases. That was up from 75% in the second quarter.

Additionally, 4% of these metro areas recorded double-digit gains, although that was down from 5% in the prior quarter.

NAR reported that home-price appreciation was flat between the second and third quarters. On a year-over-year basis, the median price for an existing single-family home reached $426,800, up 1.7%.

These gains varied significantly by location. In the Northeast, the median home price was up 6% year over year to $540,000. In the Midwest, prices rose 4.2% to $331,100.

In the South, the median price of $372,800 was up slightly (0.5%), while the West saw prices backtrack by 0.1% to $633,900.

"Home sales have struggled to gain traction, but prices continue to rise, contributing to record-high housing wealth," Lawrence Yun, NAR's chief economist, said in a statement. "Markets in the supply-constrained Northeast and the more affordable Midwest have generally seen stronger price appreciation.

"Price declines are occurring mainly in southern states, where there has been robust new home construction in recent years," he added. "Given the region’s faster job growth, these price drops should be viewed as temporary and as a second-chance opportunity for those previously priced out of the market."

Among the 230 metro areas analyzed by NAR, there were 10 that saw home-price appreciation of at least 7.7% over the past year. They were led by Trenton, New Jersey (9.9%); Lansing-East Lansing, Michigan (+9.8%); and Nassau County-Suffolk County, New York (+9.4%).

While Northeast and Midwest markets have seen price rise the most in past year, the nation's most expensive markets continue to be dominated by large markets on the West Coast.

The San Jose metro area had a median home price of $1.915 million as of Q3 2025, up 0.8% in the past year. Fellow California markets Anaheim ($1.4 million) and San Francisco-Oakland ($1.315 million) followed, with the No. 4 spot going to Honolulu ($1.127 million).

Bridgeport-Stamford-Norwalk, Connecticut, with a median price of $844,900, was the only East Coast market to break into the top 10.

The ongoing cost of homeownership declined on a national basis as the median monthly mortgage payment of $2,187 was down 2.8% from the prior quarter and 2.1% from a year ago. That data assumes the buyer made a 20% down payment.

Additionally, households spent an average of 24.8% of their income on mortgage payments, down from 25.6% in Q2 2025 and 25.2% in Q3 2024.

When isolating first-time homebuyers, the data was more mixed. On a typical starter-home purchase of $362,800 with a 10% down payment, the monthly payment of $2,146 was up $45 on a yearly basis but down $61 on a quarterly basis.

The typical first-time buyer spent 37.4% of their income on mortgage payments in the third quarter, down from 38.6% in Q2 2025 and 38.1% in Q3 2024.

“What’s it like at [insert competitor name here]?”
“Do you think I’d fit in at a virtual brokerage?”

Tran isn’t alone. The ground under brokerages is quaking. Between commission lawsuits, shifting economics and mega mergers, agents are reassessing what they want — and what they’ll tolerate.

To find out where their heads really are, 1000WATT surveyed 600 real estate professionals across the U.S. this fall. The findings paint a nuanced portrait of an industry in flux: loyalty isn’t gone, but it’s conditional.

Young agents are restless

Half of all respondents said they’re about as open to switching brokerages as they were last year. But 31% are more open — and among agents under 35, that number jumps to 53%.

That generational divide is a flashing warning light. Veteran agents tend to prize stability and community; their younger peers are searching for momentum and growth.

The fix isn’t one-size-fits-all. The data suggests that brokerages need a “career-stage loyalty plan”—clear progression paths, evolving incentives, and mentorship that converts curiosity into commitment. In other words, design the road so ambitious agents don’t have to look for the next exit.

Brokerage vision doubles happiness

Culture and comp matter, but nothing beats clarity. Eighty-seven percent of agents who say their brokerage has a 'clear vision for the future' also report being happy where they are. Among those who don’t see a vision, less than half feel that way.

Agents aren’t just asking for lofty mission statements — they want to see direction reflected in decisions. The happiest ones see their brokerage’s vision come to life in tangible ways: in training programs, leadership communication and consistent follow-through.

For recruiters, that’s gold. A strong, lived vision isn’t just an internal morale booster; it’s an external magnet for top performers.

Tech drives affiliation—but not departures

Four out of five agents say technology is important or 'the most important' factor when choosing a brokerage. It’s the first impression, the brand promise, and increasingly, the operational backbone.

But tech isn’t what makes agents leave. Only one in five cited technology as their primary reason to switch. It’s a reminder that while tech can draw agents in, it’s culture, leadership and trust that keep them there.

Brokerages that treat tech as a “performance multiplier” rather than a feature — using it to streamline deals, enhance client experiences, and build agent confidence — turn digital infrastructure into loyalty infrastructure.

Culture beats comp (almost every time)

Compensation gets attention, but culture holds loyalty. Only 13% of agents said pay was their biggest reason for staying put. Meanwhile, 43% pointed to culture, leadership and personal relationships.

Even revenue-share programs and complex comp structures don’t necessarily curb churn. In fact, agents in those models are 'more likely' to consider leaving.

The takeaway? Financial incentives may lure talent, but community keeps it. “Money may start the conversation,” one respondent noted, “but it’s the people who make me stay.”

Cold recruiting isn’t dead, it’s just smarter

Nearly 40% of agents ignore every cold recruiting email they get. But for the rest, credibility makes all the difference.

Three-quarters said they’d respond to better compensation; more than half said they’d listen if a recruiter offered more leads or a clearer company vision. Pushy, automated outreach, on the other hand, is a dealbreaker.

Agents see recruiter behavior as a preview of the brokerage itself. Authenticity and personalization — showing proof, not hype — turn a cold call into a warm lead.

Training is the quiet loyalty lever

Training ranked among the top loyalty factors across all roles, especially within teams. Seventy percent of all respondents, and 81% of team members, called it critical when choosing a brokerage.

Agents say training builds confidence, accelerates growth, and keeps them evolving with the market. When done right, it’s more than a retention tactic. It’s the structure of career-long success.

Brand matters, but proof matters more

Eighty-five percent of agents say a brokerage’s brand image and marketing quality influence their choice. But the study found something deeper: 'brand is only as strong as its proof.'

Agents named RE/MAX, Coldwell Banker, and Sotheby’s among legacy leaders, while Compass, eXp, Real and Side drew attention as rising challengers. The mix shows how heritage and innovation now coexist, but reputation alone won’t hold.

“The brand is what gets my attention,” one agent wrote, “but the leadership and culture decide if I stay.”

The new loyalty equation

The survey data points to a clear pattern: the future belongs to brokerages that can blend vision, culture, tech and trust into something cohesive.

Agents aren’t chasing gimmicks. They’re chasing growth that feels grounded.
And for the 53% of younger agents scanning the horizon, the question isn’t 'where should I go?' It’s 'who will help me build the career I actually want?'

The answer will determine who keeps their top talent and who watches them walk.

For a deeper dive into the data, go to 1000WATT.

The index dipped slightly from 102 to 101, marking the sixth time in 10 quarters it has finished above 100, a sign of continued optimism among real estate investors. But the reading was 23 points lower than a year ago, reflecting ongoing challenges in a sluggish housing market.

The index found that 45% of investors viewed the market as better than a year ago, down from 49% in the second quarter. About 30% said conditions were unchanged, while 24% said the market had worsened. Looking ahead, 48% expect conditions to improve over the next six months.

"Market conditions for real estate investors continue to prove challenging, with stubbornly high financing rates, rising labor and materials costs, and soaring insurance premiums taking a toll on investor profit margins," said Jeffrey Tesch, CEO of RCN Capital.

"These higher costs have also made affordability a problem for homebuyers — especially first-time buyers — which weakens demand and limits opportunities for fix-and-flip transactions."

While investor views on the current market were steady, their plans to purchase more properties dropped modestly. Investors remained confident in home-price growth, with the index’s home-price outlook rising three points to 75.

The index detailed that investors are increasingly gravitating toward rental properties as home sales have been slower. Roughly 44% of survey respondents identified as rental property investors, compared with 38% as flippers and 17% as wholesalers.

Nearly 55% said they had shifted their primary investment strategy in recent years, often moving from flipping to rentals.

But fix-and-flip investors expressed greater optimism than rental investors, with about 55% of flippers saying that market conditions had improved over the past year, compared with 27% of long-term rental property owners.

Fluctuating home prices have prompted many investors to modify their business models. Nearly 29% said they had reduced asking prices or rents, while 21% scaled back investment activity. Half of flippers reported lowering their sale prices, compared with about 10% of rental investors who said they had cut rents.

Other concerns include rising insurance costs and limited coverage availability. More than three-quarters of investors reported that insurance factors into their decision-making, and 64% said it has caused a deal to fall through. The issue is particularly acute in insurance-sparse states like Florida and California.

Federal trade and immigration policies are also affecting investors' businesses. About 56% cited higher construction costs tied to tariffs while 46% said labor shortages tied to deportation policies have made hiring more difficult.

High financing costs are the top challenge for nearly 70% of investors, followed by rising home prices, limited inventory and competition.

"Most of the challenges investors are concerned about directly affect an investor's profit margin, and this is an issue most acutely felt by smaller investors, who make up over 90% of the residential real estate investment market," said Rick Sharga, CEO of CJ Patrick Co.

"Financial returns on property sales or rentals are critical for these investors, since 76% of them report that investment income is either their primary source of income or an important supplemental source of funds. Compressed margins can be the difference between a comfortable lifestyle and financial distress."

“We’ve been prepared for a rate rally for years, and the third quarter of this year is a little bit of a glimpse of what it would look like,” Mat Ishbia, UWM chairman, CEO and president, told analysts in an earnings call on Thursday morning. “To give you a more tangible example showcasing our capabilities, one day in September, we had an all-time record lock day; we locked $4.8 billion.” 

Purchase loans remained the bulk of UWM’s production, despite a decline: $25.2 billion in Q3 compared to $29.7 billion in Q2. Refinances, however, saw the biggest jump, rising to $16.5 billion from $12.4 billion in the prior quarter. 

On the technology front, UWM’s proprietary loan assistant MIA made 400,000 outbound calls on behalf of brokers during the quarter, resulting in more than 14,000 closed loans, most of them refinances. 

Ishbia said that MIA addresses a key challenge: while 97% of borrowers report loving their broker experience, only 10% remember who their broker was. “What's interesting is we forecasted a 10% to 15% answer rate, and we’ve actually seen over 40%,” he added. 

Financial performance 

UWM’s gain-on-sale margin rose to 130 basis points, up from 113 bps in Q2 2025 and 118 bps a year earlier.

Overall, the lender reported net income of $12 million for the quarter, down from $314 million in Q2 and $31 million in Q3 2024.

Documents filed with the Securities and Exchange Commission (SEC) show a non-GAAP net profit of $9 million for the quarter. A $158.8 million fair value decline in its servicing portfolio offset gains — a common occurrence when rates drop.

Analysts at Keefe, Bruyette & Woods said that earnings came in-line with expectations. “Total volumes and higher margins were a beat but were offset by higher expenses.” They added the quarter combined with the guidance are “modestly positive."  

Servicing overhaul ahead

UWM’s mortgage servicing rights (MSRs) totaled $216 billion in unpaid principal balance (UPB) as of Sept. 30, up from $211 billion at the end of June.

UWM remains on track to bring servicing in-house by 2026, with all new loans closed that year to be serviced internally. Loans currently subserviced by Cenlar will transition by the end of 2026, except those UWM elects not to retain.

Ishbia acknowledged that the servicing book transition has increased short-term costs since UWM is both paying subservicers and developing internal capacity. However, he said it will reduce expenses and generate leads in the long run. 

The executive, who called servicing “a joke in our industry" during the call, closed a strategic collaboration with Bilt to offer a rewards program on mortgage payments.  

Liquidity conditions 

UWM ended the quarter with $3 billion in available liquidity, including $870 million in cash and borrowing capacity. 

Chief financial officer Rami Hasani said the company completed an offering of $1 billion in unsecured notes. “We plan to pay off $800 million unsecured notes maturing in mid-November, and will utilize the remainder to support our growth.” 

Looking ahead, the lender expects to originate between $43 billion and $50 billion in the fourth quarter, with a gain-on-sale margin projected between 105 and 130 bps. 

Ishbia said that, when the 10-year Treasury declines to 3.7%, “we are going to double our business” to a volume of $60 billion to $80 billion a quarter with margin expansion. Ishbia mentioned that UWM could double the business with the current fixed structure. 

UWM shares traded at  $5.22 as of Thursday about 11:00 AM E.T., down 7.8% from the previous day’s close.

As a result of the latter update, Fannie Mae will remove minimum credit score requirements for loans submitted through its DU system starting Nov. 16. This means that the current 620 minimum representative or average median credit score will be removed for new loan case files created on or after that date.

Other related updates will apply to files submitted or resubmitted beginning the weekend of Nov. 15, 2025, an announcement from Fannie Mae said. Instead of applying a minimum score, DU will use its own analysis of borrower risk factors to determine loan eligibility.

Fannie Mae also updated requirements for documenting nontraditional credit and homebuyer education. The DU system will notify lenders when they need to establish a nontraditional credit history or require homebuyer education in cases where a borrower has no traditional credit or installment account on record.

On Thursday, a spokesperson for Fannie Mae's regulator, the Federal Housing Finance Agency (FHFA), told HousingWire in a statement that “nothing in Fannie and Freddie’s underwriting standards have changed. As we move toward competition and beyond accepting only one type of credit score model, language in the guide needs to be tweaked.”

On Friday, FHFA Director Bill Pulte weighed in on the issue on social media.

"Our underwriting standards are the same. As a process matter, to ensure two scores can be used and not just one, we eliminated requirement for FICO in the infamous 'guide'. Big deal for consumers. Small or nothing deal for underwriting."

The Community Home Lenders of America (CHLA) also issued a statement on Friday in which they supported the Selling Guide updates.

"Today's action by Director Pulte is yet another blow he has struck to start to break up the monopoly FICO has had on credit scoring," said Rob Zimmer, the CHLA's head of external affairs. "The winners will be homebuyers and homeowners that have experienced massive credit scoring fee hikes in just the past few years."

"CHLA has long advocated for mortgage credit score reform to break down the monopoly pricing power of Fair Isaac (FICO) — including most recently in a July Letter to Director Pulte, where CHLA suggested the action being taken today ... In just a little over three years, FICO has raised the foundational price for a mortgage credit score pull by estimates of over 1000%, costing American families tens of millions of dollars for a product that has not meaningfully kept up the need to reduce the costs of mortgage loan origination."

Opportunities for borrowers with thin credit files

Several industry experts took to LinkedIn to explore what the removal of minimum credit score requirements from DU means for the industry. Jon Overfelt, director of sales and owner of American Security Mortgage Corp., penned a post about the update and shared with HousingWire that the update caught his eye because of how it opens opportunities for "borrowers with thin and no credit files."

"I also think that [Fannie Mae] is signaling to the credit providers that they have enough borrower data now that other options are coming besides a credit report. Think about it, when you access a borrower's bank statement, how much data can you validate from that? A lot, you see it all in real time."

Overfelt's post garnered mixed comments. Leora Ruzin, a certified mortgage banker, commented that she had "so many questions" about the update, including how lenders will underwrite these loans.

"I have always said there is more to a borrower than their credit score and have been a fan of incorporating alternative criteria to qualify their ability to repay. HOWEVER, this move will bring in lots of 'unknowns' for lenders, and I have deep concerns over how we can ensure every lender is applying the same guidelines and criteria for utilizing alternative trade lines," Ruzin told HousingWire.

She continued, "Also, the lack of transparency on this new 'model' or how to price the loans can welcome bad actors into the mix. When it comes to securitization or credit risk transfers, how will these loans affect the overall quality? Does this mean that spec pools for credit score are effectively gone?"

Ruzin also said that she hopes Fannie Mae provides additional guidance before the change is implemented.

Editor's note: This story was updated with comments from the FHFA and CHLA.

In this motion, the defendants argued that a ruling by Judge Stephen Bough during his final approval of their Sitzer/Burnett settlements, which settled all home seller commission lawsuit claims, prevented buyers who also sold homes and were part of the settlement class from being eligible to participate in the homebuyer commission lawsuits. According to the motion, this injunction, which is currently on appeal in the Eight Circuit Court of Appeals, would invalidate nearly 80% of the proposed class. 

Earlier this week, Judge LaShonda Hunt, who is overseeing the Batton lawsuit in the U.S. District Court for the Northern District of Illinois Eastern Division, ruled that until the Eighth Circuit settles the appeal, Judge Bough’s original ruling and injunction would have to be honored.

Judge Hunt then presented two options for the plaintiffs, telling them that she would consider either an amended motion for class certification with a narrowed proposed class or staying the case until the Eight Circuit ruled on the Batton plaintiffs’ Sitzer/Burnett appeal. The parties’ are expected to present a joint proposal related to this dispute during a hearing on Nov. 14. 

Roughly five years have passed since the Batton suit was originally filed. The lawsuit claims that the defendants all took part in a “decades-long, nationwide antitrust conspiracy,” which the suit claims caused buyers to pay “billions in overcharges.” 

In September, the lawsuit estimated potential damages of $3.6 billion across four MLSs, based on comparisons with foreign markets averaging 1.38% buyer agent commissions.

The data reveals a market grappling with shifting dynamics. While Colorado Springs remains more affordable than the state average at $227.2 per square foot compared to $268.7 statewide, sellers are increasingly adjusting expectations. The high percentage of price cuts, affecting more than half of all active listings, signals widespread seller concessions in a market where homes now take a median 77 days to sell, up from 63 days a year ago.

Inventory builds as absorption slows

Colorado Springs recorded 154 new listings during the week while absorbing 236 homes, maintaining a months of supply at 3.4, above the national average of 2.9 months but close to Colorado's 3.1 months. The inventory growth to 3,070 active listings reflects accumulating supply as buyer activity moderates.

The decline in weekly absorption represents a shift in the market. With 240 fewer homes absorbed per week compared to last year, the pace of market activity has effectively halved, contributing to the inventory buildup and extended selling times.

Pricing pressures mount despite affordability edge

At $529,999, the Colorado Springs median list price has declined 3.6% from last year's $549,900. The metro's price per square foot of $227.2 provides a 15.5% discount to the state average, positioning it as one of Colorado's more accessible markets. However, this relative affordability hasn't prevented widespread price adjustments, with only 1.5% of listings increasing prices during the week.

The 10.4% relisting rate indicates roughly one in 10 properties has returned to market after a previous attempt to sell, further evidence of the disconnect between seller expectations and buyer demand.

What to watch

Monitor the 53.7% price reduction rate as a leading indicator of market conditions. Track whether weekly absorption can stabilize above 200 homes or continues declining. Watch if the 77-day median days on market extends further, particularly as winter approaches.

Use the 3.4 months of supply metric to gauge market balance, movement above 4 months would signal further shift toward buyers. Advise clients to factor in the $105,000 price gap between Colorado Springs and state medians when evaluating opportunities. Leverage the 20.1% inventory growth data to set realistic pricing expectations in listing presentations.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

“Nikul is a significant hire who will be a transformational member of our leadership team,” said loanDepot's founder and CEO, Anthony Hsieh. “Not only does he bring an impressive track record of success from his years at LendingTree, but he also has a unique mix of fintech and public company experience that will serve us well."

Hsieh continued, "As we pursue what I believe is the biggest market opportunity I have ever seen, driven by the mass adoption of AI, Nikul’s understanding of both our sector and our company, which includes his recent role as an advisor to our Board, makes him uniquely positioned to help accelerate our momentum.”

Most recently, Patel served as the co-founder and CEO of LoanGlide, an embedded financing platform that provided personal loans for home improvement. Between 2012 and 2019, Patel also held various leadership roles at LendingTree, including chief product officer, chief operating officer and chief strategy officer.

Before that, Patel co-founded Movoto.com, an online real estate search platform. Patel earned an MBA from the Wharton School at the University of Pennsylvania and an MS in Computer Engineering from Florida Atlantic University.

Said Patel, “I’ve spent my career building and scaling platforms that help consumers make smarter financial decisions—especially when it comes to buying and financing their homes. loanDepot is impressive: it has the brand, the breadth, the technology, and the leadership to redefine what’s possible in mortgage lending. I’m excited to join the team and look forward to working with Anthony as we unlock loanDepot’s full potential and accelerate our growth.”

loanDepot's hiring of Patel marks another move in the company's leadership shakeup since Hsieh returned to the CEO role in July. In August, the company promoted Tom Fiddler to president of retail lending and Dan Peña as president of partnerships. Dominick Marchetti and Sean DeJulia, who were key developers of the mello platform, also returned to the company after a hiatus.

In October, it was announced that Rick Calle returned to loanDepot as its chief strategy officer.

This new office is the result of a merger with Exprop Realty. The firm’s broker-owner Gary Margolis, will stay on as an associate broker at the merged firm. He and his team at Exprop Realty are known for their expertise in the Lake Mahopac community and other surrounding lake areas. 

The new office will serve clients in Putnam County, as well as those in Westchester and Dutchess counties and other neighboring areas. 

“We are thrilled to work with Gary and his group of experienced agents,” Tammy Benkwitt, the senior managing director of Coldwell Banker Realty, said in a statement.  “Our new office represents our commitment to supporting local agents, clients, and the vibrant real estate market in Putnam County. We look forward to helping our neighbors achieve their real estate goals and continuing to lead the market with integrity and innovation.”

In addition to this expansion, Coldwell Banker Realty recently announced that top-producing Boulder, Colorado agent Julie Meko was joining the firm, strengthening its presence in the Rocky Mountain State. 

Anywhere Real Estate, the parent company of Coldwell Banker Realty, announced earlier this fall that it is to be acquired by Compass.

Weekly home absorption fell 18.5% compared to last year, dropping to 560 homes from 687 during the same period in 2024. The gap between new listings and absorbed homes widened as sellers brought 360 properties to market while buyers contracted on fewer homes, contributing to inventory buildup and extended selling times.

Inventory builds as selling pace slows

Active listings reached 6,249 single-family homes as of Nov. 1, 2025, up from 5,550 a year earlier. The metro maintained 3.0 months of supply, slightly above the national average of 2.9 months but below Oklahoma's statewide level of 3.2 months. Homes sat on the market for a median of 77 days, matching the national pace but representing a two-week increase from last year's 63 days.

The relisting rate hit 13.8%, indicating more than one in seven properties returned to market after being withdrawn or expired. Meanwhile, only 1.9% of sellers raised their asking prices, suggesting limited confidence in achieving higher valuations.

Pricing pressure mounts across metro

The median list price held at $325,000, down 1.2% from $328,840 a year ago. At $172.8 per square foot, Oklahoma City homes priced below both the state average of $166.3 and well under the national median of $213.1 per square foot.

Price reductions affected 42.1% of active inventory, with sellers who cut prices reducing their ask by a median of 5.2%. The high rate of price cuts, combined with minimal price increases, reflected sellers adjusting expectations to match current buyer demand.

How Oklahoma City compares

Oklahoma City's median list price of $325,000 exceeded the state median of $311,357 by 4.4% but remained 25.3% below the national median of $435,000. The metro's price per square foot of $172.8 sat between Oklahoma's $166.3 and the U.S. average of $213.1.

Market conditions shifted to neutral territory after favoring sellers earlier in the year, aligning with broader regional trends as inventory accumulated and buyer activity moderated.

Real estate agents and homebuyers can track the 42.1% price reduction rate and 77-day median time on market as indicators of seller flexibility. Monitor whether weekly absorption stays near 560 homes or continues declining. Watch if months of supply pushes above 3.0, potentially signaling further shifts toward buyers.

Housing professionals can use the 42% price cut rate when advising sellers about realistic pricing strategies. Track the 560 weekly absorption figure to gauge actual buyer demand. Monitor months of supply at 3.0 to anticipate market direction. Share these metrics with clients to set appropriate expectations in a transitioning market. Leverage the 77-day median to prepare sellers for extended marketing periods. Advise buyers to negotiate aggressively given the high percentage of price reductions.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

Price adjustments dominated the Memphis market landscape, with nearly half of all sellers reducing their asking prices compared to just 1.5% who raised prices. The median list price settled at $335,000, down from $345,000 a year ago, while the price per square foot reached $159.3.

Inventory builds as sales pace slows

Memphis recorded 4.4 months of housing supply, exceeding both Tennessee's 3.7 months and the national average of 2.9 months. The metro absorbed 246 homes during the week, a 30.5% decline from the 354 homes absorbed during the same period in 2024.

New listings totaled 227 for the week, while 5.9% of properties were relisted after previously being removed from the market. The combination of slower absorption and steady new inventory pushed the market deeper into buyer-favorable conditions.

Pricing pressures mount across the metro

The $335,000 median list price in Memphis sits well below Tennessee's $439,750 median and the national median of $435,000. At $159.3 per square foot, Memphis homes cost significantly less than the state average of $219.4 and the national average of $213.1.

Properties requiring price cuts saw median reductions that reflect the market's shift toward buyers, though the exact reduction percentages varied by property and location within the metro.

Memphis diverges from tighter state and national markets

While Memphis homes take 84 days to sell, both Tennessee and national markets move faster at 77 days. The extended market time in Memphis, combined with higher inventory levels and widespread price reductions, positions the metro as one of the region's most buyer-friendly markets.

The 17.6% year-over-year inventory growth and 30.5% decline in weekly absorption demonstrate Memphis's divergence from tighter housing conditions seen elsewhere.

Track the 45.2% price reduction rate as a key indicator of seller flexibility. Monitor whether the 84-day median market time extends further or stabilizes. Watch if the 4.4 months of supply continues building beyond typical seasonal patterns.

Use the 45.2% price cut rate when advising sellers on pricing strategy. Leverage the 84-day median market time to set realistic expectations with clients. Monitor the 4.4-month supply level to gauge whether buyer advantages will persist or moderate in coming weeks.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

Guild's net income for the third quarter was $33.3 million, compared to $18.7 million in the second quarter of 2025 and a net loss of $66.9 million in the third quarter of 2024.

While net revenue increased, the company's originations segment saw a small decline. Guild posted total originations of $7.4 billion compared to $7.5 billion in Q2 2025 and $6.9 billion during Q3 2024.

According to filings with the Securities and Exchange Commission (SEC), 86% of closed loan origination volume was from purchase business, compared to the Mortgage Bankers Association's industrywide estimate of 67% for the same period.

"Our team delivered another quarter of solid performance across both our retail origination and servicing platforms, demonstrating continued positive momentum and the successful execution of our balanced business model," Guild CEO Terry Schmidt said in a statement.

Company executives did not hold a conference call with analysts due to Guild's proposed $1.3 billion sale to Bayview Asset Management that was announced in June.

"We continue to realize robust growth as we delivered strong year-over-year increases in adjusted net income, adjusted EBITDA, and adjusted return on average equity during the third quarter, while achieving 7% year-over-year growth in originations as we focus on our customer-for-life strategy," Schmidt added.

"We remain well-positioned for continued growth as we expand our leading platform and work toward completing our pending transaction with Bayview."

The transaction has already been approved by McCarthy Capital Mortgage Investors and is expected to close in Q4 2025, pending customary closing conditions, according to previous reporting by HousingWire.

Guild's origination segment net income was $35 million in the third quarter. up from $23.4 million in the second quarter. Gain-on-sale margins on originations increased by 18 bps on a quarterly basis and were up 14 bps annually to 347 bps.

Gain-on-sale margins on pull-through adjusted locked volume increased slightly quarter over quarter, while they were down slightly year over year to 319 bps. Total pull-through adjusted locked volume was $7.7 billion compared to $7.5 billion last quarter, according to the company's SEC filing.

Guild's servicing segment posted net income of $44.5 million, an increase from Q2 2025's profit of $27.3 million and a net loss of $74.6 million in Q3 2024. The company retained mortgage servicing rights for 67% of total loans sold in Q3.

Valuation adjustments with respect to the company’s MSRs totaled a loss of $29 million in Q3 compared to a loss of $41.3 million in Q2, reflecting ongoing interest rate volatility.

By quarter's end, Guild's cash and cash equivalents were $106.4 million, and its unutilized loan funding capacity was $2.1 billion based on total facility size and borrowing limitations, while its nonutilized MSR lines of credit totaled $294.5 million.

Despite the price surge, Decatur remains one of the most affordable markets in the nation at $89.5 per square foot, nearly 60% below the national average of $213.1. The market's strong seller conditions persist with just 1.6 months of supply, well below both the Illinois state average of 2.3 months and the national level of 2.9 months.

Inventory tightens as absorption outpaces new listings

Active inventory in Decatur stands at 162 homes, up from 140 a year ago. However, the market absorbed 24 properties last week while only 15 new listings entered the market, creating a supply-demand imbalance. The absorption rate represents a 33% increase from last year's 18 homes per week.

The competitive environment shows in pricing dynamics, with 40.7% of active listings taking price cuts while less than 1% increased prices. Additionally, 4.3% of current listings have been relisted after previously leaving the market.

Pricing remains well below state and national levels

At $152,450, Decatur's median list price sits at less than half the Illinois state median of $309,900 and roughly one-third of the national median of $435,000. The price per square foot tells a similar story, with Decatur at $89.5 compared to $168.1 statewide and $213.1 nationally.

The 17.8% year-over-year price increase from $129,450 reflects growing demand in this affordable market. Even with this appreciation, Decatur offers significant value compared to broader markets.

What to watch

Monitor the 35-day median days on market metric, which matches last year's pace despite higher prices. Track the gap between weekly absorption (24 homes) and new listings (15 homes), as this 9-home deficit could further tighten inventory. Watch whether the 40.7% price reduction rate moderates as sellers adjust to market conditions.

Use the 1.6 months of supply figure to gauge market tightness compared to the 2.3-month state average. Leverage the $89.5 price per square foot benchmark when evaluating property values. Share these metrics with clients seeking affordable markets where homes still move quickly despite price appreciation.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

Two weeks ago, Federal Housing Finance Agency (FHFA) Director Bill Pulte said he had tasked Barry Habib — the MBS Highway founder and CEO and a Fannie Mae board member since July — to work on a proposal. That blueprint focuses on non–owner-occupied second homes and cash-out refinances, HousingWire reported on Tuesday. 

At this point, nothing has been established, Habib said in an interview. Meanwhile, Pulte has opened the discussion to other industry professionals. 

Introduced in 2008, LLPAs compensate the government-sponsored enterprises (GSEs) for differences in borrowers’ credit risk, including factors such as loan-to-value (LTV) ratio and credit score. Before that, the GSEs charged a flat guarantee fee that did not vary by borrower risk factors.

LLPAs can be paid upfront or built into the interest rate. But with mortgage rates already high, there’s often little or no room to absorb them, forcing borrowers to pay out of pocket. And that can derail transactions. 

But reducing the fees could affect GSE revenues. The American Enterprise Institute estimates that from 2014 to 2022, Fannie and Freddie collected roughly $119 billion from upfront LLPAs, averaging about $13 billion per year. Lowering them might spur volume but could hurt margins, especially as the Trump administration plans a stock offering for the GSEs.

“One of the core dilemmas in GSE reform is the conflict between their congressionally mandated mission and the financial imperative to generate a sufficient return on equity (ROE) to entice private capital to replace the taxpayer guarantee,” said Isaac Boltansky, head of policy at Pennymac. 

Reversing recent changes

Over the years, LLPAs have been adjusted several times, sparking debate about whether they should promote affordability or purely reflect risk. 

Under the Biden administration, some LLPA changes increased pricing for certain loans. A proposed fee tied to a borrower’s debt-to-income ratio above 40% was later withdrawn after backlash from state officials and industry groups.

Scott Olson, executive director of the Community Home Lenders of America (CHLA), said that any change to LLPAs should target areas where the fees make the biggest impact, particularly entry-level home purchases.

CHLA supports eliminating the 75-basis-point fee for condominiums, the 50-bps fee on manufactured home loans and LLPAs on high-balance loans.  

Olson added that the CHLA was “not happy” with the increases on investment properties and second homes during the Biden administration, a decision made “not based on risk but on the intent to get Fannie and Freddie to do fewer of these loans.” 

But there’s an affordability component to these two areas as investment properties often provide affordable rental housing, while second homes play key roles in many local economies, including coastal areas, he added.

Boltansky agreed that reversing some Biden-era changes could make the pricing grid more reflective of actual risk. But he cautioned against lowering fees for investment properties, second homes and cash-out refis.

“These segments already benefit from a deep and robust private-label securitization market capable of attracting sophisticated capital,” Boltansky said. “Cutting LLPAs on these loans would actively displace private liquidity, unnecessarily expanding the government footprint into a sector that is already functioning efficiently and without taxpayer backing.”

Keep it simple

Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA), said that if the focus is to cut LLPAs where it matters the most, the relief should target rate-and-term refinances and across-the-board cuts on purchase loans.

“For a rate-and-term refi where the borrower has a timely payment history — let’s say, for the last 12 or 18 months — and they're refinancing to lower their payment, they've already proven their creditworthiness at the higher payment amount,” Broeksmit explained. “That LLPA could be removed, which would increase the benefit to the borrower.” 

Broeksmit said the focus on the rate-and-term refi is due to the fact that with cash-out options, “the risk to the GSE is higher than they currently have on their books” because they involve larger loan amounts and higher LTV ratios. 

“On the purchase side, the most immediate way and easiest to implement a change would be an across-the-board reduction,” Broeksmit said. “I don't know what magnitude; we'll leave that to the FHFA and the GSEs.” 

According to Broeksmit, simple and broad-based adjustments can have a fast and positive effect on affordability. But an in-depth, nuanced change is more complicated to implement and could have a varying effect on borrowers, depending on where they are in the risk spectrum. 

Should risk be the focus?

Mortgage brokers also want relief for second homes and high-balance loans — those above the baseline conforming limit but still eligible for GSE purchase in high-cost areas.

“If we see an improvement there, we’d be able to compete in that space like we did before,”  said Brendan McKay, chief advocacy officer at the Broker Action Coalition (BAC). “It's my hope that those changes do not come at the cost of pricing for first-time homebuyer products or underserved communities.”

McKay said that since Biden administration’s changes, rates for second homes have been about 50 to 75 basis points higher, while high-balance loans also carry rates up to three-quarters of a point higher than standard GSE products.

McKay supports risk-based pricing, but he said it shouldn’t be the sole consideration.

“Fannie and Freddie are incredibly profitable,” he said. “If they continue to behave in an intelligent, risk-based fashion while also helping improve housing in this country, that's a great thing.” 

Two laws that deserve credit for the robust numbers are the 2005 bankruptcy reform act and the 2010 Qualified Mortgage rule. These laws have ushered in a new reality for U.S. economics, facilitating the emergence of the best financial middle class the world has ever seen. Let's take a look at the data.

Foreclosures

One of the mistakes I made regarding the credit side is that I genuinely believed we would have already returned to pre-COVID-19 levels of foreclosures by now. Fortunately, that has not been the case. Some might argue that the delays in the foreclosure process have contributed to this outcome. Still, I would focus more on the credit quality of homeowners, the absence of a recession and the substantial amount of equity people have in their homes.

We have experienced many recessions since World War II, but we have only had one foreclosure crisis. Therefore, be cautious about who you listen to on the internet regarding this topic, as people have been discussing foreclosures for many years, particularly since the 2008 housing crisis.

As you can see in the chart below, the housing credit market started to break in 2005 and got worse in 2006, 2007 and 2008 — then the job-loss recession started. We have a much different housing credit market right now.

A significant difference from the marketplace of 2007-2011 is that current homeowners already have a substantial amount of home equity. The down payment percentage data are at 21st-century highs today, where, during the housing bubble crash years, over 23% of the homes in America were underwater. Now it’s not an issue at all.

Additionally, the loan-to-value ratio was around 85% during the years of the housing bubble crash; currently, it stands at 44.2%. Yes, you heard me right: 44.2%. The LTV data was in the mid-50s before it rose toward the levels we saw during the housing crash years. We had many distressed home sellers back then, which is no longer the case. In fact, we haven't experienced such positive credit housing data with the bulk of homeowners since the 1950s.

FICO score

As part of the data released by the New York Fed, we can see the updated FICO score data for U.S. homeowners. I have to say, nothing looks better than the chart below. The majority of homeowners in this data pool have FICO scores of 720 or above, and this has been consistent for the past 15 years!

The positive aspect of the U.S. housing market is the funneling of homeowners into one of the greatest financial instruments in history: the 30-year fixed mortgage. Many people still do not fully understand what an incredible financial product this is, as it locks in your debt cost for 30 years while your wages tend to grow. Other countries lack a comparable 30-year mortgage product, which makes their homeowners appear less favorable on paper compared to ours. 

Even though we may see more people with mortgage rates above 6% next year compared to those with rates below 3%, the real beauty of the 30-year fixed loan lies in its fixed debt cost amid rising wages.

Conclusion

Overall, the housing credit market is not showing significant stress, despite the ongoing hype surrounding FHA loans. The bulk of the loans are currently trending below the stress levels seen earlier in the century, much less during the great financial crisis.

When we exclude the 40% of homes in the U.S. that do not even have a mortgage, we find that most homeowners with a mortgage hold a 30-year fixed-rate loan. These homeowners typically have substantial equity and reliable long-term payments, which isn’t a point often emphasized by those who predict doom for the housing market each year.

The Arizona metro recorded 16,811 active single-family homes as of Oct. 31, 2025, with 1,158 new listings entering the market during the week. Meanwhile, 1,418 homes were absorbed, indicating steady buyer activity despite the widespread price reductions. The market maintains neutral conditions with 2.8 months of supply, slightly below the national average of 2.9 months.

Inventory and pace

Phoenix sellers are moving quickly to adjust pricing strategies. Nearly half of all active listings have taken price cuts, while only 3.07% increased prices during the week. The relisted rate sits at 3.84%, suggesting most sellers are opting for price adjustments rather than pulling listings entirely.

Homes in the metro spend a median of 63 days on market, moving faster than both the state median of 70 days and the national median of 77 days. This quicker pace persists while the rate of price reductions increases, indicating continued buyer interest at adjusted price points.

Pricing

At $522,000, Phoenix's median list price exceeds Arizona's statewide median of $499,000 by 4.6%. The metro's price per square foot reaches $264.86, compared to $260.46 statewide and $213.14 nationally.

The 48.99% price reduction rate reveals sellers testing market limits. While specific reduction magnitudes weren't provided, this adjustment rate suggests owners are recalibrating expectations after initial pricing proved too ambitious for current demand.

How it compares

Phoenix outpaces both state and national markets in key metrics. The metro's 63-day median days on market beats Arizona's 70 days and the national 77-day median by 10% and 18% respectively. Price per square foot in Phoenix runs 24% above the national average, demonstrating the metro's continued premium positioning despite pricing adjustments.

What to watch

Monitor the 48.99% price reduction rate as a key indicator of seller sentiment. Track whether the 2.8-month supply level shifts as pricing adjustments potentially unlock more buyer activity. Watch the absorbed-to-new-listings ratio, currently at 1,418 to 1,158, for signs of demand response to repriced inventory.

Use the 48.99% price cut rate to counsel sellers on realistic pricing strategies in current conditions. Track the 63-day median to set appropriate timeline expectations for clients. Monitor whether the $522,000 median holds as nearly half of listings adjust pricing downward.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

Inventory and pace

Rochester's 0.96 months of inventory stands alone among New York metros. The next tightest markets—Buffalo-Niagara Falls and Syracuse—both sit at 1.5 months, while downstate metros like Kingston show 3.7 months and the NYC metro maintains 2.3 months of supply.

The metro added 149 new listings during the week while 242 homes were absorbed. This imbalance between supply and demand continues to drain available inventory. The 28-day median days on market outpaces both the state median of 63 days and every other major New York metro.

The 11% relisted rate remains below typical levels, indicating properties are finding buyers without returning to market. This efficiency reflects how quickly buyers move on available properties in the region.

Pricing dynamics

At $249,900, Rochester's median list price sits well below the $795,000 NYC metro median and the $595,000 state median. Among upstate metros, only Elmira ($179,900), Binghamton ($219,948), and Utica-Rome ($248,500) offer lower median prices—yet none match Rochester's buyer activity levels.

Price cut activity reveals seller confidence in this competitive environment. Just 23% of Rochester listings reduced prices during the week, compared to 33% statewide. Meanwhile, 2% of listings increased asking prices, a relatively rare move that underscores sellers' strong negotiating position.

The estimated 215 weekly sales demonstrate robust transaction volume that continues to outstrip new supply, maintaining upward pressure on the limited inventory available.

How it compares

Rochester shows the strongest seller conditions among all New York metros. While markets like Albany-Schenectady-Troy and Binghamton hover in slight seller territory, Rochester has pushed well into strong seller market status—a distinction it holds alone in the state.

The metro's combination of relative affordability and extreme inventory shortage creates a unique dynamic. Buyers drawn to Rochester's value proposition face the state's most competitive bidding environment, where the typical advantages of shopping in a more affordable market—time to consider options, negotiating leverage—have largely evaporated.

Monitor whether the 0.96 months of inventory can stabilize or will drop further. Track the gap between Rochester's inventory and other metros like Buffalo (1.5 months) and Syracuse (1.5 months) for signs of regional spillover effects.

Use the $249,900 median price as a value benchmark. Watch for acceleration in price growth as buyers compete for limited inventory. Track the 23% price cut rate for any increase that might signal cooling demand.

Leverage the 28-day median to set realistic sale timelines. Monitor the 149 weekly new listings versus 242 absorbed properties to gauge supply-demand dynamics. Advise buyers that Rochester's affordability advantage comes with intense competition requiring quick decisions and strong offers.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

As part of this emerging industry trend, New View Advisors recently announced that it would begin publishing a quarterly index that tracks the production of proprietary reverse mortgages. The index relies on data from public and private sources, including financial statements, rating agency reports and other information related to the securitization of proprietary reverse mortgages.

New View’s Proprietary Reverse Mortgage Production Index for the third quarter of 2025 estimates that lenders originated $650 million in proprietary products from July through September.

Additionally, through the first nine months of this year, there has been $1.8 billion in proprietary volume, compared to $3 billion in Home Equity Conversion Mortgages (HECM) volume. For September 2025 alone, New View estimated that proprietary loans totaled $210 million, compared to $310 million for HECMs.

Based on that data, proprietary loans represented 40% of the reverse mortgage market in September and 37.5% for the first three quarters of the year.

Proprietary loans once accounted for a tiny fraction of the market. A report released by the Federal Reserve in 2009 noted that “due to the current financial crisis, the private reverse mortgage market has evaporated so that HECM loans represent nearly 100% of the U.S. reverse mortgage market.”

By 2022, proprietary had loans achieved a market share of 15%.

This trend is likely to continue for the foreseeable future due to the current lack of HECM endorsements. The Federal Housing Administration (FHA) is not processing federally insured reverse mortgages during the ongoing government shutdown.

At last month’s annual meeting of the National Reverse Mortgage Lenders Association (NRMLA), a panel discussion touched on the demand for HECM products, which has plummeted 69% since 2022.

“We have a pretty significant decline coming at a time when you would expect the opposite, because we have an aging population and more home equity,” said Caroline Jensen, counsel for Mayer Brown’s banking and finance practice.

The discussion followed an announcement by the U.S. Department of Housing and Urban Development (HUD) that it’s seeking feedback on the future of the HECM and HECM Mortgage-Backed Securities (HMBS) programs. Its request for information included 21 questions, with comments due by Dec. 1.

Secondary market volume

Although HUD and FHA stopped endorsing HECMs at the start of October, secondary market issuance — based on FHA-insured loans originated prior to that point — rose on a monthly basis.

New View Advisors reported that HMBS issuance for October grew to $491 million, $36 million more than in September. The 73 pools issued in October were one fewer than the prior month.

That growth dovetails with a 7.2% increase in HECM endorsements in September.

The company’s analysis of individual lenders found that Finance of America was the top issuer in October at $164 million, up $13 million from September. Longbridge Financial was next on the list at $128 million, up $14 million from the prior month.

Mutual of Omaha Mortgage pulled back its HMBS issuance by $5 million, finishing at $96 million in October, while PHH Mortgage/Liberty Reverse Mortgage grew its volume by $13 million to finish October at $87 million.

New View also reported that October’s first-participation production of $335 million was up $22 million compared to September. Tail issuances — HMBS pools comprised of new amount lent, but not new loans — grew by $11 million to $189 million in October.

Of the 73 pools issued last month, 20 were valued at less than $1 million. Ginnie Mae allows pools as small as $250,000 — a change made in 2023 that resulted in $10.4 million in unpaid principal balance that might not have otherwise been issued in October.

The partnership was unveiled on Wednesday at RISE, Real’s national agent conference.

Through this partnership and the new MAXA x Real platform, agents will gain access to over 400 real estate specific templates, MLS integration and AI-powered automation designed to simplify marketing workflows.

“Our collaboration with Real represents the next evolution of brand and marketing automation in real estate,” James Wong, the founder and CEO of MAXA Designs, said in a statement. “Together, we’ve created an ecosystem that blends creativity, automation and data, giving Real agents the freedom to market smarter, faster and more beautifully.”

According to the release, the MAXA x Real platform integrates directly with MLS property data, and automatically imports listings, details and photos taking this time consuming process away from agents. Through the platform, listing campaigns for print, social media and email are generated automatically and delivered to agents via the firm’s AI-powered concierge, Leo CoPilot. 

“What makes MAXA special is that it’s built for real estate,” Dre Madden, the chief marketing officer at Real, said in a statement. “With MAXA, Real’s 30,000+ agents have access to more than 500 purpose-built real estate templates for print, social and digital, and we’re adding more every month. It’s all done for you in MAXA. From MLS-powered design to AI-driven automation, everything is built for our agents and this industry. With MAXA, we are able to take Leo CoPilot to the next level for our agents.”

Mortgage

Q3 2025 earnings

• Longbridge has record quarter for proprietary volume, posts $8.6M profit Nov. 7
• loanDepot’s Q3 loss narrows as revenue climbs 14% Nov. 6
• Blend Labs reports shrinking mortgage revenue even as its partnerships gain steam Nov. 6
• Onity’s reverse business turns a profit as margins climb Nov. 6
• UWM delivers $41.7B in Q3 volume amid ‘rate rally’ Nov. 6
• Guild sees Q3 revenue surge to $307.4M ahead of Bayview transaction Nov. 5
• Finance of America’s Q3 loss contrasts with sharp rise in adjusted income Nov. 5
• Intercontinental Exchange posts record Q3 earnings Oct. 31
• Rocket’s integrations of Redfin, Mr. Cooper lift Q3 results above forecasts Oct. 30
• Newrez posts best monthly mortgage volume since 2022, seals Wells Fargo deal Oct. 30
• Freddie Mac’s earnings slowly ticking back up amid credit losses Oct. 30
• Fannie Mae ups ante with $3.9B in net income Oct. 29
• PennyMac eyes high-coupon MSRs, broker channel growth Oct. 22
• PennyMac posts Q3 profit of $181M, fueled by servicing strength Oct. 21
• Big banks beat Q3 earnings expectations, with modest growth in mortgages Oct. 14

Real estate

Q3 2025 earnings

• eXp World Holdings reports strong Q3 2025: revenue growth, agent retention success Nov. 7
• Opendoor hits reset: The iBuyer goes full founder mode with new CEO Nov. 7
• Douglas Elliman’s revenue drops amid ‘transitional year’ Nov. 5
• Compass leans on Christie’s acquisition playbook ahead of Anywhere merger Nov. 4
• Anywhere reports Q3 revenue growth, moves closer to Compass merger Nov. 4
• RE/MAX sees Q3 profit rise despite revenue dip, talks AI and franchise programs Oct. 31
• Zillow focuses on consumers, agents to fuel future growth Oct. 30
• Real Brokerage reports strong Q3 results, previews major tech innovation Oct. 30
• CoStar can’t stop talking about Zillow as Homes.com growth surges Oct. 29

Past reports

Mortgage

• Guild’s profit rebound and rising refi recapture bolster Bayview bid Aug. 11
• Blend Labs narrows Q2 losses, announces new head of finance Aug. 11
• loanDepot shakes up retail and JV leadership after Hsieh’s comeback Aug. 8
• With Hsieh in the driver’s seat, loanDepot posts revenue of $283M Aug. 7
• Better’s losses are shrinking. It could break even by late 2026 Aug. 7
• UWM swings back to profitability in Q2 amid surging volumes, margins Aug. 7
• FOA reports $80M profit, buys out Blackstone’s equity stake Aug. 6
• Reverse mortgages offer resilience for Onity in latest earnings report Aug. 5
• ICE posts $851M profit in Q2 2025, raises revenue guidance Aug. 1
• Rocket returns to profitability in Q2, yields early benefits from Redfin deal July 31
• Freddie Mac’s profits fall 14% in Q2 as credit loss provisions climb July 31
• Fannie Mae posts $3.3B profit, tops $100B net worth despite earnings dip July 30
• Rithm Capital delays Newrez public listing, eyes M&A opportunities July 28
• Mr. Cooper stays profitable despite major subservicing exit in Q2 July 23
• PennyMac, the top dog in correspondent, says its broker business is booming July 22
• JPMorgan Chase, Wells Fargo see mortgage volumes surge in Q2 (but not profits) July 15
• Better leans on AI, sees first profitable month since 2022 May 13
• Blend talks Rocket-Mr. Cooper deal, will exit title biz May 9
• Rocket shifts focus to integration after Q1 growth in originations and M&A May 8
• Finance of America posts a profit, beats funded volume estimates in Q1 2025 May 7
• loanDepot’s Q1 revenue jumps 23% as Hsieh prepares to take the wheel again May 6
• Lower rates spur refis at UWM, hit MSR valuations in Q1 May 6
• With big changes underway, Freddie Mac’s earnings report shows financial growth May 1
• Liberty Reverse parent Onity praises Q1 earnings performance, proprietary product launch April 30
• Fannie Mae posts 29th straight quarter of profitability amid GSE shakeup April 30
• Rithm eyes M&A, but won’t sacrifice earnings April 25
• How Mr. Cooper plans to power Rocket’s homeownership flywheel April 23
• Pennymac's profits shrink, but servicing portfolio now stands at a massive $680B April 22
• BofA, Citi warn of slower growth ahead as mortgage business softens April 15
• JPMorgan Chase, Wells Fargo feel the mortgage squeeze in Q1, hope for deregulation April 11

Real estate

• Fathom eyes more growth after stronger Q2 Aug. 13
• Title’s Big Four post mixed-bag Q2 2025 results Aug. 11
• Real Brokerage posts record revenue, positive net income in Q2 Aug. 7
• Zillow wants to be the hub for consumers and agents Aug. 6
• Opendoor turns to agents in the hunt for profitability Aug. 6
• Douglas Elliman doesn’t want private listings to be the norm Aug. 4
• Agent count a bright spot for eXp in Q2 2025 July 31
• Compass posts record performance in Q2 July 30
• Has RE/MAX broken its U.S. agent count slump? July 30
• Anywhere sees ‘units up, prices up’ in July as luxury sales surge July 29
• CoStar earnings ‘boosted’ by growth of Homes.com July 23
• CoStar begins its journey of ‘meaningful self-help’ May 15
• Fathom stays optimistic about agent compensation plan even as losses mount May 13
• Robert Reffkin on Compass’s pre-marketing strategy: What’s the downside? May 8
• Major title insurers post strong Q1 earnings, fueled by commercial real estate deals May 8
• Will the real Tamir Poleg please stand up? May 8
• Zillow posts strong Q1, touts listing transparency and app traffic May 7
• eXp posts steady Q1 earnings, reinforces Clear Cooperation stance May 6
• Redfin reports falling revenue, higher losses in Q1 2025 May 6
• RE/MAX posts another loss, but CEO insists it can ‘get back to growth’ May 2
• Homes.com grows with increased agent adoption, consumer demand April 29
• On private listings, Anywhere will be on the right side of history, CEO says April 29
  

“I think the Florida agents who are calling Mamdani ‘Realtor of the Year’ are going to be sorely disappointed with his performance,” Jason Haber, a Compass broker who operates in both New York City and Florida, said. “I don’t think this is going to cause any sort of panic or rush to leave the city.”

While many headlines have predicted a mass exodus from New York City, even in the lead up to Election Day the city’s high-end housing inventory is still well-below the level seen in late-July 2019. HousingWire Data shows that the 7-day average inventory count for the top price tier in New York City in July 2019 was 58 single family homes, 750 co-ops and 1,497 condos. Since Mambani’s win over Andrew Cuomo in New York City’s Democratic mayoral primary back in late June the highest inventory levels have reached was on the week ending on June 27, when the 7-day average inventory level included 20 single-family properties, 830 co-ops, and 1,132 condos. 

“I don’t think there has been any sort of mass exodus, but I think we kind of have to wait and see,” Bess Freedman, the CEO of New York City-based Brown Harris Stevens, said. “There have been some sellers who have already wanted to get out because of this possibility, but that has truly been more the exception than the rule. People have been talking about it and there has been a little movement, but nothing dramatic or substantial of note. 

In nearby Fairfield County, Connecticut, Julie Vanderblue, the CEO of The Vanderblue Team and the president of The Higgins Group, is preparing for an uptick in demand from buyers coming from New York City. 

“I do think there is going to be an effect,” Vanderblue said of Mamdani’s win. “But I don’t think it is going to be as extreme as it was during COVID when everyone wanted to get out of the city. If that happens, inventory will again be our number one problem, but I don’t think we are going to have the over paying and the crazy pricing we saw during COVID, but supply will be low and demand will be probably higher than we have seen in the last year.” 

Over in Bergen County, New Jersey, an area that also saw an influx of New York City home buyers looking for more space during the height of the COVID pandemic, Lisa Comito, the Regional Manager of Howard Hanna | Rand Realty, is also expecting to see an uptick in demand from New York City buyers. 

“I don’t feel like there are a lot of people who now suddenly feel the need to get out of the city immediately, but I do feel that there are going to be people who won’t want to be in the city under his leadership, so I do think there will be somewhat of an uptick,” Comito said. 

Although Comito has not experienced anything like the doomsday scenarios some agents have reported to experience, she did note that over the summer a couple of her agents who were working with clients looking to move from Bergen County to New York City paused their searches until after the election. Still, like Vanderblue, she is not anticipating a mass exodus. 

“He won by just a little bit over 50%, so that means that is only half of the population who may consider leaving the city due to his victory, whereas with COVID you had 100% of the population that felt like they were being negatively impacted by living in the city,” Comito said. 

When discussing a potential flight from New York City, much of the focus has been on metro areas in South Florida, and like their counterparts in suburbs of New York City, Florida brokers are also anticipating a potential uptick in demand from New York City buyers.

“Florida has become a very compelling alternative option for people now,” Mike Pappas, the CEO of the Miami-based The Keyes Company, said. “And I believe that we will see an acceleration of the trend of people moving here from New York, as well as other Northern metro areas.”

Pappas notes that the trend of people, especially those who are ultra-high net worth, moving to Florida from New York City and other northern metro areas is not new.

“The foundation was laid for this years ago,” Pappas said. “During COVID we saw an increase as people from places like New York City were looking for different regulations and governance, and so many of them moved to Florida. For years people have been coming down here from the North for the weather, and the sun and sand, but now there’s this real substance of business bringing people here.”

Further up the coast in Cary, North Carolina, Jennifer Coleman, a Coldwell Banker Advantage agent, agreed that it is not uncommon for homebuyers from many different Northern metros to move south to places like North Carolina.

“We have always had a lot of buyers coming into the area specifically from New York and really any northern state predominantly because of our weather here,” Coleman said. “A lot of them are either retiring or they have family here already so they have a real specific reason for coming, and obviously we had an influx of people during COVID because the property values are less here, property taxes are less, and the general cost of living is cheaper here.”

Even up in Connecticut, Vanderblue said they have experienced similar trends. 

“We have seen a lot of people move from New York to Connecticut over the years and I don’t think that for the people we may now see coming from the city, that this is the only thing causing them to make the decision to move,” Vanderblue said. “I think if they were leaning into the opportunity to start a life in the suburbs and they still wanted something close to the city, I think this might be a reason for them to do it sooner rather than later.”

But in the immediate aftermath of Mamdani’s victory, brokers agree that it is still very much a wait and see environment.

“I think most people want to see how the new administration takes shape and who does or doesn’t get appointed to key positions, and of course governing and electoral politics are two very different things. So, I think it will take time for people to sort of do both a policy check and a vibe check of the city and then make a decision,” Haber said. “But I think it will be interesting to see over the next year if the migration pattern is normal or if it is above normal.” 

Santa Barbara leads the state at $989 per square foot, followed by San Jose at $962. Both metros price well above California's $409 median and dwarf the national median of $213. Yet their market dynamics differ substantially.

San Jose maintains momentum while others slow

San Jose moves homes in a median 42 days with 28.3% of listings cutting prices. The metro absorbed 180 properties against 109 new listings last week, maintaining 1.4 months of inventory. These metrics place it in seller-favorable conditions.

Napa presents a contrasting picture. At $706 per square foot, homes take 126 days to sell—three times longer than San Jose. Price cuts affect 38.4% of listings, and the market holds 4.8 months of inventory. The metro absorbed 24 homes while adding 14 new listings.

Price cuts reveal competitive pressures

California metros show elevated price-cut activity compared to the national rate. Napa leads at 38.4%, followed by Salinas at 35.2% and Santa Barbara at 32.5%. San Jose posts the lowest rate at 28.3%, still approaching the typical range.

Statewide, 36% of California listings reduced prices, below the national 41.9% rate. This positions California metros between state and national averages, with individual markets reflecting local supply-demand dynamics.

Inventory levels signal market direction

Months of supply ranges from San Jose's tight 1.4 months to Napa's 4.8 months. Salinas holds 1.6 months while Santa Barbara maintains 2.3 months. California overall shows 2.3 months of inventory, below the national 2.9 months.

The spread demonstrates how premium pricing alone does not determine market velocity. San Jose and Salinas maintain tighter conditions despite different price points, while Napa's luxury positioning correlates with extended marketing times.

What to watch

Track the 42- to 126-day range for realistic seller expectations in premium California markets. Monitor price-cut percentages between 28% and 38% as competitive positioning indicators. Use inventory levels from 1.4 to 4.8 months to gauge whether conditions favor buyers or sellers. Compare local metrics against California's 70-day median and 2.3 months of supply for context.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

The data reveals a market operating in strong seller territory despite increased inventory levels. With just 1.1 months of supply compared to 2.9 months nationally, the Manchester metro area continues to favor sellers even as more homes enter the market. The metro's median list price held at $625,000, down 3.8% from $649,900 a year ago.

Inventory builds while sales pace holds

Active listings in the metro area reached 385 single-family homes, up from 258 during the same week in 2024. The market absorbed 87 properties during the week, compared to 78 homes absorbed during the same period last year, an 11.5% increase in weekly sales activity.

New listings totaled 57 homes for the week, contributing to the inventory expansion. The 35-day median days on market represents a modest increase from 28 days a year ago but remains well below both the state median of 49 days and the national median of 77 days.

Price dynamics show market adjustments

The median list price of $625,000 translates to $275 per square foot in the Manchester metro market. By comparison, New Hampshire's statewide median sits at $625,000 with $291 per square foot, while the national median stands at $435,000 and $213 per square foot.

Price reductions affected 39.2% of active listings, indicating sellers are adjusting expectations to maintain the market's velocity. Meanwhile, 1.3% of listings increased their asking prices, and 4.2% of properties were relisted after previously being removed from the market.

How Manchester compares

The metro's 1.1 months of supply sits slightly below New Hampshire's 1.6 months and well below the national level of 2.9 months. This tight inventory condition persists despite the 49.2% year-over-year increase in active listings, suggesting demand continues to absorb new inventory efficiently.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

San Jose also maintains premium pricing. The median price per square foot sits at $939, or 129% above California’s $409 median. Price reductions remain less common as well, with 24.9% of San Jose listings cutting prices vs. 36% statewide.

Supply constraints drive market velocity

Active inventory stands at 389 homes. Weekly absorption reached 92 homes, while just 57 new listings came to market, reinforcing the structural imbalance between supply and buyer demand.

Homes spend a median of 35 days on market, half of California’s 70-day median. The Market Action Index remains above the neutral threshold, signaling continued seller advantage even as statewide dynamics move closer to balance.

Pricing power remains concentrated

The median list price reached $1,668,888 in October, up 4.4% from $1,599,000 a year earlier. Meanwhile, 2.6% of active listings increased their asking prices, slightly above the statewide 2.2% rate. Relisted homes represent 11.3% of activity, close to California’s 10.3%, signaling stable transaction completion in a tight market.

What to watch

The 1.1-month supply remains the defining constraint in San Jose. Use the 35-day median days on market as a benchmark for setting speed-to-offer expectations. The $939 per square foot pricing benchmark, second highest in the nation, helps frame valuation discussions in a premium-priced market.

Tracking buyer activity through absorption can help determine whether tight supply continues to support firm pricing even as other California markets move toward balance.

HousingWire used HW Data to source this story. To see trends in your market, generate a local housing report. Enterprise users can license market data at scale through HW Data.

This paradox positions Austin as an outlier in both Texas and national markets. Despite more than half of sellers reducing prices, the metro's median days on market exceeds the national average of 77 days, though it moves faster than the Texas state median of 91 days.

Inventory builds as buyer conditions strengthen

Austin's housing inventory reached 11,429 active single-family homes as of Nov. 1, 2025, representing 3.67 months of supply. The market absorbed 780 homes during the week while adding 443 new listings, creating a net inventory increase that reinforces buyer-favorable conditions.

The relisting rate sits at 7.86%, indicating most sellers remain committed to finding buyers rather than pulling listings. However, the combination of high price-cut percentages and extended market times reveals persistent buyer resistance at current price levels.

Pricing pressures mount across metrics

The median list price holds at $499,000 with homes priced at $228.07 per square foot, both exceeding state levels of $374,000 and $181.81 per square foot respectively. Austin's premium over Texas pricing helps explain the aggressive cutting strategy, as sellers adjust expectations to match buyer willingness.

Meanwhile, only 3.31% of listings increased prices during the week, creating a 50-percentage-point gap between cuts and increases that underscores the market's directional momentum. This ratio far exceeds typical market conditions where price adjustments usually balance more evenly.

What to watch

Monitor whether the 53.43% price-cut rate translates to faster absorption in coming weeks. Track the months of supply metric, currently at 3.67, as it approaches the 4-month threshold that often signals deeper buyer advantages. Watch for median price adjustments as the gap between Austin's $499,000 and the state's $374,000 creates ongoing pressure.

Use these specific metrics to guide client conversations. Track the 84-day selling timeline when setting expectations. Monitor the weekly absorption rate of 780 homes against new listings to identify inventory trends. Leverage the 53% price-cut data point to negotiate on behalf of buyers.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

Bjelac, who brings more than two decades of experience in leading top-performing TPO and wholesale teams, is tasked with expanding Foundation's national wholesale lending presence.

Most recently, Bjelac served as SVP of national sales for TPO at Carrington Mortgage Services, where he helped drive significant growth in the non-QM segment. Before that, Bjelac held senior leadership roles at LendingOne, Sprout Mortgage, Flagstar Bank and CoreVest Finance.

“Sam’s deep knowledge of the TPO and Non-QM sectors, paired with his passion for broker partnership, makes him an invaluable addition to our leadership team,” Marc Halpern, CEO of Foundation Mortgage, said in a statement. “His proven ability to inspire sales teams and forge meaningful industry relationships will help accelerate our growth and advance our mission of common-sense lending built on a rock-solid foundation.”

Bjelac earned his master's degree in finance from the University of Baltimore, where he was inducted into Beta Gamma Sigma, and he holds a bachelor's degree in marketing from West Virginia University.

“Foundation Mortgage is a company that truly understands the needs of brokers,” Bjelac said. “I’m excited to join a team that combines experience, innovation, and integrity — and to help drive the next chapter of growth for this exceptional organization.”

The divergence across the Texas Triangle metros reveals how even neighboring markets can experience different conditions. The Texas Triangle—a megaregion formed by Dallas-Fort Worth, Houston, San Antonio, and Austin that houses the vast majority of Texans—shows varying market dynamics despite geographic proximity. While Austin and San Antonio moved into buyer-favorable territory, Dallas-Fort Worth and Houston maintained neutral conditions despite having the largest inventories at 30,921 and 34,676 active listings respectively.

Inventory builds as absorption slows

Active listings climbed across all four major metros compared to last year. Houston led with 34,676 homes on the market, up from 27,976. Dallas-Fort Worth followed with 30,921, up from 27,131. San Antonio's inventory rose to 15,527 from 13,366, while Austin increased to 11,429 from 9,869.

The pace of home absorption told a different story. San Antonio experienced the steepest decline, with weekly absorbed listings falling 36.2% to 1,026 from 1,608 a year ago. Houston's weekly absorption dropped 21.6% to 2,395 from 3,053. Austin fell to 780 from 814. Dallas-Fort Worth held relatively steady at 2,344 absorbed homes weekly, down slightly from 2,400.

Months of supply ranged from 3.4 in Dallas-Fort Worth to 4.3 in Houston. San Antonio registered 4.2 months, while Austin sat at 3.7 months. All four metros exceeded the national average of 2.9 months.

Price dynamics reveal market pressures

Austin's $499,000 median list price represented the highest among the four metros but also the only year-over-year decline. Dallas-Fort Worth's median dropped to $439,999 from $450,000, while Houston fell to $370,990 from $375,000. San Antonio declined to $335,000 from $339,990.

Price reductions became widespread across the region. Austin led with 53.4% of listings cutting prices, followed by Dallas-Fort Worth at 51.7%, San Antonio at 50.5%, and Houston at 39.7%. The percentage of relisted properties reached 21.6% in Houston and 15.8% in San Antonio, compared to 9.2% in Dallas-Fort Worth and 7.9% in Austin.

Price per square foot ranged from $171.9 in Houston to $228.1 in Austin, with San Antonio at $175.5 and Dallas-Fort Worth at $197.3. Days on market reached 91 in Houston, while the other three metros showed 84 days, up from 77 days in Austin and San Antonio and 63 days in Dallas-Fort Worth a year earlier.

How Texas compares to broader trends

The Texas metros showed mixed performance against statewide median of 91 days on market. Houston matched the state average, while Austin, San Antonio, and Dallas-Fort Worth moved faster. All lagged the national median of 77 days.

Texas' statewide median list price of $374,000 fell below Dallas-Fort Worth and Austin but exceeded Houston and San Antonio. The state's 4.0 months of supply aligned closely with the Triangle markets, while all exceeded the national 2.9 months.

What to watch

Monitor the 53.4% price cut rate in Austin as a leading indicator of market direction. Track Houston's 21.6% relisting rate for signs of seller persistence. Use Dallas-Fort Worth's 3.4 months supply as a benchmark for market balance in the region. Watch Houston's 91-day median as it matches the state average.

Track these diverging metrics across the metros to identify which markets offer the best opportunities for buyers or sellers. Use the 39.7% price cut rate in Houston as a baseline for comparing market softness. Monitor the absorption rates, particularly San Antonio's 36.2% decline, to gauge demand strength.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

That stat — derived from a comprehensive analysis of more than 600,000 U.S. renters and data from rental reporting platform Esusu — appears in VantageScore's latest white paper released on Wednesday.

VantageScore said the results demonstrate that rent is both a strong indicator of repayment risk and a tool for greater financial inclusion.

The study analyzed the impact of this positive rental data on the renter’s VantageScore 4.0 credit score. It found that adding consistent, on-time rent payments to credit files improves the predictive performance of the VantageScore 4.0 credit scoring model.

The data helps to identify up to 11% more defaults in higher-risk score ranges and delivers a 3.7% increase in overall predictive accuracy.

When timely rental payment data is added to credit files, consumers previously considered “credit invisible” achieve an average VantageScore 4.0 of 654. Nearly all — 99.7% — receive a score of at least 620, which meets the minimum mortgage eligibility threshold under current guidelines from Fannie Mae and Freddie Mac.

Consumers who qualify for a VantageScore 4.0 credit score of 620 or higher after adding positive rental payment data perform on par with other borrowers who have the same score, according to the findings.

VantageScore also noted that incorporating positive rent data could have a significant impact on the mortgage market. The company estimates that including on-time rental payments in credit files could translate into as much as $777 billion in potential mortgage origination volume.

During the third quarter of 2025, Douglas Elliman saw revenue drop from $266.3 million a year ago to $262.8 million. The firm attributed this decrease to a decline in commissions and other brokerage income, as well as income from ancillary services dropping from a year prior. Despite these declines, the company’s net loss for the quarter was $24.942 million, an improvement over the $27.449 million net loss recorded a year prior. Additionally, Douglas Elliman agents reported a gross transaction value of roughly $10 billion, up from $9.8 billion in Q3 2024. 

"Our focus has been on building the foundation for sustainable long-term growth and positioning the company to capture opportunities as market conditions improve. We have taken decisive steps to sharpen our competitive edge, enhance our service offerings and expand our reach,” Michael Liebowitz, Douglas Elliman’s CEO and president, said during his firm’s Q3 2025 earnings call with investors and analysts Tuesday morning. 

Some of these decisive steps include launching Elliman International, launching an in-house mortgage platform, as well as Elliman Private Listings and the new Estate, Trust & Probate division, and the sale of Douglas Elliman’s property management division. 

The firm also made investments into AI technology, including the recent launch of Elli AI, an AI-powered assistant app, that the firm said streamlines daily workflow of agents.

“We intend to continue to partner with leading technology providers, scale our internal talent pool and maintain rigorous governance to ensure our AI road map supports both growth and trust,” Liebowitz said. “We believe 2026 will mark the beginning of a new growth phase as the investments and strategic moves we have made in 2025 begin to yield results.”

Looking ahead, Liebowitz is confident his firm is now ready to tackle any challenge that may lay ahead. Much of this confidence stems from a much improved balance sheet, which as of the end of October 2025, included a cash balance of $125.6 million and no debt. 

“We are strategically positioned to capitalize on market opportunities in our evolving industry. We are now uniquely positioned both financially and strategically to pursue further geographic expansion, technological advancement and strategic acquisitions from a position of strength,” Liebowitz said. “Our strategy is clear. To be the preeminent luxury pure-play residential real estate brokerage platform, powered by the best-in-class innovative technology with a global reach."

The move marks an effort by Fathom to deepen its reach with first-time homebuyers — a segment that accounted for a record-low share of 21% of home purchases during the year ending in June 2025, according to data from the National Association of Realtors.

START is headquartered in Colorado. It was founded by Randy and Terri Bell and has 70 agents. START said it expects to close roughly 400 transactions this year, with a mortgage attach rate of more than 70%. 

“We are excited to announce the beginning of the expansion of the START team across the U.S.,” said Marco Fregenal, CEO of Fathom Holdings. “Expanding into these markets allows us to bring our title and settlement expertise to a broader client base and better serve homebuyers, sellers and real estate professionals nationwide.

"START Real Estate has a proven track record of delivering an over 70% mortgage attach rate, and we expect similar results as the program expands into new markets.”

Founded to guide first-time homebuyers through every step of homeownership, START Real Estate has a model that combines education, personalized agent support and Fathom’s proprietary technology.

The company hopes to bridge the gap for an often-underserved buyer demographic, leveraging Fathom’s existing agent network and infrastructure to scale quickly, according to a press release.

 “When we joined Fathom, our shared vision was to take the START program nationwide,” said Randy Bell, co-founder of START Real Estate. “With Fathom's intelligent technology platform, extensive geographic footprint, and the strength of the Elevate program, we're well positioned to accelerate growth and deliver our services to more communities across the country.”

Fathom Holdings, based in Cary, North Carolina, operates through brands including Fathom Realty, Encompass Lending, intelliAgent, LiveBy, Real Results and Verus Title.  

The median list price reached $465,000, up 9.4% from $424,900 a year earlier. With 179 homes absorbed from the market during the week and only 1.4 months of supply available, the metro remains firmly tilted toward sellers despite the pricing adjustments.

Inventory and pace

Active listings totaled 989 homes, up slightly from 979 a year ago. The market absorbed 179 properties during the week, down from 240 in the same period last year. New listings added 147 homes to the market.

The 1.4 months of supply sits below Connecticut's state level of 1.6 months and well under the national figure of 2.9 months. Additionally, 10.3% of active listings were relisted properties that had previously been removed from the market.

Pricing

Hartford's median list price of $465,000 represents $259.4 per square foot. While 30.7% of sellers cut prices during the week, only 1.4% increased their asking prices.

The metro's pricing sits below Connecticut's statewide median of $595,000 and above the national median of $435,000. Hartford's price per square foot of $259.4 compares to $298.8 statewide and $213.1 nationally.

How it compares

Hartford homes sell 49 days faster than the national median of 77 days. The metro's 28-day median matches its year-ago pace exactly. By comparison, Connecticut's statewide median sits at 42 days.

The metro's strong seller conditions persist despite the high rate of price cuts. With months of supply at 1.4 versus 2.9 nationally, Hartford remains a faster-moving market with tighter inventory constraints.

Use the 28-day median selling time when advising clients on market expectations. Track the 30.7% price cut rate to guide pricing strategies. Leverage the 1.4 months supply figure to emphasize the continued seller advantage despite pricing adjustments.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate a housing market report. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

Ken Harthausen has been named president of NewDay Home's Builder Division, while Neil Brooks has been named president of NewDay Home.

"Ken and Neil both embody the heart of NewDay and our core mission to help Veteran families achieve the American Dream of homeownership," Rob Posner, CEO of NewDay USA, said in a statement. "Their track records in building partnerships, delivering results, and serving Veteran families will help us achieve our goal of supporting the military community throughout the homebuying process."

"Homeownership represents a promise fulfilled to those who have served," said Thomas C. Lynch, executive chairman of NewDay USA. "Ken and Neil will help us deliver on that promise by bringing decades of experience, innovation, and leadership to our mission of putting one million Veterans in homes."

Having spent more than two decades in mortgage lending and builder programs, Harthausen most recently served as vice president of national strategic alliances at loanDepot, where he drove strategic builder partnerships.

Harthausen also founded Countrywide Home Loans' Builder Joint Venture Program, growing it from scratch into the largest in the nation. Before that, he also built PHH Mortgage Corp.'s Builder Division and led initiatives across national sales strategy and operational execution at GE Capital.

In his new role, Harthausen will oversee efforts to forge partnerships with homebuilders nationwide, expanding outreach to eligible veteran buyers.

"It is an incredible privilege to be part of NewDay USA's relentless mission to break down barriers to homeownership for our nation's heroes," Harthausen said. "By partnering with transformational builders serving the military community nationwide, we are creating real opportunities for Veterans to have a place to call home."

Brooks, a U.S. Navy veteran, also brings more than 20 years of real estate leadership and success to NewDay USA. He most recently worked as a top-producing Realtor at My Home Group in Scottsdale, Arizona.

Brooks has ranked among the top 1% of Realtors in Arizona for more than a decade and was recognized by The Wall Street Journal and Zillow as No. 7 in Arizona and No. 247 nationwide for production in 2017.

Brooks has also consistently held the top-producing agent position at Century 21 Arizona Foothills. In his new role, he will lead the launch of NewDay Home and its national network of real estate agents, all of which have been vetted and certified through the Admiral Certification Program.

"Helping Veterans find a home is more than a job – it is a commitment to those who have served and sacrificed for our country," Brooks said in a statement. "NewDay Home gives Veterans and military families the opportunity they have earned to succeed in today's housing market and buy a home without a single dollar down."

Analysis estimates that sellers lost more than $750 million in potential value over the three-year period by selling privately.

The study analyzed thousands of verified transactions from 2022 to 2024 using MLS data from SFAR, California Regional MLS, and the NORCAL MLS Alliance, cross-referenced with RealReports’ public record database.

Researchers focused on single-family homes and duplexes in San Francisco County, excluding the top 5% of sale prices, inter-family and trust/LLC transfers — as well as pandemic-affected years (2020–2021).

Results showed MLS-listed properties consistently outperforming off-market sales across all price ranges.

Between 2022 and 2024, the average sale price gap grew from $211,000 to $394,000 — with median differences ranging from $160,000 to $315,000.

“We built this study on solid, repeatable foundations — stripping out noise, normalizing the data, and letting the results speak for themselves,” said Jay Pepper-Martens, chief technology officer at SFAR. “In the spirit of finding the truth, we were committed to telling the full story no matter what. The conclusion is clear: visibility equals value. Sellers gain when listings are public, and the market as a whole becomes more transparent and efficient.”

Data was standardized under Real Estate Standards Organization (RESO) specifications to ensure consistency — with unlisted, probate and distressed sales also included, report organizers said.

“This research represents months of rigorous engineering and statistical validation,” said RealReports CEO James Rodgers. “By pairing MLS datasets with public records under RESO standards, we created a replicable framework any MLS can apply. The ~$300,000 delta isn’t a marketing point — it’s an economic truth.”

New analytics platform introduced

Building on the findings, RealReports launched Sightline, a data platform that provides MLSs with real-time visibility into their on- versus off-market activity.

Sightline integrates MLS and public record data into a dashboard that tracks pricing, volume and listing trends by geography, property type and price range.

“Sightline gives MLS’s the data and the voice they deserve,” said RealReports Chief Operating Officer Zach Gorman. “For too long, the conversation around off-market listings has been dominated by narrative and intuition. Now the MLS can fight back with facts — and that changes everything.”

The tool is intended to help MLSs identify transparency gaps and understand market dynamics more quickly.

It also includes prebuilt communication materials to help educate members and consumers about benefits of public listings.

“This partnership with RealReports represents a new model for MLS innovation — agile, data-driven, and collaborative,” said SFAR Chief Information Officer Hud Bixler. “Sightline takes something traditionally buried in spreadsheets and turns it into actionable intelligence that empowers our members and strengthens the consumer case for the MLS.”

The tri-state region's median days on market of 51 days outpaces the national figure of 77 days. With 28,214 active single-family listings across the three states and 3,410 homes absorbed during the week, the market continues to favor sellers despite widespread price adjustments.

Inventory and pace

The tri-state area maintains just 1.81 months of supply, below the national level of 2.90 months and slightly above the state median of 1.59 months. Active inventory totaled 28,214 single-family homes, with 3,410 properties absorbed during the week.

The relisting rate of 6.88% indicates most properties are finding buyers on their first market appearance. Meanwhile, homes that do sell are moving faster than in most U.S. markets, with the 51-day median significantly below the 77-day national benchmark.

Pricing dynamics

At $605,000, the median list price in Connecticut, New Hampshire and New York exceeds the national median by 39%. Price per square foot reached $297.11, compared to $213.14 nationally, a 39.4% premium that reflects the region's higher property values.

However, 36.03% of active listings saw price reductions during the week, while just 1.08% increased their asking prices. This adjustment pattern suggests sellers are recalibrating expectations to match current buyer demand, even in a market with limited inventory.

How it compares

The tri-state region's $605,000 median list price sits $10,000 above the broader state median of $595,000. Similarly, the price per square foot of $297.11 tracks closely with the state figure of $298.80.

Additionally, the region's 51-day median days on market represents a middle ground between the faster 42-day state median and the slower 77-day national pace. The 1.81 months of supply positions the market between the tighter 1.59-month state inventory and the more balanced 2.90-month national level.

What to watch

Monitor the 36% price reduction rate as a leading indicator of seller sentiment. Track whether the 51-day median days on market holds steady or trends toward either the faster state pace or slower national average. Watch months of supply to see if inventory builds beyond the current 1.81-month level.

Use the $605,000 median price benchmark when advising clients on listing strategies. Track the 6.88% relisting rate to gauge first-time listing success. Monitor the gap between the region's $297 per-square-foot pricing and the $213 national average to understand relative value propositions.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate housing market reports. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

The Plano, Texas-based reverse mortgage lender posted a net loss of $29 million for the quarter ending Sept. 30, compared with a net profit of $80 million in the second quarter and $204 million in Q3 2024. In a press release, FOA attributed the loss to changes in model assumptions related to home-price appreciation.

Adjusted net income rose to $33 million, or $1.33 per share, up 136% from the prior quarter and 120% higher than the same period a year ago.

For the first nine months of the year, Finance of America reported $131 million in net income from continuing operations and $60 million in adjusted net income.

"Origination performance remained robust, with funded volume reaching $603 million and submission volume reaching $887 million for the quarter, compared to $764 million in the same period last year," FOA President Kristen Sieffert said during the company's earnings call on Tuesday.

"By the end of October for the year 2025, we funded $1.97 billion in reverse mortgages, surpassing our entire 2024 production of $1.92 billion, and October submissions totaled $336 million, the highest month in three years," she added.

Matthew Engel, the company's chief financial officer, also shed some light on FOA's Q3 2025 performance.

"On a GAAP basis, the company reported a net loss of $29 million for the quarter, as lower interest rates and tighter spreads were more than offset by softer home-price appreciation projections impacting the non-cash fair value of our residuals," Engel said.

"Year to date, the company is still significantly positive, reporting $131 million of pretax income for the first nine months of 2025, he added. "Adjusted net income for the quarter totaled $33 million, or $1.33 per share, a 125% increase from the prior quarter and more than double the level from the same period last year.

"This improvement was driven by higher origination margins and increased capital markets activity."

The company also said it repaid $85 million in higher-cost working capital facilities and agreed to repurchase the entirety of Blackstone’s equity stake, a move aimed at reducing interest expenses and increasing financial flexibility.

Cash and cash equivalents rose to $110 million at the end of September, up from $46 million three months earlier.

Finance of America CEO Graham A. Fleming said the company’s performance reflects growing demand for home equity solutions among older homeowners. “Adjusted net income has increased more than five-fold compared to last year,” Fleming said in a statement.

Fleming told investors during the earnings call that "we are seeing strong momentum at the top of the funnel with record lead generation, higher digital engagement and continued efficiency gains, all of which give us confidence to achieve a 60% year-over-year increase in 2026 adjusted EPS guidance."

The company’s Retirement Solutions segment reported $17 million in pretax income and $20 million in adjusted net income for the third quarter, driven by higher volumes and improved margins.

Its Portfolio Management segment posted an $11 million pretax loss due to negative fair value adjustments, partly offset by stronger yields and capital markets activity.

During the quarter, FOA also announced a partnership with Better.com to expand its product offerings and leverage technology to serve the senior demographic.

The metro's median days on market sits at 84 days, compared to Florida's 98-day median and the national median of 77 days. Despite widespread price reductions, Tampa's median list price of $455,000 remains below the state median of $480,000, while the price per square foot of $254.08 edges above Florida's $249.41.

Inventory and pace

Tampa's housing inventory totals 12,013 active single-family homes, with 631 new listings entering the market. The market absorbed 905 homes, outpacing new inventory by 274 units. This absorption rate translates to 3.2 months of supply, below Florida's 3.5 months and above the national figure of 2.9 months.

The 4.69% relisted rate indicates most properties sell on their first market appearance. Meanwhile, only 2.02% of active listings increased prices during the week, showing minimal upward price pressure.

Pricing dynamics

The high percentage of price cuts at 53.78% reflects sellers' responsiveness to market conditions. Tampa's median list price of $455,000 sits 5.2% below the state median, offering relative affordability within Florida's expensive housing landscape.

However, the metro's price per square foot tells a different story. At $254.08, Tampa homes cost more per square foot than the state average of $249.41 and significantly exceed the national average of $213.14.

What to watch

The market maintains neutral conditions, balancing between buyer and seller advantages. Key metrics to monitor include the 84-day median days on market, which could indicate whether the current sales pace sustains. The 53.78% price reduction rate serves as a barometer for seller flexibility. Additionally, tracking whether the 3.2 months of supply tightens or loosens will signal market direction.

Use the 53.78% price cut rate to advise sellers on competitive pricing strategies. Track the 84-day median to set realistic timeline expectations for clients. Monitor the weekly absorption rate of 905 homes against new listings to anticipate inventory shifts.

HousingWire used HW Data to source this story. To see what's happening in your own local market, generate housing market reports. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.

The transaction, which closed on Oct. 28, is the third rated securitization so far this year and the sixth overall since 2015 for Point, a California-based home equity investment platform. It also marks the largest bond issuance in the HEI space to date, signaling the growing maturity of the asset class, according to the company.

“This transaction reflects growing confidence in home equity investments as a mainstream asset class,” Eddie Lim, co-founder and CEO of Point, said in a statement. 

The assets were originated and will be serviced by Point. The issuance is the first HEI securitization to comply with the EU and UK securitization and transparency frameworks, broadening global access to the HEI market.

Point Securitization Trust 2025-2 issued $254.2 million of senior Class A-1 securities; $46.6 million of mezzanine Class A-2 securities; $45.9 million of subordinate Class B-1 securities; and $43.3 million of subordinate Class B-2 securities.

While accounts managed by an affiliate of Blue Owl acquired a portion of the notes, 29 unique investors participated in the transaction, including eight new entrants. Investor demand was strong, with orders totaling more than $1.6 billion.

Ivan Zinn, head of alternative credit at Blue Owl, said this is the third transaction the firm has co-sponsored with Point in a relationship that dates back to 2018. 

“We were able to combine legacy seasoned collateral we acquired earlier this year with new originations purchased directly from Point to issue the largest public HEI securitization to date,” Zinn said in a statement. 

Barclays Capital Inc. served as the sole structuring agent and bookrunner, alongside Nomura Securities International Inc. and Cantor Fitzgerald & Co. In addition, East West Markets LLC and StoneX Financial Inc. acted as co-managers. 

On an unadjusted basis, the index decreased 3% compared with the previous week.

The refinance index decreased 3% from the previous week and was 151% higher than the same week one year ago.

The seasonally adjusted purchase index decreased 1% from one week earlier. The unadjusted purchase index decreased 2% compared with the previous week and was 26% higher than the same week one year ago.

“Mortgage rate movements were mixed last week as Treasury yields moved slightly higher following last week’s FOMC meeting. The 30-year fixed rate was mostly unchanged at 6.31% and remained close to the lowest level in over a year,” said Joel Kan, MBA’s vice president and deputy chief economist. “Despite a decline last week, refinance applications are still significantly higher than a year ago. The average loan size for refinance applications was at its highest level in six weeks, as borrowers with larger loans continued to seek ways to lower their monthly payments. Purchase applications declined slightly from a week ago, however, there was a slight increase in FHA purchase applications as prospective homebuyers continue to seek loan options to help manage challenging affordability conditions.”

The refinance share of mortgage activity decreased to 57.0% of total applications from 57.1% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 8.7% of total applications. The Federal Housing Administration (FHA) share of total applications also decreased to 18.5% from 20.5% the week prior.

The U.S. Department of Veterans Affairs (VA) share of total applications, meanwhile, increased to 14.9% from 13.4% the week prior. The U.S. Department of Agriculture (USDA) share of total applications also saw an increase, inching up to 0.3% from 0.2% the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 6.31% from 6.30% and rates for 30-year fixed-rate mortgages with jumbo loan balances increased to 6.43% from 6.38%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 6.13% from 6.12% while average rates for 15-year fixed-rate mortgages decreased to 5.65% from 5.67%. The average contract interest rate for 5/1 ARMs decreased to 5.56% from 5.66%.