True Stories: Hybrid, eNote and RON Implementation

Join expert panelists that will discuss the status of federal legislation, trends in digital adoption and how best to prepare your organization for the next generation of lending processes.

Logan Mohtashami talks jobs report, mortgage forbearance

Lead Analyst Logan Mohtashami discusses his recent article on the latest jobs report and the most likely impact on the housing market and mortgage forbearance.

UWM has a plan to win a war of mortgage attrition

UWM's margins will fall all the way down to 75 to 110 bps. Mat Ishbia says it's the perfect environment to prove that his mortgage firm is truly elite.

Lunch & Learn about underserved markets and affordable housing

Experts in this discussion will focus on how the mortgage industry is working to right previous wrongs and champion a housing market that serves all.

Real EstateBrokerage

Are U.S. real estate commissions illegal?

The Justice Department and private lawyers are zeroing in on real estate commission rates. But industry leaders are unfazed.

HW+ Jack Ryan, CEO of residential brokerage REX
Jack Ryan, CEO of residential brokerage REX

This is Part Two of Three in HousingWire’s dive into all matters residential real estate commissions. Part one looks at how we got here. Part three looks at what’s next. 

Wearing a rolled up checkered-shirt, gesticulating wildly with one arm, 61-year-old Jack Ryan is an unlikely torchbearer to storm the gates of the residential real estate establishment, and its 5% average real commission on home sales. 

Ryan – who is not to be confused with the fictional Ryanverse created by Tom Clancy – gained fleeting national attention in 2004 when he secured the Republican nomination for a vacant U.S. Senate in Illinois.

He had made millions of dollars as a banker at Goldman Sachs, quit that firm to become a Chicago school teacher, and was set to take on Democratic nominee Barack Obama. But court records from Ryan’s divorce were unsealed in which Ryan’s ex-wife, the actress Geri Ryan, accused him of pressuring her to visit sex clubs. The fallout was enough for Ryan to drop out of the race.

Ryan became an entrepreneur. He started 22nd Century Media, a hyperlocal news company to serve the Chicagoland area that folded last year. But Ryan had already left 22nd Century Media in 2015 to start the Austin, Texas-headquartered residential brokerage Real Estate Exchange, or REX.

Now, the word “disruptor” is cliché in business. But if there ever was a company with a deliberately disruptive business strategy, REX is it. They file lawsuits against the industry’s biggest players – the National Association of Realtors, Zillow – and feed the U.S. Justice Department information, so they can also sue the NAR.

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