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.

The legislation — titled the Expanding Access to Credit through Consumer-Permissioned Data Act and shared exclusively with HousingWire ahead of its reintroduction — would amend the Equal Credit Opportunity Act (ECOA) by requiring mortgage lenders to consider alternative financial data when evaluating borrowers.

Under the bill, lenders would be required to consider consumer-authorized alternative financial data, including rental payment history, bank-statement information and other payment records not typically included in traditional credit reports, if a mortgage applicant requests it and authorizes its use.

The legislation would also require automated underwriting systems to incorporate consumer-permissioned data into mortgage credit decisions.

Williams, who represents Georgia's 5th Congressional District and is a member of the House Financial Services Committee, said the legislation is intended to help consumers who are "credit invisible" despite demonstrating a history of paying their bills on time.

“I’ve been unbanked. I know what it’s like to work hard, pay your bills and do everything right, only to have the financial system tell you that you don’t qualify,” Williams said in a statement.

Williams said she is now a homeowner and wants others to have the same opportunity. She also framed the measure as a step toward narrowing wealth disparities.

“Homeownership is one of the most powerful tools we have to build generational wealth and close the racial wealth gap,” she said. “My legislation will expand access to homeownership by recognizing financial responsibility wherever it’s found, helping more families secure the promise of America and build lasting wealth for future generations.”

According to findings included in the bill, approximately 32 million Americans either lack a credit history with the nation's major credit reporting agencies or do not have enough credit history to generate a score. The legislation cites prior research from the Consumer Financial Protection Bureau (CFPB) showing that these consumers are disproportionately low-income, younger and people of color.

Supporters argue that incorporating alternative data into mortgage underwriting could help expand access to credit for borrowers with limited traditional credit histories while providing lenders with a more complete picture of an applicant's financial behavior.

The bill would require lenders to notify mortgage applicants of their right to submit additional credit information and explain the potential benefits of doing so. Those notices would be required in the eight most commonly spoken languages among individuals with limited English proficiency.

The measure also directs the CFPB to develop implementing regulations and requires federal agencies and developers of mortgage underwriting systems to ensure compliance with the new requirements.

The legislation is co-sponsored by Reps. Sylvia Garcia (D-Texas), Bonnie Watson Coleman (D-N.J.), Gwen Moore (D-Wis.) and Alma Adams (D-N.C.). The Consumer Federation of America and the National Consumer Law Center are also endorsing the bill

If enacted, the CFPB would have 18 months to issue final rules implementing the legislation before the requirements take effect.

Not all online Florida real estate schools are the same. Some are better if you want structure and support while others work well if you just want to get through the coursework at your own pace. We’ve broken down the best online Florida real estate schools for 2026, comparing course formats, pricing, study tools and exam prep so you can choose the option that actually fits how you learn and fits your budget.

8 best real estate courses in Florida: Our top picks

Best for overall experience and learning tools

The CE Shop

From $139

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Best for mobile learning and audio lessons

Aceable Agent

From $179

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Best for progress tracking and accountability

Colibri Real Estate

From $169

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Best for audio and AI-enhanced learning

Casa Academy

From $49

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Best for exam prep and instructor support

Kaplan Real Estate

From $269

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VISIT

Best for personalized learning experience

Gold Coast Schools

From $329

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VISIT

Best for budget-friendly, straightforward learning

RealEstateU

From $99

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VISIT

Best for affordable learning on the go

VanEd

From $139

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VISIT

The CE Shop: Best for overall experience and learning tools

Starting from: $139

The CE Shop earns our top spot for one simple reason – it combines strong course content with tools that actually help students pass the exam. Features like a five-day free trial, a pass guarantee and its Exam Prep Edge study tools are all included with higher-tier packages, making it easier to prepare without having to guess what you’ll need to pass the exam.

Their platform is easy to use and includes short, self-paced lessons that allow you to fit lessons into your busy schedule without losing your place. Exam Prep Edge includes quizzes, flashcards, matching exercises and practice tests that reinforce key concepts as you go. For students thinking beyond licensing, the Premium Package also includes first-time renewal coursework and access to the Kickstarter Professional Development Program, which covers business planning, lead generation and negotiation basics.

Pros & Cons

• 5-day free trial
• Progress tracking
• Exam Prep Edge study tool available in higher tiered packages

• Limited access to instructors
• No pass guarantee available in Florida
• Content is text heavy

Features

• Course formats: Fully self-paced online courses.
• Course access: Six months from the date of purchase.
• Refund policy: Available within 30 days of purchase so long as your course is less than 50% complete.
• Guarantees: Not available in Florida
• Exam prep: Exam Prep Edge is included in higher tiered packages and provides unlimited practice questions and exams, quizzes and flashcards to help you focus on areas you need improvement and reinforces what you’ve already learned.
• Student support: Instructors are available to answer any questions, Monday through Friday, via email. General support is also available daily via phone, email or chat Monday through Saturday.
• Final exam: Course exams must be proctored and are provided by The CE Shop in most states.

Pricing

The CE Shop offers four prelicensing course packages, plus Florida real estate continuing education and broker licensing courses in Florida. All three top-tier prelicensing packages include Exam Prep Edge to help you retain information and ace the exam.

• Courses Only ($139): 63-hours of Florida prelicensing education including e-books, career and downloadable resources, flashcards, glossary of terms and a study schedule.
• Standard Package ($239): Includes all the features in the courses only package plus Exam Prep Edge.
• Value Package ($315): Includes the Standard Package plus the Kickstarter Professional Development Program.
• Premium Package ($459): Includes the Value Package plus 45-hours of required post-licensing education and a Career Companion e-textbook.

READ OUR

The CE Shop Review

Aceable Agent: Best for mobile learning and audio lessons

Starting from: $179

Aceable Agent takes an innovative approach to online learning, with classes offered through its website, unique mobile app and podcast-style audio courses. Its self-paced and cost-effective Florida real estate courses help you learn on the go, so your study schedule can fit your busy life. Courses include engaging videos, interactive games, infographics and knowledge checks that use straightforward language and real-life scenarios inside bite-sized lessons to keep you engaged with the material.

Designed by learning science experts using proven instructional principles, Aceable Agent’s easy-to-understand courses have frequent practice tests, so you’ll go into the state exam feeling confident. Mastery Tracking helps you focus your energy on your weakest areas when studying for your course final and state licensing exams.

Pros & Cons

• Audio narration available
• Private tutoring included in the Premium package
• Mobile app included

• Limited one-on-one instructor support
• Lacks interactive learning features
• Exam prep tools are more basic than other providers

Features

• Course formats: Fully online, self-paced course format.
• Course access: Unlimited course access in Florida.
• Refund policy: A full refund may be issued if requested within 30 days from the date of purchase.
• Guarantees: Pass the license exam within three tries or get reimbursed for the full price of your course.
• Exam prep: PrepAgent exam prep includes videos, audio lessons, tutoring, webinars and thousands of practice questions modeled after the licensing exam, and an 80+ page study guide.
• Student support: Instructor support is available by email seven days a week, and customer support is available by email and phone Monday to Friday.
• Final exam: Offers online final exam proctoring nationally.

Pricing

Aceable Agent offers three self-paced prelicensing course packages that include audio and video lessons and practice questions. Their Deluxe and Premium packages incorporate additional features like instructor support, exam prep, AI tools and live webinars.

• Basic ($179): 63-hour prelicensing coursework with engaging learning experiences, mastery tracking, mobile app and instructor support.
• Deluxe ($191): Includes everything in the Basic package plus AI learning tools, three months of PrepAgent access, practice exam builder, one hour of private tutoring and live tutoring webinars.
• Premium ($245): Includes everything in the Deluxe package plus 45 hours of required post-licensing to renew your license for the first time.

READ OUR

Aceable Agent Review

Colibri Real Estate: Best for progress tracking and accountability

Starting from: $169

Colibri Real Estate is a great option for students who want structure and help staying on track to meet their learning goals. With hundreds of thousands of agents trained by Colibri, their focus is on providing structured coursework with support from local real estate experts. The online platform is built around accountability by tracking your study time, setting weekly goals and clearly showing your progress, which can be helpful if you do better with defined milestones.

Colibri offers courses with interactive lessons and practice exams designed to reinforce key concepts as you move through the material. The courses also offer exam prep options, even in the lower-priced packages. The standard package includes practice tests and live Q&A sessions. Higher-tier packages include CompuCram Exam Prep with flashcards, audio reviews, readiness assessments and simulated exams. The Ultimate Learning package includes career resources such as how-to videos, checklists and a customizable business plan.

Pros & Cons

• Expert local instructors
• Narrated audio lessons available
• CompuCram Exam Prep included in higher-tiered packages

• No free trial
• No mobile app available
• Limited career resources

Features

• Course formats: Fully online, self-paced courses.
• Course access: Six months from the date of enrollment.
• Refund policy: Full refund if you cancel a self-paced course within 30 days of enrollment.
• Guarantees: Exam prep packages come with a full refund if you score 80% or higher on exams but fail the state licensing exam.
• Exam prep: CompuCram includes digital flashcards, simulated exams, assessments, audio review guides, live Q&A and six one-hour webinars with instructors for detailed exam prep. 
• Student support: Available by phone during business hours and by email.
• Final exam: Online proctoring is provided by Colibri in most states.

Pricing

Colibri Real Estate offers four Florida prelicensing course packages, along with options for continuing education and broker licensing. Higher-tier packages include additional exam prep tools and study resources.

• The Basics ($169): Includes the 63-hour prelicensing course, instructor support, three study guides and audio options. 
• Exam Preparation ($269): Includes everything in the Basics course, plus additional study tools like simulated exams, flashcards, a readiness assessment and audio review guides.
• Exam Preparation Plus ($339): Builds on the Exam Preparation package, adding a webinar series and instructor Q&A sessions for deeper learning and personalized guidance.
• Ultimate Learning ($449): Includes everything from the previous plans, as well as “how-to” videos, buyer and seller checklists and customizable action plans that help you succeed in your new career.

Casa Academy: Best for audio and AI-enhanced learning

Starting from: $49

Casa Academy is an innovative real estate school in Florida that focuses on audio and AI to make learning easy. While they do offer self-paced courses from your laptop, Casa also has all of their course available on Spotify so you can learn on the go. Each class is structured as an informative discussion, so you'll get real-world knowledge from experts that you will apply to your future career.

In addition, the integrated AI, built with ChatGPT, is there to enhance your educational experience. The AI tutor remembers your weaknesses and helps you review them until they become strengths. It will prompt you with explanations, quick reviews and drills to keep your knowledge sharp so you're ready to pass the real estate exam.

Pros & Cons

• Florida instructors
• Content available on Spotify
• AI tools to enhance learning
• Affordable pricing

• No in-person courses
• No broker licensing courses
• New to education space

Features

• Course formats: Fully online, self-paced courses and audio lessons.
• Course access: Unlimited access until course is complete.
• Refund policy: Full refund if you cancel within 7 days.
• Guarantees: Tutoring until you pass the Florida exam
• Exam prep: The prelicensing program includes a 650-question exam bank, state-style practice tests, weak-topic drills and AI tutor support.
• Student support: Available via live mentor office hours, direct instructor Q&A, accountability check-ins, and guided study plans.
• Final exam: Online proctoring is provided by Colibri in most states.

Pricing

Casa Academy provides basic packages with all the course hours you need:

• Florida 63-Hour Pre-Licensing ($79): Includes the 63-hour prelicensing course taught in English or Spanish with exam prep and tutor support.
• Post-Licensing ($49): Includes 45-hours of education required for the first license renewal.
• Continuing Education ($49): Includes 14-hours of continuing education for future license renewals.
• Florida exam preparation ($49): For students who completed their licensing elsewhere. Includes 650-question bank aligned to the state exam, with unlimited attempts and full prep coverage.

Kaplan Real Estate: Best for exam prep and instructor support

Starting from: $269

Kaplan Real Estate Education has several packages to help students get ready for the Florida licensing exam. The courses are structured and detailed, with clear explanations that make it easier to understand some of the tougher concepts that Florida requires to pass the exam. Students like having different ways to study, whether that’s watching an instructor online, working through printed materials or using practice tests to see where they stand.

Kaplan’s exam prep tools and student support are what set this school apart. The study guide is detailed, and the practice questions are worded the same way you’ll see them on the exam. If you want a course that keeps you focused and gives you plenty of practice before exam day, Kaplan should be at the top of your list. Even though it comes with a higher price tag, the detailed content is well worth the investment.

Pros & Cons

• Self-paced, livestream and in-person options
• Experienced instructors
• Extensive, detailed exam prep

• No free trial
• More expensive than other online providers
• Limited interactive features

Features

• Course formats: Fully online, self-paced courses with livestream and in-person options available at Bob Hogue at an additional cost.
• Course access: Six months from the date of enrollment.
• Refund policy: Full refund if cancelled within 30 days of enrollment.
• Guarantees: No pass guarantees available. 
• Exam prep: Exam prep course for focused review of key material, practice question bank, customizable quizzes, performance tracker, simulated exams and interactive online study groups.
• Student support: Student or Technical Support staff are available to answer any questions via phone during business hours. General support is also available via email or live chat.
• Final exam: Online proctoring is provided by Kaplan in most states.

Pricing

Small general paragraph about pricing

• Florida Real Estate Exam Prep Package ($269): 63-hour prelicense course with access to their exclusive Live Online Learning Hub featuring online video courses, reading assignments, comprehension quizzes and interactive exercises. This course is offered in self-paced, livestream and in-person formats.
• Career Launcher  ($599): Includes Exam Prep Package plus access to the Real Estate Accelerator Program. This course is offered in self-paced or in-person formats.

Gold Coast Schools: Best for personalized learning experience

Starting from: $329

Gold Coast Schools is a good option for students who want live instruction and a more hands-on learning experience. While its online courses are powered by Colibri’s learning platform, Gold Coast operates as its own Florida-based school with a strong focus on instructor access and student support.

Although the school doesn’t offer a mobile app, it does stand out for its personalized guidance. Students can speak directly with career counselors when deciding which course to take. Gold Coast also offers classroom, livestream and online options, with courses available in both English and Spanish.

Pros & Cons

• Self-paced online, livestream and in-person course formats
• Courses offered in both English and Spanish
• Career resources available

• No mobile app
• Class sizes tend to be large
• Higher pricing for in-person classes

Features

• Course formats: Self-paced online, livestream and in-person courses available.
• Course access: One-year course access for online courses and two-year access for other course types.
• Refund policy: For online courses, you’ll have 30 days to request a refund as long as the course is not completed. Refunds for livestream or in-person courses are available within 24 hours of the first class.
• Guarantees: No pass guarantees available at this time.
• Exam prep: With the exception of the Essentials Package, online courses feature interactive exam prep learning modules.
• Student support: Classroom and livestream courses offer access to top local instructors and include weekly tutoring sessions and Exam Cram weekends. Online courses offer support from the real estate instructor during business hours, Monday through Friday, by email and phone.
• Final exam: Livestream and self-paced online courses will be proctored by Gold Coast in most states.

Pricing

In addition to prelicensing, Gold Coast offers post-licensing, continuing education and broker licensing education. Prelicensing education is offered in three different packages outlined below.

• Core ($329): 63 hours of prelicensing, plus an exclusive textbook in .pdf format, their Language of Real Estate Guidebook and local career fairs.
• Standard ($429): Includes Core package plus digital flashcards, an instructor-led Exam Cram course and simulated exams.
• Accelerate ($529): Includes Accelerate package plus live-streamed course and workshops, and the 14-hour course required to renew your license after your first two years.

RealEstateU: Best for budget-friendly, straightforward learning

Starting from: $99

RealEstateU offers a straightforward, courses-only package that saves you money. If you feel confident taking exams and preparing for them, this low-cost real estate course may be right for you. If not, RealEstateU also offers two premium course bundles that go beyond just passing the real estate exam. They provide real-world strategies for success in your new career, like negotiation strategies, how to convert leads and how to choose the right brokerage. You’ll also learn the business of practicing real estate, including expenses, earning potential, commission structures and more.

RealEstateU’s exam study guide is included in their two top-tier packages. It offers practice questions and four practice exams to test your knowledge. If you prefer, audio lessons are available or you can download lessons and study materials to access them offline – providing flexibility if you can’t access wifi or the internet.

Pros & Cons

• Budget-friendly packages
• Audio narration options
• Comprehensive exam prep

• No free trial
• Limited instructor interaction
• No professional development or career resources offered

Features

• Course formats: Fully self-paced online course format.
• Course access: One year from the date of enrollment.
• Refund policy: Get a full refund within 30 days if you have completed less than 50% of your course.
• Guarantees: No pass guarantee offered.
• Exam prep: Focused study exam guide, practice questions, 13 mock exams.
• Student support: Instructor and customer support are available by email 7 days a week.
• Final exam: Online final exam required for course completion.

Pricing

RealEstateU’s Florida prelicensing course starts at $99, making it the most affordable option on our list. Exam prep and additional study resources may cost extra, so make sure you factor that into your total budget if you need extra support.

• Course Only ($99): 63-hour prelicensing course to prepare you for the exam.
• Course + Study Guide + eTextbook ($253): Required course content with a study guide and e-textbook included.
• Course + Study Guide + eTextbook + Agent Success ($886): Adds in agent success career coaching courses and materials to help you start working right away.

VanEd: Best for affordable learning on the go

Starting from: $139

VanEd stands out for how clear it is about what students are signing up for. You get a five-day free trial with full course access, which makes it easier to decide if the format works for you before committing. VanEd has been developing real estate courses for more than 17 years, with content built by instructors who understand both the licensing process and what Florida students need to know to pass the exam.

The courses use a mix of videos, infographics, flashcards and interactive exercises to keep the material moving. VanEd also includes virtual field trips that connect concepts to real-world scenarios, which can help with retaining what you learn. Everything works across all devices, so you can study from your laptop, tablet or phone and pick up where you left off.

Pros & Cons

• Five-day free trial
• Mobile-friendly course layout
• Exam-focused content

• No in-person or livestream options
• Fewer interactive features compared to other platforms
• Less career-focused than other providers

Features

• Course formats: Fully self-paced, online course format.
• Course access: One year from the date of enrollment.
• Refund policy: Get a full refund within three days of purchasing your course, as long as you haven’t completed more than 50% of the coursework or attempted any of the exams or practice tests.
• Guarantees: Get a refund of your entire package price if you fail any portion of your license exam within 11 weeks of starting your course, and you completed the unit summary exams and practice tests.
• Exam prep: Exam prep course with focused summary exams on each subject, as well as practice tests, and exam guide books available.
• Student support: Instructor support is available by phone, email or online via chat or Q&A portals seven days a week. Customer support is available live during business hours weekdays via phone, live chat or by email.
• Final exam: Online proctoring is provided by VanEd in most states.

Pricing

VanEd offers three course packages at an affordable price. The five-day free trial is included in every package.

• Standard Package ($139): 63-hour prelicensing course, which includes a real estate math course and live customer service. 
• Plus Package ($179): Includes the Standard package plus Florida exam prep
• Premium Package ($310): Includes the premium package plus the Modern Real Estate Practice e-book and 45 hours of required post-licensing.

Methodology: How we chose the best online real estate courses in Florida

To determine the very best Florida real estate schools, we conducted extensive research, rating each school based on the following:

• Affordability and flexibility
• Course offerings, including study tools and technology 
• Course access and format options
• Instructor expertise and accessibility
• Pass rates and student satisfaction
• Return policies or pass guarantees 
• Student support and engagement

Finally, we considered the schools with unique features and professional development opportunities that can have significant value for real estate agents. We do the research so you don’t have to, bringing it all together in this guide to the best real estate schools in Florida. All that’s left for you to do is choose one and launch your new career.

FAQs: Best real estate courses in Florida (FL)

How much does it cost to get a real estate license in Florida?

The cost to get your real estate license in Florida depends mostly on the school and course package you choose. The biggest expense is the required 63-hour prelicensing course, which can range from lower-cost, self-paced options to more expensive packages that include exam prep, instructor access, or career resources. On top of that, Florida charges separate fees for the license application and the state exam.

When you add everything up, most people can expect to spend somewhere between $180 and $600 to get licensed. If you stick with a basic course, you’ll be closer to the lower end – and vice versa.

How long does it take to become a Florida real estate agent?

How long it takes to become a Florida real estate agent depends on how quickly you complete the required steps. The state requires 63 hours of prelicensing coursework, which some people finish in a few weeks if they move quickly, while others take a couple of months studying part-time. Once you complete the course, you’ll need to pass the state exam and submit your license application.

For most people, the process can take anywhere from one to three months. It depends on whether you're studying full-time or part-time and what other commitments you may be juggling at the same time.

Can I get my Florida real estate license online?

Once you have passed the real estate licensing exam, you can apply for a Florida real estate sales associate license online. In fact, Florida prioritizes flexibility, allowing licensees to take the prelicensing course, submit their license application and even take the state exam online through Pearson VUE proctoring.

Is it hard to pass the Florida real estate exam?

The Florida Real Estate License Exam tends to be one of the more difficult to pass. There are 100 multiple-choice questions on the Florida real estate licensing exam, and the required passing score is 75%. According to the data available on Florida Department of Business and Professional Regulation (DBPR), as well as other reputable digital resources and news sites, there is a 40-50% pass rate for those taking the Florida real estate exam for the first time. This makes it all the more important to make sure you choose the best real estate school to help you pass the exam on the first try.

How much money do Florida real estate agents make?

According to Indeed, the average Florida real estate agent earns $101,676 annually (as of this writing), which is actually the same as the national average.

The full picture: Best real estate courses in Florida

Getting your real estate license in Florida starts with choosing the right school helping you feel prepared on exam day and beyond. Some people need structure and guidance. Others just want a straightforward way to finish the coursework and move on. The schools in this guide give you options either way.

Our goal is to make the comparison easier by laying out what each school actually offers, so you can choose a course that fits your schedule, budget and learning style. As you move forward, you’ll find more how-to articles, real estate marketing tips, lead generation strategies and career resources at Vetted by HousingWire to help you keep building momentum beyond licensing.

Helpful links

We’ve rounded up the links and sites that prospective real estate agents visit the most for more information on obtaining a license, choosing a school, and other requirements in Florida:

• Florida Department of Business and Professional Regulation
• PearsonVue. “Florida Real Estate”

Co-founders Arjun Lalwani and Helly Shah, who met while working at Google, position Ralo as the “first AI-native mortgage broker,” meaning the mortgage process, from initial rate shopping to post-closing, is handled primarily by an AI loan officer rather than a human one. 

Ralo, which is a portmanteau of the words “rates” and “low,” uses artificial intelligence to help consumers compare mortgage options, obtain preapprovals and navigate the loan process. 

“We started Ralo because we were homebuyers ourselves. Arjun bought a condo in San Francisco, I bought a condo in New York, and we went through the mortgage process. And as two Googlers ... it was absolutely jarring how archaic the mortgage process is for consumers,” Shah said in an interview with HousingWire ahead of the launch.

Shah and Lalwani became licensed loan officers and built Ralo over the span of one year. As a licensed broker, the company is onboarded to lender platforms and uses its engine to surface the lowest rate available for a borrower’s scenario on a given day. Ralo’s technology aggregates and synthesizes price sheets from multiple wholesale lenders. 

“Helly and I took the hard path of getting licensed as loan officers ourselves ... because if you're building tech for this industry and for customers, we need to understand both sides,” Lalwani said.

The founders, who are the sole employees of the company, did not disclose which lenders they are currently working with. 

New York-headquartered Ralo said it closed its first loans in March and is currently licensed in California, Colorado and Texas. The company did not disclose how many loans it has done, but it currently reports that customers are seeing an average savings of 0.6 percentage points relative to the national benchmark, with some cases reaching 1 full percentage point. 

“We use AI to shop for deals, eliminate a lot of the intermediaries, and reduce processing costs for end consumers, and that usually means that customers get rates that are more than half a point below the national average,” Lalwani said.

He added that Ralo is “hovering” at an average of 15 to 17 days to closing.

Shah said that the entire process is automated using AI and that customers can go to Ralo, answer a few questions without having to provide their email or phone number, and see what the best deal is available for them on that day. “That is automated with AI,” she said. 

Shah said that if a customer chooses to proceed, Ralo’s AI loan officer guides them through the entire process, but she and Lalwani are on standby if human help is wanted. 

The funding round included backing from investors like Y Combinator, Manresa Ventures and Pack Ventures, along with angel investors Charles Ferguson, the director of the documentary "Inside Job," and Ryan Frazier, co-founder and CEO of Arrived.

The founders were part of startup accelerator Y Combinator’s spring 2025 cohort. Shah and Lalwani confirmed that the seed funding will be used in three main areas: product and engineering enhancements; sales and marketing to build brand awareness; and licensing expansion beyond the handful of states where Ralo is currently approved to operate.

According to a study published earlier this month by Veterans United Home Loans, 53% of prospective homebuyers say they'd be comfortable buying a home without any direct human involvement. The study also found that 89% of prospective buyers would share personal financial information with an AI-powered lender tool for tailored mortgage advice. However, only just a quarter of survey respondents said they would be “very comfortable” closing a home purchase without any human involvement. 

Additionally, a Realtor.com study published in October 2025, found that 82% of consumers are using AI for real estate insights. Additionally, while 65.6% of survey respondents found getting information from real estate agents as a “positive use of time” this was closely followed by 61.9% of consumers reporting that getting information from AI was a positive use of time. 

So while consumer AI-usage is going up, it is clear that a large portion of homebuyers and sellers still want a human advisor involved in the transaction. However, brokers say this is changing the role of the human real estate agent.

“The conversation we’ve been having with our agents is how do we transition from information providers to real estate advisors because with AI and technology consumers can get all of the information, but the information is only as good as the questions you are asking,” Amy McCann, the head of agent success at The Keyes Company, said. “So, how do we take that information that the consumer was able to generate and then use judgment and local knowledge and really our experience to advise them on what makes sense.”

How consumers are using AI

Brokers said they are seeing clients use AI to do everything from find information about neighborhoods to advising them on lists or offer prices on properties. Due to this, Linda O’Koniewski, the broker-owner of Leading Edge Real Estate, said she has recently rewritten a series of letters the brokerage sends to clients over the course of their home buying or selling journey.

“We know the consumers are using AI, and we are telling them that AI is for research, not decisions or judgement as real estate is so nuanced,” she said. “The biggest thing is that they shouldn’t be outsourcing their thinking as they make the largest financial decision of their lives.”

While some agents may be frustrated or feel threatened that their clients are using AI, O’Koniewski said it is important for agents not to scold consumers for using AI. 

In addition to general research, pricing and even contract review, O’Koniewski said she and her agents have also seen consumers create repair lists for a seller based on home inspection reports. 

“Our listing agents and sellers have gotten repair lists back that are just ridiculous with things like gutter extensions and GFCI outlets and that just aggravates the sellers,” O’Koniewski said. “AI is a very poor gauge of the labor costs in most markets and it doesn’t understand local business customs and practices.” 

McCann said she and her agents in Florida have also seen these AI-generated repair lists. 

“What we've focused on with our agents is how to take this information and use judgement and understanding of the local marketplace to put the plan into action,” McCann said. “One of the things I tell our agents is that it's an evolution of what we've been seeing. It went from information being passed from friends and family, to then the internet, to now having AI. They are checking with LLMs at every stage, and they are coming to the table armed with all this information and then asking the agents to put it into use and create the strategy for them to move forward.”

Could consumer reliance on AI impact commissions?

This increased consumer reliance and confidence in AI comes as industry experts predict that AI could drive down real estate agent commissions. “The Home Sale Transaction, Reconsidered,” published last week by Amit Kulkarni and Russ Cofano of Alloy Advisors, broke down the tasks bundled into a listing commission that have been commoditized by software and AI, finding that the remaining “human core” of the job does not scale with home price. 

Before AI, the report found that tasks like MLS entry, listing descriptions and transaction coordination had a combined market value of roughly $1,500 to $3,500 per listing, but with modern tools, the report found that their marginal cost of these services has fallen close to zero for a competent AI user, aside from $10 to $30 per deal for workflow software. As for the “human-value tasks” like skilled negotiation, emotional coaching, hyperlocal knowledge and licensed fiduciary accountability, the report estimated that costs to be roughly $2,000 to $6,500 per transaction, regardless of home price. If this cost does not scale with home prices, this, in theory, could drive down commissions for some agents. 

To O’Koniewski, this presents a great opportunity for the top agents and those willing to go the extra mile for clients to really shine. 

“The smart agents, the good agents, will always do extremely well because they don’t operate on an algorithm,” she said. “They work on high emotional intelligence, they bring amazing insight to the transaction and they protect people from themselves. People want to work with people who care.” 

McCann agrees, saying this change in consumer behavior has caused agents to “step up their game.” 

“There is so much information out there, so it is a matter of the agents coming to the table more informed and being able to translate that into what that actually means for pricing and strategy,” she said. 

Where to start

As for agents concerned about working with these AI-equipped consumers, O’Koniewski said the first thing she tells every agent to do is search the questions that buyers and sellers are most frequently asking AI so they can be aware.

“Then, make sure you are going into a listing appointment or a buyer meeting knowing the information that the LLMs can’t gain access to,” she said. “I am also encouraging my agents to go into and LLM in incognito mode in their browser and ask the AI what a fair price is on a property so they can go into a listing appointment and show the client that they asked AI too and then they can see the discrepancies in answers and have a conversation about how the AI lacks local context.” 

Here’s a strong ending that brings it back to the agent’s value without sounding defensive:

For brokers, the shift is less about competing with AI and more about helping agents understand where it stops.

Consumers may arrive with more information than ever, but that doesn't mean they have the context, judgment or strategy to use it well. AI can summarize an inspection report, suggest a list price or explain contract language, but it can't read the room during a negotiation, understand the seller’s motivation or know which repair requests are customary in a specific market.

That is where brokers say agents have to make the turn from being the source of information to being the interpreter of it.

AI may be changing the questions consumers bring to the table. But for agents who can provide judgment, local expertise and a steady hand through an emotional transaction, the answer may still be very human.

Financial terms of the transaction were not disclosed.

The acquisition combines CertifID’s fraud prevention infrastructure with CloseSimple’s communication and automation capabilities — creating a unified platform that aims to address what CertifID CEO and co-founder Tyler Adams described as customer demand for both security and efficiency.

“What [CertifID and CloseSimple] found was that our customers were trying to pull us closer and closer by saying, ‘Well, security would be great, but it needs to have communication and automation, and for communication and automation to be great, it needs to have more security,'" he told HousingWire. “So, we started to build overlapping features and functionality to the point where our customers were like, ‘Guys, why don't you just get together? Why aren't you guys doing this now?’

“I couldn't think of a more natural evolution of how the two businesses have evolved, and also, how now we're coming together.”

The acquisition comes as title companies face what Adams described as a “dual threat” — losing younger homebuyers to competitors with more streamlined digital experiences while operating on infrastructure that makes them targets for fraud.

Millennials are now the largest cohort of active homebuyers and Gen Z is projected to account for 30% of all homebuyers by 2030, according to CertifID.

CertifID said it has now blocked more than $283 million in fraud attempts and recovered $132 million on behalf of clients since its founding.

A modern closing experience

Adams said the combined company envisions a closing experience that operates with minimal manual intervention.

“We really see it as this automated experience that just happens — like you've got buyers, sellers, real estate agents and title companies that are all being seamlessly guided from start to finish,” Adams said. “That would be without having to do a follow-up or remind somebody to complete something.”

He described a future where every action is automated and completed securely, with all parties receiving continuous updates through an agentic system.

“What that feels like as a consumer is this very safe, secure, simple process where purchasing a home — which is one of the most important purchases of your life and the most valuable — has this incredible experience and feeling around it,” Adams said. “That’s not what it is today, which is stress and nerves and this horrific feeling of, 'What's going to go wrong?'”

Integration and metrics

Adams emphasized that the CloseSimple team would remain intact following the acquisition.

“I can tell you right now, the CloseSimple team is here to stay,” he said. “This acquisition, in large part, came because we wanted to work with every member of their team. We wanted them to be involved every step of the way. Their platform is remaining — and they're going to continue to utilize their experience.”

Adams also said the company aims to help title companies win more business by making their services more attractive to real estate agents and brokerages.

“We believe that real estate agents and brokerages are going to choose companies that are utilizing our software, because it's going to make the experience that much better for the clients that they serve,” he said.

Security and convenience — no longer a choice

Adams said technology has evolved to the point where security no longer requires significant friction.

“When we first entered the market eight years ago, we really had to focus on security and security equaled friction,” he said. “I think as we've developed our security to be even stronger, we've been able to do it in a manner where the friction has been reduced, where it can kind of happen seamlessly behind the workflow that they're already operating in.”

The combined company will deepen integrations with title production systems and accelerate the use of artificial intelligence across the closing workflow, according to the announcement.

“I think that the resounding thing that keeps coming back is around the quality of our two teams and the trust that people have in these two businesses to be able to deliver something great,” Adams said. “As title gets bigger and noisier and everything else is happening, we want to be the safe place that they come to — to know that they've got a partner to help build a great business in real estate.”

Randall will help lead Compass' expansion in the Flagstaff, Arizona, market alongside Arizona Sales and Growth Manager Patrick Clark.

"Flagstaff has its own identity and energy," Randall said. "You've got luxury buyers, retirement-home demand, university influence and very limited inventory all operating inside one market. There's a lot happening here right now, and we see significant opportunity in northern Arizona."

Randall moved to Arizona from Chicago in 2002 and previously worked in business, advertising and internet marketing before entering real estate.

He has built his business in Scottsdale's golf and resort communities as well as Flagstaff's luxury mountain-home neighborhoods, including Forest Highlands and Flagstaff Ranch.

Marie-France Dagenais also joined the northern Arizona team, while Kristina Henson, former Russ Lyon Sotheby's International Realty agent and current president of the Northern Arizona Association of Realtors, joined Compass last week.

Existing Compass agents Keegan Olson and Chad Dragos will continue serving clients throughout the region.

The brokerage's expansion comes as Flagstaff continues to attract buyers seeking luxury, second and retirement homes. The market also faces ongoing housing demand tied to the area's university population and a limited housing supply. Buyers frequently come from the Phoenix metropolitan area, southern California and other western states, Compass added.

Dagenais brings more than 17 years of luxury real estate experience to Compass and is licensed in both Arizona and Florida. She also has experience in residential design, relocation services and home staging.

Compass said it plans to continue expanding its presence in northern Arizona and is exploring a permanent office in the region.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

Somewhere right now, someone who needs exactly what you do is typing your name into a search bar. They're reading your LinkedIn profile. They're scanning what you've posted, what others have said, what shows up and what doesn't. They're forming an opinion. And by the time you actually speak to them, that opinion is mostly complete. 

The online experience is where the decision actually gets made now. Not on the call. Not in the pitch. In the quiet research you never see, before you even know the prospect exists. Gartner and Forrester have tracked it for a decade: a prospect is about 70% of the way to a decision before they ever reach out. Seventy percent before the first call, before they fill out a form, before they reply to an email, before they even hear your voice.

It climbs every year. The figure was 57% in 2015. Seventy percent by 2019. It's pushing 80% now. The conversation you think of as the start of the relationship is really the last step of a decision that's nearly finished.

By the time they call, they're not shopping around. They've already decided you're a finalist. The call confirms what the research already told them, that you're credible and you're the smart choice. The call is the formality.

You're not winning deals in the pitch. You're winning them in the research, or losing them there, in an online experience you’ve either intentionally curated or unintentionally ignored. 

Trust has moved from institutions to individuals

For years, the industry ran on a simple promise. Do good work, and the referrals follow. The work still matters, but the referral doesn't wait anymore. People research first. They shortlist before they reach out. And the ones who get the inquiries were already visible, already authoritative, already clear about who they are.

The person doing the research doesn't believe much of anything anymore. Trust in institutions has cratered. Seventy percent of people now believe business leaders, government officials and journalists deliberately mislead them. That's the perspective a prospect brings to your name before you've said a word. And it sits heaviest in financial services, a sector that has always had to earn belief the hard way.

But trust didn't disappear. It moved. As faith in institutions fell, people started trusting individuals instead, and not just anyone. They trust experts and peers, the people who clearly know the thing and have lived it. Edelman's data shows technical and subject-matter experts ranking as the most credible voices, while corporate executives and institutional spokespeople rank near the bottom. The expert is trusted now. The logo isn't. You carry the logo. It doesn't carry you.

The AI skepticism crisis

That rewrites how you get chosen. The borrower isn't evaluating your lender. The referral partner isn't evaluating your brokerage. They're evaluating you. The institution behind you can't earn that trust on your behalf. That job is yours now, and it gets done in public, online, before the first call.

AI poured fuel on all of it. The skepticism, the doubt, the sense that nothing online is quite what it claims, AI took that and multiplied it. The research phase your prospect is standing in is flooded. Same automated outreach. Same AI-written posts. Same polished profiles that all sound like they came off an assembly line, because most of them did. And buyers know it. Sixty-nine percent of consumers say they're more skeptical of online content than they were a year ago, specifically because of AI. Less than four in ten believe they can even tell what's real.

Imagine the actual moment. Someone is researching three professionals who do what you do. The credentials look alike. The websites are similar. The LinkedIn profiles are incomplete or inactive. The content could have been written by the same bot, and it probably was. They can't verify any of it, and they don't trust their own ability to try.

So the brain does what it always does under uncertainty. When it can't trust the message, it judges the messenger.

Your lived experience is your best asset

When buyers can't trust what they're reading, they look for who they can trust instead. A real person with a real point of view becomes the smart choice, the signal that cuts through everything that looks machine-made. Researchers have measured the penalty on content people suspect came from AI, and it runs the other way too: a clearly human point of view carries a premium, one that grows as AI gets more capable.

The part AI can never touch is what you've actually lived. The deal that collapsed and taught you what to watch for. The borrower you talked off the ledge at 9 pm. The pattern you catch in seconds because you've seen it a thousand times. AI assembles information. It was never in the room. Your lived experience is the one input it can't generate, and it's the foundation of a brand worth trusting.

So go do what your next prospect is about to do. Search your own name. Read what comes back the way a stranger would, someone deciding whether to trust you with the biggest financial decision of their life. The gap between what you know and what they can see is the only thing standing between you and the deal.

By the time they call, the decision's been made. The only question is whether it was made in your favor, and whether you gave them any reason it would be.

Stephanie Armstrong is the Founder and CEO of Moxie Creative Studios
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.

For now, I'm going to give you quick three-step takeaway. Tomorrow’s HousingWire Daily podcast will dive into today's topic in more detail and will be just me speaking, as Editor in Chief Sarah Wheeler couldn’t join me today to talk about Warsh.

'Uneven' policy impacts housing

For our audience, mortgage rates matter.  The issue with mortgage rates is that inflation has taken off stronger than the Fed would like, and then the Iran conflict piled on top of that.

Without the labor data getting softer, it’s hard for mortgage rates to go much lower than where we are today. But Warsh did say that monetary policy is "uneven," meaning that it’s tight for housing but not for other parts of the economy.

That's a fair statement to make on his part and something former Chair Jerome Powell would never say. So, on that point, it’s a positive for the housing market that Warsh is thinking about this. This also means that if the economy softens, lowering rates to boost housing is something the new Fed leader is already considering.

Rest in peace, forward guidance

Another positive thing that I saw today is the end of forward guidance. I wasn’t a fan of the dot plot or the Fed's projections, because they became very sloppy at times in capturing market reactions. So, death to the dot plots — which basically tells you what Fed members think about future federal funds rate policy — is fine with me. 

With that said, the knock on Warsh has always been that he isn’t an economic thinker. Nobody really knows what he believes, except that he's been bashing the Fed for eight years and now he's the chairman.

Once again, #AnyoneButWarsh, so he needs to do a better job of providing guidance for forward-looking market thinkers — or the markets will do it on their own. If this means he needs to leak stuff out to the Fed, so be it.

The task force is coming

Since we won't have forward guidance, we will be getting a task force to review everything about the Fed. To me, this means that Warsh really wants to lose the dual mandate; he wants it to only be about price stability, so look for the task force to eventually recommend losing the dual mandate that also includes maximum employment.

But that move will need congressional approval, and I highly doubt he can muster the political support right now to make it happen. Warsh wants new ways to track labor and inflation data, which is fine. For the task force, a big question remains until we read about its findings.

Conclusion

I'll admit my bias against Warsh. And it's possible that when President Trump leaves office — especially if a Democrat returns to the White House — we will get Kevin Warsh 1.0 back.

That said, today’s press event was fine. Warsh can’t be seen as Trump's boy who does anything to derail dovish policy efforts. The real issue here is that inflation has taken off and the labor market has stabilized.

The 10-year Treasury yield is at 4.50%, and with rate hikes now being priced in, that's perfectly normal. Can things change six weeks from now when the Fed meets again? Yes, especially with the Iran conflict ending, but we must take it one day at a time.

To make it easier, we reviewed dozens of top contenders to uncover the best real estate marketing companies for 2026. We looked at pricing, industry expertise, the services and features they offer and real-world customer reviews. Whether you want to build a custom website, run smarter email campaigns or boost your social media presence on a budget, our top picks will help you make it happen.

At-a-glance: The 10 best real estate marketing companies for 2026

Best all-in-one marketing solution

Market Leader

From $189/month

Jump to details ↓

Visit Market Leader

Best for social media branding

Coffee and Contracts

From $74/month

Jump to details ↓

Visit Coffee and Contracts

Best full-service marketing company

TREM Group

Call for pricing

Jump to details ↓

Visit TREM Group

Best for integrated lead generation

RealGeeks

From $399/month

Jump to details ↓

Visit RealGeeks

Best for codeless website builder + built-in CRM

Placester

From $59/month

Jump to details ↓

Visit Placester

Best for AI-powered virtual staging + property marketing

REimagineHome

From $19/month

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Visit ReimagineHome

Best for custom web design

Agent Image

From $399 + $99/month

Jump to details ↓

Visit Agent Image

Best AI-powered marketing suite

Rechat.

From ~$35/seat, based on team size + features

Jump to details ↓

Visit Rechat.

Best for direct mail marketing

Wise Pelican

From $0.82/postcard

Jump to details ↓

Visit Wise Pelican

Best for luxury branding

Luxury Presence

From $265/month

Jump to details ↓

Visit Luxury Presence

Market Leader: Best all-in-one marketing solution

Starting price: $189/month

If you’re looking for a comprehensive real estate marketing solution with a strong focus on automation, Market Leader should be on your radar. This all-in-one marketing hub helps you build a fully customizable website and offers sophisticated automations and industry-leading marketing services to attract leads and stay top of mind.

What sets Market Leader apart, however, is its lead packages. Subscribers pay a flat rate for a specified number of exclusive leads each month. Rather than pushing leads to multiple agents at once, Market Leader pairs leads with the best-suited agent for them —  eliminating the mad dash to be the first agent to respond. 

Market Leader has also expanded its lead generation capabilities with HouseValues, a seller lead solution designed to connect agents with homeowners who are already researching their property value online. By getting in front of potential sellers earlier, agents have more time to build relationships before homeowners are ready to list. Through personalized, agent-branded equity reports and activity tracking within Market Leader’s CRM, agents have more ways to nurture potential sellers and build relationships over time.

Features and services

• IDX websites
• Email drip campaigns and marketing automation
• Direct mail marketing, including flyers and postcards
• Automated home valuation and equity reports for lead nurturing
• Sophisticated CRM
• Done-for-you PPC advertising on Meta and Google
• Done-for-you monthly newsletters
• Single property websites
• Exclusive seller leads through HouseValues with agent-branded Equity Reports and homeowner engagement insights

Pros and cons

• One-stop shop for real estate marketing
• Full suite of online and offline marketing services and tools
• Flat rate for 100% exclusive leads
• Affordable pricing
• Interactive HouseValues dashboard

• No free trial, money-back guarantee or discount for annual subscriptions 
• Zip code-specific leads can be inconsistent
• Website designs might not work for every brand

Customer reviews

• Reviews suggest the leads provided are not always the most qualified, but experienced agents who feel more confident screening buyers report industry-standard conversion rates. Others rave about the variety and quality of marketing services and tools that Market Leader provides for the price.

Visit Market Leader

READ OUR

Market Leader Review

Coffee and Contracts: Best for social media marketing

Starting price: $74/month for solo agents

If you’ve ever wished that someone would create a plug-and-play social media roadmap for you, then Coffee and Contracts is the marketing company for you. Signing up for Coffee and Contracts gives you unlimited access to agent-created templates, content calendars, trending audio and expert strategies to help you excel in your social media marketing efforts.

Coffee and Contracts was founded by Florida-based real estate agent Haley Ingram, who recognized the struggles of fellow agents with their social media content. It is tailored specifically for real estate agents and teams and provides ready-made, beautifully designed and relevant social media posts for Instagram and Facebook.

Coffee and Contracts also offers video templates and scripts for social media, a database of content categorized by type, as well as full marketing campaigns that include lead magnets, emails and social posts. New templates are added weekly, so you'll never have to wonder what to post on social media.

Features and services

• Content calendar provides templates for every day of the week
• Attractive and trendy social media templates and copy
• Weekly Instagram Reels trends report
• Full marketing campaigns with lead magnets, email templates and social media posts
• Facebook mastermind group with 5,000-plus agents
• Weekly live marketing and social media training from Haley
• Templates and scripts for Instagram Reels

Pros and cons

• Social media templates made for and by real estate agents
• Trendy designs and scripts designed for building engagement on social media
• A searchable database of content and marketing collateral organized by topic
• Templates and scripts for Instagram Stories, Facebook Reels, TikTok, YouTube and more

• Designs are not exclusive to your brand and may also be used by other agents
• No marketing automation or scheduling features
• Basic Canva skills are required to customize templates

Customer reviews

• Agents rave about the template designs, content calendar and extensive content library. However, some wonder whether it’s worth paying more for a social media manager and custom designs that can’t be repeated elsewhere on the internet.

TREM Group: Best full-service marketing company

Call for pricing

TREM Group is a full-service real estate marketing company with over a decade of experience providing marketing services for agents, teams and brokerages. A digital-first agency, TREM Group offers a suite of marketing services that include Google and Meta PPC advertising, IDX websites and YouTube marketing.

For top-producing agents, teams and brokerages, TREM Group offers custom branding services from logos to custom web design. An integrated CRM with campaign and lead management tools rounds out the package.

TREM Group’s custom full-service marketing solutions make it an ideal choice for top-producing agents, teams and brokerages willing to invest in marketing. The company’s extensive experience in marketing new developments will also benefit real estate developers and property managers. 

Features and services

• Sophisticated and thoughtfully designed IDX websites with integrated CRM
• Targeted landing pages 
• Google and Meta PPC advertising 
• Meta and YouTube remarketing campaigns
• Custom branding and website design services
• Comprehensive new development marketing services

Pros and cons

• Design quality is top-notch 
• IDX websites stand out from the crowd
• Over a decade of real estate marketing experience 
• Digital marketing services and software in one package

• Full-service marketing company with prices to match 
• Opaque pricing structure 
• No print marketing services offered 
• Not an ideal solution for newer agents or small teams

Customer reviews

• TREM group scores an average of 4.9 on Google reviews. Clients raved about the company’s websites, professionalism and white-glove customer service.

Visit TREM Group

Real Geeks: Best for integrated lead generation

Starting price: $399/month

Imagine a real estate marketing company that operates like a well-oiled machine, with Facebook and Google ads directing potential clients to your website, where they are captured as leads and sent directly to your CRM. That’s Real Geeks - a real estate marketing powerhouse designed to help real estate agents market their businesses at scale.

The Real Geeks ecosystem revolves around your IDX website equipped with lead capture landing pages and seamless marketing automation, including leading edge AI chat. Real Geeks focuses on driving traffic to your site through done-for-you paid ads on social media platforms and offers sophisticated tools to convert and nurture them.

While Real Geeks offers a robust CRM and email marketing, the primary value is its unbeatable lead generation capabilities. If you’re looking to supercharge your marketing efforts and drive more traffic to your website, Real Geeks is an ideal choice.

Features and services

• SMS text auto-responders
• Google and Meta PPC advertising 
• Automated property valuation lead magnet tool
• Automated email and text drip campaigns
• AI-assisted chatbot helps you vet and nurture leads
• Extensive support and coaching library

Pros and cons

• All-in-one CRM and IDX website marketing platform 
• Integrated marketing tools, including SMS auto-responder, AI chatbot and automated market reports
• Marketing team has extensive experience creating high-converting real estate PPC ads

• Upgrading features and services might be cost-prohibitive for some agents
• No free version or free trial
• Learning curve might be steep for some agents

Customer reviews

• With over 80 four- and five-star reviews on G2, customers seem to agree that RealGeeks is the “real” deal for lead generation and client management.

Visit Real Geeks

Placester: Best for agent websites + built-in CRM

Starting price: $59/month

While Placester may keep pricing affordable, it doesn’t cut corners on quality websites and design services for Realtors. Placester’s codeless website builder gives busy agents an easy-to-use drag-and-drop editor that lets them create, customize and launch their websites without dealing with complicated CSS or HTML code.

Some agents enjoy designing their own sites, while others prefer to leave it to the professionals. Fortunately, Placester’s creative design team is available to help as much or as little as you need. For a $50 monthly upgrade, you can choose the “Do It For Me Service,” where Placester’s team sets up your website, makes changes and handles ongoing updates. Need a fully custom site? Placester’s design team can build one for you, with prices starting at just $300. You can see an example below.

In addition to its codeless website builder and custom design services, Placester includes a built-in CRM that funnels leads directly from your website into your pipeline. Though simple, the CRM helps you start working with clients right away and stay organized as you grow your real estate business.

Features and services

• Codeless website builder
• Done-for-you website setup
• Custom website design
• Custom content creation, including blogs, emails and social media posts
• SEO tools for optimization on search engines
• Lead capture forms

Pros and cons

• Option for gated content
• Unsplash media library included
• Ability to add website pages
• Import contacts into the Placester CRM
• Control over branding

• Custom landing pages available in higher-tiered packages
• Limit on emails per package
• No agent management tools
• No lead routing

Customer reviews

• Reviews generally indicate that Placester goes above and beyond for its clients and is creative and responsive.

Visit Placester

REimagineHome: Best for AI-powered virtual staging + property marketing

Starting price: $19/month

REimagineHome leverages cutting-edge AI technology and in-house designers to help agents create Zillow-ready, virtually staged images for their listings. For a fraction of the cost of traditional virtual staging, REimagineHome's AI can virtually stage any room in dozens of styles at the click of a button. Simply batch upload up to 5o photos, and REimagineHome's AI will get to work decluttering and virtually staging the photos in seconds. It will also scan each picture to ensure compliance with Fair Housing. The results are remarkably realistic and stylish.

If your listing lacks curb appeal, REimagineHome can create realistic renderings of landscaping and exterior renovations—an easy way to help buyers visualize the property's potential after upgrades. It's an ideal solution for busy listing agents who want to market their properties in a variety of décor styles without incurring significant expenses.

Features and services

• AI-powered virtual staging with 30-second turnaround time
• AI-powered landscaping and exterior renovation
• Multiple rooms and decor styles to choose from, with AI furniture removal and decluttering
• Purchase furniture and decor from photos
• Human-assisted virtual staging available 
• Can add custom decor (e.g., a single lamp)
• API available (to add AI virtual staging services to your website)

Pros and cons

• Realistic and stylish virtual staging 
• 30-second turnaround time 
• The top-performing virtual staging company in our testing
• Shareable before and after image sliders
• Trusted virtual staging solution for the California Regional Multiple Listing Service (CRMLS)

• Limited number of revisions per credit 
• Human-assisted virtual staging is relatively pricey
• Increasing competition from free AI image generation models as technology improves 

Customer reviews

• Styldod, REimagineHome’s parent company, has an average score of 4.9 on Capterra. Customers rave about the company’s responsive customer service, fast turnaround time and realistic virtual staging. However, users of a previous version of REimagineHome’s exterior renovation feature noted inconsistencies between the prompts they entered and the images produced.

Visit REimagineHome

Agent Image: Best for custom web design

Starting price: $399 initial setup, then $99/month

Agent Image builds award-winning, custom real estate websites to help you carve out an online niche in your local market. Their fully supported, custom designs don’t come cheap, but they’re crafted by a creative team with nearly 25 years of experience creating sites for top-producing agents, teams, and brokerages.

Beyond custom web design, Agent Image also offers results-driven marketing services, including PPC advertising and SEO, making it a one-stop shop to market your business online.

Features and services

• Attractive and highly-functional real estate websites
• Marketing services include website design, PPC advertising and SEO
• Trusted by Realtrends Verified award-winning agents and teams
• Choose from DIY options to completely done-for-you website design

Pros and cons

• A concierge-style experience for creating your website
• Multiple price points to choose from
• You own your website
• You work with the designers to design what you want and what works for you

• Fully customized websites are pricey for individuals (but they are top-notch!)
• Ongoing website support is available, but it’s an investment

Customer reviews

• Many users appreciate that their Agent Image website is beautifully designed and very user-friendly.

Visit Agent Image

Rechat.: Best AI-powered marketing suite

Starting price: ~$35 per seat, depending on team size + features

Rechat. provides agents with an AI-powered marketing suite that allows them to produce and publish high-quality marketing materials faster. Using Rechat’s mobile app, agents can quickly create and publish on-brand emails, social media content, videos, CMAs and even digital ads.

For teams and brokerages with more bespoke branding needs, the company will work with you to ensure all marketing materials meet exacting brand standards. Rechat. also provides comprehensive analytics to track the success of your marketing campaigns and deal pipeline.

Rechat. is a perfect solution for teams and brokerages that want their marketing to stand out in highly competitive markets. It simplifies the marketing and advertising process, putting power into the hands of agents.

Features and services

• Comprehensive marketing suite includes email, social media, CMAs and agent networking 
• AI-powered email and social media post creation
• Analytics to track results of campaigns and deal flow
• Stunning social media-friendly design 

Pros and cons

• Seamlessly integrated marketing, advertising and productivity tools for agents
• Custom design and branding services
• AI-powered emails and social media posts
• Trusted by top brokerages, including SERHANT. and Douglass Elliman

• Only available for teams and brokerages 
• Replaces rather and augments other marketing tools and CRMs

Customer reviews

• With an average review of 4.8 on G2, Rechat is one of the highest-rated marketing companies in the industry. Reviewers raved about the company’s dedication to client success and the quality of their marketing materials. This is no surprise to us. On a recent demo call with the company, we were thoroughly impressed with their professionalism and passion for real estate marketing. 
  

Visit Rechat.

Wise Pelican: Best for direct mail marketing

Starting price: $0.82/postcard

While digital marketing is essential in today’s real estate industry, traditional methods like direct mail can still yield impressive results. Wise Pelican specializes in direct mail marketing for real estate professionals, with a particular emphasis on the almost-forgotten art of the real estate postcard.

Wise Pelican offers a range of direct mail marketing materials, from open house flyers to farming postcards to FSBO letters. The company provides customizable templates and the option to upload your own designs. Custom mailing lists can be created by drawing a polygon on an area map or by specifying a radius around an address.

Direct mail can be an effective way to target specific geographic areas or demographics, and Wise Pelican simplifies the process for real estate agents looking to tap into this old-school, time-tested marketing channel.

Features and services

• High-quality mailers ranging from flyers to postcards to FSBO letters
• Postcard campaigns specifically designed for real estate

Pros and cons

• High-quality mailers
• Memorable printed assets
• Quick service
• Wide variety of real estate templates

• Editing postcard templates may not be the most user-friendly experience
• Delivery issues have occurred, though postcards are trackable after they are sent

Customer reviews

• Reviews are generally positive and indicate that Wise Pelican knows the real estate industry well and provides exceptional customer service.
• 87% of users rated Wise Pelican five stars on Trustpilot
• 4.8 stars from 563 reviews on Google

Visit Wise Pelican

Luxury Presence: Best for luxury branding

Starting price: $265/month

If you’re trying to build a more elevated brand, Luxury Presence pairs elegant website design with marketing services to help you stand out. They’re best known for customizable real estate websites with clean, modern designs and a strong focus on luxury branding, plus tools like home valuation pages, single-property websites and listing presentation builders. Beyond website design, they also offer done-for-you services like PPC advertising, SEO, content creation and social media marketing.

Their website designs appeal to agents, teams and brokerages looking to attract higher-end clientele. Luxury Presence also recently launched Presence CRM, an AI-powered platform built to help agents manage and nurture leads. That premium branding experience comes at a higher cost than many other companies on this list, and agents who prioritize stronger lead capture features may need additional platforms.

Features and services

• Customizable real estate websites with luxury-focused design
• SEO, paid advertising, social media and content marketing services
• Presence CRM with AI lead nurture tools

Pros and cons

• Elegant website designs built for luxury branding
• Offers SEO, PPC, content creation and social media marketing services
• Includes single-property websites for listing promotion

• Branding-first approach may not appeal to agents who prioritize lead volume
• Expensive for full-service marketing. Website and branding plans start at $500+/month, with costs rising for SEO, content and lead generation services

Customer reviews

• Reviews are generally positive, with users frequently praising Luxury Presence’s website design and customer support.
• 4.8/5 stars from 2,500+ reviews on Luxury Presence’s website
• Negative reviews tend to mention high costs, limited customization and mixed results from SEO or lead generation services

Visit Luxury Presence

Real estate marketing company FAQs

How do I choose a real estate marketing company?

To choose the right marketing company, it's crucial to take the time to assess your marketing needs, budget, and long-term business goals. Then, create a list of companies that have proven track records helping other agents, teams or brokerages achieve similar goals, preferably in your niche and local market.

Next, set introductory calls with each marketing firm and spend time comparing the pros and cons. Communicate in advance that you are evaluating a few different options, and once you think you have your marketing team assembled, sign up for a monthly subscription or pay for the company’s services.

What services do real estate marketing companies offer?

The services real estate marketing companies provide vary widely. Large, full-service marketing agencies such as TREM Group often do it all, from brand creation to websites to advertising, while smaller firms like Wise Pelican specialize in a specific marketing niche. Here are the most common services on offer and how they can help you achieve your marketing goals:

• IDX Websites: Help establish an online presence and capture buyer and seller leads.
• Google and Meta PPC ads: Target and capture seller leads on Google's search advertising and display network, and Buyer leads on Meta's social media platforms.
• Branding: Define or refine your brand to appeal to your ideal clients.
• SEO: Helps your website rank better on search engines and drive organic low-funnel traffic.
• Social media marketing: Assists you in staying top of mind, building brand awareness and driving leads on social media platforms.
• Marketing automation: Automates common marketing tasks.
• Print marketing: To stay top of mind in your farm area over the long haul.
• Virtual staging (including AI virtual staging): Helps your prospective buyers visualize what your listing might look like furnished.

What can I expect working with a real estate marketing company?

If this is your first time considering a real estate marketing company, it’s natural to wonder what to expect. Most importantly, remember that specifics can vary from one provider to another — there is no one-size-fits-all marketing firm. However, there are certain fundamental features you should look for when working with a vendor of any kind, including:

• Renewable contracts: Real estate marketing isn’t a sprint; it’s a marathon. It demands ongoing attention and the flexibility to adjust strategies based on audience feedback. The most reliable marketing companies will typically require a minimum three-month commitment to ensure a sustained, effective campaign.
• Clear communication: If you’re investing in a company’s services, you should have a direct line of communication when you have questions or require assistance, whether that’s a chatbot, support email address or online discussion forum.
• Trust: If you expect to collaborate on creative assets, like graphic design and website copy, you should trust your marketing company’s judgment and be able to communicate effectively when there are disagreements.
• Performance metrics: Your investment should yield results. A reputable real estate marketing company should provide a method to track the value you’ve received for your expenditure, whether it’s a shared editorial calendar or a detailed performance report.

Our methodology: How we chose the best real estate marketing companies

Vetted by HousingWire’s expert real estate agents, brokers and coaches offer in-the-trenches insights into the latest technology and business strategies for real estate professionals. Since 2006, HousingWire has been the go-to resource that provides the full picture of the U.S. housing market for housing professionals.

To find the best real estate marketing companies, we analyze dozens of companies, products and platforms, run them through rigorous testing, view product demos, read countless customer reviews and consult with agents and brokers we know. We also apply our combined experience as licensed real estate agents, brokers and brokerage marketers (we have about 50 years between us on the editorial team!).  

We do all of this with the reader in mind, analyzing each tool to give you, beloved reader, a clear, concise breakdown of its features, benefits, pricing, ease of use, return on investment, value for money, client support and appropriateness for your career stage. We hope our hard work saves you a lot of clicking around the internet to find the right tools for your business!

On June 17, Fathom Holdings signed a definitive agreement to be acquired by Bed Bath & Beyond, Inc. in an all-stock transaction. The deal values Fathom at roughly $53.38 million, with Fathom shareholders receiving 0.2236 shares of Bed Bath & Beyond stock for every share they own. The companies expect to close in the second half of 2026, subject to regulatory approval and a vote of Fathom shareholders.

Not yesterday's Bed Bath & Beyond

The company writing the check is not the retailer most people remember. The original Bed Bath & Beyond collapsed in 2023. Overstock.com bought the brand and the intellectual property out of bankruptcy, renamed itself Beyond, Inc., then in 2025 took the Bed Bath & Beyond name back because it was the most valuable piece of intellectual property the company owned.

Today, led by the television entrepreneur Marcus Lemonis, it owns Bed Bath & Beyond, Overstock, buybuy Baby, Kirkland's Home, The Container Store and a portfolio of other assets. It is a holding company built around a famous name.

Lemonis has been direct about the vision. He is building what he calls Everything Home, an ecosystem organized around three pillars: homeownership and transactions, omnichannel commerce, and home services. Fathom fills the first pillar, bringing brokerage, mortgage, title, insurance and a technology platform. The pitch is a single company that can sell a consumer the house, finance it, insure it and then furnish it. On paper, it is a coherent idea, and Lemonis has assembled real scale to chase it.

Give both companies their due. Fathom is a respected, fast-growing platform. In 2025, it generated about $420 million in revenue, up 25% year over year, with transactions up nearly 15%, built on a technology-first model and a growing set of higher-margin mortgage and title services. Bed Bath & Beyond, for its part, has been mounting a real turnaround. In its most recent quarter it returned to revenue growth for the first time in 19 quarters, sharply narrowed its losses, and ended the period with about $163 million in cash.

The structure deserves a clear eye

This is an all-stock deal, so the value moves with the share price, and neither company has reached profitability yet. That is not unusual in this part of the industry, where plenty of well-regarded names have run at a loss while building scale, but it does mean the payoff here depends on execution.

When the news broke, Fathom shares jumped about 82%, a sign investors saw real upside in the pairing. The honest way to read it is two growth-stage companies, each bringing real assets, betting that together they can reach a scale neither could reach alone.

Here's why this matters beyond one transaction. The deal is part of a sustained push to own the entire homeownership journey. Portals, national brokerages, lenders and now a retail conglomerate are all chasing the same outcome: a single front door that captures search, financing, title, insurance, the sale itself and everything the consumer buys after the keys change hands. Whoever owns that front door owns the customer relationship and the data that comes with it.

That ambition raises questions our industry should be discussing now

When one company controls every step of the transaction, where does independent advice live? What does real consumer choice look like inside a closed ecosystem? And what happens to open competition, and to the MLS, when the goal is to keep the consumer inside one funnel from the first search to the closing table? These are not reasons to panic. They are reasons to pay attention and to lead the conversation rather than react to it.

There is a larger point that often gets lost in deal coverage. You can bundle services. You can connect a brokerage to a lender to a title company to an insurance product to a furniture catalog. What you cannot bundle is trust and judgment.

The purchase of a home remains the largest financial and emotional decision most people ever make and consumers still want a knowledgeable professional who represents their interests, reads the local market and negotiates on their behalf.

No platform has replaced that, and the evidence keeps pointing the other way. The more the transaction gets automated and packaged, the more valuable independent, expert human guidance becomes.

Here's the honest read for industry leaders

The name on this deal is a curiosity. The strategy behind it is the story. The race to own the full homeownership journey is accelerating, and it is not going to slow down. Our job is not to fear it. Our job is to compete on the one thing these platforms cannot manufacture, the trusted relationship between a skilled professional and the family they serve. That is where the lasting value sits, and it is not for sale.

Darryl Davis, CSP, is a speaker, coach, and bestselling author who has trained real estate professionals, and the leaders who build them, for more than 40 years. He is the founder of the POWER AGENT® Coaching Program and Darryl Davis Seminars. Learn more at darrylspeaks.com.

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 transaction, PNC Multifamily Capital’s LIHTC Fund 104, includes capital from nine financial services and insurance companies, along with PNC. The fund reflects the bank’s strategy of using syndicated tax credit investments to expand affordable housing supply at a time of growing demand and limited inventory.

Fund 104 is expected to support 16 multifamily properties and more than 1,700 affordable rental homes for families, seniors and underserved households. The portfolio combines new construction and rehabilitation projects in Arizona, California, Kentucky, Minnesota, New Mexico, Nevada, North Carolina, Tennessee, Texas, Virginia and Washington, D.C.

Twelve properties will target families and four will serve seniors, according to the announcement. Seven properties will offer rental assistance, which can be a key tool for maintaining long-term affordability and stabilizing operating cash flow for owners in higher-cost or volatile markets.

“For nearly 30 years, PNC Multifamily Capital has brought together investors focused on delivering meaningful impact through the creation and preservation of quality, affordable homes,” said Megan Ryan, senior vice president and manager of tax credit equity syndication for PNC Multifamily Capital. “We are grateful for their continued support, which will help strengthen 16 developments across the country and provide lasting stability for residents.”

The fund’s projects are aimed at serving families, seniors and people who have experienced homelessness. Residency at the Mayer in Los Angeles will provide permanent supportive housing for seniors who are chronically homeless or living with disabilities. On-site services will include case management, benefits counseling, health care, substance use services, legal assistance, transportation and employment support.

Three properties in Kerrville, Texas — Heritage Oaks, The Meadows and Paseo de Paz — will deliver 224 rehabilitated apartments for families across multiple sites. Planned resident services include life skills training, help navigating social services, preventative health resources, transportation assistance and educational and community programming.

Malabu Manor in Lexington, Kentucky, will cater to seniors, with services focused on housing stability, connections to community resources and ongoing resident engagement. The property will also feature housing assistance aimed at keeping rents affordable relative to household income, an increasingly important feature for fixed-income renters facing higher costs.

PNC Multifamily Capital is a major provider of affordable multifamily equity as well as affordable and conventional debt. Through tax credit equity, agency lending programs and bank balance sheet lending, the platform finances multifamily properties, historic rehabilitations and community facilities.

As of Dec. 31, 2025, PNC Multifamily Capital oversaw approximately $16.2 billion in tax credit equity supporting 1,280 affordable rental properties, 138 New Markets Tax Credits investments and 78 historic properties nationwide. The company also manages a $35.2 billion agency loan portfolio, giving it significant scale across the housing-finance capital stack.

Just curious. Is it me, or is anyone else getting at least a chuckle out of one of those moments when the housing universe seems to have hired a comedy writer?

For years, if you said "Clayton" in any kind of housing audience, people instantly thought of Berkshire Hathaway's Maryville, Tennessee-based manufactured housing giant — the company that sits at the center of perhaps the most vertically integrated housing ecosystem in America, and one that has engaged both federal agencies and Capitol Hill vigorously and successfully for years.

And if you said "Pulte," nobody would conjure an image of the Washington intelligence agencies.

They thought of Bill Pulte's grandfather's brand-recognized company, one of the largest homebuilders in the nation. They thought of Pulte Homes' communities, model homes, golf course and active-adult developments, and quarterly earnings calls.

Now, suddenly, the headlines feed our devices like a fever dream:

"Clayton replaces Pulte."

"Pulte to remain acting DNI while Clayton nomination delayed."

An average political reporter regards these statements as workday standard-issue federal agency and Capitol Hill personnel stories.

Among housing professionals, these same headlines sure read like:

"Wait ... Clayton Homes is taking over PulteGroup?"

"Did Berkshire just acquire PHM?"

"What happened while I was in a land committee meeting?"

The confusion gets even richer because the actual housing significance of both names is enormous.

"Clayton" represents the industry's most consequential experiment in scale, vertical integration, factory-built housing, financing, insurance and distribution.

"Pulte" represents one of the most successful public homebuilding operating platforms of the past generation. Neither headline has anything to do with either company.

And yet every housing executive who scrolls their news feeds during their pro forma meetings has probably done the same double-take at least once over the past two weeks.

It's almost as if the housing gods — you know, the ones that say, “Man plans; God laughs!” — looked down at 2026 and decided: "You know what would be funny? Let's make 'Clayton' and 'Pulte' the two most confusing surnames in Washington at exactly the same moment."

The irony becomes even more delicious when viewed through the lens of the broader housing conversation.

At the very moment HousingWire TBD, Wall Street analysts and builders themselves are debating affordability, scale, vertical integration, operational excellence, land-light strategies, manufactured housing, deregulation, attainable housing, and Berkshire Hathaway's growing influence in residential construction, the names "Clayton" and "Pulte" have jumped the fence of housing entirely, wandering into the middle of a national security and congressional procedural drama.

You couldn't script it that way if you tried. How many times has the name had to be clarified? Or, maybe more troubling, how many times is the name NOT clarified and consequently misunderstood?

“No, I meant that Clayton, not that Clayton.”

“Which Pulte did you mean during our policy advocacy meeting this morning?”

"I thought you were talking about Pulte and Clayton?"

"I was."

For one brief moment in 2026, a homebuilding executive could legitimately open their phone and see a headline that says: "Pulte remains in place while Clayton waits for confirmation" ... and have no honest idea whether the story is about housing, intelligence, Washington politics, Berkshire Hathaway, manufactured housing, public homebuilders or all of the above.

Which, even the soberest of us has to admit, is a pretty fitting metaphor for 2026 itself.

The merged brokerage will operate as Better Homes and Gardens Real Estate Realty Connect, with a footprint extending from Harrisburg, Pennsylvania, to Westhampton, New York.

The merger combines Better Homes and Gardens Real Estate Maturo, Better Homes and Gardens Real Estate Dream Properties and Realty Connect USA.

Better Homes and Gardens Real Estate Maturo reported just under $475 million in 2025 volume to RealTrends Verified, while Realty Connect USA recorded $1.06 billion.

Multiple agents from Better Homes and Gardens Real Estate Dream Properties reported annual volume approaching or exceeding $10 million.

Realty Connect USA, founded in 2009 by Michael Ardolino, John Fitzgerald, Bart Cafarella and Fern Karhu, has grown to 16 offices and approximately 700 affiliated agents serving Long Island from Flushing to Westhampton.

The four founders will remain in executive leadership positions.

Better Homes and Gardens Real Estate Maturo, led by co-owners Albert Faiola and Frank Stimiloski, expanded from a single office to eight locations with more than 400 affiliated agents over the past decade.

Under the merger, Faiola and Stimiloski will lead the combined brokerage, while Steve Deans, chief operating officer of Better Homes and Gardens Real Estate Maturo, will oversee New Jersey operations.

Better Homes and Gardens Real Estate Dream Properties, founded in 2016 by Aret Kayserilioglu and Fred Bollinger and based in Massapequa, New York, also joins the combined brokerage.

The company will become part of the Long Island operations, with Kayserilioglu and Bollinger remaining in leadership roles.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

Piccinini has held roles as a real estate agent, brokerage owner, franchisee and franchisor during his career.

Under his leadership, JPAR Real Estate expanded to about 4,000 agents across 22 states, generated more than $5 billion in annual sales volume and ranked among the nation's 50 largest brokerages in the 2022 RealTrends Verified rankings. In May 2021, Cairn Real Estate Holdings, LLC and private equity firm Aperion Management acquired JP & Associates Realtors (JPAR) and JPAR Franchising.

"I've spent my entire real estate career helping agents grow," Piccinini said. "I've always believed success is about more than production. It's about building a business that creates freedom, stability and long-term wealth. Real shares that philosophy. It gives agents the tools, collaboration and opportunities to grow their income in multiple ways, and I'm excited to help them unlock that potential."

Based in Texas, Piccinini will host monthly in-person roundtables and other events across the state focused on business growth strategies, leadership development and brokerage operations.

"At Real, we're committed to giving our agent community the resources, technology and opportunities they need to grow thriving businesses and build long-term wealth," Cassity said. "JP has spent his career building and scaling companies that empower real estate entrepreneurs. He understands what it takes to grow from agent to operator to organization builder, and his experience will be an incredible asset to our community."

Piccinini entered the residential real estate business in 2005 in Columbia, South Carolina, and founded JPAR Real Estate in Texas in 2011 with a focus on education, collaboration, networking and technology for agents and brokers.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

As part of the announcement, Fathom said board member Adam Rothstein has been appointed interim CEO and Daniel Weinmann, previously vice president of finance, has been named chief financial officer, both effective immediately.

On Tuesday, Fathom’s board terminated CEO Marco Fregenal, who also resigned from his role as a director of the company. 

According to the announcement, the acquisition is part of Bed Bath & Beyond’s “Everything Home” strategy. The company introduced this strategy in a letter sent to shareholders from CEO Marcus Lemonis in early January 2026, in conjunction with his move to CEO from executive chairman. 

“Homes are not static. While the home itself is an anchor asset, fixed to a location and held over long periods, the individual or family attached to that home is constantly evolving,” Lemonis wrote in the letter. “Life stages evolve us, needs and tastes change, risk and priorities alter over time. Real value is created not just by the home itself but by everything that touches it throughout its lifecycle, from furnishing and maintaining to insuring, financing, improving and ultimately moving. Our strategy is built around serving the home as a living platform or operating system and the customer as the evolving holder of that asset. We create loyalty with customers by connecting every part of their home life through technology, making life simpler, more affordable and securely connected over time with blockchain.” 

Bed Bath & Beyond's three pilars

Bed Bath & Beyond breaks down this strategy into three pillars: omnichannel retail, homeownership and transactions and home services. These pillars include things like the company’s retail brands like Kirkland’s, Bed Bath & Beyond and The Container Store, services related to a home sale transaction and installation, renovation, maintenance, project management and related services. 

Since announcing this strategy in January, the firm has undergone a series of acquisitions, expanding its portfolio of brands as it looks to build out its “Everything Home” strategy. 

In the past six months, Bed Bath & Beyond has acquired Lumber Liquidators and Cabinets To Go parent company F9 Brands, as well as The Container Store, Installed Right and SFV Services, strengthening its retail and home services pillars. The company said its proposed acquisition of Fathom Holdings adds to its homeownership and transactions pillar “by adding Fathom's capabilities across brokerage, mortgage, title, insurance and homeowner financial services.” 

“Combined with Bed Bath & Beyond's Omnichannel Commerce platform and growing home services business, these capabilities are expected to create a unified platform centered around homeowners, their homes and the neighborhoods where they live,” the company said in its announcement. 

What this means for the real estate industry

For the real estate industry Amit Kulkarni, a co-founder of Alloy Advisors, says the proposed acquisition is a “nothing burger.”

“I just don’t think it is going to have a material impact on how brokers respond because I don’t actually see a whole lot of sense in this transaction,” Kulkarni said. 

However, Kulkarni’s Alloy Advisors co-founder Russ Cofano has a different take. 

“I think what they are trying to do is build a consumer ecosystem around the home,” Cofano said. “It is another example of what Rocket-Redfin-Mr. Cooper is trying, but with a different entry point — one is mortgage and the other is retail, but they send the same message, that there are people out there betting that the home sale transaction is going to become part of a larger consumer ecosystem.”

Like Cofano, Craig McClelland, a partner at McClelland & Hahn, agrees that some companies, like Rocket, are working to create an ecosystem. However, he believes this falls into another category of the end-to-end transaction model.

“You have this home sale transaction and then they are looking at other things they can parallel on top and see the customer,” he said. 

But like Cofano, McClelland also sees some potential for this deal to make some waves in the brokerage industry.

“It is clear that they want to create this flywheel effect of all of the different components of the homeownership journey,” he said. “I don’t think a brand can do everything and just because customers come to you to buy loofahs and epsom salts doesn’t mean they are going to buy a house from you.” 

Kulkarni agrees, noting what he most frequently associates with Bed Bath & Beyond is 20% off coupons he can use to buy bedsheets. 

“I am not going to go to Bed Bath & Beyond thinking that I am going to use these people that are selling me discounted sheets for the most important financial transaction of my life,” Kulkarni said. 

But RVs aren’t real estate 

Despite his doubts, Kulkarni noted that Bed Bath & Beyond CEO Lemonis has previously been successful creating an end-to-end consumer transaction ecosystem in the RV space. 

“I think he is trying to make the same bet here, but I think there are two big challenges that he has. Number one is that in the RV space, the entry point is the actual RV purchase, so the consumer is getting into the ecosystem at the most expensive stressful part of the transaction. Once you do that, there's a little bit of trust built up, and you're going to buy other services from his companies,” Kulkarni said. “But this is flipping that, as the entry point is Bed Bath & Beyond. You are betting that someone who is going to spend hundreds of thousands of dollars on a home is going to do so through an entry point of buying 20% off bed sheets.”

Due to this, Kulkarni feels Rocket Companies’ take on the end-to-end ecosystem is much more promising as it captures the consumer through financing and not retail. 

Cofano, on the other hand, believes with enough investment of time and capital, Fathom Realty could be the firm’s consumer entry point.

“I am wondering if they are going to put money into building the Fathom platform out and use Fathom to drive retail sales, flipping that script and not relying on somebody looking at bedsheets to pick a real estate agent,” Cofano said.

Recycling the playbook

While Bed Bath & Beyond’s entrance into the real estate brokerage industry may come as a surprise, this is far from the first time a more retail focused player has tried its hand in brokerage. Most notably, in the mid-2000s Home Depot began offering real estate services looking to connect their existing remodeling, moving, installation and home-improvement services customers with real estate services. After difficulty scaling the brokerage operation and complications due to the Great Recession, Home Depot eventually decided to shut down the program. 

Additionally, storied retailer Sears once owned Coldwell Banker and Dean Witter Reynolds. 

McClelland said he is unsure if Bed Bath & Beyond’s attempt at this will be any different from those that came before it, like Home Depot. 

“There is certainly a comparison to Better Homes and Gardens Real Estate — it is a lifestyle brand with a customer base and they clearly think there is something there, but we’ll see if they can turn it into anything meaningful,” McClelland said. “Fathom has a fairly high level of agent churn, so we’ll see if the Bed Bath & Beyond name will resonate with them.” 

Cofano agrees that it is unclear how this will turn out for Bed Bath & Beyond, but he does believe it is part of a broader trend we are seeing in the industry.

“This is part of a broader picture that says that the real estate transaction is going to become part of a larger ecosystem. I’m willing to watch this thing play out and see if it has legs,” Cofano said. “Also, the fact that someone has tried this before and it didn’t work, doesn’t mean that it won’t work today because we are in such a different era. Consumers today behave differently because of AI. We are in such a place of massive change, and I think that opens the door for people to try things that may not have worked in the past, but may work now because consumer behavior has changed.” 

While some in the industry have mixed feelings about outside firms entering the space, McClelland thinks it provides the industry with some wonderful opportunities. 

“I think it is great because it helps those of us who have been in the industry for too long, who just accept that this is how things are done, to think about things in a different way,” he said. “We need that creativity because maybe things could be better or maybe there is another way of doing things that would be smarter. I love all of the ideas coming into the industry right now.”

But today’s market is exposing those cracks.

When a brokerage doesn’t have the right systems, support and accountability in place, everyone feels it. Brokers see lower revenue and higher churn. Agents feel unsupported or unclear on how to grow. And what should be a scalable business becomes a source of constant frustration.

I’ve seen this firsthand while building two successful brokerages with more than 1,200 active agents each. My previous brokerage ranked among the top 100 U.S. brokerages by sales volume. I launched my current brokerage this year, and based on early performance trends, we are projecting similar transaction volume by year-end.

Our internal data also shows that our agents close more transactions, generate more revenue and earn more repeat business than the industry average.

That experience has shaped how I think about brokerage growth. The strongest companies are not simply recruiting more agents or chasing more leads. They are building the systems, support and accountability that help agents produce consistently — and help the brokerage grow sustainably.

With that in mind, here are three areas brokers should rethink if they want to build a stronger, more scalable business.

Training and support

Some brokers see agent training and support as just another cost. On one hand, I understand their thinking — agents tend to hop from brokerage to brokerage throughout their career, so it may seem to be a waste of capital. On top of that, it often takes a while before the impact of training and support starts to show up in the bottom line.

I see this from a very different perspective though.

My agents are the foundation of my business, and because of that, I see their training and support as an investment in them and in my own brokerage.

Throughout my own career, I’ve consistently offered comprehensive training and support for my agents, because in my experience, I’ve found that it helps them start closing deals sooner and more consistently. It can also help them to close the tougher deals that other agents shy away from and to earn more repeat business.

As a result, our internal data shows that they tend to stay with me longer than the industry average because they feel supported and valued in their career here.

That typically means more revenue for my agents, and it also means more revenue, fewer HR headaches and lower recruiting and marketing costs for my brokerage.

Commission model

There isn’t a single source of data on commission models, but most industry data indicates that a majority of brokerages follow the traditional broker/agent commission split.

My brokerage runs on a different model. Agents pay a flat monthly fee and keep 100% of their commissions. For us, that structure works because it creates a clear, predictable business model for both the brokerage and the agent.

From the agent’s perspective, their costs are capped. No matter how many transactions they close, they know what they will pay each month while still having access to the brokerage’s full infrastructure, including training and support, document management and administrative services.

From the brokerage side, it also creates clarity. Rather than building the business around taking a percentage of each agent’s production, we focus on providing the systems, support and accountability that help agents become more productive. The model only works if agents see enough value in the platform to stay, grow and produce.

That is why it fits the way I run my company. I want agents to think like business owners. When they have a fixed cost to cover each month and know they will keep the commission they earn after that, the incentives become very clear. The more productive they are, the more upside they keep.

It also changes the relationship between the brokerage and the agent. Instead of the brokerage benefiting more every time an agent closes another deal, the brokerage has to earn its value by helping agents build consistent, sustainable production.

In my experience, that alignment matters. It rewards agents for growth, gives them more control over their income and pushes us as a brokerage to keep improving the infrastructure around them.

Work environment

Income is just part of what attracts top performers.

Most people want to enjoy their time at work, and for many, this is more important than their income. There are a lot of factors that go into creating an empowering work environment.

Training and support plays a big part because it helps your team become more effective and make more money. Respect and acknowledgment does too, because people want to feel like their efforts are recognized. And opportunity is critical because it gives your agents a path to bigger achievements.

There are also things you need to identify and ruthlessly remove from your brokerage.

Negativity is a big one because that spreads like wildfire. This means squashing gossip, complaining, and infighting. A common mistake brokers make is keeping agents around who cause internal conflict just because they close a lot of transactions.

You have to be highly intentional about building and nurturing a culture that aligns with your vision.

Derek Carlson is the president and managing broker of Realty ONE Group MVP, a Florida based real estate brokerage firm with over 1,100 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

Monetary policy watchers, however, have changed their forecasts on the Fed’s next moves as they react to an economic landscape that has shifted dramatically since the start of the year amid rising inflation and a developing U.S.-Iran peace agreement.

The Federal Open Market Committee (FOMC) maintained its policy rate in a unanimous 12-0 vote.

"Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East," the FOMC said in a statement. "Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little. Inflation remains elevated relative to the Committee’s 2% goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability."

In a press conference following the announcement, Warsh adopted a hawkish tone, emphasizing the FOMC's "unambiguous and unanimous" commitment to achieving 2% inflation. He said that no member of the 19-person committee proposed monetary tightening at this meeting.

"I see no reason until we have reestablished our commitment and ability to deliver on the 2% inflation objective to revisit that," Warsh said.

Regarding the Fed's dual mandate of price stability and maximum employment, Warsh said he does not believe in a "cruel choice."

"What I believe is, if we do our job, we can make low prices and strong employment mutually compatible," he said.

Task forces

Warsh also announced an overhaul of the central bank, including five task forces to target communications, the balance sheet, data, productivity and jobs, and inflation frameworks.

In terms of communication, the policy statement released Wednesday removed language that had previously provided guidance on future rate moves. Warsh told journalists that the guidance "was not well suited to the current policy conjuncture," stating that colleagues submitted dots "with pencils with big erasers," signaling low conviction and humility about forecasts.

According to him, markets should follow the data, not the central bank. The more that markets are paying attention to what's happening in the real economy, the more financial markets can price what they believe is most likely, Warsh said. He argued that when markets merely reflect Fed guidance, the Fed loses its most important source of information.

The chairman also criticized the Fed's reliance on lagging, survey-based government data with low response rates, adding that private-sector CEOs run businesses on real-time information. Warsh wants the Fed to move toward contemporaneous, actionable data rather than "echoes of history."

Digging into projections

The FOMC's quarterly projections showed that nine Fed officials now anticipate a rate hike by the end of 2026, with the median federal funds rate projected at 3.8% (up from 3.4% in March). The projections also showed gross domestic product (GDP) growth of 2.2%, down from 2.4% in March, and Personal Consumption Expenditures (PCE) inflation of 3.6% (up from 2.7% in March).

Warsh, based on his long-held views of the projections, encouraged his colleagues to submit their forecasts but refrained from offering his own. The Fed chairman characterized the current monetary policy stance as "uneven" — restrictive in housing but hard to call restrictive when looking at financial markets and other areas.

He said that the committee views labor markets as stable, with some members seeing an improving trend. Strong productivity-led growth is "not something we fear but something we embrace," he added.

On the macroeconomic front, inflation was running at an annual rate of 4.2% in May — more than double the Fed’s 2% target — driven in part by higher energy prices. Meanwhile, the labor market continues to show resilience, with the U.S. economy adding 172,000 nonfarm payroll jobs in May. 

“At the beginning of the year, markets expected the Fed to begin cutting rates by midyear as inflation cooled and labor market conditions softened,” First American deputy chief economist Odeta Kushi said in a statement. “Markets have largely abandoned the idea that easing is the default path. The conversation has shifted from ‘When will they cut?’ to ‘Will they cut at all?’”

Policymakers must now determine whether recent price pressures are temporary or likely to become more deeply embedded in the economy. As long as labor market conditions remain stable and inflation stays above target, policymakers have little urgency to lower rates, Kushi said.

Charles Goodwin, vice president and head of bridge and DSCR lending at Kiavi, pointed to the labor market’s continued strength as a key factor behind the Fed’s decision.

“The latest jobs report indicated stronger-than-expected economic performance, reducing the likelihood of a near-term Fed rate cut and reinforcing a higher-for-longer interest-rate environment,” Goodwin said.  

Precautionary rate hikes?

While investors in April largely expected the Fed to maintain current rates through the end of the year, about 7% now anticipate a rate hike in July and 30% expect one in September, according to the CME Group’s FedWatch tool.

Some investors are even beginning to price in the possibility of several rate hikes this year. In its midyear market outlook, asset manager PGIM warned that inflation risks remain elevated while the labor market appears to be somewhere between stabilization and reacceleration. 

As a result, the firm expects the Fed to raise rates three times this year to “shore up institutional credibility and anchor inflation expectations.”

“Our sense is that there will be political cover if the rate hikes are framed as a ‘precautionary’ response to supply-side inflation and recent volatility in long-term Treasurys,” PGIM wrote in its report. “We expect the Fed to reverse these hikes relatively quickly with three rate cuts in 2027 and one additional cut in 2028, resulting in a terminal rate of 3.375% — slightly below the current rate and likely close to the neutral rate.”

For the mortgage industry, however, a potential peace agreement with Iran plays a large role. 

“If a long-term deal is implemented and honored, inflation expectations could fall, pulling bond yields and mortgage rates lower as well,” said Dave Meyer, chief investment officer at real estate investing platform BiggerPockets. 

According to Kushi, mortgage rates are influenced far more by inflation expectations and Treasury yields than by the Fed’s policy rate itself.

“While the recent decline in Treasury yields is encouraging, a meaningful and sustained reduction in borrowing costs will likely require more than easing geopolitical tensions,” Kushi said. “Persistent federal deficits, elevated debt issuance and lingering inflation concerns continue to put upward pressure on long-term interest rates, reinforcing a higher-for-longer borrowing-cost environment.”

Joe Panebianco, CEO at AnnieMac Mortgage, added that now that oil has fallen sharply following the preliminary agreement with Iran, lower energy prices remove a major near-term inflation risk. But it is too early for the Fed to declare victory while energy flows remain disrupted.

"Counterintuitively, the clearest path to lower mortgage rates may be a Fed that stays firm. If its guidance reduces the inflation premium embedded in long-term Treasuries, the 10-year yield and mortgage rates can move lower even without a rate cut,” he said.

Editor's note: This story was updated with comments from Fed Chair Kevin Warsh.

Would mortgage rates move lower? Would inventory continue growing? Would affordability challenges continue to suppress demand?

Six months later, some answers are becoming clearer. Others remain open questions.

The first half of 2026 didn't produce a housing boom or a housing bust. Instead, it revealed a market that continues to adapt to higher rates, normalize after the pandemic era and diverge across regions in ways that national headlines often miss.

Some assumptions held up. Others didn't.

Here are five lessons the data revealed during the first half of the year.

1. The housing market normalized, it didn't break

Perhaps the biggest takeaway from H1 is that the housing market increasingly resembles a normal market rather than either extreme that defined recent years.

Average inventory during the first half of 2026 reached 731,069 homes. That's well above the historic lows of 2021 and 2022, but still below pre-pandemic norms. Months of inventory averaged 2.44, compared to just 0.99 in 2022 and 2.13 in 2019.

Homes are taking longer to sell. Sellers are making more concessions. Buyers have more choices than they did during the pandemic boom.

At the same time, demand has remained remarkably resilient.

Weekly absorbed inventory averaged 77,877 homes during the first half of the year, nearly identical to 2025 despite mortgage rates remaining elevated and affordability challenges persisting.

The result is a market that looks increasingly balanced compared to the extremes of the past several years.

The anomaly was 2021 and 2022, not 2026.

Why it matters: For much of the past three years, housing conversations have focused on whether the market would break under the weight of higher rates. H1 suggests a different outcome: normalization.

2. Market strength became increasingly local

One of the clearest themes of H1 was how difficult it became to describe the housing market with a single national narrative.

Markets such as Hartford, Rochester, Cleveland and Columbus spent much of the first half of the year posting stronger absorption rates, tighter inventory conditions and shorter days on market than many of the markets that dominated housing conversations during the pandemic.

In Hartford, homes spent a median of just 21 days on market. In Rochester, the median was 14 days. Both markets maintained less than one month of inventory available.

Meanwhile, homes spent a median of 56 days on market in Dallas and Austin and 63 days in both Phoenix and Tampa.

That doesn't mean Dallas, Phoenix or Tampa are weak markets. They continue to generate substantial transaction volume and remain important drivers of national housing activity.

What changed is that local fundamentals increasingly mattered more than broad regional narratives.

Why it matters: National trends can explain direction. Local market conditions increasingly determine outcomes.

3. The pandemic winners became normal markets

Several markets that defined the pandemic housing boom spent the first half of 2026 continuing their transition back toward more traditional market conditions.

Homes are taking longer to sell in many Sun Belt markets. Price cuts remain elevated compared to many Midwest and Northeast markets. Inventory has recovered significantly from pandemic-era lows.

Importantly, this doesn't mean these markets are failing.

Dallas, Phoenix, Tampa, Atlanta and Denver continue to generate substantial housing activity. What changed is that they are no longer operating under the extraordinary conditions that defined 2021 and 2022.

Many of the markets that captured headlines during the pandemic are now behaving more like traditional housing markets again.

The pandemic boom normalized, it didn't reverse.

Why it matters: Normalization and weakness are not the same thing. Many of today's "slower" markets are simply returning to more sustainable conditions.

4. The markets that never needed a correction are standing out

Another theme that emerged during H1 was the difference between markets that experienced dramatic pandemic-era swings and those that didn't.

Since June 2022, Rochester's median list price has increased 51.2%. Cleveland is up 40.7%. Hartford has gained 31.3%.

By comparison, Austin's median list price remains 25.4% below its 2022 level. Phoenix is down 11.0%, while Dallas, Denver and Tampa have all posted modest declines.

Many Midwest and Northeast markets never experienced the same combination of rapid price appreciation, investor activity and migration-driven demand that defined several Sun Belt markets.

As a result, they required less adjustment when mortgage rates rose and affordability pressures increased.

Their strength today often reflects stability rather than recovery.

Perhaps the clearest illustration of the first half of 2026 is this: Rochester is up 51% from June 2022, while Austin is down 25%.

That doesn't mean Rochester is "better" than Austin. It highlights how differently markets experienced — and emerged from — the pandemic housing cycle.

Why it matters: Some of the strongest-performing markets in 2026 are benefiting from what didn't happen during the pandemic as much as what did.

5. Inventory remains one of the market's biggest unanswered questions

If there was one topic that repeatedly surfaced throughout the first half of the year, it was inventory.

Inventory growth slowed considerably from 2025 levels and recently turned negative year over year nationally. At the same time, new listings remain below historical norms.

The latest HousingWire Data shows 81,754 new listings during the week ending June 12. That's an improvement from recent years but still below the roughly 94,000 listings typically seen during a pre-pandemic June.

Meanwhile, more than 420,000 homes are currently under contract nationwide.

The data suggests demand remains present. What remains less clear is how much activity the market could support if listing activity returned to historical levels.

The first half of 2026 answered some questions about inventory, but it also raised new ones.

Is inventory tightening because demand improved? Because new listings remain constrained? Because homeowner mobility remains unusually low? The answer is likely some combination of all three.

Why it matters: Inventory remains one of the most important variables shaping housing activity, but it may also be one of the least understood.

What to watch in the second half of 2026

If the first half of the year revealed anything, it's that the housing market is becoming increasingly regional, increasingly local and increasingly nuanced.

Three questions stand out heading into H2:

• Will the Midwest and Northeast continue to outperform many higher-profile markets on absorption, days on market and pricing power?
• Will inventory continue tightening in parts of the South and West as those markets work through their post-pandemic adjustments?
• Will new listings recover closer to historical norms, or will homeowner mobility remain constrained?

The first half of 2026 didn't settle the housing debate. If anything, it challenged several assumptions about where demand is strongest, what inventory growth means and which markets are setting the pace.

That may be the most important lesson of all.

The housing market is no longer defined by a single national story. It is increasingly shaped by local fundamentals, regional differences and the long tail of decisions made during the pandemic housing boom.

Understanding those differences may be the key to understanding what comes next.

To follow these trends in real time, explore HousingWire Intelligence, which provides inventory, pricing, demand and market activity data at the national, metro and ZIP-code level. For weekly analysis of mortgage rates, housing demand and the macroeconomic forces influencing housing activity, read HousingWire's Housing Market Tracker.

HousingWire used HousingWire Data to source this analysis. This article is based on single-family residence data through June 12, 2026. Enterprise organizations interested in licensing housing market data at scale can learn more about HousingWire Data.

From NAR: Pending Home Sales: “Pending home sales in May increased by 3.8% month-over-month and 4.8% year-over-year, according to the National Association of REALTORS® Pending Home Sales report. The report provides the real estate ecosystem—including agents, homebuyers and sellers—with data on the level of home sales under contract...Month-over-month and year-over-year pending home sales rose in the Northeast, Midwest, South and West.”

I believe the reason for shock for some was that mortgage rates went from 5.99% to 6.75% recently and naturally, with all the data in the past few years, people just assumed home sales would be falling, not rising.

Two key reasons why home sales grew

1. Mortgage rates, unlike 2023, 2024, and 2025, haven't risen above 7% this year. This is due to better mortgage spreads — and why my peak forecast for rates in 2026 was only 6.75%. This year has had the lowest mortgage rate curve to start the first half of the year since 2022. What I have said for years is that if mortgage rates get below 6.64% and head down toward 6%, housing demand data improves. For most of this year we have been below 6.64% due to mortgage spreads.

The data below was compiled at the end of day last Friday and included in the latest Housing Market Tracker.

Let’s compare last week’s mortgage rates to where they would have been over the last three years, given the 10-year yield’s current level:

• If we had the worst mortgage spread levels of 2023, mortgage rates would be 7.70% today, not 6.58%.
• If we had the worst levels of 2024, mortgage rates would be 7.32% today 
• If we had the worst levels of 2025, mortgage rates would be 7.13% today.

2. While inventory has been negative year over year the past three weeks, inventory is at much healthier levels than in the years 2020-2023, which were savagely unhealthy. This has cooled price growth so much that wages are outpacing home prices. This is a huge key for the housing market for years to come.

Conclusion

When you’re working from an extreme low level of sales, it doesn’t take much to move the needle, with the two key variables above explaining why housing has held up better than expected. 

We created the weekend tracker at the end of 2022 to give people live, fresh data so they can look ahead months in advance of traditional monthly housing reporting. All we need is mortgage rates below 6.64% to see positive demand and that explains today's pending home sales beat.

This past Saturday night, the New York Knicks won their first NBA championship since 1973. The headline everyone will run is the 53-year drought finally ending. The story I want agents to see is the matchup at the center of it, because it is the cleanest David and Goliath you will ever find, and a version of it is playing out in your market right now.

You do not need to follow basketball to feel the weight of this one. It is a story about size, about being counted out and about winning anyway, and it belongs to anyone who has ever looked at a bigger competitor and wondered how on earth to compete.

David didn't win by becoming Goliath

Start with this story’s Goliath. Victor Wembanyama, the San Antonio Spurs' center, is the most physically dominant player in basketball. He stands 7 feet 4 inches tall with an eight-foot wingspan. He is the reigning Defensive Player of the Year, the youngest ever to win the award and the first to win it unanimously. He is, quite literally, what you would build if you could design a basketball player from scratch, the prospect every franchise on earth covets.

Now meet its David. Jalen Brunson, the Knicks' point guard, stands 6 feet 2 inches. By NBA standards he is small, so small that for years the book on him was a single word: undersized. He won two national championships at Villanova and was still told he could never be the centerpiece of an NBA team. He was not a lottery pick or a sure thing. He was taken 33rd overall, in the second round, after 32 other names were called. He spent the early years of his career as an afterthought who simply kept betting on himself.

On Saturday, with a championship on the line, the 6-foot-2 player nobody drafted in the first round scored 45 points, was named Finals MVP, and walked off with the title. The 7-foot-4 phenom went home without it. Fourteen inches separated those two men and it did not decide a thing.

Here is the part that makes this a lesson and not just a feel-good story: David did not win by becoming Goliath. Brunson did not magically grow. He won with everything that has nothing to do with height. Footwork. Preparation. Relentlessness. Nerve in the final minutes, which is exactly why his nickname is Captain Clutch. And one detail should make every agent sit up: Brunson got to the free-throw line 15 times and made 13. Those are the unglamorous, uncontested, high-percentage points you earn by driving straight into the giant, over and over, instead of running away from him. The boring, repeatable play is what beat the freak of nature.

You already know who Goliath is

If you work in this industry, you already know who Goliath is. Goliath is the mega-team with the seven-figure marketing budget. It is the national portal that seems to own every lead. It is the deep-pocketed competitor who can outspend you on every billboard, every postcard, and every closing gift. It is the brokerage down the street with 100 agents and a name everyone recognizes. And if you are an independent agent, or a small team, or someone still building, you may feel exactly like that old scouting report said about Brunson: too small to compete with all of that.

You are not. But here is the trap, and I watch agents fall into it constantly. When they look at Goliath, they try to beat him at his own game. They try to outspend a budget they cannot match. They try to be on every platform the giant is on, all at once. They copy the big team's playbook and then wonder why it does not work for a team of one. They burn themselves out chasing a size they were never going to have. That is the losing strategy. You will not out-budget, out-staff, or out-shine the giant, and the good news is that you do not have to.

Four ways to out-work the giant

You beat Goliath the way Brunson did. You win with the things you actually control:

Out-prepare him. Walk into the listing appointment having studied the property, the neighborhood, the comparable sales and the seller's real motivation, while the big team sends someone who skimmed the file in the car. Preparation is free, and the giant rarely bothers.

Out-follow-up him. The portal buys the lead, but it does not call that lead seven times. It does not send the handwritten note. It does not remember the names of the client's kids. You do. Relationships are the one thing a giant's budget cannot buy at scale, and they are entirely within your reach.

Do the high-percentage work, over and over. Brunson's 15 trips to the free-throw line are your daily prospecting, your database calls, your open houses, your past-client check-ins. None of it is glamorous. All of it scores. The agent who does the boring, repeatable work every single day beats the flashy competitor who does it in bursts.

Drive straight at him. Brunson did not avoid the seven-foot-four shot-blocker. He attacked him, drew the foul, and went to the line. In your business, that means competing for the listing the big team assumes is already theirs, showing up in the neighborhood they think they own, and walking in with confidence instead of conceding before you start.

Notice that none of those four require money, size or a famous name. They require effort and consistency, the two things a giant most often takes for granted, and the two things entirely within your control.

Height you cannot change. Effort you can. Preparation you can. Follow-up you can. Nerve you can.

The most physically gifted player in the world just lost a championship to a man more than a foot shorter, because the smaller man mastered the things that were his to master. There is a Goliath in your market right now. You do not need to become him to beat him.

Darryl Davis, CSP, is a speaker, coach, and bestselling author who has trained real estate professionals, and the leaders who build them, for more than 40 years. He is the founder of the POWER AGENT® Coaching Program and Darryl Davis Seminars. Learn more at darrylspeaks.com.

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

Hurt moves to the advisory role at Home Value Lock after serving in senior leadership positions at Intercontinental Exchange (ICE), Black Knight and Cotality (formerly CoreLogic). He's also held executive roles at General Electric Mortgage Co., Redwood Trust, North American Mortgage Co. and Perpetual Bank and Mortgage Co.

“Dave’s experience is unmatched,” Oliver Tickner, founder and CEO of Home Value Lock, said in a statement. “He has spent decades helping shape the mortgage industry from nearly every angle, and he immediately recognized the opportunity Home Value Lock presents for consumers, lenders and builders alike.”

Home Value Lock offers an insurance product designed to help homeowners protect a portion of their home’s value against future market declines. The company is positioning the product as a tool for consumers, mortgage lenders and homebuilders during periods of housing market volatility.

“For many buyers, today’s decision isn’t simply about mortgage rates. It’s about protecting what is often their largest financial asset,” Hurt said in a statement. “Home Value Lock brings an entirely new layer of confidence to homeownership by helping protect against market downturns while preserving the long-term opportunity of homeownership.”

In his advisory role, Hurt will work with the Home Value Lock leadership team on growth strategy, lender and builder partnerships, market expansion and positioning the firm within the housing ecosystem, according to the company.

Hurt said consumer confidence remains a key challenge in an environment of elevated mortgage rates and economic uncertainty, noting that downside protection and risk transfer are becoming more central to discussions among lenders, investors and regulators.

He also pointed to potential adoption in the homebuilding sector, where incentives have increased as builders aim to move inventory without lowering list prices.

“Builders today are spending tens of thousands of dollars per home on incentives designed to move inventory while protecting headline pricing,” Hurt said. “Home Value Lock represents a potentially more efficient alternative because it addresses something buyers genuinely care about — protecting the value of what is often their largest investment.”

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. 

Although medical professionals typically have strong long-term earning potential and stable career paths, many carry substantial student loan debt and begin their careers with relatively modest incomes and limited savings for a down payment, which can make it more difficult to qualify for a mortgage.

The loans are available to medical doctors, dentists and other eligible health care professionals. Through UWM's network of mortgage brokers, eligible borrowers can access financing options that include low or no down payment programs, no mortgage insurance requirements and more accommodative treatment of student loan debt during the underwriting process.

UWM joins a growing niche of offerings geared towards medical professionals. Earlier this year, Newrez launched its Medical Professional Home Loan, which offers up to 100% financing, no traditional private mortgage insurance (PMI), and flexible treatment of student loan debt for physicians, dentists, residents, fellows and other eligible health care professionals.

The program — which is available through Newrez's direct-to-consumer, retail, joint venture and wholesale channels — also allows some borrowers to qualify using projected future income rather than historical earnings.

Other lenders, including Bank of America and CrossCountry Mortgage, also offer doctor loans, with CrossCountry’s program waiving PMI and requiring no down payment on loan amounts below $1 million.

The 21st Century ROAD to Housing Act, which has garnered support from virtually all major housing trade groups, is set for consideration in the Senate this week. If passed, the legislation is expected to receive presidential approval next week.

The bill includes a number of provisions aimed at increasing housing supply and reducing costs. The final text is the culmination of years of bipartisan and bicameral negotiations, incorporating priorities from the Senate, House and White House into a single package.

“Senate action on this bill is a tribute to both parties’ ongoing commitment to bipartisanship in adopting housing policies,” said Scott Olson, executive director of the Community Home Lenders of America. “CHLA hopes this is a springboard to Congress adopting bold tax policies and a national focus on entry-level housing, as part of a Moonshot Commitment CHLA called for last month to address Gen Z homeownership challenges.”

"The BAC is thrilled to see the updated bill text for the ROAD to Housing Act,” said Brendan McKay, co-founder and chief advocacy officer for the Broker Action Coalition. “We are encouraged not only by the legislation itself but also the willingness of policymakers from both parties to work together on an issue that impacts every American family. We've said it for years, and this bill proves it: Housing is bipartisan."

While the legislation leans more heavily toward affordable rental housing than homeownership, it introduces sections relevant for the mortgage industry.

The Department of Housing and Urban Development (HUD) is authorized to review the performance of housing counseling agencies and establishes a pilot program designed to expand access to small-dollar mortgages with original principal balances of $100,000 or less. Meanwhile, the measure requires the Federal Housing Administration (FHA) to increase multifamily loan limits, a move intended to better align with current market costs and boost affordable housing development.

A provision requires the Consumer Financial Protection Bureau (CFPB) to issue a report to Congress studying the effect of various aspects of loan originator compensation (LO comp) on the availability of small-dollar mortgages. Another section aims to bolster appraiser workforce capacity by allowing both licensed and credentialed appraisers to conduct appraisals for FHA-insured mortgage transactions.

Additionally, the final version limits institutional investors' acquisitions of single-family properties — a mandate pushed by the White House. But the bill does not require institutional owners to sell built-to-rent properties within seven years, as initially proposed.

Shannon McGahn, executive vice president and chief advocacy officer of the National Association of Realtors (NAR), noted that the cost of building a new home has increased dramatically, with regulatory costs alone adding more than $131,000 to the price tag of the typical home.

“This legislation helps reduce barriers to building, modernize housing programs, and creates more opportunities for homeownership,” McGahn said in a statement.

The legislation also authorizes a Community Development Block Grant–Disaster Recovery (CDBG-DR) program for three years and establishes the Office of Disaster Management and Resiliency within HUD to administer the program. The House had originally pushed for a seven-year authorization.

The Mortgage Bankers Association (MBA) is urging the Senate to pass the bill, noting that recent House revisions addressed key concerns raised by the MBA and other stakeholders. Specifically, the MBA had warned that earlier restrictions on institutional investment in single-family housing would limit financing for built-to-rent communities, and that FHA multifamily provisions would constrain capital for new rental development.

"MBA believes this latest bipartisan iteration of housing legislation represents a positive and balanced attempt to boost housing supply, expand affordable homeownership and rental opportunities, reduce unnecessary regulatory burdens to housing production, embrace modern manufactured and modular housing, and increase collaboration across all agencies that regulate the housing and real estate finance sectors," Bill Killmer, the trade group's senior vice president of legislative and political affairs, wrote in a letter sent Wednesday to Senate housing leaders.

Editor's note: This article was updated with comments from the MBA.

The Pending Home Sales Index — tracking signed contracts on existing homes — rose 3.8% from April and was up 4.8% compared with May 2025.

The Northeast and Midwest recorded the strongest monthly gains, while the South and West also posted increases. Year-over-year, pending sales rose in every region.

NAR Chief Economist Lawrence Yun said the increase reflects sustained buyer demand despite elevated borrowing costs.

“A late spring buyer rush — even with mortgage rates not budging — is an indication of pent-up housing demand and consumers’ acceptance of above-6% mortgage rates as the new normal,” said Yun. “The inventory-constrained Northeast region, which has seen faster home price growth but slower home sales for several months, is now showing more buyer contract signings. More supply is needed to help moderate home price growth.”

He added that mortgage rates could ease modestly in the coming months but expects broader economic factors to limit significant declines.

“Going forward, falling oil prices will help lower mortgage rates,” Yun said. “But declines will be modest given sizable borrowing by the federal government and strong AI investment spending by tech companies.”

First American Deputy Chief Economist Odeta Kushi agreed that the uptick in pending home amid interest rate increases in particularly impressive.

“Mortgage rates increased between March and May, reversing some of the affordability gains that emerged earlier in the year,” she said. “Under normal circumstances, higher financing costs would be expected to dampen buyer demand. Instead, many households appear willing to move forward with purchases as inventory improves and the reality of higher-for-longer mortgage rates becomes more widely accepted.”

Regional performance

Compared with April, pending home sales increased:

• Northeast: 8.7%
• Midwest: 8.1%
• South: 1.0%
• West: 0.7%

Compared with May 2025, pending sales increased:

• Northeast: 6.1%
• Midwest: 9.3%
• South: 3.3%
• West: 1.2%

Despite new gains, Kushi cited that activity remains low relative to historical norms — while elevated mortgage rates and the lock-in effect continue to constrain market activity.

“Nevertheless, improving inventory, modestly better affordability and persistent pent-up demand are providing enough support to keep buyer demand moving in a positive direction, even in the face of higher borrowing costs,” she said.

Metro areas with the largest annual gains

Among the nation's 50 largest metropolitan areas, Realtor.com Economics reported the biggest year-over-year increases in pending home sales were:

1. Kansas City, Missouri-Kansas (+20.1%)
2. San Antonio-New Braunfels, Texas (+15.7%)
3. Minneapolis-St. Paul-Bloomington, Minnesota-Wisconsin (+13.9%)
4. Miami-Fort Lauderdale-West Palm Beach, Florida (+11.4%)
5. Louisville/Jefferson County, Kentucky-Indiana (+11.2%)
6. Cincinnati, Ohio-Kentucky-Indiana (+10.1%)
7. Nashville-Davidson-Murfreesboro-Franklin, Tennessee (+9.4%)
8. Milwaukee-Waukesha, Wisconsin (+8.7%)
9. Virginia Beach-Chesapeake-Norfolk, Virginia-North Carolina (+8.2%)
10. Richmond, Virginia (+8.2%)

This article was written by Jonathan Delozier and generated with the assistance of HousingWire Automation. It was reviewed by a HousingWire editor before publication.

The program will deliver an estimated $2.1 billion in relief to 2.78 million recipients across New York, according to the announcement. STAR provides ongoing property tax relief to eligible homeowners and seniors, and is designed as an affordability tool in a state with some of the highest property tax burdens in the country.

Most homeowners eligible for a STAR credit will receive between $350 and $600, while most seniors eligible for an Enhanced STAR credit will receive between $700 and $1,500. Some recipients will receive the benefit as an exemption on their school tax bill, while others will receive it through a refundable state income tax credit paid by check or direct deposit.

Checks have started going out and will continue throughout the summer and fall, Hochul's office explained. Homeowners in areas with June and July school tax due dates — including New York City, Buffalo, Rochester and Syracuse — are expected to receive their benefits soon, with the rest of the state following as local due dates approach.

State officials said homeowners who are eligible and registered for the STAR credit should receive their payment before their school tax deadline.

For housing professionals, the timing and scale of the payouts matter. Property taxes are a key driver of monthly housing costs in New York, influencing both purchase affordability and long-term cost-of-ownership calculations for buyers and lenders. A predictable, recurring state benefit like STAR can help some owners stay current on taxes and reduce pressure to sell or defer needed repairs.

The annual STAR benefit is a recurring factor in total cost of ownership and escrow management. The size and timing of credits can affect borrowers’ effective tax burden, delinquency risk, refinance eligibility or factors for moving — especially in higher-tax regions like Long Island, Westchester and downstate suburbs.

As New York continues to wrestle with affordability and out-migration pressures, statewide programs that offset property tax bills are likely to remain central to policy debates and to underwriting conversations with borrowers who are evaluating whether to buy, sell or stay put.

Regional breakdown

The governor’s office released the following estimates for 2026 STAR relief by region:

• Long Island: $659.2 million to 572,000 recipients
• Mid-Hudson: $461.1 million to 397,000 recipients
• New York City: $149.7 million to 474,000 recipients
• Capital District: $136.4 million to 238,000 recipients
• Finger Lakes: $193.7 million to 274,000 recipients
• Central New York: $123.7 million to 173,000 recipients
• Western New York: $168.5 million to 314,000 recipients
• Southern Tier: $103.4 million to 153,000 recipients
• Mohawk Valley: $62.5 million to 99,000 recipients
• North Country: $44.5 million to 86,000 recipients

Long Island and the Mid-Hudson region — high-cost housing markets of importance to mortgage lenders and real estate agents — account for more than half of the total STAR dollars.

Eligibility, enrollment, direct deposit

STAR benefits are available to eligible owner-occupants on their primary residence, subject to income limits that vary by program type and year. The governor’s office said most homeowners with incomes below $500,000 qualify for the basic STAR credit ranges listed, while most seniors with incomes below $110,750 qualify for the enhanced ranges.

The New York State Department of Taxation and Finance is urging new and current homeowners who are not yet receiving a STAR benefit to register through the agency’s website. Acting Commissioner Amanda Hiller said in the announcement that the department wants every eligible homeowner to participate.

To speed payments and reduce check handling, the state is promoting a STAR Credit Direct Deposit option through the Homeowner Benefit Portal in the department’s Online Services system. Homeowners are advised to enroll at least 15 business days before their local school tax due date to ensure timely direct deposit this year.

Beginning in July, the tax department will host regional STAR seminars, starting with Erie County on July 7 and continuing through the summer. The sessions are aimed at helping homeowners understand eligibility, sign up for STAR and maximize available benefits.

In addition to the governor, several legislative leaders and state senators framed the distribution of STAR checks as a response to affordability pressures from rising housing, energy and everyday living costs, particularly for seniors on fixed incomes and working-class homeowners.

“At a time when actions in Washington are increasing costs and reducing support for working families, seniors, and homeowners, New York is continuing to put affordability first," Andrea Stewart-Cousins, the state Senate's majority leader, said in a statement. "The Senate Majority was proud to work with Governor Hochul to include continued funding for the STAR program in this year's State Budget, delivering meaningful property tax relief to homeowners across our state."

The move into Vermont stems from Lamacchia Realty’s recent acquisition of Steepleview Realty in North Adams, Massachusetts, which already held a Vermont license. Six Lamacchia agents are currently licensed in Vermont, with more expected to follow, according to the announcement.

“Adding Vermont is an exciting milestone for our company and our clients. As more buyers and sellers relocate throughout New England and to Florida, our expanded footprint allows us to provide seamless service across the markets our clients care about most,” founder and owner Anthony Lamacchia said in a statement.

Angela Rastellini is serving as the managing broker of record for Vermont, as well as for Massachusetts, New Hampshire and Rhode Island. With the new license, Lamacchia aims to support more relocation, second-home, investment and traditional residential transactions across the Northeast and Florida.

Lamacchia Realty positions itself as a full-service, value-focused brokerage, with a stated mission to “guide Realtors, employees and clients to their success.” The company said its growth strategy relies on a mix of lead generation products, training, systems, technology and marketing support that it provides to its agents. Those offerings are designed to help agents capture more business in a competitive, low-inventory environment where market-share gains often come via recruiting and M&A-driven expansion rather than organic volume growth alone.

In 2025, Lamacchia Realty closed 5,944 transaction sides totaling $3.27 billion in sales volume, earning the firm the No. 70 and No. 81 ranks by sides and volume in the 2026 RealTrends Verified rankings.

This article was written by Brooklee Han and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.

On an unadjusted basis, the index decreased 5% compared with the previous week.

The refinance index decreased 5% from the previous week and was 17% higher than the same week one year ago. The seasonally adjusted purchase index decreased 3% from one week earlier, and the unadjusted purchase index decreased 5% compared with the previous week and was 3% higher than the same week one year ago.

“Last week’s CPI data showed that inflation continued to move higher, putting upward pressure on rates early in the week, but growing optimism regarding the opening of the Strait of Hormuz brought rates down again by the end of the week,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “The net impact reduced mortgage application activity, with both purchase and refinance application volume down for the week by 3% and 5%, respectively. Purchase applications continue to run modestly ahead of last year, with last week’s volume up 3% on an annual basis, with stronger growth in conventional purchase volume while government purchase volume remained subdued.”

The refinance share of mortgage activity increased to 40.3% of total applications from 40.2% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 8.5% of total applications.

The Federal Housing Administration (FHA) share of total applications increased to 17.5% from 17.4% the week prior, while the U.S. Department of Veterans Affairs (VA) share of total applications decreased to 12.9% from 13.4% the week prior. The U.S. Department of Agriculture (USDA) share of total applications remained unchanged from the week prior at 0.4%.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances remained unchanged from 6.60% and rates for jumbo loan balances decreased to 6.62% from 6.66%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 6.25% from 6.27%, while rates for 15-year fixed-rate mortgages increased to 6.02% from 5.99%. The average contract interest rate for 5/1 ARMs decreased to 5.86% from 5.96%.

Xactus Mortgage Intent Index

Xactus‘s Mortgage Intent Index — which analyzes aggregated, anonymized credit-pull activity across the Xactus Intelligent Verification Platform — increased to a reading of 132.9, an increase from the previous week's reading of 134.8.

“The Xactus Mortgage Intent Index (XMII) returned to positive year-over-year growth after six consecutive weeks of annual declines, providing an encouraging signal for mortgage demand following an underwhelming spring homebuying season," said Thomas Lloyd, Xactus’ chief strategy officer. "While mortgage rates remained relatively unchanged from the prior week, the index declined approximately 1.4% week over week, underscoring the continued sensitivity of borrower activity to the rate environment."

Lloyd noted that the index turned positive on a month-over-month basis, ending a 12-week streak in which four-week activity levels trailed the comparable prior period.

"While still too early to indicate sustained recovery, the improvement in both year-over-year and month-over-month trends suggests that pent-up demand may be beginning to re-enter the market. Should mortgage rates ease in the coming weeks, the latest XMII reading should serve as an early indication of strengthening mortgage activity," he said.

Confused buyers struggling to understand the process? Build a new platform to explain it. Agents losing leads? Launch another subscription layer. Communication breaking down between parties? Add a coordination tool. Transaction stress hitting record highs? Bring in another vendor to manage it.

The pattern is consistent enough that it deserves a name. Call it the monetization reflex, the instinct to treat every friction point as a product gap rather than a structural failure. Over the past two decades, this reflex has shaped how our industry was built, and it's a big part of why transactions feel heavier today than they did when there was a fraction of the technology.

I want to be clear about what I'm actually arguing here, because it's easy to misread. This isn't a complaint about software proliferation or vendor overload. Those are real problems, but they're symptoms. The root issue is about incentive structures, specifically, who benefits when real estate transactions become more complex, and who doesn't.

The industry monetized friction, deliberately or not

Think through how each pressure point in the transaction cycle became a business.

Lead generation fragmented into an ecosystem of competing platforms, each taking a slice. Transaction coordination became its own professional category, billed separately. Compliance requirements spawned dedicated software verticals. Showing management tools. Digital signature layers. CRM platforms that don't talk to each other. Referral marketplaces. Title portals. Each one arrived with a legitimate pitch (efficiency, transparency, speed) and each one added a participant to a transaction that the consumer had to absorb in time, cost or cognitive load.

The thing is, none of these businesses were built to simplify the transaction. They were built around it. There's a meaningful difference.

A system designed to simplify would reduce the number of hands a transaction passes through. What we built instead was a system where more participants meant more touchpoints, and more touchpoints meant more monetizable moments. Complexity wasn't a bug. For a lot of business models in this industry, it was a feature.

Complexity started masquerading as professionalism

Here's where it gets uncomfortable.

At some point, consumers began to internalize the layers as a signal of legitimacy. More steps, more specialists, more approvals, it must be serious. This is how a $500,000 transaction ends up requiring sign-offs from six different parties, each of whom the buyer or seller encounters once and never interacts with again.

I've sat across from clients who assumed the complexity meant they were being protected. In some cases they were. In a lot of cases, they were paying for handoffs.

That distinction matters because the industry has long used the language of professionalism, fiduciary duty, specialized expertise, compliance requirements, to justify processes that, examined closely, exist primarily because removing them would threaten someone's business model. Not because consumers need them.

The honest version of this conversation requires acknowledging that much of what passes for industry infrastructure is really accumulated operational bloat, defended by the people it pays.

Consumers never asked to become their own transaction managers

I want to draw a line here, because this argument gets conflated with an anti-agent position and that's not what I'm making.

Consumers still want guidance. They want someone who knows the market, who can read a negotiation, who they trust to flag the things they'd miss. That hasn't changed. What has changed is the gap between what consumers need from experts and what they're actually asked to absorb.

There's a version of the transaction where expert guidance is genuinely present at the moments it matters. And then there's what most buyers and sellers actually experience: duplicated effort across parties who don't share information, unpredictable costs that materialize late in the process, delays created not by complexity of the deal but by the process's own machinery and a general sense that nobody is actually responsible for the whole thing.

Consumers aren't asking for less expertise. They're asking for fewer handoffs. Those are very different requests, and the industry has spent years responding to the first one while ignoring the second.

The next winners will build around removal, not addition

The businesses that win the next decade of real estate will not be the ones that add the most features. They'll be the ones that take the most away.

Specifically: fewer coordination points between parties, workflows that collapse rather than expand, cost structures that are transparent from day one rather than revealed at closing, and someone who accepts centralized responsibility for the transaction rather than distributing it across seven vendors with limited liability.

None of this is technologically complicated. Most of it has been technically possible for years. What made it commercially complicated was that simplifying the transaction meant dismantling business models built on its complexity. That's a harder problem than building software.

The NAR settlement cracked this open. It made the structural incentives visible in a way that even non-practitioners could see. But the commission structure was always just one expression of a much broader pattern, one where the industry organized itself around friction rather than resolution.

Eventually someone was going to build the other way. The question was always whether the industry would get there first, or whether consumers would stop waiting.

Blake O’Shaughnessy is a real estate broker turned co-founder of Ownli.

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 gives Fathom shareholders 0.2236 shares of Bed Bath & Beyond common stock for each Fathom share, subject to certain closing adjustments. The companies said the transaction is expected to close in the second half of 2026, pending regulatory approvals and a vote of Fathom shareholders.

Bed Bath & Beyond, which is positioning itself around an “Everything Home” strategy, said the acquisition will expand its Homeownership & Transactions pillar by adding Fathom’s capabilities in brokerage, mortgage, title, insurance and homeowner financial services. Fathom operates through brands including Fathom Realty, Encompass Lending, intelliAgent, Real Results and Verus Title.

Fathom’s cloud-based intelliAgent platform and bundled services are expected to be combined with Bed Bath & Beyond’s omnichannel retail business and a growing home services line to build what the companies describe as an end-to-end homeownership platform, spanning home search, financing, closing and furnishing.

For real estate and mortgage professionals, the deal underscores how nontraditional players are pushing deeper into the transaction stack, seeking to own the customer relationship from first search to move-in and beyond. If completed, the combination would give Fathom agents and loan officers access to Bed Bath & Beyond’s large customer base and marketing reach, while potentially introducing new referral, cross-sell and lead-generation channels tied to household purchases and services.

Fathom said the merger is expected to deliver enhanced scale, greater capital resources for its technology and agent network and “significant cross-selling synergies” across home products and services. The companies also pointed to potential operational efficiencies from shared infrastructure and increased adoption of intelliAgent.

As part of the announcement, Fathom said board member Adam Rothstein has been appointed interim CEO and Daniel Weinmann, previously vice president of finance, has been named chief financial officer, both effective immediately.

On Tuesday, Fathom's board terminated CEO Marco Fregenal, who also resigned from his role as a director of the company. Fathom said Fregenal's termination followed an "internal review conducted by outside counsel and overseen by the Audit Committee of the Board, during which it was found that Mr. Fregenal had engaged in conduct inconsistent with the company’s policies, including its code of ethics for the principal executive officer."

As a result of his termination, the firm's board has been reduced from six directors to five.

This article was written by Brooklee Han and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.

In the letter obtained by HousingWire, Representative Cline commended the FTC for filing its lawsuit in September 2025 against Zillow and Redfin over an alleged illegal agreement in the multifamily rental advertising market and said similar conduct may be occurring in owner-occupied housing. He framed the issue in terms of affordability pressures facing working families.

Citing National Association of Realtors (NAR) data, Representative Cline noted that the national median home price recently hit about $429,400, the share of first-time buyers fell to a record low of 21% and the typical age of a first-time buyer climbed to 40. High rent was identified as a major obstacle to saving for a down payment.

In the letter, Representative Cline asked the FTC to examine two practices he said fall squarely under the agency’s purview:

• Misleading “contact agent” interfaces: According to the letter, some online marketplaces use contact tools that divert buyers away from “knowledgeable (and compensated) listing agents” to platform-affiliated buyer agents. Those agents have pre-agreed, without buyers’ knowledge, to share a significant portion of their incremental commission with the platform, which Representative Cline argued helps maintain “high dual commissions” and raises transaction costs.
• Mortgage steering to affiliated lenders: Representative Cline said some programs allegedly require affiliated agents to route buyers to platform-affiliated mortgage lenders, “often at higher rates and on worse terms,” again without transparent disclosure. He warned that this can leave buyers with higher-cost mortgages and “thousands of dollars in platform-related agent fees.”

Practices especially harmful to first-time buyers, says Cline

Representative Cline also warned that these practices can be especially harmful to first-time buyers, who have less equity and industry knowledge. While online platforms are often marketed as ways to avoid fees, Cline said “the opposite may all too often be the outcome.”

He asked the FTC to “examine these practices more closely” to protect consumers and “help make the dream of homeownership a reality for the next generation of Americans.”

By sending this letter, Representative Cline joins fellow Virginia-based federal lawmakers Representatives Jennifer McClellan and Donald Beyer, both Democrats, in raising concerns with the FTC regarding the referral practices of online real estate platforms. 

In a letter sent to FTC Chair Ferguson in late May, the two democratic representatives claimed that “certain deceptive or insufficiently transparent internet advertising and solicitation practices may be steering consumers.” 

The representatives claimed that, in some instances, these referral practices could impact a buyer’s choice of agent or lender, without any type of referral or financial relationship being disclosed to the consumers. The letter highlighted “contact agent” buttons employed by some online real estate portals that connect consumers to an agent paying the portal for leads and not the listing agent of the property the consumer is interested in.

Zillow Responds

In an emailed statement, a Zillow spokesperson attributed the impetus for the letter to CoStar Group, the parent company of Zillow rival, Homes.com.

"We are aware of CoStar’s efforts to shop around attacks on its competitors, and we do not have a comment on that PR tactic. While others focus their lobbying efforts on attacking business models they’re struggling to compete with, Zillow is focused on advocating for real solutions to the housing affordability crisis, which credible research shows is primarily caused by the U.S.’s massive housing shortage," the spokesperson said. "We applaud recent efforts in Congress to make it easier to build more homes and make the American dream more attainable for working families, and we urge our colleagues in the real estate industry to join us in advocating for actions that truly help consumers.”

Additionally, in a Zillow Front Porch blog post published in early May, which HousingWire was directed to by a Zillow spokesperson, the company wrote that buyer's on Zillow are free to choose their own agent.

"When buyers click "Contact agent" or "Request a tour" on Zillow, they are connected with a real estate agent who will represent their interests. Buyers are never required to work with that agent and remain free to choose anyone they prefer," the post states. "The option to connect directly with the listing agent also appears on each home listing."

Additionally, the firm has also clarified that buyers are free to choose their own lender and that agents that are part of Zillow Preferred are not required or evaluated on whether or not their buyers use Zillow Home Loans.

"Zillow Home Loans' optional pre-approval tool helps buyers understand what they can afford. It carries no obligation, and consumers are free to work with any lender they choose," the post states.  

Redfin did not immediately return HousingWire’s request for comment.

This article was written by Brooklee Han and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.

Los Angeles City Planning Commissioners last week unanimously approved Riverwalk at Studio City, an 814-unit residential building on six acres of underused commercial property in L.A.'s Studio City. The vote marked a significant milestone for a project that would not have had a realistic path to approval not long ago, as its height and density far exceeded local limits.

California has become the nation's most aggressive laboratory for housing reform, dismantling decades of local zoning control through a succession of state laws designed to force cities to build more homes. Facing a shortage economists estimate at more than 2.5 million units, Sacramento has systematically stripped away the defense mechanisms — height caps, environmental review mandates, parking minimums, discretionary approval processes — that municipalities long used to limit growth.

"The Housing Accountability Act is a game changer for us," Sheri Bonstelle, a Greenberg Glusker attorney representing the developers, told HousingWire TBD. It combined with new environmental review exemptions "made this project much more feasible."

California's accountability law has barred cities from denying housing projects without cause since 1982. Designed as an early anti-not-in-my-backyard measure, it precludes rejections unless a project poses a specific threat to public health and safety.

But lawmakers have gone through three separate rounds of adding muscle to close loopholes and end-arounds in the law since 2017 as part of broader housing reform.

Last year's changes to the accountability law came alongside reforms to the 1970 California Environmental Quality Act. Together, those updates shield certain residential projects from lengthy environmental reviews.

What has emerged now stands as a new legal architecture that other states are watching closely. It effectively subordinates neighborhood preferences to a statewide imperative to build more housing at greater density.

Project in the making

Genton Property Group, RC Development, and the Torino Companies plan to demolish the existing retail buildings and replace them with a series of two-to seven-story structures reaching as high as 84 feet. The project will include 76,000 square feet of commercial space and a landscaped pedestrian corridor connecting Ventura Boulevard to the river. MVE + Partners designed the project.

The team had been eyeing the site for a couple of years and considered filing earlier. But Bonstelle said they held off, waiting for legislation moving through the state legislature to pass. With the law signed, developers filed the application last October.

"We got to a hearing in seven months, which is unheard of in the City of L.A.," Bonstelle said.

Without the new state laws, none of it would be permissible under local rules. A 1991 corridor plan limits buildings on the site to 30 feet tall. It also caps how much of a lot can be developed.

Riverwalk's proposed building heights of 84 feet are nearly three times the local limit. Developers cleared that barrier by promising to set aside 46 affordable units for very low-income renters under a 99-year covenant. That commitment legally obligates the city to approve the larger project.

In exchange, state law compels the city to approve height waivers, density increases, setback reductions and the near-elimination of a transitional height buffer that would otherwise protect the single-family neighborhood directly behind the site.

Two formal appeals came before the commission at its June 11 hearing. Opponents argued the project's scale was incompatible with the surrounding neighborhood, inconsistent with the Specific Plan and damaging to the river environment. Commissioners denied both appeals.

What's next

The project is not out of the woods. The commission's decision is appealable to the Los Angeles City Council, and opponents have indicated they intend to take that step.

A Council appeal puts elected officials in an uncomfortable position: block a project backed by state law and invite legal exposure or approve one that a vocal constituency has fought at every stage.

That friction is built into California's housing reform architecture by design. Laws passed in Sacramento over the past decade were written to make local resistance costly, while making building more housing easier.

They shift discretion away from neighborhood councils and planning commissions toward a statewide calculus that treats density near transit and infill sites as a public good.

The L.A. City Council members may have the final say on the Studio City project. Council members opposed state reforms and have now shown resistance to them following their enactment.

Even as the broader housing market continues to wrestle with affordability pressure, interest rate sensitivity and uneven buyer demand, many master-planned communities have held up better than expected. Some master-planned communities have remained on national top-selling rankings for more than a decade, sustaining demand through the Great Recession and post-pandemic volatility. That kind of longevity suggests something important: The communities that endure are rarely the ones optimized for a single market moment. 

That resilience makes sense. Master-planned communities can offer what today’s market often lacks: product variety, infrastructure certainty, established amenities and a clearer sense of lifestyle value. For buyers, that can reduce perceived risk. For builders, it can create a more predictable environment in an otherwise fragmented market.

Strong performance in one market cycle should not be mistaken for long-term durability. The more important question is not which communities are selling well today. It is which communities are structured to remain relevant 10, 20 or 30 years from now.

At Centerra, a 3,000-acre mixed-use master-planned community in Loveland, Colorado, that question has shaped development decisions for more than 25 years. Over that time, the community has evolved through multiple economic cycles, changing buyer expectations and shifting municipal priorities, reinforcing how difficult, but critical, it is to build a place designed for long-term relevance rather than short-term momentum.

The danger of rigid entitlements

Large-scale communities are often launched around a compelling promise: a signature amenity, a retail district, a school, a trail network, a lifestyle concept or a particular housing product. Those elements matter. They help create identity and early momentum.

But a plan that feels perfectly calibrated at launch can become constrained if it is too rigid to respond to the next cycle. Buyer preferences evolve. Interest rates shift. Municipal priorities change. Employers move. Capital markets favor different asset classes at different times. 

That is why flexibility may be the most valuable entitlement in long-term community development.

The strongest master plans are not fixed scripts. They are frameworks. They provide enough structure to create certainty for municipalities, builders, residents and investors, while preserving enough adaptability to respond when market conditions change.

Centerra benefited from this kind of flexibility early on. Unlike many traditional suburban developments that begin almost exclusively with residential product, Centerra’s early phases leaned heavily into commercial development because of its strategic location along Interstate 25 and U.S. 34. That sequencing helped establish jobs, tax base and regional visibility before the residential footprint expanded. The approach remains somewhat unconventional, but it reinforced for our team at Realberry the value of allowing a master plan to evolve alongside market realities rather than forcing a rigid development sequence.

This is especially important as master-planned communities increasingly move beyond traditional suburban development models into a wider mix of housing, employment, retail, recreation, open space and civic life. That complexity requires a planning approach that can evolve without losing coherence. It also requires the foresight of a municipality that recognizes the benefit of a flexible zoning code. 

Sustainability is a SMART operating strategy

For years, sustainability in residential development was often discussed as a branding or values exercise. Increasingly, it is an operational strategy.

Water use, landscape maintenance, stormwater systems, native plantings and long-term public realm upkeep all affect the financial performance and durability of a community. These decisions may not always be the most visible to a buyer on day one, but they shape how a place ages and in its resilience in the face of both climate and economic pressures.

A turf-heavy landscape may photograph well early, but it can become expensive and resource-intensive over time. Native and climate-adapted landscapes may require more education and patience upfront, but they can reduce water demand, lower maintenance pressure and create a stronger connection to regional identity. These landscapes, properly tended, are also better able to withstand extreme weather conditions — from heavy rain to drought. Recent research on prairie-based stormwater systems found native prairie strips reduced runoff volume by as much as 84% and peak stormwater discharge by nearly 64% compared with conventional landscapes, reinforcing the long-term resilience benefits of deeper-rooted native systems

At Centerra, long-term investments in native and xeric landscape systems were initially driven less by branding and more by this kind of operational thinking. Over time, those decisions helped reduce irrigation demand, lower maintenance intensity and create a landscape identity more reflective of northern Colorado’s ecology. The lesson was that sustainability decisions often generate value gradually, through performance and resilience rather than immediate visual impact.

For long-term holders and developers, those distinctions matter. The economics of a community are not only determined by lot sales or absorption pace. They are also shaped by what it costs to operate, maintain and steward the place over decades.

That means sustainability should be considered less as an add-on and more as infrastructure. Done well, it supports environmental resilience and financial resilience.

The public realm has real economic value

Some of the most important investments in a master-planned community are also the hardest to underwrite in a conventional pro forma.

Public art, parks, trails, gathering spaces, cultural programming and ecological partnerships do not always produce a simple, immediate return. Yet over time, these investments can become central to a community’s identity and competitive position.

Investments like Chapungu Sculpture Park at Centerra and the longstanding partnership with the High Plains Environmental Center ultimately created value beyond amenity alone. They helped reinforce a distinct sense of place, supported ecological stewardship and strengthened relationships with residents and municipal stakeholders alike.

Unlike many community amenities added later as programming features, HPEC was intentionally envisioned and funded early by the development team and public partners as part of the long-term stewardship strategy for Centerra’s lakes, open space and native landscape systems. Just as importantly, these investments created continuity across decades of development, helping newer phases feel connected to the broader vision of the community.

This is where many long-term developments underestimate the work required; communication across key audiences cannot stop after approvals are secured or the first homes are sold. Developers have to keep explaining what is being built, why certain decisions were made and how the project continues to serve the broader community.

In that sense, storytelling is not just marketing. It is part of governance. It helps maintain alignment through political transitions, development phases and market cycles.

The next generation will need to do more

The next wave of master-planned communities is entering a more complicated environment than many of its predecessors. Buyers want affordability, but also quality of life. Municipalities want housing, but also infrastructure, positive fiscal impact and public benefit. Builders want velocity, but also margin and predictability. Residents want modern amenities, but also authenticity and connection.

Meeting all of those expectations requires communities that can accommodate different housing types as demand shifts. It requires public-private partnerships built on transparency and shared value. It requires landscape and infrastructure systems designed for long-term performance. It requires a public realm that can mature into a true community asset rather than a collection of amenities.

New projects like Avenue South, Centerra’s forthcoming mixed-use district in Loveland, reflect how many developers are now trying to apply these lessons more intentionally from the outset. The goal is no longer simply to deliver housing or retail, but to create districts capable of evolving alongside changing economic conditions, mobility patterns and lifestyle expectations.

The master-planned communities that endure will not be the ones optimized for a single buyer profile or a single point in the cycle. They will be the ones designed to absorb change. That may be the real measure of success for this sector going forward; not whether a community can outperform the market for a year, but whether it can remain useful, relevant and economically resilient across generations.

Kyle Harris is the Senior Vice President of Master Planned Communities at Realberry 
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.

Carlo brings more than 25 years of homebuilding experience to the role.

"Mike is a proven leader with an impressive track record of operational excellence and strategic growth across several homebuilders," said Area President Steve Kempton. "We are thrilled to welcome him to oversee our Sarasota division and are confident that his experience in driving growth, leading high-performing teams and executing thoughtful land and sales strategies will further strengthen our position in the region.”

Before joining Taylor Morrison, Carlo spent nearly nine years at Richmond American Homes, serving as division president of Jacksonville and most recently, senior division president of Orlando and Jacksonville. He previously was president of real estate investment and development firm CenterPoint Properties LLC in St. Johns, Florida, and held roles as vice president of sales and vice president of land acquisition for Lennar's Northeast Florida operations. Carlo earned a Bachelor of Science in finance from the University of Illinois and a law degree from American University.

"I look forward to building upon the strong foundation the Sarasota team has established and continuing to deliver exceptional homes and customer experiences," Carlo said. "Taylor Morrison's commitment to quality, innovation and culture deeply resonates with me and I'm enthusiastic to work alongside this talented group as we grow our presence and help more individuals achieve homeownership across the market."

Taylor Morrison's Sarasota division currently has seven open communities and plans to add two new Esplanade resort lifestyle communities over the next year: Esplanade at Wellen Park, which recently opened for sales, and Esplanade at Cammaray in Lakewood Ranch, anticipated in early 2027.

Located in Venice, Esplanade at Wellen Park is planned for approximately 877 single-family homes and a range of amenities, including a resort-style pool and spa; Bahama Bar & Grill; The Resort Club, a state-of-the-art amenity center with group fitness rooms, fitness equipment and spa therapy suite; dog park; massage treatment room; and tennis, pickleball and bocce ball courts. The community will be part of the 11,000-acre Wellen Park master plan, which features multiple districts, established neighborhoods and a walkable downtown.

Esplanade at Cammaray will be Taylor Morrison's third Esplanade community in Lakewood Ranch and is planned for about 1,200 single-family homes and condos. The gated community is expected to include amenities such as a resort-style pool and spa with towel service and poolside cabanas; Culinary Center with multiple dining venues; Wellness Center; trail network; fitness center; tennis, pickleball and bocce ball courts; signature spa services; Bahama Bar; and event lawn.

For the housing market, the most important thing is for Warsh to convince the hawks to be patient. The housing market has held up well this year, thanks to mortgage spreads, which have improved over the past few years and are now almost back to normal. They have kept mortgage rates from going above 7%, a level in the past few years that drove demand lower.

Warsh vs the hawks

Obviously, Warsh was brought in by President Trump to cut rates because Jerome Powell wasn’t doing it fast enough. The Federal Reserve, before the year started, was on course for at least two, maybe three more rate cuts in this rate-cut cycle, and then the conflict with Iran started.

Inflation data worsened before the conflict, and then it lasted over 100 days, pushing oil prices above $100 at one point. This is not the environment for rate cuts, and even Kevin Warsh knows this.

Of course, things are much different with oil prices where they are today, below $80. We had oil trading between $67-$82 before, without the Fed ever saying they needed to be more hawkish because of oil prices. This is the most important variable for rate hikes or a pause for the rest of 2026.

The hawks lost their oil trade, and if they're honest about their take, they need to change their tune about oil. Some despise President Trump and Kevin Warsh; however, they shouldn’t make policy around their personal feelings.

For tomorrow and for the rest of the year, the only job Warsh can do now until inflation cools down is to get the Fed hawks to shut up about rate hikes. We had two to three rate cuts working their way through in 2026 due to a soft labor market in 2025, but that has changed amid rising inflation.

So, Kevin needs to avoid getting into a rate-cut fight now and just prevent the hawks from talking about another rate-hike cycle. For this to work, the growth rate of inflation needs to come back down; it’s simply too hot now for hawks to stay quiet. The best he can do is buy some time and wait for the inflation data to improve.

Warsh is going to try to make the Federal Reserve quieter, probably killing the Fed dot plot and maybe making a rule that Fed governors can't talk about their personal monetary policy choices at events, which I think will be very hard in this day and age of social media. But since 65%-75% of where mortgage rates and the 10-year yield can go still depends on Fed policy, Warsh needs to try to convince the Fed governors to wait before talking about another rate-hike cycle.

As you can see from the charts above and below, Fed policy really matters for what I call the slow dance between the 10-year yield and the 30-year mortgage rate. Cue the Jodeci music.

Conclusion

2026 has had a lot of crazy events, and it’s not even the halfway point, but the housing market has held up well under the circumstances. As our Housing Market Tracker articles have shown, the last three weeks have seen positive year-over-year growth with three weeks of negative year-over-year inventory growth. 

Housing starts to fade when mortgage rates exceed 7% and mortgage spreads widen, creating greater rate volatility. Today, we are closer to 6.50% than to 7%, and Warsh’s first job is to try to convince people already suspicious of him to show patience for now. That's the only fight he should focus on tomorrow.

Headlines – and their sibling, "headline risk" –don't enjoy a particularly good reputation among most homebuilding business executives who have chosen to talk with and listen to me over the past 23 years.

Years, I might add, writing countless headlines myself, some fair number of which those executives would rightly argue created headline risk out of thin air.

What frustrates these business operators about headline risk is not merely that it can be inaccurate or misleading.

It is often the case that it can become self-fulfilling.

A prospective homebuyer sees a headline about plunging housing starts or collapsing demand and assumes it signals something fundamentally wrong with the housing market. Rather than moving forward with a purchase, the buyer waits. When enough buyers wait, hesitation becomes another headwind for an industry already grappling with affordability challenges and elevated financing costs.

That's what came to mind Tuesday morning when the U.S. Census Bureau released its May residential construction data.

The headlines came quickly. Housing starts posted an "epic miss." Construction activity fell to its weakest level since the early months of the pandemic. Residential development was slowing sharply.

On the surface, the numbers appeared to support that narrative. Total housing starts fell to a seasonally adjusted annual rate of 1.177 million units, down 15.4% from April. Multifamily starts plunged more than 40% from the previous month. Even single-family starts fell short of expectations.

Yet if you spend time talking with homebuilding operators, strategists, division presidents, land executives and construction leaders, it becomes hard to view this report as a surprise. Many might argue the opposite. The decisions reflected in May's starts data were made months ago.

The headlines see May. Builders see 2027

Homebuilders did not wake up in May and suddenly discover that affordability challenges remained stubborn, mortgage rates remained elevated and consumers remained cautious.

They had been seeing those conditions in traffic reports, website conversion metrics, sales center activity, cancellation patterns, incentive spending and community-level absorption trends throughout the spring selling season.

By the time the Census Bureau counts a housing start, management teams have already analyzed the demand environment, adjusted production plans, revised land-spending assumptions, updated capital-allocation priorities and communicated new operating targets to their divisions.

That is why housing starts data often tells investors and economists what builders already knew. The more important question is what builders are trying to accomplish now.

The answer increasingly appears to be this: they are attempting to create a more sustainable balance between production, pricing, and profitability after a prolonged period in which incentives became the industry's primary tool for maintaining sales pace.

More simply, even existentially, they’re matching a buyer to a home, one by one by one by one.

For much of the past two years, builders have demonstrated remarkable flexibility in protecting demand. Mortgage-rate buydowns, closing-cost assistance, design-center credits, and targeted price adjustments helped many operators continue generating sales even as affordability deteriorated for many households.

That strategy succeeded in preserving volume.

It did not preserve margins.

As public builder earnings calls throughout the first half of 2026 repeatedly demonstrate, management teams have become increasingly focused on restoring profitability without sacrificing market position. One of the most effective ways to do that is to moderate the flow of new inventory entering the system.

Seen through that lens, May's starts data begins to look less like a warning sign and more like evidence that builders are executing a plan to secure stability first, then relative predictability, and along with that increased net profitability.

Restraint is not the same as weakness

The May permit data reinforces that interpretation.

While total starts fell sharply, permit activity remained comparatively stable. Single-family permits edged higher in May, suggesting builders have not abandoned future production plans so much as they are pacing them more carefully.

Why does that distinction matter? Permits reflect future intent, while starts largely reflect decisions already set in motion. The same dynamic appears in the inventory pipeline itself.

Both the Census data and analyst commentary from firms such as Wolfe Research point to an industry that continues to work through elevated levels of homes under construction while steadily bringing those inventories closer to historical norms. Wolfe noted that builders have made meaningful progress in reducing inventory and described continued production restraint as understandable in the current environment.

That process carries implications well beyond inventory management.

The margin recovery few are talking about

As builders slow the pace of new production, they gain leverage elsewhere.

Land acquisition teams can become more selective. Development spending can be sequenced more deliberately. Trade partners and suppliers encounter a market in which builders no longer feel compelled to pursue every available lot or construction start.

Operating organizations gain opportunities to revisit cost structures, improve cycle times by days or even weeks and eliminate inefficiencies that are difficult to see during periods of rapid growth.

At the same time, many builders are using this period of slower demand to deepen investments in customer acquisition, digital marketing, sales process discipline and data analytics.

When demand is rocking, almost every product can find a buyer; sometimes more than one.

When demand slows, operators identify which floor plans and elevations create value, which locations resonate with consumers, and which parts of the customer journey need improvement, while winnowing the product selection to determine which buyers gain traction.

That knowledge may ultimately prove more valuable than an additional quarter of production growth.

What makes the current period unusual is that many of these operational improvements are occurring alongside a gradual reduction in future supply.

The scarcity equation begins to matter again

As fewer homes enter the pipeline and existing inventory continues to be absorbed, local markets begin to move toward balance. The relationship among supply, incentives, pricing, and margins starts to normalize.

Not everywhere, and not immediately. But gradually. That is why the signal in the May housing starts report may not be that builders are producing fewer homes.

It may be that they are producing a more precisely calculated number of homes the market can currently – or in a reasonably near-term future – absorb at a profit. That distinction seldom makes for a neat, sexy headline. It is, however, the distinction that homebuilding leaders spend their days thinking about and their nights losing sleep over.

In its newest Annual Report to Congress, released Monday, the FHFA recommended new authority to directly sue for mortgage market fraud. This would allow the agency to file the same types of lawsuits in state or federal courts that Fannie Mae, Freddie Mac or the Federal Home Loan Banks (FHLBanks) can.

Alternatively, the FHFA suggested Congress could create a new federal law against mortgage fraud that the agency could enforce in federal court. This would explicitly mirror the Securities and Exchange Commission (SEC)'s direct power to sue for insider trading.

The FHFA did not reply to HousingWire’s request for comment.

Pulte, who was appointed earlier this month as acting director of national intelligence (DNI), has aggressively targeted mortgage fraud as part of leading a major overhaul of the government-sponsored enterprises (GSEs). He has filed multiple criminal referrals to the Department of Justice (DOJ), alleging mortgage fraud against Federal Reserve Governor Lisa Cook, New York Attorney General Letitia James, and Sen. Adam Schiff (D-Calif.).

Last year, the FHFA also announced a partnership with Palantir Technologies to launch an artificial intelligence-powered crime detection unit at Fannie Mae. Around the same time, the agency established an official mortgage fraud tip line for whistleblowers and the public.

The agency said that all federal regulators overseeing mortgages should be empowered to take action against fraud but noted that its current authorities are “indirect or limited.”

Right now, the FHFA is legally required to get reports when fraud is suspected, but it must pass these cases on to other agencies for potential action. It can also block the organizations it regulates from doing business with anyone convicted or sanctioned in the past three years. But only in very specific circumstances can it bring an enforcement action against a partner who fails to ensure the eligibility of loans.

The FHFA is also asking Congress for the legal authority to set safety standards for outside services provided to the organizations it regulates. The agency wants the ability to directly examine the records, operations and facilities of key third-party service providers.

“FHFA’s regulated entities rely on third-party service providers for a wide range of services, some of which are critical to their operations,” the FHFA stated in its Annual Report. “FHFA has limited authority to assess the impact of third-party relationships on the safe and sound operations of its regulated entities.”

According to the agency, the Government Accountability Office (GAO), the Financial Stability Oversight Council (FSOC), and the FHFA’s own Inspector General have all identified this lack of oversight as a top risk and recommended that Congress close the gap.

In a ruling on Tuesday, Illinois-based federal judge John Tharp denied CoStar’s motion to file an amicus curiae brief. No reason for the judge's denial was given. 

“We sought to call attention to Zillow’s obvious hypocrisy: Zillow is asking the Court to guarantee its access to MLS listing data while simultaneously creating its own pre-market listing channel and seeking to restrict others,” Gene Boxer, CoStar’s general counsel, said in a statement. “That contradiction matters to the entire residential real estate industry. Zillow cannot claim to be defending openness and transparency while building a system that advantages Zillow, withholds inventory from competing platforms and undermines the very principles it invokes in court.”

Boxer said regardless of if the court considered the brief, CoStar believes it is “important for brokers, agents, MLSs, consumers and regulators to understand what Zillow is really asking for: open access for itself, but different rules for everyone else.”

“Zillow has already had plenty of time to refute the facts in our brief, but it hasn’t, because it can’t,” Boxer added. “We expect that the other parties to the case will continue to highlight our arguments as additional reasons why Zillow should lose. We are pleased to stand with the industry to expose Zillow’s wrongdoing.”

In an emailed statement a Zillow spokesperson wrote that "CoStar and Compass are trying to muddy the waters by conflating pre-marketing and private marketing, hoping people won't notice."

"In this case, it didn't work. Zillow Preview listings are available for any shopper to see for free. That's long been our standard for any listing, and what our transparency policy is based on," the spokesperson added.

The legal history

Last Wednesday, CoStar, the parent company of residential real estate listing portal Homes.com, filed an amicus brief in opposition to Zillow’s motion for a preliminary injunction seeking to prevent MRED from suspending its listing feed. A hearing on this motion is scheduled for early July. 

In the filing, CoStar claimed that Zillow’s motion is part of its “scheme to expand its ecosystem and replace the non-profit MLS system.” 

“It seeks to fragment the market in its favor, locking out rivals like Homes.com, while barring others’ pre-market listings and maintaining broad access to MLS feeds, until it no longer needs them,” the brief stated.

The firm also claimed that its Homes.com portal had been “directly harmed” by Zillow’s exclusive pre-market listing practices, which it launched in mid-March with Zillow Preview, a new offering providing agents and their sellers with the option to publicly pre-market their listings before the properties transition to an active listing status.

In the brief, CoStar called the product “hypocritical,” claiming that Zillow Preview is the same thing as the defendants’ private listing networks, stating in the filing that the losing portal “trumpeted the very thing it had said was anathema when offered by a rival.”

Zillow’s preliminary injunction motion is part of its antitrust battle with MRED and Compass. The lawsuit, filed in mid-May claims that the Chicagoland MLS and the nation’s largest brokerage company conspired to withhold listing data and pressure Zillow to carry private “hidden” listings nationwide.

After suspending Zillow’s listing data feed in May, MRED is under a temporary restraining order requiring it to continue supplying Zillow with a listing feed, while Zillow is prevented from banning any MRED listings from its site. 

Zillow did not immediately return HousingWire’s request for comment on the ruling.

The 2026 Trustees Report estimates Social Security's 75-year funding gap at 4.42% of taxable payroll, up from 3.82% a year earlier.

That increase, laid out Tuesday in a brief published by the Center for Retirement Research at Boston College, stems largely from lower projected birth rates, reduced immigration and federal tax changes that are expected to decrease revenue flowing into the system.

The report projects that the Old-Age and Survivors Insurance trust fund will be exhausted in 2032, one year sooner than previously forecast. At that point, incoming payroll tax revenue would cover only about 78% of scheduled retirement benefits.

Despite the worsening outlook, researchers at the Center for Retirement Research at Boston College said the program's challenges remain manageable and that "all that is needed is the political will."

Lower fertility, immigration policy drive revenue declines

A major change in this year's report is a substantial reduction in the trustees' long-term fertility assumption.

The projected lifetime birth rate was lowered from 1.90 children per woman to 1.75, reflecting years of declining U.S. fertility and the absence of a post-pandemic rebound.

Fewer births today translate into fewer workers contributing payroll taxes in the future, reducing revenue available to support retirees.

The report also assumes lower levels of temporary and unauthorized immigration. Trustees reduced projected annual entries in those categories and incorporated expectations of stricter immigration policies, leading to a smaller future workforce and lower payroll tax collections.

Together, changes related to fertility and immigration account for a significant share of the increase in Social Security's projected deficit.

Tax law adds pressure

The report also factors in the One Big Beautiful Bill Act, which permanently extends tax provisions first enacted in 2017 and expands deductions for many taxpayers.

Because fewer retirees are expected to pay income taxes on their Social Security benefits, trust fund revenue is projected to decline. Trustees estimate the legislation reduced the program's actuarial balance by 0.16% of taxable payroll.

While trustees adopted assumptions that reduce projected revenues, they also introduced changes that improve Social Security's financial outlook on paper.

The report assumes somewhat faster productivity growth during the next decade, which would boost wages and payroll tax revenue. It also projects higher mortality rates, meaning beneficiaries would receive payments for fewer years.

Researchers at Boston College questioned both assumptions, arguing they may be overly optimistic.

They noted that Congressional Budget Office projections are less aggressive on productivity growth and that Social Security's life-expectancy projections are lower than those used by other federal agencies.

According to the researchers, these assumptions partially offset the financial impact of lower fertility and immigration, making the system's challenges appear smaller than they otherwise would.

Pressure mounts for congressional action

The report reinforces a conclusion that has remained largely unchanged for decades: Lawmakers must act to preserve full benefits.

Trustees estimate that permanently closing the funding gap would require an immediate payroll tax increase of 4.42 percentage points, equivalent to 2.21 percentage points for employers and workers alike.

Alternatively, benefits could be reduced by roughly 22% immediately, with larger reductions required over time.

The Center for Retirement Research said delaying action will limit available options and increase the eventual cost of reforms.

"Despite the larger deficit, the 2026 Trustees Report confirms what has been evident for almost three decades — namely, Social Security is facing a long-term financing shortfall and needs to be fixed," researchers said. "Even with a deficit that equals about 1.5 percent of GDP, the changes required to fix the system are well within the bounds of fluctuations in spending on other programs in the past."

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

Forget returning to the boom times, everyone wants to know simply when do we finally get back to normal?

And what is “normal” anyway? Thanks to many years of NAR publishing its Existing Home Sales data series, we have a standard framework for talking about normal levels of home sales. 

The NAR seasonally adjusted annual rate (SAAR) of sales has averaged around 5 million for the last 15 years. The pace hit a peak of 6.2 million in July 2021 during the cheap money and work-from-home pandemic frenzy. Record low interest rates created payment affordability never before seen for homebuyers. Americans responded by buying everything in sight. 

But then the market changed. Rates surged in response to inflation. Home prices didn’t crash but the pace of sales cratered down to roughly 4 million, down 35% from the peak. The sales rate has stayed at this level for over three years now with barely a budge higher. In the NAR numbers, May 2026 existing home sales came in at 4.2 million, up slightly from April and roughly 3% faster than a year ago.

Mortgage rate lock-in effect

One reason that home sales have stayed so low is what’s known as the mortgage rate lock-in effect. Mortgage rate lock-in is felt when the available interest rate on a new mortgage is substantially higher than the rate you’re currently paying on your existing mortgage. In these times, if you move — even for the same priced house — your payment increases. As a result, many of us choose not to move. We feel locked-in to our low payments. 

The decade of the 2010s held mortgage rates very low. As a result, a generation of homebuyers (and refinancers) availed themselves of very low mortgage payments. The 2010s were a tremendous time to buy real estate. Unfortunately, now those homeowners are locked-in. 

Compass economist Jonah Coste was a lead author on the 2024 research that illustrates just how potent the lock-in effect is. Coste now calculates that in 2026 these conditions are preventing 870,000 homes sales that would otherwise take place if these rate conditions weren’t so extreme. That’s the difference between a stifled housing market and a normal one.

When do sales finally return to normal?

It’s easy to conclude that if interest rates drop substantially, that would solve a lot of problems in the housing market. And, yes, if mortgage rates were to drop to 4% again, we’ll all buy more homes. 

In light of current macroeconomic conditions, I think it’s more prudent to ask, what if rates don’t fall soon? When will home sales finally return to normal?

Coste’s research tells us how quickly the lock-in effect “decays.” Over time, some people sell the cheaply financed homes, new buyers have expensive mortgages and they’re not locked-in at all. The average rate on all the outstanding mortgages climbs every day. From a low of 3.8% average on all outstanding mortgages in Q2 2022, the outstanding rate has steadily climbed to 4.5% now. The lock-in effect cures itself slowly over time as rates stay higher. 

How many sales get unlocked each year? Coste’s research shows that about 5.8% of those locked-in homes get unlocked through normal demographic and economic activity. The 870,000 sales which are prevented in 2026 becomes 820,000 sales prevented in 2027.

I’ve translated Coste’s lock-in-decay equations into a chart that helps us see when normalcy finally returns to the US housing market. In this view, we see how even if mortgage rates don’t go below the current 6.5%, we have some growth in the industry. 

If we get lucky and mortgage rates fall into the 5s, that stimulates a lot more sales. Fewer people are locked-in. This chart shows how many potential home sales would be possible, assuming nothing else changes in the economy.

But of course other variables do change in the economy. Interest rates move up and down. Employment and incomes can grow. If mortgage rates dip to 5.5%, sales accelerate much faster. While it seems unlikely, a decline of 2.5% from current levels would effectively eliminate lock-in entirely (and create a new generation of locked-in homeowners.)

Back to the question of when home sales finally return to normal. The reality is likely some combination of the natural decay of the lock-in effect and economic conditions which lower mortgage rates gradually or at certain moments. That’s why this chart is handy. We can expect natural growth in home sales each year in the near future — even if mortgage rates don’t decline at all. However, in those moments when rates do ease lower, that lock-in effect also eases and we start to grow back into a market that looks more “normal” in the next few years. 

Project NexusRE is positioned as a governance foundation that sits between MLS databases and the growing number of websites, applications and AI systems consuming listing data. Rather than replacing local MLSs, the companies said the platform is designed to apply permissions, policies and compliance rules consistently across channels and interfaces.

System will be owned and governed by the industry

In the announcement, the firms said Project NexusRE is structured to be owned and governed by the industry. NorthstarMLS, which serves as patent assignee, originated the concept. The application is being built with WAV Group’s Fluente AI team, led by technologist David Gumpper, with additional support from WAV Group executives Jennie MacIntosh and Victor Lund. REcore,the industry-owned services organization that only accepts investment from brokerages and MLSs and whose largest partner is California Regional MLS (CRMLS), is commercializing the platform and will operate it as an industry-facing service.

“We started this about a year and a half ago and it began with conversations about strategic objectives and where the industry was headed, which surfaced a lot of the things everyone is talking about now like control of listings, marketing and the need to redefine things like MLS participant and subscriber,” Tim Dain, the president and CEO of NorthstarMLS, said. “We realized that all of these arguments were a symptom of a larger disease, which is that the MLS infrastructure was built years ago and not during the era of AI. So, we realized we needed to reposition the infrastructure to give us some answers as to how we move forward in this new era.”

Both Dain and Art Carter, the CEO of CRMLS will be speaking at HousingWire’s AI Summit in Dallas this August. 

As AI tools increasingly process MLS data across the web, brokers often lack clear insight into where their listings are used, which systems are accessing them and under what terms. According to the announcement, Project NexusRE is intended to address that gap by providing a common framework for managing permission, monitoring usage and maintaining accountability as data flows to large language models and other AI tools.

The initiative is a response to growing concern that general-purpose AI platforms could capture the “intelligence layer” of real estate — how data is interpreted, summarized and used — even though brokers and MLSs spent decades building and curating the underlying listing data. By keeping the governance and learning layer under broker and MLS control, Project NexusRE aims to preserve data sovereignty and prevent AI value from migrating entirely to outside platforms.

“The platform addresses that argument that brokers and MLSs should have a say in what entitlements different vendors or tools have with the data,” Dain said. “It gives control over to the people that own the data and not sure who gets the data, but under what terms they can have it and use it.”

When brokers login to the platform, Dain said they can see where an MLS authorized their listing data to go and under what terms, enabling them to have an open dialogue with their MLS about how their data is being used and by whom. 

Governance for AI-era listing data

The announcement notes that much of today’s MLS data infrastructure was built before AI-driven systems were common in real estate. Listing rules are often spread across participant agreements, vendor contracts, APIs and policy documents, making consistent enforcement difficult when data is ingested by AI systems at scale, as it now is. 

“There is a hierarchy of policy that exists from federal fair housing laws, to state statutes, MLS rules and even broker rules, so as vendors or even agents begin doing more and more with AI, brokers can put in rules that their branding can only be used in certain ways and the platform ensures that the policies are applied everytime at both the data in and data out levels,” Dain said.

Economic alignment and broker visibility

The companies said the initiative is expected to support contribution-based credits for brokers who supply listing data into the system. As AI systems extract and use data, usage metering could inform how credits are earned and how value flows between contributors and consumers. Consumers of the data — including AI workflows and proptech applications — would participate based on usage.

“Anybody that contributes value should be rewarded for that, while anyone that extracts value should be charged for that,” Dain said. “Currently a brokerage with one agent that belongs to an MLS and gets a data feed pays the same per-agent fee as a brokerage with 2,000 agents. But the one with one agent is usually the one that is hitting the data at scale by putting AI and other tools against it — they are a high demand customer in terms of data. But the brokerage with a lot of agents is usually a high supply customer, so you have two different relationships with the data and one cost structure.” 

In its report, WAV Group stresses this is not about “selling listings,” but about recognizing that AI reshapes where value is created. Instead of a simple yes/no access model, MLSs may need usage reporting, accountability and economic structures that track how machine-scale consumption evolves over time.

Deployment timeline and participation

Project NexusRE is currently in active development, with initial testing expected to begin in summer 2026, according to the release. NorthstarMLS and REcore are inviting MLSs, associations and industry partners to engage early to evaluate use cases, governance models and deployment options.

The companies emphasize that Project NexusRE is designed to strengthen, not centralize, the existing cooperative MLS structure. The platform is intended to be open to MLSs and brokers of any size and to apply “updatable” permissions and policies regardless of how listing data is accessed.

“There are a lot of companies that could have built something like this, but the industry shouldn’t want them to because their motive is different and the brokers and MLSs are really the only ones that should have a say in this because it is their data,” Dain said. 

Will the ruling, which grazes a highly sensitive policy debate over immigration pulsing through our nation’s politics, inject a needed adrenaline burst in a once-typically-reliable segment of home buyer demand, H1-B visa holders?

A broader policy crackdown on H-1 B visa holders has taken a chunk out of housing demand in local markets – particularly those with higher concentrations of tech- and professional-level households.

While the national impacts are unremarkable, demand in such communities – where average household incomes tend to be higher – has been dramatic. 

H-1B visa buyers leaving the housing market has had a substantial impact on certain suburban towns north of Dallas, Ted Wilson, Principal at Residential Strategies, a market research and consulting firm that consults with homebuilders in Texas, told HousingWire TBD.

According to Wilson, 70% to 75% of new home sales in Celina – about 40 miles north of Dallas – between 2021 and 2025 were to international buyers, many of whom were H-1B visa holders who had laid down roots in the DFW area.

By the end of last year, this buyer segment accounted for only about 15% to 20% of buyers in Celina, he said.

Celina's population grew a whopping 276.8% between 2020 and 2025, from just over 16,000 residents to more than 64,000. Skilled and knowledge-worker immigrants, attracted to nearby jobs in tech and other sectors, drove the bulk of that growth. With many of those buyers now exiting the housing market, local builders have been caught flat-footed. 

“What we have really witnessed over the last couple of years is a complete retreat of the H-1B visa buyers' impact on the DFW market, and it has created challenges within the DFW homebuilding market," Wilson said. "Not only have sales withered from it, but in markets such as Celina, there was an expectation that we were going to continue to see the presence of these buyers in the market. Builders planned for it, and we now have a lot of neighborhoods… with a huge excess supply of lots in the Celina market. That's creating a negative financial impact on a lot of people in that market." 

A broader crackdown on H-1B visa holders

The downturn in Celina’s housing market cascaded after the $100,000 fee for new H-1 B visa holders took effect last September. Other policy shifts, such as a 60-day window for these workers to find a new job before leaving the country, along with a broader reduction in immigration levels, further reduced the presence and impact of these buyers in the local market.

H-1B visa holders account for a very small fraction, less than 0.5%, of the overall U.S. workforce. As a result, fluctuations in H1-B visa policy don’t exert an outsized impact on the national housing market.

There have, however, been noticeable impacts in certain areas. Furthermore, these buyers, with a median salary of $140,000, according to an analysis by Deel, tend to be more discretionary buyers who purchase homes priced above the local average.

According to data from Manifest Law, these high-income immigrant households were most heavily concentrated in states such as California, Virginia, New Jersey, New York and Texas.

Meanwhile, metro and market areas such as Silicon Valley, San Francisco, Washington, D.C., Boston, New York City, Austin and Dallas-Fort Worth had the highest concentration. 

The administration’s policy shifts somehow made Celina an epicenter of homebuyer-demand destruction. Homebuilders who had anticipated – and invested and budgeted on – continued growth in the city are now grappling with a market where demand has largely evaporated.

Given the rapid decline in demand, Celina is now a 'poster-child' of standing new-home inventory, with little prospect of moving it profitably. 

While a balanced market would typically have about a two-year lot supply, the Celina market ended the first quarter of 2026 with an annualized start pace of nearly 1,700 homes and more than 7,000 finished lots, representing roughly 50 months, or more than four years, of supply, Wilson said. An additional 7,600 lots were under development, adding another 54 months of future supply that is expected to come online over the next year. However, demand has dried up.

“It's a wipe out, and I think the expectation we had, and that others had, was that Celina was going to follow the same pattern that we've seen in Plano, Frisco and Prosper, and grow to be about 4,000 starts per year, but that's just not happening, because we're missing that buyer in this market,” Wilson explained.

The muted impacts of the federal ruling

U.S. District Judge Leo Sorokin struck down the Trump administration's $100,000 fee for certain H-1B visas on June 12, finding that the fee functions as a tax that must be approved by Congress.

Within days, the Trump administration appealed the decision, so the ruling is now in limbo. 

The consensus is that the federal ruling, even if it stands, likely would not, in isolation, be sufficient to unlock demand from this buyer segment, whether in Celina, Texas, or other impacted markets across the country.

High-income immigrant buyers still face significant uncertainty, and until there is a more fundamental policy adjustment and a shift in the vibe, many might stay on the sidelines. 

“With the uncertainty revolving around immigration reform, I think that even if this is removed after appeal, there will still be hesitancy about what’s next. I am not sure there will be stability in that area until policy is changed,” said a homebuilding executive from Northern Virginia, who was granted anonymity to speak candidly. 

Dr. Selma Hepp, Chief Economist and SVP at Cotality, who originally hails from Croatia, agreed with that sentiment. 

“Being an international person myself, I don't think that one specific ruling will change things immediately. I think it's more about this overall narrative around not welcoming international employees and foreign visa seekers. It's just a general feeling of, 'maybe I should sit this out,'” Hepp said in an interview, noting the lingering policy uncertainty. “It makes it very difficult to make some long-term decisions, such as purchasing a home.”

However, Compass Chief Evangelist and New York-based broker Leonard Steinberg said brokerages under the company’s umbrella have felt the impact of the $100,000 H-1 B fee. The recent ruling, if it stands, could have some implications for the luxury market, Steinberg argued. 

“We have seen the adverse effects of this fee; to be certain,” he said. “Eliminating this fee could be extremely helpful in attracting underserved talent in the US. This is usually a prime audience for real estate. The impact is likely to be felt most on the high end, as very highly skilled workers in short supply locally often have well-paid jobs.”

“[Effects of doing away with the $100,000 fee] will vary greatly from region to region based on supply and inventory levels,” Steinberg added. “This audience will find ready-to-move-in, renovated homes most attractive.” 

How AI and tech layoffs play into the mix

Policy is only part of the story. Recent layoffs and a pullback in hiring across the tech industry, historically the largest source of H-1B employment, have also weighed on demand among these buyers. The slowdown in hiring has affected not only immigrant workers but also the overall labor pool.

Markets that attract many highly educated immigrants, such as Seattle, Silicon Valley, Northern Virginia, and portions of Dallas-Fort Worth, have borne the brunt of tech layoffs. 

“A lot of these markets have suffered from slowing demand otherwise, so we cannot necessarily always tease out slowing of demand due to these international buyers versus overall slowing of demand,” Hepp noted. “You may want to attribute something to one driver, but there are actually a lot of things going on at the same time, so just a caveat there,” Hepp said. 

Ram Konara – a Texas-based Realtor with StarPro Realty who works with many immigrant buyers – noted that most foreign nationals who eventually become homebuyers have already spent years in the U.S. building credit histories and stable employment records before seeking a mortgage.

Even if the $100,000 fee is ultimately eliminated, Konara said he doesn’t expect a meaningful surge in housing demand from newly arriving H-1B workers. Rather, broader labor-market conditions are weighing more heavily on the decisions of many highly skilled foreign professionals.

"The main thing is, especially on the software side, AI is taking a lot of jobs," he said. "Even if they have a stable job, they are worried about their jobs here."

Konara also noted that many H-1B professionals earn salaries high enough that the proposed fee alone would not necessarily deter relocation decisions.

Rather than the visa application fees themselves, Konara argued that policies that disrupt workers' ability to remain in the country during the process might create even greater uncertainty for prospective homebuyers.

“The green card processing will affect a lot [of buyers],” Konara said. “That’s because the Trump administration has said people have to leave the country when they are processing their green cards. If that is implemented, I think that will affect a lot of people. They would have to leave their job and go back to their country and wait for the [processing] dates to be current.”

Some people believe that if zoning laws improve, angels will fall from the sky and we are going to build a lot more homes — even while new home sales go nowhere and the oversupply of completed units stands at 122,000 today. That number is important: Traditionally, going back decades, builders don’t want to build more homes when this data line exceeds 120,000.

To illustrate this point, here is the January of every year going back decades.

We simply have too much supply of housing units to grow housing construction, as new home sales have just been stuck in a range for many years.

Lets take a look at the report to see what just happened.

From Census: Housing Starts: Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,177,000. This is 15.4 percent (±9.8 percent) below the revised April estimate of 1,392,000 and is 8.7 percent (±8.2 percent) below the May 2025 rate of 1,289,000. Single-family housing starts in May were at a rate of 882,000; this is 1.9 percent (±10.8 percent)* below the revised April figure of 899,000. The May rate for units in buildings with five units or more was 284,000.

As you can see below, we just don’t have new home sales growth, and there's too much supply for all these data lines to reverse and head higher. While the builders have done an admirable job of keeping demand from falling even more, it has come at the cost of profit margins, which means their confidence to really push permits higher just isn’t there.

As you can clearly see in the homebuilders' confidence index, everything is fading, not growing; this isn’t the environment where zoning laws can overcome supply and demand economics.

The multifamily construction boom that we enjoyed during COVID has come and faded out, and that’s not a shock, as rental vacancy data has grown from the COVID lows to 7.3%.

This level of rental vacancy keeps rents from growing much, and in some parts of the country, we have rental deflation. That's not good news if you’re trying to pencil out if it would be profitable to build.

In the past, the government gave builders financial incentives to increase multifamily construction, and they worked well; once those incentives ended, construction faded. The loan programs of the late 1960s and tax benefits of the early 1980s helped 5-unit construction a lot. We might need to think like that again, if we are serious about growing construction.

Back in June of 2021, I warned that once rates rise, you can kiss this construction boom goodbye and now, in 2026, we can see how housing construction has faded ever since.

Conclusion

I do believe this housing starts report will get revised slightly higher, as often happens with Census reports when you have a big beat or miss with new home sales or housing starts. However, the story stays the same: the builders aren’t the March of Dimes. We have too much supply of single-family completed units of sale and 5-unit construction to see growth in housing construction data, and better zoning laws won’t help this.

The new product, called Engage Pages, is integrated into the company's Roomvu Engage platform and allows users to create customized landing pages for specific marketing objectives.

Users can generate pages by selecting a marketing goal and design style, after which artificial intelligence (AI) generates page layouts, written content and lead-capture forms.

"Most agents think building a great web page means hiring a developer or spending thousands on a premium web service. Engage Pages changes that entirely," said Sam Mehrbod, CEO of Roomvu. You describe what you want, the AI builds it, and in a few clicks you have an elite, custom grade page – without the price tag or the wait. We put a web designer inside the platform."

Templates designed for several common business objectives, such as buyer lead generation, luxury property marketing and market expertise positioning, are also included.

The landing page builder is connected to Roomvu's broader marketing platform. The company said its follow-up system combines AI and human assistance to respond to inquiries and schedule appointments.

"I've worked with web developers, paid for high-end custom web design services, and waited weeks for revisions," said Tricia Lehane, a Realtor with REMAX Excalibur in Arizona. "With Engage Pages it felt like having a web designer in the chat. I described what I needed, made a few clicks, and had a page I would have spent thousands on is now done in minutes."

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

The New York-based firm, which bills itself as a one-stop financial infrastructure provider for 1099 real estate professionals, said the new unit will be led by growth strategist Danielle Garofalo and Douglas Elliman broker and regional manager Scott Elwell.

RLTYconsulting will work at the brokerage level and with large real estate teams, focusing on strategic growth, brand positioning and operational efficiency. The offering is paired with RLTYco’s existing services — including tax planning, payroll and other financial logistics — as part of a membership model intended to reduce the friction of running high-volume real estate businesses, according to the announcement.

Garofalo, who previously held senior roles at Disney and IBM before moving into residential real estate, brings experience as former chief strategy officer at Stribling & Associates and chief business development officer at CORE. Her consulting work has included assignments for brands such as Compass, REMAX, Lennar and The Agency, the company said.

Elwell, co-principal of RLTYconsulting and a broker with Douglas Elliman in Greenwich, Connecticut, has served as a regional manager, broker of record and agent across New England. He said the goal is to bridge the gap between brokerage business models, day-to-day agent realities and long-term growth plans.

“Having served as a regional manager, broker of record, and boots-on-the-ground agent throughout New England, my mission has always been to advocate for brokers and help them scale,” Elwell said in a statement. “By marrying our operational expertise with RLTYco’s infrastructure, we are bridging the gap between the brokerage business model, a broker's day-to-day realities and the long-term growth goals of both.”

Garofalo said the partnership is aimed at allowing brokerage leaders to focus on brand and measurable growth while RLTYco simplifies back-office administrative work.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

The company's 2026 Mid-Year Luxury Outlook report found that wellness-focused features and long-term livability are becoming more prominent considerations among affluent buyers, particularly in the highest-priced segments of the market.

The report draws on feedback from Sotheby’s International Realty agents involved in transactions valued at $10 million or more, along with data from organizations like the Federal Reserve, UBS, the National Association of Realtors and the Global Wellness Institute.

Among the report's findings, roughly 38% of surveyed real estate professionals working in the $10 million-and-above market said aging in place has become a growing factor in home purchase decisions.

The report also cited projections that the global longevity market could grow from $5.3 trillion in 2023 to $8 trillion by 2030, while wellness-related real estate is expected to exceed $1.1 trillion by 2029.

“As we celebrate 50 years of Sotheby’s International Realty, this report mirrors the strength of a brand built on insight, trust, and global perspective,” said Bradley Nelson, chief marketing officer of Sotheby’s International Realty.

“This edition of Luxury Outlook reveals a housing market that consumers are actively experiencing. What stands out this year is the emergence of longevity as a defining force in luxury real estate. Homebuyers aren't just investing in a home; they're investing in how they want to live and age.

"At the same time, wealth at the top end continues to expand, and homebuyers are younger and more open to seeking properties in new locations. The result is a luxury property market that moves faster, feels more competitive, and requires more informed decision-making. This report helps bring clarity for both affiliated agents and the clients they serve.”

Luxury stays ahead of broader market

The report also points to continued strength in the luxury housing sector despite slower activity in the broader housing market. Researchers attributed demand in part to gains in financial markets and wealth creation among high net worth households.

According to Federal Reserve data cited in the report, the net worth of the top 1% of Americans reached $54 trillion by the third quarter of 2025. Additionally, nearly 40% of the world's millionaires live in the U.S., and researchers project the creation of 5 million additional millionaires globally by 2029.

More than half of surveyed professionals specializing in properties priced above $10 million reported an increase in luxury buyers during the past year, while average prices rose about 5%, according to the report.

Millennials continue to account for a growing share of luxury buyers. Sixty-six percent of respondents reported an increase in millennial clients, a share that rose to 73% among professionals working in the $5 million-and-above market.

Lifestyle valued above taxes, stability

Lifestyle considerations ranked as the most frequently cited factor that influences purchase decisions, with 62% of respondents identifying it as increasingly important.

Taxes, economic stability and political stability followed.

The report also highlighted continued activity in major international markets, including New York City, San Francisco, Hong Kong and Milan, where demand for high-end properties remains steady.

Tax policy may also influence future buying activity. The report noted that the increase in the federal deduction cap for state and local taxes from $10,000 to $40,000 could encourage purchases of luxury homes in states with higher property taxes.

“The global luxury real estate market continues to endure, even as the forces shaping it evolve,” said Philip White, president and CEO of Sotheby’s International Realty. “This resilience is most evident in leading global cities, which continue to attract strong interest from the world’s most sophisticated homebuyers. Longevity is increasingly driving that interest too. It's no longer just where folks want to live, but how they want to live as they age.

"What we are seeing in the industry is not a short-term change, but a sustained shift in how global wealth is stored, transferred, and expressed through property. It underscores a simple reality: while motivations are changing, prime real estate can be one of the most trusted ways people preserve and express wealth.”

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

Rates dropped slightly in the two days since President Donald Trump’s confirmation of a deal. On Tuesday, HousingWire’s Mortgage Rates Center showed that 30-year conforming rates averaged 6.73%, down 5 basis points from one week ago. Rates for 30-year jumbo loans were down 2 bps to 6.75%, while 30-year loans backed by the Federal Housing Administration (FHA) also shed 2 bps to average 6.31%.  

Fed will ‘absolutely’ hold rates

While the macroeconomic picture should improve as the Strait of Hormuz reopens and oil prices come down, inflation is now at a 4.2% annual clip, which likely ended any slim hopes of the Federal Reserve lowering benchmark rates this week.

The Fed will conclude its two-day meeting on Wednesday — its first under the leadership of Kevin Warsh — but the federal funds rate is all but certain to remain at a range of 3.5% to 3.75%. Moving forward, a rate hike could be more likely than cut. According to the CME Group’s FedWatch tool, 9% of interest rate traders expect a 25-bps increase in July and 26% anticipate one by September.

“The Fed is absolutely going to hold rates [this week],” said Melissa Cohn, regional vice president of William Raveis Mortgage. “Even though Warsh is more dovish, he’s one of 12 voting members of the Fed’s Board of Governors, and he’s going to have a hard time getting a majority of them to agree to cut rates in this current inflationary environment.”

“Mortgage rates are likely to remain stable or uptick slightly at the next June Fed meeting, as the market points toward short-term rates holding steady,” said Charles Goodwin, vice president and head of bridge and DSCR lending at Kiavi.

“The latest first Friday jobs report indicated better-than-expected economic performance that suggests a reduced likelihood of a near-term Fed rate cut and sustained higher interest rates, adding 172,000 jobs in May while the unemployment rate held steady at 4.3% — effectively sealing the fate of no Fed rate cut in June.”

Odeta Kushi, deputy chief economist at First American, noted that expectations today have shifted significantly since the start of the year, when markets believed the Fed would begin cutting rates by this point. But with headline inflation running at its highest level since 2023, “markets have largely abandoned the idea that easing is the default path,” she said.

“The conversation has shifted from ‘when will they cut?’ to ‘will they cut at all?’” Kushi added.

Housing market activity stays resilient

This week’s Housing Market Tracker shows that homeownership demand continues to grow even as fewer properties are being listed for sale. HousingWire Lead Analyst Logan Mohtashami wrote Saturday that weekly pending sales increased to 75,856, up from 72,039 during the same week in 2025.

Mortgage Bankers Association (MBA) data for the week ending June 5 also showed that consumers are hungry to purchase a home as total applications were up 10.8% from the prior week. The higher demand coincides with an increase in mortgage credit availability, with jumbo loan programs driving a slight uptick in the MBA’s index from April to May.

“Mortgage applications increased for the first time in four weeks, jumping 10% overall with sizeable upticks in both purchase and refinance activity. The rise in purchase applications points to continued homebuyer demand despite affordability challenges and broader economic uncertainty,” said Bob Broeksmit, the MBA’s president and CEO.

Kyle Bass, production business manager at Refi.com — a subsidiary of Mortgage Resource Center and Veterans United Home Loans — said that recent stability in rates has benefited refinance origination opportunities as prospective borrowers “may be settling into the current rate environment rather than waiting for a meaningful decline.”

Kushi also expressed optimism for the purchase market as existing home sales recorded their largest monthly gain of the year in May.

“The most important thing to understand about today’s housing market is that demand has been delayed, not destroyed,” she said. “We estimate there are roughly 4 million missing home sales relative to historical norms, highlighting the amount of pent-up demand still waiting on the sidelines.

“For homebuyers, the question is no longer simply whether rates move lower. It’s whether households gain enough confidence in the path of inflation, borrowing costs and the broader economy to move forward with major financial decisions.”

In a June 15 letter to FHFA Director Bill Pulte, the trade group warned that the current rollout schedule could push many projects into non-warrantable status and restrict access to conventional financing.

The rules, aimed at strengthening condo safety and financial health after high-profile structural failures, would retire Fannie Mae’s Limited Review process on Aug. 3 and raise required reserve funding levels for condominium associations from 10% to 15% on Jan. 4, 2027.

In a statement to HousingWire, an FHFA spokesperson said that “Fannie and Freddie are implementing their new policies on time so that more Americans can afford to buy a home and everyone’s financial security is protected.”

“We are not asking that these goals be abandoned,” Kimber White, president of NAMB, wrote in the letter. “We are asking that the industry be given a realistic, workable transition period so the new requirements can be absorbed without disrupting the very borrowers and communities the policy is meant to protect.”

Without that time, NAMB warned, the immediate effect of the policy “will be to reduce access to credit and depress values across the condominium market,” a result it said runs counter to the administration’s focus on affordability and supply.

Specific changes may shrink buyer pool

NAMB said eliminating Limited Review as of Aug. 3 will move “a meaningful number” of established projects into non-warrantable status, shrinking the buyer pool, raising borrowing costs and reducing lender participation.

The group also noted that many associations are not currently meeting the 10% reserve funding minimum. Jumping to 15% by early 2027 would likely force sizable dues increases or special assessments, straining owners on fixed and moderate incomes. NAMB wants the higher reserve requirement aligned with associations’ annual budget cycles.

On the move to universal Full Review, NAMB said routing every transaction through that process will significantly increase documentation — including budgets, reserve studies, delinquency data, meeting minutes and insurance — that boards, managers and lenders must produce and review, leading to longer closing timelines and higher fallout.

Another concern is the rolling, multi-date schedule. A condo that qualifies in one season could fail in the next based on reserves or documentation, creating uncertainty for buyers already under contract and for real estate professionals trying to advise clients, the group said.

NAMB asked FHFA to preserve a simplified review option for established, fundamentally sound projects; to phase in expanded documentation and Full Review requirements through clear, consolidated guidance and a single, well-publicized compliance date instead of multiple rolling deadlines; and to establish a formal process to monitor market impacts before additional tightening takes effect.

This article was written by Flávia Furlan Nunes and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication. 

The analysis of 2025 Home Mortgage Disclosure Act (HMDA) data ranked the nation's 50 largest metropolitan areas by the share of home-purchase mortgages made to women under age 45 buying on their own.

New Orleans topped the list, with single women accounting for 17.4% of purchase loans, well above the national average of 11.4%.

Hartford, Connecticut, ranked second at 16.2%, followed by Buffalo, New York, at 15.5%; Baltimore at 15.2%; Birmingham, Alabama, at 14.6%; Memphis, Tennessee, at 14.5%; Cleveland at 14.4%; Atlanta at 14.3%; and Pittsburgh and Philadelphia, both at 14.2%.

Nationwide, nearly 360,000 single women purchased homes with mortgages in 2025, according to the report.

"Affordability appears to be one of the strongest drivers of where women are buying homes on their own," said Tim Lucas, lead analyst and author of the report. "In many markets, women are increasingly choosing not to delay homeownership while waiting for a partner."

Report finds wide gap in home prices between the highest- and lowest-ranked markets

The average home value across the top 10 metros was about $309,000, compared with more than $818,000 in the bottom 10.

Single women purchased homes at nearly twice the rate in the five highest-ranked metros as in the five lowest-ranked metros, the report found.

Several high-cost West Coast markets ranked near the bottom of the list. San Jose, California, ranked last, with single women accounting for 6.5% of home-purchase loans. San Diego, San Francisco, Seattle, Riverside, Calif., and Los Angeles also ranked among the lowest-performing markets.

Income remains a barrier

The report found that income remained a barrier even in more affordable markets. Across the highest-ranked metros, single female homebuyers earned substantially more than the typical single woman living in those areas.

In New Orleans, for example, the median income of a single female homebuyer was $74,000, compared with about $36,000 for single women overall.

Eight of the top 10 metros were located in the South or Midwest, regions that generally offer lower home prices and more inventory at entry-level price points.

Atlanta was the largest metropolitan area in the top 10, with single women accounting for 14.3% of homebuyers. Nearly 10,000 single women purchased homes in the Atlanta area in 2025, according to the report.

Pennsylvania was the only state with two metros in the top 10: Pittsburgh and Philadelphia. Average home prices for single female buyers were $228,113 in Pittsburgh and $386,647 in Philadelphia. Median buyer incomes were $70,000 and $88,000, respectively.

Meanwhile, some markets that experienced significant home-price growth over the past decade ranked lower. Phoenix ranked 44th, while Dallas ranked 39th, suggesting affordability challenges may be limiting access for some single-income buyers.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

The measure, titled the Build Housing Affordably Act, would temporarily suspend the application of Build America, Buy America (BABA) requirements for certain affordable housing projects while federal officials study the policy’s impact on housing development.

Flood, who chairs the House Housing and Insurance Subcommittee, said the legislation is intended to address barriers that have contributed to rising housing costs.

“Across the country, and especially in Nebraska, the shortage of affordable housing options is making life more expensive for families,” he said. “Our bipartisan Build Housing Affordably Act cuts the government red tape and bureaucracy standing in the way of building homes American families can afford. Congress is making real progress on addressing the rising cost of homeownership, and this bill keeps us moving toward a future where an affordable home is once again within reach for every family.”

Goodlander said housing affordability remains a major challenge in New Hampshire and argued that federal requirements are slowing the construction of needed homes.

“New Hampshire is in a full-blown housing crisis, and hardworking people are paying the price every month in higher rents and home prices they cannot afford,” she said. “Right now, a single federal rule is senselessly jacking up costs and adding massive delays to the urgent mission before us: building the tens of thousands of homes the people of New Hampshire urgently need. Our bipartisan Build Housing Affordably Act cuts needless red tape that is standing in our way and paves the way for affordable homes, built much sooner, at a lower cost to the Granite Staters who need them.”

Aim is to reduce costs and speed up affordable home development

The proposal follows concerns raised by affordable housing developers over the implementation of BABA provisions enacted under the Infrastructure Investment and Jobs Act of 2021.

The requirements mandate that iron, steel, manufactured products and construction materials used in federally assisted infrastructure projects be produced in the United States.

Affordable housing stakeholders have argued that applying those standards to housing construction, rehabilitation and repair projects funded through federal programs such as the HOME Investment Partnerships Program has increased costs and slowed development timelines.

Under the legislation, the Department of Housing and Urban Development (HUD) would be required to conduct a study examining the effects of BABA requirements on affordable housing development and the federal waiver process.

HUD would then submit a report detailing its findings to Congress.

The bill would also pause BABA implementation for covered affordable housing projects until 60 days after the report is delivered. In addition, it would establish a 90-day deadline for HUD to review waiver requests.

Any waiver not acted upon within that timeframe would be automatically approved.

Flood has previously highlighted concerns about the impact of BABA requirements during congressional hearings focused on housing supply and regulatory barriers, including hearings held in late 2025 and early 2026.

The legislation has received backing from a broad coalition of housing, real estate and community development organizations, including the National Association of Realtors, National Association of Home Builders, Mortgage Bankers Association, National Multifamily Housing Council and Enterprise Community Partners, among others.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

Posner brings more than three decades of experience in mortgage banking and financial services. Most recently, he led strategy and investor relations at Mr. Cooper Group, helping guide the company’s growth into the nation’s largest mortgage servicer before its acquisition by Rocket Companies.

Before joining Mr. Cooper, Posner co-founded Capital Bank Financial Corp., which acquired and recapitalized banks in the wake of the 2008 financial crisis. He also spent years as a senior research analyst at Morgan Stanley, covering mortgage, financial services and fintech companies.

Posner succeeds former CFO Jaime Gow, another former Mr. Cooper executive. According to Gow's LinkedIn account, he has joined the Texas Stock Exchange as its first CFO, a move the exchange announced May 18.

Sagent chairman and CEO Chris Marshall said Posner’s combination of market expertise and operational experience will support the company’s next phase of growth.

“Ken’s ability to connect market insight with execution is exceptional, as is his discipline in driving long-term value,” Marshall said in a statement. “His experience across banking, capital markets, and servicing will help Sagent continue to grow with focus and strength.”

The appointment comes as Warburg Pincus-backed Sagent continues scaling Dara, its mortgage servicing platform designed to modernize servicing operations through cloud-based and artificial intelligence technologies.

Sagent President Sridhar Sharma said Posner’s financial and strategic experience will be important as the company expands the platform’s reach across the mortgage industry.

“Ken’s financial and strategic insights will be critically important as we scale Dara, our game-changing mortgage servicing system, into the industry’s leading platform,” Sharma said.

Posner said he was attracted to Sagent’s focus on innovation in mortgage technology.

“I’m thrilled to be joining a team with deep expertise in mortgage technology and a company [that] is bringing radical new capabilities to the industry,” he said.

This article was written by Sarah Wolak and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.

The Austin-based digital education provider announced the launch Tuesday, saying the program is designed to close the gap between state-required licensing coursework and the skills agents need to generate leads, work with buyers and sellers and manage a pipeline in today’s market.

AceableAgent is known for its state-approved, online pre-licensing courses serving hundreds of thousands of agents across the U.S., according to the company announcement. Tom Ferry, founder and CEO of Tom Ferry Coaching, leads one of the largest real estate coaching, training and technology organizations globally.

“Partnering with Tom Ferry allows us to bring world-class coaching directly into the AceableAgent experience,” Blake Garrett, founder and CEO of Aceable, said in a statement. “At a time when more people are exploring real estate as a career, Fast Track helps bridge the gap between getting licensed and building a real business as a practicing agent.”

Fast Track delivers more than four hours of instruction through 25 coach-led videos organized into 11 chapters, according to the announcement. The curriculum covers fundamentals such as mindset, goal-setting, lead generation, listings, buyer consultations and objection handling.

The firm said the course also includes execution tools such as a business plan builder, performance tracker and downloadable scripts, checklists and action guides meant for immediate real-world use.

“Fast Track was built for new and early-stage agents who are just getting started and need real direction,” Ferry said in the announcement. “This training provides a clear path on the most important areas of focus for new agents, so you can start building your business right away instead of trying to figure it out alone.”

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

Legislative activity continues as Connecticut passed a measure requiring public marketing just a few weeks ago and a similar New York state bill is near the finish line. This comes on the heels of laws passed in Wisconsin and Washington state earlier this year. Hawaii and Illinois still have measures waiting in the wings.

As with anything legal, the devil is in the details. Three distinct approaches are emerging, and the differences matter more than headlines suggest.

The West Coast model: the mandate

Washington state took the most direct approach: residential listings must be publicly marketed unless there is a specific reason not to, grounded in seller safety or privacy. Hawaii’s proposed legislation follows the same path.

This is the cleanest regulatory posture. It does not ask consumers to understand a disclosure and sign it. It simply requires public exposure as the default.

The Northeast model: the legislature writes the warning

Connecticut and New York take the “opt-out” path. Sellers may choose to forgo public marketing, but only after receiving and acknowledging a disclosure of the potential drawbacks. In these states, the legislature spells out the warning in the law itself.

How far they go is where things get into the weeds. Here’s a brief excerpt of Connecticut’s language:

The Seller understands that foregoing public marketing may reduce competition for the property, may result in fewer offers to purchase the Seller's property and may adversely impact the final sale price and terms of the sale of the Seller's property.

New York’s corresponding language trends just a bit more forward (as one might expect from New York), and puts the form in the first person, for good measure:

FEWER OFFERS AND POSSIBLE IMPACT ON PRICE AND TIMING.

I understand that reducing the exposure of my property may reduce the number of offers I receive from buyers and tenants, and could negatively impact my ability to sell or lease the property sooner, with better terms and at a higher price.

The Midwest model: let the agency draft the form

Wisconsin and Illinois also follow the “opt-out” model, but don’t dictate the specific language in the law. Instead, they delegate creation of the form to real estate associations and/or oversight agencies, with broad directions to explain the benefits of public marketing and the drawbacks of limiting exposure.

It’s a small but meaningful distinction. Legislative sessions are brief, and laws are not so easy to change. By contrast, an agency-drafted form can be more easily revised, and may be more susceptible to latent advocacy from all quarters.

What’s next?

We likely won’t see more states step into the fray in the immediate future, since most state legislatures have limited sessions. New York’s bill has passed both chambers but still requires final ratification by the Assembly. The legislative sessions in Hawaii and Illinois are complete for the year and do not resume until next January, when the issue will have to be picked up again.

Restrictions become effective in Washington on June 11; in Connecticut on October 1, and in Wisconsin on January 1, 2027.

Will opt-out forms dissuade private listings?

The opt-out regime is attractive because it allows the most flexibility for agents and sellers, relying on the principle of informed consent. It derives its force by requiring the listing agent to tell the client the drawbacks of private listings, not just the marketing pitch. While that may not be a pleasant conversation to have with a client, “warning fatigue” is a real phenomenon.

When sellers decide to list a home and hire an agent, there’s a flurry of paperwork: an agency agreement, various consumer notices, and likely an affiliated business disclosure. One more “the government requires that I tell you this” form might just get buried in the stack of sign-offs that quickly lose meaning.

In the end, opt-out forms may prove to be more of a liability protection for brokerages than an impediment to executing a private listing strategy.

Anthony V. Mannino, Esq. is the CEO of Dual Mind Strategies.

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 Boston-based financial technology company announced Tuesday that it is implementing a two-tier pricing model for its HEI products, which allow homeowners to receive cash in exchange for a share of their home's future value rather than taking on monthly loan payments.

Under the new structure, homeowners who settle their investment within the first five years will be subject to a 1.65x multiplier on Hometap's initial investment as a percentage of the home's value.

Homeowners who settle after five years will be subject to a 1.80x multiplier.

The company said the changes are intended to simplify costs and provide homeowners with greater flexibility when tapping into home equity.

"As rising insurance premiums, property taxes and other homeownership costs continue to place added pressure on monthly household budgets, homeowners need financial solutions that work for them, not against them," Hometap CEO Jeffrey Glass said in a statement.

Hometap also adjusted its cap on investment costs, setting it at 18.5% compounded monthly. The company said the cap serves as a consumer protection measure by establishing the maximum potential cost of an investment upfront.

Homeowners can continue to settle their investments at any time before the end of the term without prepayment penalties, according to the company.

Hometap President Sarah Dekin said the updated pricing narrows the cost difference between home equity investments and more traditional home equity products.

"With our new pricing, we've significantly closed the gap between HEIs and traditional home equity products like HELOCs and home equity loans," Dekin said. "When you factor in the flexibility of no monthly payments, this becomes a genuinely compelling option for a much broader range of homeowners."

The pricing changes come as homeowners continue to hold substantial amounts of home equity while facing higher housing-related expenses and elevated interest rates. HEI providers have increasingly positioned their products as alternatives to traditional borrowing, particularly for homeowners who may not qualify for or want additional debt.

But while HEIs and shared-equity products have gained popularity, the sector has faced increased scrutiny over whether consumers fully understand how the products work and the costs involved. Some providers have been accused of using misleading marketing and disclosure practices.

Earlier this year, home equity investment company Unison was named in a class-action lawsuit alleging that its agreements leave homeowners with less equity than expected and that the products were marketed deceptively. Unison has denied wrongdoing.

Along the Dallas North Tollway, the region accelerated into Far North Dallas. FN Dallas gave way to Plano, which gave way to Frisco, which gave way to Prosper. Prosper is now giving way to Celina. Along the way, billions of dollars in land value were created, corporate campuses emerged, and entire cities transformed from rural outposts into economic powerhouses.

Yet investors and many homebuilders often make a critical mistake. They assume the future will look exactly like the past.

The next great growth story in North Texas may not be found north of Frisco. It may be unfolding south of Fort Worth, along the newest toll road connecting Fort Worth to Cleburne, following a similar pattern.

A comparison of the Dallas North Tollway (DNT) and the Chisholm Trail Parkway (CTP) offers one of the clearest frameworks for understanding where growth is likely to occur over the next two decades. The DNT is a mature infrastructure corridor that has already completed much of its value-creation cycle. The CTP is still in the early stages of a remarkably similar process.

The lesson is simple: infrastructure creates accessibility, which creates rooftops, which drive retail demand, attract employers and ultimately generate the commercial tax base that transforms communities.

The Dallas North Tollway provides the blueprint

Over several decades, the corridor became one of the most successful examples of infrastructure-led development in the United States. Frisco's rise from roughly 6,000 residents in 1990 to nearly 250,000 today was not accidental.

The tollway created mobility, which attracted residential development. Residential density drew retailers, whose success, in turn, attracted employers. Eventually, destination assets such as Stonebriar Centre, Legacy Business Park, and The Star accelerated the corridor's commercial maturity and transformed it into one of the most valuable suburban economic engines in America.

The results are staggering. Billions of dollars in taxable value were generated, and hundreds of thousands of jobs were supported. Entire municipalities transformed from bedroom communities into self-sustaining economic centers.

The Chisholm Trail Parkway: following the script?

Since opening in 2014, the CTP has dramatically improved connectivity across southwest Fort Worth, Burleson, Crowley, Cleburne, Keene, Grandview and Johnson County. As expected, residential development arrived first. Communities such as Chisholm Trail Ranch saw strong demand almost immediately. New rooftops spurred demand for grocery stores, restaurants, schools, healthcare facilities and neighborhood retail.

That sequence matters because development rarely occurs randomly. It tends to unfold in predictable waves. The first wave is residential. The second is retail. The third is employment and institutional investment. The fourth is commercial tax-base expansion and the maturation of mixed-use.

The DNT followed that pattern repeatedly. The evidence suggests the CTP is transitioning from Wave Two to Wave Three.

Several developments support that thesis. Amazon's major logistics investment near the Tarrant–Johnson County line serves as a meaningful employment anchor. Tarleton State University and UT Arlington's expansion in Fort Worth provides a long-term institutional catalyst capable of generating sustained daytime population growth. Large-scale mixed-use projects, entertainment districts, utility expansions and transportation investments are beginning to create the ecosystem needed to enable broader economic diversification.

The Shops at Clearfork offers what the Chisholm Trail Parkway corridor lacked for decades: a true luxury retail destination. Anchored by Louis Vuitton, Tiffany & Co., Burberry, Eiseman Jewels, and Rolex, The Shops at Clearfork showcases the purchasing power of southwest Fort Worth and the affluent communities connected by the Chisholm Trail Parkway, including Aledo, Walsh, Weatherford, Edwards Ranch and expanding portions of Johnson County. 

More than just a shopping center, Clearfork demonstrates that infrastructure can unlock not only residential growth but also high-end commercial investment, making it one of the earliest signs that the Chisholm Trail corridor is evolving into a mature economic engine capable of supporting luxury retail, destination dining, and significant growth in the commercial tax base.

Roads, eds and meds equal beds

The importance of institutional anchors cannot be overstated. Throughout American real estate history, major universities, corporate campuses, sports facilities, and healthcare systems have repeatedly served as force multipliers for surrounding land values. The Dallas Cowboys transformed parts of Frisco. Long-range expansion plans along the CTP could have a similar effect on southwest Fort Worth over the next decade.

But perhaps the strongest argument for southern growth is geography itself. North DFW faces an increasingly obvious challenge: it is running out of runway. The region can continue expanding toward Sherman, Denison and the Red River.

However, the amount of land between the current development frontier and the Oklahoma border is limited. Each passing year brings higher land prices, smaller lot sizes, increased congestion and greater affordability pressures.

The South faces no comparable limitation.

The combination of Chisholm Trail Parkway, Interstate 35W, Interstate 35E, US-67, and Loop 9 provides access to significant development opportunities across Johnson, Ellis, Hill and Navarro counties. These markets offer abundant land inventory, improving infrastructure, growing school districts, expanding utility systems, and significantly lower entry costs than in many northern submarkets.

Perhaps most importantly, capital is already shifting.

Major public and private investments are being committed across the southern corridor. Transportation improvements, utility upgrades, mixed-use districts, entertainment venues, industrial developments, educational facilities and master-planned communities collectively represent billions of dollars in deployed or committed capital.

Investors should pay close attention to this fact. Capital tends to move before headlines fully recognize the opportunity.

The greatest fortunes in real estate are often built before a market reaches mainstream acceptance. Frisco was not obvious in the 1990s. Prosper was not obvious twenty years ago. Celina was not obvious a decade ago. In each case, infrastructure served as an early signal, long before the broader market recognized its significance.

Southern DFW: many of those same signals

Mansfield continues to attract institutional investment and high-quality development. Midlothian is benefiting from infrastructure and school expansions. Burleson is emerging as a logistics and residential hub. Waxahachie continues to experience significant population growth. Cleburne is attracting new mixed-use investment and entertainment-oriented development.

None of these markets needs to become the next Frisco. Collectively, however, they form a development corridor with tremendous growth potential.

The most compelling aspect of the southern growth thesis is not that it replaces the north. The north will continue to perform well. Prosper, Celina, and other northern markets should remain attractive for years. The real opportunity is to identify where the next marginal dollar of infrastructure investment is likely to yield the highest return.

History suggests that value creation occurs when infrastructure is in place before demand becomes apparent. By the time a corridor reaches full maturity, much of the easy appreciation has already taken place.

The Dallas North Tollway demonstrated what happens when infrastructure, population growth, and institutional investment align over several decades. The Chisholm Trail Parkway may now be entering a phase in which those forces begin to compound on a larger scale.

For developers, homebuilders, investors, municipalities and landowners, the implications are significant. The future of North Texas growth will not be defined solely by how far north the metroplex can expand. It will also be determined by how effectively the southern corridor translates infrastructure investment into long-term economic activity.

If the Dallas North Tollway was the defining growth story of the past generation, the Chisholm Trail Parkway may be the defining growth story of the next.

Five of the six were seller-financed.

Not because the buyers preferred it. Because conventional lenders couldn't touch them. FHA couldn't touch them. These were people with real income, real savings and no path to a mortgage.

That ratio stopped me. One out of six qualified through traditional channels. The other five had the money but not the paper trail. And without us standing on the other side of that transaction, every one of them would still be renting.

The housing affordability conversation focuses on price. Price matters. But financing is the barrier nobody talks about, and it's locking out the exact buyers who need homeownership most.

The buyers the system can't see

A lot of first-time buyers don't have traditional credit profiles. No W-2s. No tax returns. Not because they don't earn. Because they run cash businesses, work in trades, operate in the real economy where income doesn't show up on paper the way a bank wants it to.

These aren't fringe cases. In the communities we operate in, they're the majority. Five out of six. That's not an anomaly. That's the market telling you something about who gets left out and why.

Conventional lending was designed for salaried employees with employer-verified income and a credit file that goes back years. FHA expanded the pool, but it still requires documentation that most of these buyers can't produce. The system works for the people it was built for. It doesn't work for the rest.

What seller financing actually looks like

We partnered with a national mortgage company for conventional and FHA loans. That covers the buyers who fit the standard mold. But for the ones who don't, we built a seller financing product from scratch.

No traditional credit requirements. The buyer puts money down, signs a note and starts building equity from day one. The terms are structured so they're not just occupants. They're owners. They accumulate equity on a schedule, and the payments are calibrated to what they can actually afford based on real income, not reported income.

This is how you put people on the ladder. You structure the note so the buyer wins if they stay, builds credit while they're in it and ends up in a position to refinance into a conventional mortgage down the road if they want to. Seller financing is just a much-needed bridge.

The key is underwriting to reality instead of underwriting to paperwork. You look at the person, the income, the payment history on rent and the down payment they've saved. The information is there. The traditional system just doesn't know how to read it.

The bigger picture

Homeownership is how most Americans build wealth. Not stocks. Not crypto. The house they live in.

When you price an entire generation out of that, you're not just creating a housing problem. You're creating a wealth gap that compounds for decades. And the financing system is doing half the pricing-out. A buyer who can afford a $90,000 home but can't produce a W-2 is functionally locked out of the wealth-building mechanism that built the middle class.

We're converting existing apartments into condos in secondary markets. The units are priced at one to two times annual household income. We haven't seen that kind of access point since the 1950s. The product exists. The demand exists. What's been missing is financing that reflects how these buyers actually earn.

Every secondary market with aging apartment stock and a priced-out buyer pool is sitting on the same opportunity. The conversion model is replicable. The seller financing model is replicable. Anyone reading this can build the same thing in their market.

Who will fill the gap?

The industry talks about expanding access. About meeting buyers where they are. About closing the homeownership gap. And yet the majority of potential entry-level buyers are not even considered.

The buyers in our community couldn't get a conventional mortgage. They had the income. They had the savings. They had the down payment. The system said no.

We said yes, and structured a product that lets them build equity from day one without requiring documentation they'll never have.

There’s a gap in entry-level financing. It will be filled. The only question is, who will be the ones to fill it?

Alan Stalcup is a Texas-based real estate executive best known as the CEO and founder of GVA Real Estate 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.

BrokerBot, the artificial intelligence (AI) teammate platform built by Ribera AI, Inc. and a HousingWire 2026 Tech100 Real Estate winner, is changing that math.

The company recently announced the close of its seed funding round, led by Grand Ventures, with participation from Second Century Ventures, the strategic investment arm of the National Association of Realtors (NAR).

Since launching in early 2025, BrokerBot has been deployed across 240-plus brokerages and more than 30,000 agent users — helping automate administrative workflows, enforce compliance and answer agent questions instantly using each brokerage's own documents and policies.

Co-founder and CEO Jerimiah Taylor sat down with HousingWire to explain how brokers are benefiting and what comes next.

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

Jonathan Delozier: What types of agent inquiries are being resolved most frequently, and where are brokers seeing the biggest operational impact?

Jerimiah Taylor: The number one use case is, if you've been a real estate broker for any period of time, you've received a call from your agent that goes something like, "Hey, Jon, it's Jerimiah. Sorry to bother you on a Saturday, but I just got a quick question, you got a minute?" And then that's followed by, "I need a copy of the W-9 to turn into escrow, where do I find that again?" Or it's just some relatively trivial thing that the agent needs support with. They don't know exactly where to find it. We've solved that problem by embedding the entire corpus of knowledge for the brokerage and making it accessible across every channel using our artificial intelligent assistant on behalf of a brokerage.

Jonathan Delozier: How does BrokerBot ensure that answers are based on a brokerage's own policies, compliance concerns and workflows — and what role has that played in achieving the 70% reduction in minor contract corrections?

Jerimiah Taylor: We actually translate all of the compliance documents at the national, state, local, brokerage and even the team or individual level into machine-readable instructions that we create a compliance fence around as skills inside of the machine. One of the biggest things that has been a challenge for us has also been a differentiator — to make it so the BrokerBot knows what it knows, and it knows what it doesn't know and it knows the difference between the two.

When we launch with a brokerage, we do a pretty good job extracting and getting it right out of the gate. Over that first two months that we're live, what will happen is the agents will come to BrokerBot looking for help with things that we won't have the answers to. Unlike ChatGPT and others that just make it up or guess, we either do a live web search, and if there is a resource that the directors pointed us to on the net, we'll pick that up. If we don't have it, we just simply tell the agent, "Hey, we don't have that. We let somebody on your leadership team know," and we fire off an email and a text and then somebody on the brokerage leadership team answers the question. Obviously we save that, so that the next time that question comes up, that's a training moment.

Jonathan Delozier: What patterns have you seen among the top-performing clients, and what separates them from firms where you're not seeing the same kind of adoption?

Jerimiah Taylor:  It's interesting, especially in these franchise companies — because they get the same franchise playbook, but they do very different things with it. You get a Keller Williams that has 2,000 agents [adopting the platform] and one that is struggling to have 25, and a lot of that is about the leadership's ability to communicate and implement. What we found is that a tremendous percentage of these brokerages don't have written [standard operating procedures]. Originally, we built a tool that we handed to the broker and said, "Okay, now you just upload all your stuff, I'm going to learn from it." What we found is about a third of the brokers would just get stuck because they didn't have anything to upload. It all lived in their heads and it was poorly documented. So we've recently built our own interview-based onboarding to where we use a combination of AI agents and in-person Zoom interviews that are recorded to build out their operating playbook.

The key metrics we look at are, 90 days post-launch, can we get 51% of the agents to claim their account? That's based on the reality that we know that about half the agents of a brokerage actively make a living selling real estate. At that 90-day mark, can we get roughly 35% of the activated users to become weekly users of the tool? And of that 35%, we look for roughly 40% of them to be daily users.

Jonathan Delozier: The next phase is moving from answering questions to completing work with agentic AI. Can you share examples of the kinds of tasks BrokerBot will soon be able to do with transaction management, e-signatures the MLS and so on?

Jerimiah Taylor: We already do a lot of that today. We already have the capabilities where they upload their contract, they click the button, it reads all the dates, it sets reminders, it texts them the day before and emails them that their critical dates are due, puts everything in their Follow Up Boss and creates the deal in their pipeline. It uploads the contract to SkySlope for them — that is 100% live.

We can do the administrative work on behalf of the licensee, but we need to firmly understand where regulation stops and starts, because it also changes by jurisdiction. What we can do is take the agent instructions, do internet research and then parse all the contract fields down for them. What we're doing with SkySlope is they're giving us the ability to render their SkySlope signing experience right inside BrokerBot. The agent can call or send a quick text, we can generate the contract based on their brokerage's templates, show it to them, they do a quick review, clean up anything they need to and then hit send. The tool goes out and they're able to do that.

I've been at [NAR’s 2026 Realtors Legislative Meetings] all day today, and people ask me, "What does it do?" And I say, "Can I take a picture of your badge?" I take a picture of their badge, I say, "Hey BrokerBot, go find their name and email.” Then I write a little dossier on them, put them in Follow Up Boss, add a note for next week and send them an email thanking them, saying it was nice to meet them.

Then you just see their eyes go wide open, because they're like, "Wait, how’s it finding my cell phone number and finding my email?" Well, you're a Realtor — it's on the internet. But just the fact that it's able to do that off of a quick picture and a text message, it's really impressive.

A second U.S. President in a row to serve past the age of 80 is in the Oval Office. Whether spoken or not, succession, or rather a sound strategic, operational and organizational cultural plan for it, is on the minds of many.

 It’s the same in homebuilding land. No fewer than a half dozen of America’s highest-profile homebuilding enterprises – including D.R. Horton, NVR, Toll Brothers, Sekisui House (U.S.A), KB Home, Meritage Homes, and more recently, Lennar – have either triggered CEO-level succession plans or put them into greater focus over the past five or six years.

Moreover, among the strategic challenges facing most private homebuilding companies today, succession rarely appears on quarterly business calls, land acquisition maps, sales dashboards, or construction schedules. Yet it ranks right up there with customer focus, capital resiliency, land position, and operational excellence as one of homebuilding’s truly burning – if not existential – strategic issues.

In fact, homebuilding leaders often take pride in having navigated housing downturns, labor shortages, supply chain disruptions, affordability crises, inflation, interest rate shocks, and shifting consumer expectations.

Yet many privately held builders face another challenge that receives far less attention: determining who will lead the enterprise when the founder, owner or longtime chief executive eventually steps aside.

The issue is neither theoretical nor distant.

As noted in a September-October 2025 Harvard Business Review article:

"More than half of all privately held businesses with employees in the United States have owners over age 55," representing "2.9 million businesses, 32.1 million employees, $1.3 trillion in payroll, and $6.5 trillion in revenue."

Homebuilding is hardly exempt. The succession question is central to merger and acquisition valuation analyses prevalent in a rapidly consolidating homebuilding firmament. In a land acquisition, development and construction capital context where terms, finance costs and covenants can make or break lot pipeline resilience in a net-margin-challenged backdrop, succession emerges as an equally compelling determinant for capital providers.

Across the industry, a generation of founders, entrepreneurs, second-generation operators, and long-tenured leaders is approaching the point where the question can no longer be deferred:

What happens next?

Partners in Building – the $410 million, Houston-based custom homebuilding company ranked No. 34 on our HousingWire Homebuilder Rankings and operating in Houston, Dallas-Fort Worth, and Nashville – offers a revealing case study of what a deliberate and replicable answer can look like.

It starts with commitment and investment in succession as an operational and strategic priority.

The company recently announced that President and CEO Jim Lemming will transition to the role of chairman, while his son, Chris Lemming, will assume the presidency.

On its face, it appears to be a straightforward family-business transition. The reality – and the candid insider insight into that reality we gain through our exclusive conversations with both Jim and Chris Lemming – shows this milestone to be anything but.

Our conversations reveal a succession effort years in the making – one involving executive coaching, leadership development, role transitions, operational cross-training, and a highly intentional effort to ensure the company was preparing for leadership continuity rather than reacting to leadership change or, heaven forbid, a reflexive generational family handoff.

Building a plan before it is needed

One of the most striking aspects of Jim Lemming's account is how deliberately the process was designed.

"We began about 18 months ago," Jim said, describing a formalized succession-planning effort that involved the family's leadership team and its executive-coaching partner, Higher Echelon. The process included not only determining future roles but also mapping a specific sequence of transitions, communication plans and operational responsibilities.

"It was a very intentional process," Jim said.

The objective of the commitment and investment in the process was not simply to identify a successor. Rather, it was to ready the organization so that it would be fit for a future full of known and unknown challenges and opportunities.

Jim recalls wanting to avoid the uncertainty that often follows abrupt leadership changes. The company announced Chris's future role well in advance, named Chris's successor in Dallas, arranged months of shadowing and overlap, and provided employees with visibility into the timeline long before the transition became official.

That level of planning stands in notable contrast to the pattern described in recent Harvard Business Review research.

Authors Jeff Rosenthal and Molly Rosen argue that many organizations spend significant time discussing succession while investing far less effort in preparing successors. One executive interviewed for their research put it bluntly:

"It doesn't mean jack s**t if I have a grid full of leaders who are rated. What are we doing about it?"

Partners in Building's approach appears to have focused heavily on the latter.

A successor who grew up around the business

Chris Lemming's path to the presidency was neither genetically pre-determined, immediate nor automatic.

His earliest memories of homebuilding stretch back to childhood weekends spent accompanying his father to model homes and community openings.

"I do remember going to model homes with him on weekends with my brothers," Chris said. "We'd go to a model home grand opening, and watch my dad give a few words."

Yet he did not initially pursue homebuilding as a profession.

After college, Chris attended law school and practiced in finance-related legal work involving infrastructure projects. The experience, he says, proved unexpectedly valuable.

"The critical thinking skill set that you learn in law school and practicing law, to me, it's applicable to any industry," he said. "What's the problem? What do we know about it? Let's analyze it. Let's make a conclusion. Let's execute."

Eventually, however, he found himself drawn toward the operating side of business.

"I always found myself wishing I was on the client side," he said. "The one building the thing, or selling the product."

That shift ultimately brought him to Partners in Building, where he spent the past decade advancing through operational leadership roles before leading the company's expansion into Dallas-Fort Worth.

What gets passed down

Succession stories often focus on titles. More revealing are the leadership habits and cultural principles that get transferred from one generation to the next. Asked what he learned most from his father, Chris immediately pointed to curiosity.

"He is a voracious learner," Chris said. "He's constantly learning stuff, reading things, he's really curious."

That curiosity, Chris believes, extends well beyond homebuilding itself.

"He uses his interest in a lot of other varied subjects" and applies those perspectives to product strategy, marketing, pricing, and customer experience.

But the lesson Chris returned to repeatedly involved people.

"He cares a lot about people," Chris said. "He is a really, really good people developer."

That observation closely aligns with Jim's own description of the culture he hopes will survive beyond his tenure.

"We're a very people-centric company," Jim said. "The team is very well valued. The team is well trained."

Over the years, that commitment has evolved into a structured investment in leadership development through executive coaching and internal training programs. Rather than treating leadership development as an HR function, Partners in Building appears to view it as a competitive strategy.

Chris noted that the company invests heavily in developing managers, construction personnel, and future leaders, describing an organizational commitment to "creating a culture of leadership and resiliency."

Beyond family: Building a leadership bench

Perhaps the least surprising aspect of the Partners in Building story is that the succession plan extends well beyond family members.

Jim repeatedly emphasized the importance of developing entrepreneurial leaders throughout the company.

Reflecting on his years in public homebuilding, he contrasted what he sees as increasingly managerial structures with the entrepreneurial environments that shaped earlier generations of operators. He described a desire to develop leaders capable of thinking and acting like business builders rather than simply administrators.

Chris echoes that philosophy. He described a culture built around teaching people the business, giving them meaningful responsibility, and then trusting them to perform.

"We hire great people, we put them in our culture, teach them as much as we can, and then you've got to let them do their thing," he said.

That idea may prove especially relevant as homebuilding faces a broader generational transition amid a flurry of challenges, ranging from structural household formation and composition changes to AI-powered business economics shifts to seismic new patterns in where developers can build and why.

Succession planning is not merely about replacing a founder. It is about building enough leadership depth that an organization can continue evolving after its founder steps aside.

The next era

Neither Jim nor Chris frames the transition as preserving the company in amber.

Both talk about continuity and evolution.

Jim sees opportunity in technology's ability to improve estimating, purchasing, design, and construction operations while creating greater value for customers.

Chris similarly points toward enterprise software modernization, data capabilities, and AI-assisted financial analytics while emphasizing that technology should enhance—not replace—the company's commitment to human relationships and customer experience.

That balance may ultimately define whether succession efforts succeed.

The challenge is not simply preserving culture. It is enabling a new generation to inherit it, reinterpret it, and adapt it to a different operating environment.

Two takeaways for many organizations on the cusp

The deeper takeaway from Partners in Building's transition is not that a father handed leadership to a son.

It is that succession became a strategic initiative long before it became an event.

The company invested in coaching. It built leadership-development programs. It created overlap periods. It communicated transparently. It developed successors to successors. It spent years preparing people before changing titles.

Those choices required time, money, patience, and organizational discipline.

They also stand as a reminder that succession planning is not fundamentally about retirement.

It is about stewardship.

As the Harvard Business Review observes in The Founder's Final Act, the strongest outcomes emerge from "a structured, intentional approach."

At a moment when thousands of privately held businesses are confronting the realities of generational transition, that may be the most important lesson this story offers.

How it should work

Succession planning has been called "the last act of a great CEO." For founders, owners, and entrepreneurial builders, it may be even more significant: the ultimate test of stewardship. The irony is that when succession is executed exceptionally well, it often seems almost ordinary.

Years ago, after handing the chief executive role at Toll Brothers to Doug Yearley, co-founder Bob Toll greeted questions about the transition with a shrug and a Yiddish phrase: "Vus meer plan?" — what is all the fuss about?

Perhaps that is the highest compliment any succession plan can earn [ … and Doug Yearley more and vindicated Bob’s choice and nonchalance in discussing it.]

Not that it generated attention. Not that it created drama. Not that it became a case study.

But those years of intentional preparation, leadership development, trust-building, coaching, communication, and disciplined execution allowed a company to move confidently from one generation of leadership to the next, with employees focused on serving customers, managers focused on building teams, and the business focused on its future.

If that is the outcome Jim and Chris Lemming have helped create at Partners in Building, then the real story is not that a succession occurred.

It is that such a succession was prepared for. And that may be precisely why, in the years ahead, observers may look back on it and ask the same question Bob Toll did:

What was all the fuss about?

In a new lawsuit filed law Tuesday against Zillow, as well as the firm’s CEO Jeremy Wacksman and CFO Jeremy Hofmann, investor Matt Breidert alleges that Zillow misled investors about its February 2025 agreement with Redfin involving multifamily rental listings. According to the complaint, Zillow described the deal as a "partnership," but Breidert later learned, through the FTC’s lawsuit, that regulators viewed it as something much closer to an acquisition or market-exit agreement that allegedly eliminated a competitor.

The lawsuit claims that Zillow failed to adequately disclose the antitrust risks associated with the agreement and that investors suffered losses when those risks became public.

“Zillow's agreement with Redfin was not a 'partnership,' but rather an acquisition of Redfin's business; as a result of the Redfin Agreement, Zillow faced a materially heightened risk of regulatory scrutiny and liability under federal antitrust laws,” the complaint states. 

In an emailed statement, a Zillow spokesperson wrote that the firm’s  “rental listings partnership with Redfin is pro-competitive and pro-consumer, and we remain confident in that position." 

“We stand by our business model and will vigorously defend against these allegations,” the spokesperson added.

According to the complaint, Zillow’s Class C share price fell 4.33% on September 30, 2025, when the FTC filed its lawsuit, and another 4.63% the following day. Additionally, Class A shares allegedly fell by 4.5% on September 30, and 4.37% the next day. 

The complaint also claims that share prices fell again in February 2026 after Zillow Group’s fourth quarter 2025 earnings call when Hofmann disclosed "ongoing elevated legal expenses" and warned of a roughly 200-basis-point EBITDA-margin headwind, with Class C shares allegedly falling 17.12% and Class A shares allegedly falling 16.5%.

Breidert is seeking class action status for all persons or entities who purchased or otherwise acquired Class A or Class C Zillow common stock between February 11, 2025 and May 7, 2026, and has demanded damages and a jury trial.

“What we're focused on is 75% of homeowners today with a mortgage have a rate that is still out of the money — and that's material,” Blake Eger, Saluda Grade's head of private credit and senior portfolio manager, said in an interview with HousingWire. “In the near term, I don't see any material changes in rates that would impact borrower behavior in some of these asset classes.”

Eger added that the average rate held by today's homeowner is about 4.5%, but the current rate is near 6.5%. With no incentive to refinance their homes, most of these customers are tapping into their home equity — an asset class that attracts investors like Saluda Grade.

“There's a tremendous amount of equity accumulated in the system today, in particular on the residential side. It's almost $35 trillion of home equity in single-family residential housing in the U.S.. That's a giant asset class. We want to finance that equity, the homeowner who has that equity,” Eger said.

On top of that, there’s a supply shortage of about 3.5 million homes, household formations continue to increase and housing stock across the country is aging rapidly, she added.

Eger said that signals of consumer stress are not apparent in the company’s portfolio. Saluda has a total portfolio of about $4 billion, the majority being residential assets. But it also has fixed-income and growth equity businesses. With the latter, it takes non-controlling, minority stakes in originators of alternative housing assets and fintech platforms.

“We've been comfortable with the level of delinquencies that we're seeing — these assets are performing well,” Eger said. “That said, we're certainly aware of the headlines, and we've seen broader delinquencies certainly pick up in consumer loans. It's something we keep a close eye on.”

Saluda forecasts a market of $150 billion in second-lien production in 2026. Eger said there's no shortage of assets out there; it's a question of finding the right home for them.

Regarding parallels between some of these assets and those created prior to the financial crisis of the late 2000s, Eger said Saluda’s weighted average FICO score is 750 across second liens and residential transition loans (RTLs), meaning that these are prime borrowers.

“Home equity agreements are a different product, and they are designed for someone who cannot access a traditional mortgage, so by nature they're likely to have a lower FICO score,” Eger said. “Ideally, this is used as a credit curing product, and this is a way for a homeowner to use their most valuable asset to pay down expensive debt that's weighing on their own personal balance sheet."

Eger said mortgage credit availability is historically tight — nearing 2009 levels — leaving most borrowers without agency options. Private credit is filling this necessary void rather than driving up rates. Subprime lending is significantly smaller and much better underwritten today compared to the pre-crisis era, she added. 

Private credit

Eger knows about subprime. She began her career at Bear Stearns structuring subprime mortgage-backed securities (MBS) prior to the crisis, then moved to JP Morgan, Bank of America/Merrill Lynch (trading non-agency RMBS), Structured Portfolio Management, Redwood Trust and Paloma Partners before joining Saluda Grade about four and a half years ago.

Saluda Grade, founded in 2019, is broadening its asset-backed credit strategy beyond its traditional residential focus to expand into both commercial and non-housing sectors.

Following its acquisition of Hillcrest Finance in mid-2025, the firm is targeting commercial mortgages, specifically commercial bridge loans. With the recent hire of co-chief investment officer Patrick Lo, formerly of Waterfall Asset Management, Saluda is exploring other opportunities such as home improvement, manufactured housing and solar loans.

Saluda prioritizes asset-backed finance (ABF) — in which loans are secured by specific collateral rather than just a borrower's creditworthiness — over corporate direct lending because it offers better diversification through thousands of smaller, asset-backed loans with contractual cash flows, Eger said.

This "Private Credit 2.0" space has grown significantly as regulatory changes like Dodd-Frank forced banks to retreat, allowing private credit funds to step in and provide broader investor access. Looking ahead, Saluda expects upcoming Basel III regulations to have minimal impact on its specific alternative asset strategies.

“The key theme that we're continuing to hear from allocators over and over again is we have maybe been too focused on one form of private credit,” Eger said. “With today's new definition of private credit that now includes ABF, we're looking to diversify our exposure, and prudently it makes sense.”

Regarding recent stress in the broader private credit market, Eger said the company is making sure it has ”strong third-party vendors” that look at credit compliance and valuation on certain products.

“There's always risks, and if nothing else, putting more eyes on this and having it come to the forefront makes everybody in the space a more prudent investor,” she said.

Disasters such as fires, floods and tornadoes are striking a widening geographic area across our country, and their frequency appears to be rising. The cobbled-together framework of consumers’ hazard insurance policies, state insurance programs, the national flood insurance program, and federal emergency funds falls short of meeting the needs of proactive disaster and recovery planning.   

In the first half of my article, I’ll explain the shortfalls of the current framework and its impact on housing. In the 2nd half, I will propose alternatives supported by my research and 45+ years in housing-related research and thought leadership.

The warning signs are no longer subtle. The hazard insurance and disaster recovery framework is cracking and may curtail home sales.

Across wide swaths of the United States, homeowners and renters are finding that hazard insurance – the often-overlooked prerequisite for every mortgage, lease and property transaction – is harder to obtain, harder to afford or simply unavailable at any price. 

What once seemed a regional issue confined to coastal hurricanes or Western wildfires has become a national stress fracture, affecting housing markets, household and insurance organization balance sheets and state budgets.

If this trajectory continues unchecked, hazard insurance will not only strain household finances. It will increasingly act as a hard constraint on housing supply, homeownership, and economic mobility—especially in regions already grappling with affordability pressures.

Zeroing in

Disaster losses are increasing in frequency, severity, and geographic reach, while the U.S. insurance system, designed to absorb those shocks, remains fragmented, reactive and financially unstable. Homeowners face spiraling premiums or outright non-renewals. Renters absorb rising insurance costs through higher rents. 

Builders and developers face growing uncertainty about insurability, project feasibility, and buyer qualification. Potential resale and new home buyers may scrap purchases when the added insurance cost pushes beyond monthly budgets. The result is a feedback loop that threatens to stall housing markets long before a single foundation is poured or a resale home is listed.

Disaster recovery is no longer a future problem.

Recent data makes the scale of the challenge clear:

• In 2025 alone, the U.S. experienced 23 billion-dollar weather and climate disasters, including wildfires, floods, tornadoes, and severe storms according to The Weather Channel.  Billion-Dollar Weather And Climate Disasters Of 2025 | Weather.com
• California’s January 2025 Palisades and Eaton fires damaged or destroyed more than 16,000 structures, with estimated losses exceeding $60 billion.
• Flooding events in Texas Hill Country, Western North Carolina, and Alaska in 2025 underscore that “non-traditional” risk geographies are now firmly in play.
• Tornado activity (1,558 events in 2025) affected 42 states, well above long-term historical averages per the National Center for Environmental Information. 
• Damage from hail, particularly to aging roofs, drives significant insurance claims according to Cotality. In a March 2026 report, Cotality suggested Texas has 7.9 million homes at risk due to the prevalence of severe convection storms and the state’s housing concentrations.  

Most hazard insurance policies don’t cover flooding, yet nearly 96% of U.S. homeowners lack flood insurance according to the Federal Emergency Management Agency (FEMA), and many are underinsured relative to replacement costs – leaving families, lenders, and governments exposed to disaster. 

A system stretched past its design limits

Today’s disaster-recovery framework relies on a patchwork of:

• Private hazard insurers, who will stop operating in some states when facing large losses
• The National Flood Insurance Program (NFIP), which has borrowed from the U.S. Treasury since 2004 since policy premiums received no longer cover payouts.  The NFIP owes $25.5 billion to the U.S. Treasury as of March 2026.
• State-level FAIR plans, typically the insurer of “last resort” when residents cannot obtain private insurance. California’s FAIR program is teetering financially while Florida’s program is strained but operational.
• Federal disaster relief, primarily through the Federal Emergency Management Agency (FEMA), which requires funding approved by Congress. FEMA payouts averaged $38 million annually from 2020-2025, jumping notably from prior years.

Each plays a role – but none were built for the scale, frequency, and national scope of today’s risk environment. Disputes over windblown water intrusion versus overland-flooding coverage delay payouts after tropical storms. Many State FAIR plans – state-managed property insurance plans that provide coverage for property owners who can't obtain a policy from private insurers due to high-risk factors – are experiencing increased exposure. Federal relief fills gaps after the fact, often slowly and at great expense, without guidelines to mitigate risks.

The result is a system that relies on less predictive historical data, responds to disasters after the fact rather than proactively managing risk, and increasingly shifts costs downstream to households and taxpayers.

The fork in the road

The direction is clear:

• Option one: continue absorbing higher premiums, shrinking coverage, mounting public liabilities, and growing market distortions—until insurability becomes a barrier for large portions of the U.S. housing market.
• Option two: acknowledge that managing hazard risks has become a national housing and economic issue—and design a system that treats it as such.

Part 2 of this analysis will explore what that second path could look like.

While private-label reverse mortgages offer advantages like lower upfront costs and larger loan amounts, the shrinking market share for HECMs can also be chalked up to the fact that one of its flagship offerings, the HECM for Purchase program, remains underutilized. HECM for Purchase allows a senior homeowner to tap into their existing equity, sell their current property and buy a new one without taking on monthly payments.

Data from the U.S. Department of Housing and Urban Development (HUD) for fiscal year 2025 shows that purchase transactions accounted for roughly 5% of all HECM endorsements. That share has never crossed into double digits since the purchase program was created in 2009.

At last week’s Western Regional Meeting of the National Reverse Mortgage Lenders Association (NRMLA), a panel discussion focused on ways to jumpstart HECM for Purchase through educational efforts with consumers, real estate agents and forward lending professionals. The five people on the panel shared their experiences with successfully selling and integrating HECM for Purchase into their businesses.

Given that older Americans are the majority of today’s buyers and sellers, why do you think that HECM for Purchase remains such an underutilized tool for the industry?

Christine Jensen, senior vice president of reverse mortgage lending, Fairway Home Mortgage: It’s largely misunderstood. Too many seniors are stuck in a home that no longer meets their needs, but they don’t take action to move into a home that would be more suitable for them, because they don’t realize that there’s an option out there that doesn’t require a mandatory mortgage payment.

When you’re in retirement, the mindset that these people have is thinking that the only option available to them, if they were going to make a move, is that they would have to harvest enough proceeds from the sale of their current home to pay cash for the replacement home. If only they knew they could get into a more suitable replacement home and not have a mandatory mortgage payment, I think we would have higher adoption.

Priscilla Rael-Albin, broker associate, REMAX: I’m the sandwich generation: I'm worried about my kids and I’m worried about my parents. You sort of need to start there as HECMs need to be looked at as a tool for planning for the future.

We have a lot of seniors who are in large homes and need to go to a smaller home. They can’t do the normal loan qualifications because they’re on a fixed income, so they don’t fit into that bubble of purchasing a property with normal financing. A reverse mortgage for purchase is ideal. They can also take some of that cash and invest it to grow their financial wealth. So it’s just big-picture thinking and looking at as a planning tool versus a situation where they think they’re going to lose their house.

There are misconceptions among consumers, but what are the misconceptions among industry professionals about these products, given that you’re trying to educate forward-centric loan officers and real estate agents who may not have much exposure to them?

Patrick Ortiz, regional vice president for the Reverse One division, CrossCountry Mortgage: When I talk to forward loan officers, I break down the basics and demystify what it is. It’s not some exotic program. It’s an FHA-backed loan or a regulated proprietary loan.

I don’t really like to use the term PLF (principal limit factor), because they don’t know what that is. I talk about LTV (loan-to-value) and DTI (debt-to-income) ratios. The more we educate our forward loan officers on what we can do, the less complicated they think it is. Every LO should be able to have a five- to seven-minute conversation with a borrower about the basics of reverse. The way we’re going to springboard the whole program is to leverage our forward lending colleagues.

Sarah Rowan, vice president of mortgage lending, Rate: I think a lot of originators are afraid to say “reverse,” thinking it’s a dirty little word. Their agents might think, “Oh, we’re going to try to keep them in their home.” But when we say “reverse,” it’s about reversing their current mortgage. They don’t realize it expands the purchasing power of the borrower.

They might have a cash buyer, where they sell one home and have cash to buy another. But is that doing right by the senior? They don’t realize that I’m able to get the client into a much better home by rightsizing, rather than just taking the cash and being really strapped on what they’re able to do.

That piece of education is missing. That’s where a lot of lenders get in their own head about pitching products. You’re not losing the deal by talking to them about reverse. You’re opening up additional options that they didn’t know they have.

Can you share an example where HECM for Purchase changed the equation and allowed a client to buy something new? What was the human impact of the deal on the client’s retirement?

Dan Mudd, producing regional manager for reverse, Rate: My favorite HECM for Purchase story involves a client I worked with about 10 years ago. Their mom and dad were getting older, so the kids reached out to me again at the end of last year and asked, “What are the options to help them do a lateral move?”

We were able to work with a local Realtor and sell their two-story, split-level property. We took their equity and put them into a one-story condominium, allowing them to age in place with no money out of their pocket. They were within five minutes of their grandkids, instead of being an hour away. That, to me, was the best situation, because the kids already believed in the product and understood it, and they knew it was the best option for their parents.

Rael-Albin: I had a widow who’d lost her husband. They were both on Social Security, and unfortunately, when you lose a loved one on Social Security, you get the higher of the two payments, but your expenses don’t cut in half. She owned her home free and clear, but her expenses outpaced her Social Security, so she was really struggling.

We sold her home and got her into a single-story, one-bedroom condo. She was able to put, I think, $60,000 or $80,000 into a savings account for a rainy day. She was able to put food in her pantry, she didn’t have a mortgage payment, and all she had to worry about was taxes and HOA fees, which were $700 a month.

You really need to look at it by advising them on how they can have a better life and not be stressed out. They shouldn’t be stressed at 80 years old on whether or not they can eat that month.

Let’s talk about how to structure a successful and durable referral partnership between real estate agents and loan officers. What communication protocols would you use to ensure a smooth process for these types of transactions?

Ortiz: What I tell people is, this isn’t for every one of your buyers. It’s not for every client that’s going to walk through the door at an open house. But it is for some of them. And if you don’t know the program, you’re not offering it and you’re not even having a conversation about it, I promise you, clients are going to have a conversation about it with somebody else.

You need to play to this enormous, over-62 demographic that has all the housing wealth and is actually buying homes right now. If you’re not collaborating and capitalizing, you’re missing the boat. You’re playing with five sticks in your golf bag, but you could play with all of them. I promise you, the game is more fun.

Jensen: I want to talk about new construction and homebuilders for a moment, and the partnerships that we really need to have with that segment of the industry. Too often, seniors are avoiding new-home subdivision sales offices because they don’t think there’s any way they can afford these beautiful, lower-maintenance, easier-living homes.

I had the privilege of working with some clients not too long ago who were selling their quad-level home in Arvada, Colorado, and moving to a 55-plus community in Broomfield. Based on what they were going to net from the sale of the house in Arvada, they were really going to have to limit what they could purchase in the new-home community.

Fortunately, they heard about HECM for Purchase. We got together and I showed them how friends don’t let friends pay cash for their house. We showed them they could actually afford some of those beautiful features that they longed to have. One of the options that the builder offered was this indoor-outdoor fireplace that would serve both the living room and back deck, and that was one of those features that they dreamed of having.

“My personal rationale for doing this at such a fraught time for the MLSs is exactly that — because it is such a challenging time for the MLSs,” Edgerton said. “I have been working in the real estate space since the start of my legal career in 2004. It has become so clear to me that the United States, Canada and countries that operate with an MLS system provide their consumers with a huge advantage when it comes to transparency and efficiency. Right now, I am worried about our industry floating away from the MLS as an anchor — and I want to stop that.” 

In her most recent role as chief legal officer for global real estate company Leading Real Estate Companies of the World, Edgerton said she has gained a greater appreciation for the MLS system that exists in the U.S. and she is looking forward to working with MLSs to ensure that the industry fully understands benefits of the system it has before it is too late.

“I deeply love our industry and I feel that the MLSs need a very strong voice right now to protect what we have and to educate our consumers about exactly what we do,” Edgerton said. “Overall I really do believe that the industry wants the same thing, whether we are talking about portals, brokerages or MLSs and that is for our consumers to have the best and highest chance for homeownership that they can in a very difficult market right now.” 

A fraught environment

Although the industry may share a common goal, Edgerton acknowledged that not all parties can agree as to what the best course of action is to achieve that goal, which has resulted in a variety of different business models, tensions and even litigation within the industry. Through all of this, Edgerton said she believes the MLSs need to be recognized as a “deeply essential” and “to a certain extent a neutral party that can, regardless of what happens, serve as the foundational infrastructure of our industry.”

Still she believes the competition that is currently evolving in the MLS space right now is very important.

“Coming from the antitrust world that we were in for the last seven years, competition is essential,” Edgerton said. “All of these battles that are happening right now, all of the innovation, ultimately needs to be of benefit for our consumers.” 

Due to this, Edgerton feels that the questions surrounding the future of MLS utility are misguided.

“If these battles play out and the MLS ends up being a victim of those battles, nothing will work as well in whatever new industry environment that is created,” Edgerton said. “The MLS can serve as the foundation — the enduring structure upon which innovation is built.  If we can succeed in protecting what the MLS stands for, which is neutral, complete, real-time, true data, through all of these battles, then all of these competing factions will end up having a better infrastructure to work with when the dust clears.” 

Helping shape the future

Edgerton acknowledged that this will be a challenging task, especially as MLSs, brokers and other industry participants are experimenting with different strategies as they work to stay relevant and competitive in today’s quickly evolving, AI-driven world. 

“As the MLSs innovate and experiment, there will almost certainly be contentious moments. That's the nature of a healthy, competitive ecosystem.” Edgerton said. “We can't shy away from disagreement. Disagreement is how great ideas are often born. For CMLS, our role is going to build on what we have always done — educating and training our members and the industry at large regarding how best to ensure data integrity, serving members and consumers with clean, timely and relevant data.”

However, Edgerton added that she hopes to see the role of CMLS in the MLS ecosystem expand, as the trade group looks to have a bigger voice in some of the current legislative discussions surrounding the marketing of listings. 

“I want CMLS to serve as a louder, stronger advocate as legislatures and attorneys general grapple with these issues around the MLS,” Edgerton said. “I want to be in all of those rooms where there are larger industry discussions because there needs to be a stronger voice for the MLS.” 

Broker relationships

It is no secret that the relationship between brokers and the MLS can be contentious at times. Edgerton is excited to use her experience working in the real estate brokerage space to help her be a better bridge between brokers and MLSs. 

“The conversations that we need to be having right now cannot be siloed. Brokers, agents and their consumers downstream are all dependent on what the MLS is doing and the choices that MLSs are making. I think it is absolutely vital to ensure that brokerages are engaging with the MLSs and vice versa.  MLSs need to have a crystalline understanding of what their brokers need,” Edgerton said. “MLSs won’t survive if they are not listening to their brokers, agents and consumers.  This industry is an ecosystem, and we are all dependent on each other.”

With different brokers and consumers in different markets having different needs, Edgerton said CMLS is not interested in “flattening the landscape,” but instead is focused on continuing to encourage and provide the tools and resources the association’s members need to have these conversations and begin to implement some of the desired changes. 

“Each of our MLSs is going to be making their own decisions, their own innovations, their own mistakes,” she said. “CMLS’s job is, to the extent that we can, to provide resources for ongoing innovation, creativity and development.” 

A path of innovation

Looking ahead at the uncertainty that has gripped much of the housing industry as it works to innovate, Edgerton believes that, at least in the MLS space, the industry needs to focus on the unique value of the MLS — that it's the one true repository of listings that exists without bias or the competitive elements of portals or brokerages. 

“There is no entity that is better situated to be a complete, neutral, timely resource for real estate listing data,” Edgerton said. “All of the innovation that is happening right now depends completely on full, timely real estate data.  Portals are competing with one another. Brokerages are competing with one another. The MLS, as an entity, is situated to be a partner and a resource that can serve and bolster that competition from a neutral standpoint. It can be the resource that every innovation, every other competitor in this industry can rely on."  

That being said, Edgerton said the MLSs must innovate and continue to look to the future. 

“The MLS has spent so much of its lifespan as an institution, perhaps being a bit too comfortable in the guarantee of its eternal relevance,” she said. “Five years from now I would love to look back at this as the moment when we started to see the MLSs innovate as fast as everyone else. We need to be listening to our brokerages, to the industry and get cracking on everything we need to do to thrive.”

Coming midway through a year of dashed expectations, rekindled hopes and an unrelenting trench-warfare-like grind against a vague, know-it-when-you-feel-it force of hesitancy among consumer households weighing whether now's the moment or not to try to buy a home, the June builder sentiment print comes as little surprise.

The path to this point had, by and large, seen homebuilders entering 2026 with guarded optimism.

This presentiment wasn't based on the belief that 2026 would be record-setting. Instead, the hope was that 2025 may have represented the floor of a down cycle and that the industry was poised for a gradual, modest recovery. 

However, this cautiously positive outlook rested on the expectation that no new external headwinds would emerge to disrupt the market. The Iran war, which injected uncertainty into the economy and continues to keep mortgage rates elevated and could do so for the rest of the year, definitely did not play into most outlooks at the start of the year.

Spring selling season, by almost any measure, fell short of expectations. In March, new home sales increased 3.3% year over year, but the median sales price fell 6.2%, indicating that builders ramped up incentives to keep sales activity positive. In their own terms, homebuilders were "buying" sales. In April, new home sales were down 11.3% year over year. May's new home sales data, which comes out next week, may paint a similar picture.

"The latest HMI survey also revealed that 35% of builders cut prices in June, up from 32% in May. The average price reduction was 6% in June, the same rate as the previous month," wrote Robert Dietz, Chief Economist at the National Association of Home Builders. "The use of sales incentives was 62% in June, up slightly from 61% in May, and marking the 15th consecutive month this share has reached 60% or higher."

Of particular concern were confidence declines in two of the more typically prolific new-home construction regions, Dietz wrote, noting, "the South fell two points to 33 and the West dropped one point to 27."

One homebuilding executive who spoke with HousingWire TBD summed up the spring selling season in three words: “Buyers under distress.”

Another executive said that some of their communities could see a $30,000 price drop and still not generate sales. 

Yet another noted that the spring selling season has been inconsistent, with a strong month followed by a much slower month. This uncertainty makes forward planning difficult. 

Other homebuilding leaders contend that there is pent-up demand in the market, but elevated mortgage rates and economic uncertainty are keeping many of those buyers on the sidelines.

Meanwhile, many homebuilders, particularly those that serve entry-level buyers who are sensitive to mortgage rates, still-high asking prices and economic volatility, may need to choose between incentivizing new sales and tapping the brakes – possibly even taking the summer off – until conditions improve. 

Economic anxiety bites

California-based Rurka Homes, ranked 84th in the HousingWire Homebuilder Rankings, operates in a market that many would consider ground zero for the nation’s housing affordability crisis. The San Francisco metro area, with a median home price of more than $1.3 million, is one of the most expensive metro areas in the country, only overshadowed by the adjacent San Jose market, where the median home price is about $2 million. 

Rurka Homes, based in neighboring San Joaquin County, builds homes on the edge of the Bay Area bordering California’s Central Valley, predominantly in a suburban community called Mountain House. The builder’s homes, mostly 4- or 5-bedroom houses that range in size from 2,100 to nearly 4,000 square feet, typically sell for between the $800s and just over $1.3 million. 

Mountain House, located over 50 miles east of San Francisco, is a prototypical upper-middle-class commuter town. Rurka Homes President Nick Arenson told HousingWire TBD that the firm's typical buyer is a family-focused commuter who’s trading in a townhome or smaller house for a larger detached home with a longer commute to major job centers. 

The spring selling season, Arenson acknowledged, has been tough. 

“A lot of buyers were hoping to buy based on the idea of future lower mortgage rates,” Arenson said. “Then, going into this year, people had some hopes that we could see them finally lowering interest rates and that we’d have more certainty, and of course, we've had less certainty and increasing rates. I think that's the primary story,” Arenson said. 

In the Bay Area, a nationwide wave of high-profile tech layoffs and growing concerns about AI-driven job displacement are also weighing on homebuyer confidence. Rurka argued that the job market in San Francisco and Silicon Valley hasn’t been hit as hard by layoffs as other tech-heavy markets like Seattle or Austin. Still, the headlines are giving some buyers jitters. 

“There's the talk of it, which makes people nervous, and the nervousness doesn't help, right? Add in gas prices, the interest rates and everything else, and there is uncertainty,” Rurka said. 

Commuters feel the pinch

Beyond higher rates and lingering economic uncertainty, the high cost of gas, with prices reaching nearly $6 a gallon locally in Northern California, reared up as an unforeseen concern for commuters. 

Data from John Burns Research & Consulting (JBREC) found that, unsurprisingly, high gas prices hampered demand most prominently in peripheral commuter towns, where affordability-driven buyers trade lower prices for longer commute times. 

According to JBREC, the typical new-construction homeowner commutes about 12% more than the average homeowner who commutes by car, because new construction is disproportionately located in outlying areas. 

With the price of gas still averaging about $4 a gallon nationally, the communities hit the hardest are located in peripheral areas, such as the Stockton, CA, market, where Rurka Homes operates. The Stockton market has the largest percentage difference in commute time between new-construction homeowners and all other homeowners. New construction homeowners commute in the Stockton market 41% more, largely due to incoming residents who are priced out of Bay Area suburbs. 

Although the price of gas may not be a make-or-break issue for most homebuyers, it certainly adds to the level of economic anxiety and financial burden many consumers are feeling at the moment.

Pockets of strength and weakness

Not all housing markets perform at the same level, even when they are located within the same state. Chris Winter, President of Homebuilding at Utah-based Cole West, ranked 49th on HousingWire's Homebuilder Rankings, spoke to this point. 

Cole West’s homebuilding operations are predominantly concentrated in Southern Utah, but the company has recently focused on bolstering deliveries in the northern suburbs of Salt Lake City as well. The spring selling season, Winter said, has been mixed. 

“I would say that it's been a tale of two stories for Northern Utah and Southern Utah. Northern Utah started out pretty slow. January, February and March were kind of slow, but now that we are in the middle of June, we're actually on our targets. Virtually every community has hit their numbers, and a couple have exceeded. There's been, obviously, a couple that have been short, but we're actually on pace for all of our sales targets for the year,” Winter said. “I wouldn't say that we're running along swimmingly, and that we're all wearing party hats. In a couple of places, we've had to increase incentives to be able to hit those numbers.”

The Southern Utah division, concentrated in the southwestern portion of the state, has taken an opposite track. January and February started strong, Winter said, but the spring selling season has been slow. 

“Since then, it's been really, really slow, to the point where we're off like 35% year-to-date from our sales goals,” he said. 

Many of the southern division’s sales, Winter noted, come from vacation homes, which haven’t performed well over the last few months, especially in lower price points. 

Some affordability bright spots remain

Topeka, Kansas, with an average home price of just over $195,000, is one of the more affordable markets in the country. Located about an hour west of Kansas City, the town offers proximity to a metro area with a population of more than 2 million people, but at a discount. In Topeka, raw land is cheap, and there are ample lots available for development.

Topeka-based Gen III Construction & Development offers newly built 3-bedroom homes in Topeka for about $275,000. Walker Bassett, the company’s founder and CEO, said there is strong demand for homes at this price, but homes that creep too far into the $300s may sit on the market for a long time. 

As construction costs continue to rise, builders like Gen III Construction & Development must confront the challenge of delivering homes at price points buyers can afford while maintaining healthy margins to support their business.

“These cheaper houses don't have much margin, so they're harder to build, but we find that there's a lot more demand,” Bassett said. 

Even though margins on many of these homes may be tight, the company is finding that sales on the more affordable products are doing quite well. That is, as long as the right home is delivered at the right price. 

“There are obviously some economic disruptions that we're seeing on the global and national scale. I'd say that we haven't really felt that any more than a hiccup. As things started getting louder, it seemed like there was a little bit of a pause, but April was the strongest month that our broker had in the last six years,” Gen III Construction & Development COO Dalton Cowan said.

The startup, founded by 21-year-olds Athan Zhang and Brianna Lin, recently raised a $4.1 million seed round to build Penny, which the company describes as an autonomous AI loan officer that handles borrower intake, answers questions, and feeds underwriters and loan officers a steady stream of context.

In a conversation with HousingWire just days after Copperlane announced the seed funding, Zhang and Lin offered a glimpse into their startup and why Penny differs from today’s AI point solutions.

Editor's note: This conversation has been edited for length and clarity.

Sarah Wolak: Let's start by talking about Penny, which was described in your press release as an autonomous AI loan officer. Can you talk about the tasks it’s able to do independently and, conversely, where humans still need to be in the loop?

Athan Zhang: We call it autonomous because Penny has the functions to be autonomous, but it can be a copilot or an autopilot. It really depends on what our customers want. The way we typically pitch it is, think of Penny as an employee, just as you think of a loan officer assistant. You can have your loan officer assistant do more, or you can have them report more to the loan officer.

In terms of active capabilities, Penny can answer borrower questions. She has her own phone number, and borrowers can communicate with her via iMessage, SMS, or even call her if they want. She can provide suggestions and recommendations for program eligibility to help loan officers understand what a borrower might qualify for.

More importantly, she gives loan officers context around the borrower. Penny is one of the things that interacts with the borrower throughout the intake stage, so we can surface the most important pieces of information to the loan officers. That gives them more bandwidth to understand more customers at the same time, while Penny works to do things such as figuring out why parts of an application don’t line up, verifying documents, verifying numbers and putting together a briefing for loan officers.

Brianna Lin: One thing I’d note is that Penny, as this AI employee, follows the borrower throughout the entire journey of their application. Penny engages as soon as the borrower starts an application and she's involved until the file reaches closing. Penny is engaged with the borrower throughout the experience and she fully understands the context, the history and the borrower’s background, just as a real loan officer would get to understand a person.

Wolak: How did you develop this idea? Was it a class project that evolved or something you both had a personal interest in?

Zhang: It was not a class project. For background, both Brianna and I are from the Washington, D.C.-Maryland-Virginia area, and both of our parents have worked extensively in the mortgage space. So growing up, we were always exposed to these problems.

When we went to college, this wasn’t necessarily what we set out to do. I was a computer science major; Brianna studied computer science and real estate. We had other ambitions, and we were always very entrepreneurial. We ended up joining this program called Y Combinator, which is essentially a startup accelerator that has produced companies such as Airbnb and DoorDash.

It’s a three‑month program that gives people like us a chance to try building what we want to build. We met each other through Y Combinator and actually realized we had both a shared background, but more importantly, a bigger understanding of how AI could be applied to mortgages.

Compared to many people in the mortgage industry, we understood more about the frontiers of AI, which is important for governance and alignment. On the flip side, compared to a lot of our peers, we just knew more about mortgages than the average person because of our proximity and what we grew up with.

Wolak: Can you explain how you saw inefficiencies in the mortgage space without having direct industry experience yourselves?

Zhang: The actual story starts with a conversation with my mom. I generally know what she does — she works in the secondary markets in risk management. She told me a lot about the quality of data that gets to risk by the time it reaches the secondary market.

By that point, many of these loans have been converted into numbers, and there’s a lot of variance in those numbers. Part of that is a data problem. I thought it was interesting how these loans get converted at the top level into just numbers.

I followed that problem downstream and ended up at origination, which is the process where these applications become those numbers. I talked to a lot of people. One of our first customers, before they were a customer, let us spend a week in their office.

That put me on the ground floor with loan officers. I had perspectives from people in the secondary market and from the first people talking to borrowers — the loan officers. We realized that’s where many of the problems and inefficiencies appeared, in how these applications were made.

Lin: We first found the idea through our families’ experience in the industry. Overall, our approach to learning about mortgages has been to be very aggressive and very boots‑on‑the‑ground. As Athan mentioned, we would go on-site with customers and sit directly with their loan officers, watching them work to learn the workflow and see the inefficiencies firsthand.

We did a lot of in‑person meetings with potential customers, went to conferences, and visited local banks and credit unions in San Francisco. We were very aggressive about learning upfront, and that gave us the confidence to work on the problem.

Wolak: The mortgage industry traditionally lags on technology, but there are companies with internal AI or AI assistants. For instance, United Wholesale Mortgage has Mia, which can answer calls and contact borrowers for follow‑ups if the system flags them as eligible for a refinance or something else. What makes Penny different from the AI that’s already in the market?

Zhang: This is the classic build‑or‑buy question. In any industry, whether you should build or buy depends on the technical hurdles of what you’re trying to build.

AI has lagged in the mortgage industry partly because there isn’t much regulation around it yet. We’re only starting to see early pieces, such as the Freddie Mac 1302 that came out in March. It’s not even a concrete piece of legislation on AI.

There’s a lot of cold feet around AI because we don’t really know what safety and governance will look like. That’s part of why Brianna and I got into this. We come from AI research backgrounds and environments where you’re exposed to alignment work. Alignment as a process really started gaining traction only recently, so we know it’s still early, which some industry leaders might not fully appreciate.

When we build Penny, we’re positioning ourselves with the expectation that regulation will eventually come down. We have the foresight to anticipate what it might look like and to build Penny in a safe way. That’s important, and it’s something many smaller or even midsized shops don’t have the expertise to do. That’s our right to win, and we intend to exercise it.

Lin: A lot of our competitive edge comes from the fact that, if you look at most tech players in this space, they’re mortgage people who spent years in the industry and then pivoted into building tech. Athan and I come from AI and tech backgrounds. We’ve studied computer science and AI intensively, and now we’re building for mortgage and learning the space very quickly.

We have a better understanding of the models and how to deliver them in a safe and compliant manner to the industry. I’d also note that while many competitors claim they have internal AI loan officers or AI employees, from what I’ve seen, these are still point solutions that address very specific pains, such as document parsing or Q&A. The systems are not fully agentic. They’re not truly functioning as a real person would, and they don’t think in the same way that anyone on a team would.

Wolak: To achieve what you’re describing — thinking and acting like a real person — how long did it take to implement everything? And with compliance, some people might argue that mortgage veterans building AI know how to best address fair lending concerns. How are you building those considerations into Penny?

Zhang: It’s not a set duration. This is always an ongoing process. In terms of legislation, it’s not as if we’re unaware of fair lending, ECOA, TRID and all these rules. If we didn’t know about them, we wouldn’t be running a very good company. Our core competency is AI, but we’re working in a vertical with its own domain requirements.

That’s why we’ve been very aggressive about filling what is most likely our weak spot. We’re very aggressive about being on the ground and learning the problem. We know our competitors have more experience in mortgage. In my view, it’s easier to learn the domain by being there and understanding that this is what you need to learn, compared with someone who has to spend more time learning AI and the technical side.

Wolak: With the seed money you've secured, what are the next steps and milestones? What should investors and industry observers expect over the next 12 to 18 months as you deploy that capital?

Zhang: One of our biggest bottlenecks has been engineering. We have to think about integrations with different software platforms, while also running a lot of research and building systems to make sure Penny is safe and aligned.

It’s been very intensive. We feel the pressure because we have a decent number of customers and that number is growing. We’re using capital to reinforce our ability to deliver more feature requests and improve the product for existing customers, while also supporting what we expect as we add more customers.

The other part of the capital is reinforcing the growth motion. A lot of what we do now is simply being present at conferences, but right now that’s just Brianna and me. We want to invest more in those relationships with organizers and lenders and be more present in the space.

Lin: Growth is the major theme. That includes hiring more people and doing what we’re already doing, but more aggressively — being more involved at conferences and seeing more customers in person. Even as we grow the team, Athan and I will continue to be boots on the ground for at least the next year or two.

According to the announcement, the company opened a Boston-area office and hired senior executives to lead its expansion across New England, a move the company says advances its strategy to operate as a national lender to real estate investors and developers.

The new office will act as a regional hub for originating and executing loans throughout the Northeast, including Massachusetts, Connecticut, New Hampshire and Rhode Island. Ascent said local staffing and market expertise are intended to speed decision-making and support developers through closer, on-the-ground relationships.

“The establishment of our Northeastern hub is a direct response to the demand we’re seeing from developers in the region,” said Robert Wasmund, founder and CEO of Ascent Developer Solutions. “By establishing a stronger local presence and continuing to invest in relationships on the ground, we’re able to better support both existing and new clients in markets with strong long-term fundamentals.”

To lead the expansion, Ascent named Mario Massimino senior vice president of sales. Massimino, a former partner at MB Financial Group, brings development and finance experience and longstanding relationships across the region, the company said. He will oversee originations across the Northeast and focus on building and strengthening relationships with developers and sponsors.

“New England is an incredibly relationship-driven region, and having a local presence is critical to building trust and executing deals effectively,” Massimino said. “What differentiates Ascent is a profound understanding of the development process from start to finish, and that perspective as developers allows us to provide the kind of reliable partnership borrowers need in today’s market.”

Ascent also hired three additional executives to meet regional demand as it scales its East Coast operations. Anthony Capelli, Matthew Pedone and Chris Sava joined the firm as vice president/loan officers, all with existing ties to New England’s development and investment community.

Market participants say tighter bank credit and elevated rates have pushed more developers toward private lenders that can move quickly and structure more customized capital stacks. Ascent’s focus on a regional hub model and relationship lending reflects this shift, giving developers another source of nonbank capital for acquisitions, redevelopment and ground-up projects.

“As a vertically integrated real estate investor and developer, having a capital partner like Ascent Developer Solutions provides the certainty of execution and scalability necessary to grow our business and capitalize on opportunities in today's market and throughout any economic cycle,” said Michael Massimino, CEO of MB Financial Group. “What sets Ascent apart is not only its access to capital, but also its deep understanding of the development and construction process and its unwavering commitment to its borrowers.”

Ascent’s New England move comes amid a broader growth phase. Since launching with backing from Elliott Investment Management L.P. in July 2024, the firm has originated $3 billion in loans, the company said, highlighting continued demand for flexible, developer-centric financing.

In parallel with its geographic buildout, Ascent has grown to more than 130 industry professionals nationwide, adding staff across originations, credit and construction management. Its Los Angeles headquarters has also expanded to support higher deal volume and serve as the operational center of its platform.

“With a bi-coastal presence now in place, we’re positioned to scale more effectively while staying true to the relationship-driven approach that defines our business,” Wasmund said. “We’re continuing to invest in the markets, people and capabilities that allow us to deliver consistent return for our clients.”

Ascent Developer Solutions provides bridge, renovation and construction loans to single-family and multifamily investors and developers. The company also offers revolving and other lending programs for homebuilders, large multifamily sponsors and manufactured housing communities, with loan amounts up to $100 million.

The industry also reported a decline in claims paid during the quarter.

Title insurers paid nearly $151 million in claims during the first three months of 2026, compared with approximately $161 million during the first quarter of 2025.

“Every real estate transaction represents a significant financial investment, and title professionals are working behind the scenes to ensure those transactions can close safely and securely,” said ALTA CEO Chris Morton. “The industry’s first-quarter results reflect the continued demand for the critical work title companies perform to identify hidden risks, prevent losses and protect property rights. Even as fraud threats and transaction complexity continue to increase, title professionals remain focused on delivering the certainty and peace of mind consumers, investors and lenders deserve.”

First American Title Insurance Co. held the largest share of the title insurance market during the quarter with 24.2% of premiums written. Fidelity National Title Insurance Co. ranked second with 13.9%, followed by Old Republic National Title Insurance Co. at 13.7%, Chicago Title Insurance Co. at 12.6% and Stewart Title Guaranty Co. at 11.3%.

Westcor Land Title Insurance Co. accounted for 4.7% of the market, followed by Title Resources Guaranty Co. with 3.3%, Commonwealth Land Title Insurance Co. with 3.2%, WFG National Title Insurance Co. with 2.8% and First American Title Guaranty Co. with 1.4%.

Texas generated the highest volume of title insurance premiums during the quarter at $627.5 million, an 8% increase from a year earlier.

Florida followed with $493.4 million, up 10.1%, while California reported $370.9 million in premiums, a 15.3% increase.

New York generated $322.8 million in title insurance premiums during the quarter, up 18.7% from the same period last year.

Pennsylvania rounded out the top five states with $203.5 million in premiums, posting the largest year-over-year increase among the top states at 46.4%.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

The waiver period, obtained after investor feedback and a recommendation from proxy advisory firm Institutional Shareholder Services, expired on Friday. CCM is offering $12 per share in cash, plus a stub dividend, a proposal to be submitted for vote on June 23. UWM had offered $12.50 per share in cash, or if a stockholder chooses, 2.3328 shares of UWMC stock.

In a response, UWM said Two Harbors mischaracterized their discussions and only pretended to engage in order to convince shareholders to accept the CCM offer. “The bottom line is: the TWO board is only pretending to engage,” the company stated.

With that waiver in place, Two Harbors said its CEO, William Greenberg, invited UWM’s CEO, Mat Ishbia, on June 8 to meet “at any time.” The company also offered to provide additional due diligence and consider any proposal. Ishbia scheduled a video call for Thursday.

During the call, UWM raised concepts including “making cash the default consideration, modifying the election to default a subset of stockholders into cash, or potentially changing the exchange ratio,” Two Harbors said.

But when asked to put a specific proposal in writing, Ishbia said he was unsure whether any proposal would be forthcoming and that UWM would “have to look at this closer,” according to the seller.

Two Harbors said it encouraged UWM to outline additional diligence needs, but UWM did not provide specific requests. The company added that Greenberg responded to subsequent emails from Ishbia and offered additional meetings, which UWM declined to schedule. Advisors to Two Harbors also contacted UWM’s advisors to encourage a revised bid, the letter said.

Two Harbors’ board has reiterated concerns that UWM’s most recent proposal would have defaulted non-electing stockholders into UWM shares rather than cash.

In its statement, UWM said the board created an arbitrary, unreasonable five-day limit to negotiate, restricted who from UWM could take part, “summoned” Ishbia to New York on short notice, and declined an open invitation to come to Michigan. Two Harbors also refused to provide updated financial information until UWM submitted a revised written proposal.

The company added that it offered adjustments to the default election to cash or a “higher of cash or stock” consideration, but the board categorically ruled out any form of stock.

Default stock consideration worth less than half of the cash offer

Based on UWM’s June 12 closing price of $2.38 a share — which Two Harbors noted in the letter was an all-time low and more than 50% below its December 2025 level of $5.12 — the default stock component would have had an implied value of about $5.55 per Two Harbors share. That compares to a stated $12.50 per-share cash election option, making the default stock consideration worth less than half of the cash offer.

Two Harbors said that if just 7% of its investors failed to make an election, a level it called realistic given its shareholder base and typical participation rates, the aggregate value of UWM’s mixed cash-stock proposal would fall below CrossCountry’s bid. The gap would widen further if CrossCountry’s stub dividend is included, according to the company.

“We have been clear with UWMC — publicly, privately and through our advisors — about the board’s concerns with UWMC’s proposal structure,” the board stated in the letter. “Our strong preference for fully financed, all-cash consideration for all stockholders reflects our fiduciary duties to all TWO stockholders and our obligation to evaluate any proposed transaction in its entirety, not just its headline terms.”

The board also pointed to comments made by UWM's leadership during the negotiation period.

“As UWMC’s own CEO acknowledged during the June 11 call, ‘no one smart is going to pick UWM stock at the price it’s at right now,’” the board said. “We are not aware of any precedent for a transaction where the default stock consideration at signing is worth less than half of the stated cash election price.”

Update: This story has been updated to include a statement from UWM.

That should sit uncomfortably with every broker-owner and association leader. We have a National Association of Realtors that reports more than 1.5 million members. We have RESO setting the data standards. We have 489 separate MLS systems doing the daily work of keeping listings accurate, current and visible to every buyer. What we do not have is one body whose only assignment is the health of the marketplace itself.

For decades that gap did not matter, because no one was strong enough to exploit it. That era is over. National portals and brokerages now negotiate, litigate and advertise from positions of real national scale, while the MLSs that actually run the marketplace meet them one market at a time. A national portal can sit across the table from the country’s 489 MLS systems and work them individually. No single MLS, and certainly no small one, holds enough leverage by itself to keep a national standard from buckling under that kind of pressure.

The answer is not another layer of bureaucracy. It is an alliance — a voluntary body of MLSs organized around five specific jobs.

1. Set the national rulebook floor. The alliance adopts minimum marketplace standards that every member agrees to follow. Every listing registered and visible to all MLS participants. A uniform written seller disclosure before any private or delayed marketing phase. Consistent definitions for Coming Soon and office exclusive status. Uniform timelines.
   
   No member may drop below the floor and every member may add stricter rules above it. This is the architecture of building codes: a national minimum, with room for local additions. A county can always require more than the code requires. It can never quietly require less.
   
2. Negotiate data licensing as one body. Today a national portal can negotiate hundreds of separate data agreements and let MLSs compete against one another on terms. Under an alliance, members adopt a common licensing framework with standard terms, standard pricing principles and standard enforcement.
   
   A portal that wants alliance listings negotiates that framework once, with a body that speaks for the more than 1.5 million members NAR reports plus the many subscribers who carry no NAR affiliation, rather than picking off MLSs one by one. The alliance owns no one’s data. Each MLS still licenses its own. The alliance simply hands every member the same set of terms to stand behind.
   
3. Defend members with a shared legal fund. Members contribute to a pooled legal defense and policy fund, so that when a national player sues, pressures or threatens one MLS, it meets the resources of all of them. The fund changes behavior before a single complaint is filed. The recent disputes over private-listing and listing-access policies, now the subject of ongoing federal litigation, show how expensive it is for one MLS to stand alone against a national balance sheet. Shared defense takes that imbalance off the table.
   
4. Build shared standards and shared technology. Working from RESO’s existing data standards, the alliance can fund the tools every member needs and few can build alone: cross-market listing search, fraud detection, compliance systems and clean consumer-facing data feeds. The smallest MLS in the country gains capabilities that today belong only to the giants. Pooled infrastructure is how a hundred modest players can buy what one large player builds for itself.
   
5. Tell the consumer story with one national voice. Right now, the private-listing pitch reaches consumers through companies with national advertising budgets, while the case for the open market is made piecemeal, market by market, if it is made at all. The alliance funds a sustained national campaign built on one plain message: the open market is how your home reaches every buyer, and every buyer reaches every home. Sellers deserve to hear both sides before they sign.

It is worth being precise about what this alliance is not, because the objections write themselves otherwise.

It is not a national MLS. There is no central database and no merger of systems, and listing data stays with the local MLS that collected it. It is not a replacement for NAR. NAR is the association of brokers and agents; the alliance is an organization of MLSs, including the many that operate outside NAR affiliation. The two can and should work together, but the marketplace needs a body whose sole charge is the marketplace. It is not anti-brokerage or anti-portal, either. Brokerages and portals are essential to this business, and a marketplace that stays open, complete and fair serves every honest participant, including them. And it is not mandatory. Membership is voluntary and open to any MLS that adopts the floor.

That voluntary structure is the piece skeptics tend to underestimate. Visa did not conscript its member banks. The Associated Press did not draft its member newspapers. Both became indispensable because standing together plainly beat standing alone, until joining was the obvious choice rather than the forced one. An MLS alliance can grow exactly that way, on the strength of its benefits: the legal fund, the licensing framework, the shared technology, and the single national voice.

The real estate professionals we coach do not need their leaders to win every argument with a portal or a brokerage. They need leaders who make sure the field those arguments are played on stays level. The marketplace has never protected itself, and it will not start now. The only open question is whether the people who depend on it will organize to protect it first.

Darryl Davis, CSP, is a speaker, coach, and bestselling author who has trained real estate professionals, and the leaders who build them, for more than 40 years. He is the founder of the POWER AGENT® Coaching Program and Darryl Davis Seminars. Learn more at darrylspeaks.com.

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

Because brokerages are reporting near-universal AI adoption. Agents are reporting significant productivity gains. And those two facts are not always connected to each other in the way the slide decks suggest.

The headline numbers

On the brokerage side, the AI rollout is real. Ninety-seven percent of brokerage leaders now report that their agents use AI, up from 80% in 2024. Non-adoption at the brokerage level has fallen to about 4%, and only 2% of brokerage leaders said they do not plan to adopt AI in 2026. The market has moved from curiosity to capability, with AI now embedded in the average agent’s daily workflow.

On the use-case side, the marketing function is leading. Roughly 82% of agents now use AI to write listing descriptions, up from 58% in 2024. Seventy-four percent use AI for blogs, social posts, and email campaigns, and 49% use it for social media planning.

That is a real shift and the brokerages have earned the headline. The question, for the people who actually do the work, is what those numbers actually pay for at the closing table.

What the hype leaves out

Industry coverage in the last 90 days has been more honest than usual about the gap. Reporting has tracked brokerages and teams rolling out AI assistants for leads, CRM and coaching. It has also tracked how data ownership and AI tools are reshaping the underlying brokerage tech stack, which means the tool is now part of the deal, not a side feature.

New entrants like Lofty are pushing further, marketing what they call an agentic AI operating system designed to take multi-step actions on an agent’s behalf. The promise is that the AI does not just write the email. It runs the workflow.

Yet, a separate stream of reporting has been blunt about the limits. A piece on what separates successful AI adopters from dabblers in real estate found that the gains concentrate in a small group of power users, with most agents reporting little to no meaningful impact on their numbers. That is not a marketing problem. That is a workflow problem.

Powerfact: Adoption is not the same as productivity. A brokerage can hit 97% adoption and still have 70% of its agents producing the same volume they produced two years ago. The tool is in the building. The result is in the user.

Where the actual productivity lives

If you have spent any time inside an agent’s actual day this season, you already know the gap. The agent writes the listing description in a free public model, not the brokerage suite. The agent dictates the listing-presentation prep notes into a free voice tool. The agent uses a public chatbot to clean up a buyer email before sending it through the company CRM.

That is not a failure of brokerage AI. That is a maturity gap. Brokerage tools are built for compliance, security and integration. Free public models are built for speed. Right now, speed is winning in the moment of work. The brokerage tools will catch up where they catch up, and they will not catch up where they do not. Either outcome is fine. The pretending is the problem.

What agents and brokers should do

For agents, run a two-column audit this week. Column one, the AI tasks your brokerage suite handled well in the last 30 days, with specific examples. Column two, the AI tasks you finished faster outside the suite. Whichever column is longer is the one you build your workflow around. Be honest. The seller does not care which tool you used. The seller cares about the outcome on the kitchen table.

For brokers and team leaders, stop measuring AI by license count. Measure it by output. If 80% of your agents are logged into the brokerage AI but only 12% are using it for the work that moves their numbers, the rollout is a vanity metric. Build a six-week productivity loop. Pick three high-value workflows. Listing-presentation prep. Buyer follow-up. Market-update emails. Measure time saved and deals advanced. Then publish the results internally, the good and the ugly.

For everyone, learn one prompt structure cold rather than 50 hacks. The data inside the brokerage AI report and the data inside the public-model report keep pointing at the same conclusion. The gain is not in the platform. The gain is in the operator. That is true if you pay for the tool and true if you do not.

Powerfact: Technology enhances judgment. It does not replace accountability. The agent who answered the phone, did the work, and told the truth is still the differentiator. That is the part the AI cannot do.

The future impact

There is real money being spent on AI in this industry, and there is real signal in the adoption numbers. The brokerage AI category is going to keep maturing through the rest of 2026, and some of the agentic platforms now in market will end up being the standard infrastructure of the working agent’s day. That is a healthy direction.

What is not healthy is the gap between the marketing of the tool and the use of the tool. Closing that gap is the next 18 months of work. Until then, the working agent’s job is the same job it has always been. Serve the client. Tell the truth. Use the best tool that helps you do both. The logo on the tool is not the point.

Watch the AI category, by all means. Then close the tab and go to work.

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

We’re wasting energy and capital, not on innovation, risk-taking or customer delight, but relitigating old tropes. Sadly, few leaders exhibit the qualities that have defined success throughout my career: thoughtfulness, transparency, curiosity, collaboration and a genuine willingness to listen.

Instead, a steady stream of main-stage theatrics and lawsuit leadership make constructive dialogue nearly impossible. For a sector that excels in solving consumer problems, we deserve better internal dialogue. I believe our leaders must set aside the temptation to be disagreeable and learn to become more disagree-able.

I’m not against differences of opinion

I have spent my career helping the industry navigate uncomfortable innovation and change. Our markets thrive on competing ideas and different business models. Challenging assumptions is how we increase value to consumers and agents.

But what’s happening today isn’t just a difference of opinions. We’re arguing over ghosts from the past. Agents who romanticize the time before portals will eventually learn consumers are not so nostalgic. Brokers hoping to revive 1970s listing protectionism will end up ignored by agents building businesses on cooperation and technology-driven transparency. If we keep trying to dial back the clock, the industry will find itself seated uncomfortably across from regulators again.

Is the lion still coming over the hill?

Real estate is a vibrant, diverse mosaic of options. We have never needed a “one-size-for-all” national strategy because all answers already exist in thousands of local markets. Agents and consumers can move to the model that fits best without demanding a single model imposed on everyone. While Europe and Asia clamor for US-styled data transparency, some in America suggest we return to the pre-MLS days of pocket listing practices.

Perhaps it’s due to the prolonged market downturn, but we certainly love boogeymen in this business — the lions have been coming over the hill for decades! Now we’re being sold a dilemma of false narratives. Consumers couldn’t care less about these things; it’s all inside-baseball to them. While we waste energy trying to corner markets and defeat competitors, someone else is building the next better mousetrap to outsmart us all.

Our industry's approach is all wrong

Even if these issues turn out to be as important as we’re told, our industry’s current approach is wrong. Lawsuits, social media battles and data-feed battles accomplish nothing except damaging relationships. Long-standing industry cooperation is being divided into factions. Some in the media have stopped covering the issues and promote dueling personalities for clicks. The issues are treated like a food-fight for entertainment, increasing suspicions of ulterior motives and fears. Everyone is defensive, when they should be sitting down to talk.

Our leaders can do better.

The real test for solving problems should always be making buying and selling easier, building consumer trust and keeping the industry profitable at the center of the transaction. If we lose sight of these goals, people with power start making mistakes.

Turning off listing feeds isn’t leadership; it’s self-defeating, encompassing agents who must explain to sellers why “taking back our data!” is a valid reason for their homes to fall off the internet. That’s a customer-experience non-starter that also undermines agent retention and attraction. Nobody wants to work for companies or join MLS systems where someone “in charge” can simply turn-off their business plans and consumer-promises on a whim.

We don't need to reset the clock

Equally misguided are attempts to reset the clock on the last 30 years of growth. Hoping to return MLS to its original model looks bad: after years benefitting from collective investments, we’re now pulling up the ladder behind us. Similarly, hiding property data is absurd. Transparency is the economy’s currency.

Well-known frustrations of home-buying in European markets and shenanigans in non-MLS U.S. markets mean consumers hardly want the Old World of real estate. Suggesting that Gen Z buyers will gladly visit an office to browse secret inventory in a three-ring binder is pure fantasy.

These ideas have run their course and the consumer, if not some in the industry, has moved on. It’s impossible to claim our future requires us to go back in time.

Not all leaders suffer from these delusions

They’ve rightly focused on serving their local companies, clients and agents. They’re working hard to innovate, co-broke collaboratively with local colleagues, and keep the market afloat. Unfortunately, they find themselves caught in the crossfire, forced into conflict with colleagues with whom they would rather collaborate, recruit or even merge.

Furthermore, it’s not just agents and consumers who are dismayed: Agitated regulators are already buzzing. Legislators in multiple states have recently “solved the problem” by banning private listings, because we’re unable to self-regulate on our own.

Ironically, many leaders’ behavior is the exact opposite of what great agents do every day. At the heart of every sale is problem-solving: agents from different companies help consumers with different opinions create mutually beneficial agreements. This is literally what we do for a living, depending upon transparent data and thoughtful skills to craft deals between strangers.

Now it’s time for our leaders to do the same. Here’s how.

First, leaders must separate the people from the problem. Resolving differences won’t happen by dividing the industry into factions of “winners” and “losers.” Scarcity mindset didn’t help the industry sell $6 million homes during the pandemic, and there’s no place for it in the future. Leaders must be hard on problems, but soft on people. They should focus on interests, rather than personal positions. We don’t need “rebels” or “defenders” but leaders who treat parties as stakeholders, without misattributing nefarious motives to their interests. Only then can we build the trust required for constructive dialogue.

Second, leaders must set aside their reliance on lawsuits, social media and press releases. Resolving differences happens when leaders step off the stage and do the hard work of developing options, not demands. Rarely does forcing choices “you cannot refuse” work. Lawsuit thinking must end. Smirking selfies on social media won’t produce lasting results, either. This isn’t a game, but the real world of agents businesses and consumer’s housing dreams.

Leaders must ask different questions: “What ideas hasn’t anyone considered yet? How many possibilities can we discover?” Curiosity uncovers options and reduces fear. Smart leaders replace pre-conceived narratives (“MLS just wants control! Some brokers are trying to corner the market! Portals are evil!”) with questions (“Could we try this instead?”). We must prioritize solutions, not victories over competitors. For any resolution to work, the parties will have to overcome their cautions and take calculated risks. That’s more likely in an environment of “what if” rather than “my way or the highway.”

Finally, leaders must manage the emotional environment. Effective leaders control their emotions as well as prevent supporters from emotional self-sabotage. When stakes are high, strong feelings can help us seek change. But they can also interfere with progress. Agents, brokers and consumers take their cues from our leaders’ public presence. Calm, reasoned conduct creates the confidence for compromise. Wise leaders can prevent our industry from being sabotaged by unrestrained feelings, just as agents often keep clients’ emotions from rejecting a reasonable offer.

Find your superpower and move beyond the division

These leadership principles offer leaders the superpowers needed to resolve these issues and return our focus to growing the market. By prioritizing relationships, setting aside positional power, and developing options, leaders can seek solutions that lift all boats. Progress doesn’t require anybody’s defeat. This is what we call the sapiential power of leaders, using wisdom to drive mutual success. It’s relational thinking, not transactional, that believes in abundance for everyone.

Our industry has survived many challenges over the years, each time emerging stronger. When I started in 1991, a typical year produced 3 million transactions; more recently, 5 million has become the norm. That growth didn’t happen at the expense of anyone; it came from the collaboration of everyone. Our finest moments have been the times we set aside differences and collaborated to find answers. Nothing we’re facing today is insurmountable. Let us encourage our leaders to reconnect with our greatest asset – our relationships – and become the leaders we need at times like this:

Not simply disagreeable, but disagree-able.

Matthew Ferrara is one of the real estate industry’s most respected thinkers and leaders.

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

Shannon Robinson, senior vice president of NAF's reverse division, is building a national sales footprint to capture demand from aging borrowers who seek flexibility in retirement. The ultimate goal, she told HousingWire's Reverse Mortgage Daily, is to make home equity a mainstream part of retirement planning, positioning reverse mortgages as a tool for financial independence rather than a last-resort debt solution.

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

Sarah Wolak: When you think about reverse-focused companies, NAF hasn't been part of that conversation until more recently. Can you talk about how you'd characterize the state of the reverse mortgage business today and any trends you're seeing, whether at NAF or across the industry as a whole?

Shannon Robinson: The state of reverse mortgages in the industry is really being driven by two powerful realities right now. One is that more than 11,000 Americans are turning 65 every day, and homeowners over the age of 60 to 62 years old hold over $15 trillion in housing wealth.

When you just sit there and think about that statement, it's extremely powerful. So, as active adults are looking for ways to navigate inflation and create financial flexibility, home equity is becoming an increasingly important part of the retirement conversation, and NAF is very much focused on that.

You mentioned that you're not hearing a lot about NAF until maybe over the past year or so. That's because NAF took a really strong step into looking into the business and said, as a top 10 independent mortgage banker, we have a suite of products that we offer to our larger organization, and we really need to step into and explore additional options in the way of reverse mortgages.

So, about three years ago, NAF set out to grow this footprint and bring more solutions to our homeowners, especially in this space. Our database is getting older, and there are opportunities that we can offer this group, and so we set out to build a national sales division.

We had a very small division already at NAF. It was Patty Arvielo, our CEO, who said, "We really have got to step into this and take advantage of where we're seeing this pent-up home equity and where we're seeing people wanting to age in place." So, why not set forth and build this out?

Wolak: Were you previously at NAF before the reverse division was created or were you brought on to lead? What was your journey into the space like?

Robinson: I was not at New American Funding up until about three and a half years ago. I joined in January 2023, but I have over 20 years of experience being pretty much exclusively in the reverse mortgage space.

I started in traditional forward lending and was a loan officer assistant, and then there was an opportunity to go and start something new in the reverse space, and so I started at Liberty Home Equity Solutions about 20 years ago, and was there for a good stint. Then I went on to American Advisors Group and was there for probably nine years.

So I wasn't part of the original build of everything at NAF, but I did start the entire growth of the reverse division nationwide. We took it from three loan officers to 85 loan officers, which is where we stand today.

Wolak: Many of the professionals we talk to in the reverse space have been doing it for a while and have come from the forward lending side. What do you think has kept you in the reverse space?

Robinson: The people. It's all about the people and the opportunity, and I have been in this industry, like you said, for a long time. There are a lot of us that are veterans in this space, and I think that's what I love, is that you see people still staying in this decades later that have the same passion for educating and bringing opportunities to referral partners, financial advisers, Realtors, etc.

My opportunity is bringing this to the broader audience of our traditional loan officers. We have over 1,500 retail loan officers here at New American Funding, and another 450 in consumer direct. So what really drew me in — not only to New American Funding and its mission — was the opportunity where we could really educate and lean into our forward lending loan officers, educate them in this and just show how you can really set people up for a successful retirement.

A lot of people look at this and think it's just a "get-me-out-of-debt" solution, but it really is becoming a part of retirement planning. Being in this space is all about the people I've been around, but it's also an opportunity where I can continue to spread a little bit of education, talk about the opportunity and get rid of some of those myths around this product.

Being in front of these wonderful loan officers here at NAF, that's what's kept me going. I could go back into forward lending and do all of that, but I have a mission and a purpose, so I want to continue to talk about this product for years to come.

Wolak: You mentioned the misconceptions around reverse mortgages and the areas where the space could benefit from some education. What do you think the biggest challenges are that older homeowners face? Does NAF have specific offerings for these borrowers?

Robinson: Older homeowners continue to feel the pressure from rising living costs. Health care expenses continue to be on the rise, and then the big concern is people outliving their savings. We're living longer, medicine is incredible, people are getting healthier, and unfortunately, they are outliving their savings. There are concerns around that.

A reverse mortgage can bridge that gap by allowing homeowners to access a portion of their home equity without making a required monthly mortgage payment. The funds can be used for supplementing their retirement income, covering the unexpected expenses, health care costs, a new roof that needs to be put on the home. A reverse mortgage can just provide that simple peace of mind.

At NAF Reverse, we focus on providing solutions that fit each client's goals. In addition to the HECM product, we also offer proprietary solutions for homeowners with higher home values and options that help everyone from purchasing a new home to preserving their retirement assets.

We just really stay focused here at NAF on helping homeowners and their families to fully understand their options and determine whether home equity can play a meaningful part in providing a comfortable retirement.

Wolak: You mentioned proprietary loans, which are the "hot products" for many companies. Are they having a big impact at NAF?

Robinson: It's had a pretty big impact at NAF and I think it's exciting to see new products enter this space. I will always be a No. 1 fan of the traditional HECM, I mean, there's nothing like that. But opening up reverse mortgage options expands options for homeowners who don't fit the traditional guidelines of a HECM.

One thing I'm excited about is that we do offer so many of the proprietary products that don't fit the traditional guidelines. There are so many that we see in the jumbo markets — you see a lot of larger home equity opportunities that they can tap into, where maybe a HECM couldn't but these proprietary products can.

The folks that we work with on these products are constantly asking questions: What are we seeing? What are your homeowners telling you? They're exploring how we can keep having holistic conversations, talking with borrowers about their financial future and offering these types of solutions. So it's become a big part of our business over the last couple of years.

Wolak: Considering your history of experience in the reverse space and the developments that are happening today, what are you paying attention to when thinking about how the environment is going to look like in the next few years?

Robinson: I believe we will continue to see reverse mortgages become a more mainstream part of retirement planning. I think that as more Americans reach retirement age, financial advisers will look for ways to help preserve clients' assets.

Home equity will play a much larger role in these conversations, as I said. Financial advisers are there to protect assets under management but are also looking for other solutions. How else can we tap into more income streams? Why not look at the opportunity of using housing wealth?

Obviously, we're watching product innovation around proprietary. What other products are going to come to the table and open up opportunities for our active adult homeowners? But look at the advancements in technology. My goodness, we're seeing 10 new things every single day. Look at AI, which plays a prominent role.

Also, we need stronger partnerships with financial professionals and ongoing efforts to educate consumers. We still have to educate and bring this conversation to the table. The more that people can understand their options, the better position they're going to be in to make an informed decision about their retirement.

For me, it wasn’t because I didn’t have the aptitude or didn’t care. I cared, but about the things I knew would benefit my sales the most in that given month: rate sheets, guidelines, borrower DTIs, which files were CTC.

The mortgage business is a century-old, multi-trillion-dollar industry that touches the largest financial transaction most Americans will ever make. We train our people the way blacksmiths trained apprentices: sit next to someone who’s been here a while, watch what they do and hope you absorb the right lessons before they retire.

Introduction to the tribal knowledge era

My first real job in mortgage was at a mortgage brokerage in Brooklyn, New York, in 1997. I was barely twenty years old. By that time, my mother had been a loan officer in a mortgage brokerage for a decade, and I’d spent a lot of after-school hours in her office helping her package FHA loans to be sent for underwriting. Yes, we mailed loan files back then to nameless, faceless HUD underwriters. Turn time? About 4-6 weeks. So when I walked into that brokerage for the first time, I had some knowledge of how a mortgage worked.

After spending all those afternoons with my mother, I wasn’t surprised to learn that my training program was going to consist of me shadowing the brokerage’s sales manager, Norm Katz. He was an industry veteran with a solid book of business, a love of the game and an enormous amount of patience for a kid who didn’t know much.

Norm helped me get my first loan, and that was no easy feat. While I had some innate sales talent, I was totally green, and why should anyone trust a kid who still lived at home to captain their home-financing experience? But I somehow did it. When it was time to get that loan approved, I learned I’d graduated the first level of my training, and I was now going to deal with Drew Cardinal, the brokerage’s no-nonsense ops manager.

My first lesson was that he wouldn’t look at any file that wasn’t in the correct stacking order and wasn't clipped on the correct part of the page. Good grief. After he made my life miserable for a bit, we got the loan approved and then closed. I had finally graduated. I was expected to do it myself and do it right after that. My experience is similar to that of many.

Why the 1997 playbook fails in 2026

The tribal-knowledge model didn’t develop by accident. It developed because, for a long stretch, it was just how we did things. Careers were thirty-year arcs at one shop. Volumes were relatively stable. Product complexity was manageable: conventional, FHA, VA, jumbo, done. The Fannie conforming limit was around $250K when I first started originating loans. Simpler times. You could shadow a senior LO for a few weeks, learn her patter on sales calls, take some applications and become a competent loan officer by the time you’d been on the job for a year.

That might have been fine for 1997. The product set is broader and more layered than anything Norm was teaching me nearly thirty years ago. We have non-QM and bank statement loans, over 2,500 DPA programs across the country, an ARM resurgence, AI-assisted AUS pathways and MSR considerations that impact how companies make decisions. The regulatory perimeter seems to shift every quarter, or at least the discussions around it do. The borrower across the table, or, more accurately, across the screen, has done more research on their own loan than most LOs do in a typical month.

Tribal knowledge is, by definition, inconsistent, and its quality is largely dependent on the deliverer; we can no longer rely on that model to keep us moving forward. This is true on both the sales and operations sides.

The data behind a widening credibility gap

Per the data platform Model Match, roughly 230,000 originators have closed at least one loan in the last fourteen months. That sounds like a lot of originators until you remember the industry was supporting nearly double that headcount at the volume peak just a few years ago, and that the contraction has fallen hardest on the people who carried the most experience.

Producing LO counts cratered through 2023 and bottomed somewhere around 94,000 by early 2024, per industry reporting drawn from NMLS data. The Bureau of Labor Statistics counts roughly 301,000 loan officers across all categories of lending. The MBA’s 2026 forecast calls for $2.2 trillion in origination volume. We will be originating that with a bench that is older, smaller and less credentialed than it ever has been.

About credentials: the Mortgage Bankers Association recognized 40 new Certified Mortgage Bankers at its 2025 Annual Convention. Forty. In an industry of over 200,000 originators. 

The skew on the people side is just as steep. Industry data pegs the average loan officer at 45 years old, with roughly two-thirds over 40 and only about one in ten under 30. The median first-time homebuyer is now 39. The customer is younger (though that number is trending higher every year), more digitally literate and asking sharper questions than the median originator is equipped to answer. That is not a sustainable shape.

Mortgage is, again, the largest financial decision most American households will ever make. The borrower we serve in 2026 has Googled rate sheets, watched TikTok explainers on PMI, and asked ChatGPT to compare a 2-1 buydown on a 30-year fixed to a 5/1 ARM. The credibility gap is widening.

If a loan officer can’t explain how GNMA pooling affects pricing, what an AUS recommendation is actually evaluating or why DTI thresholds drift between investors, we risk losing the moat that’s protecting originators from extinction in a world of agentic AI. 

So how do we move from a culture of tribal knowledge to one of education, advocacy and expertise?

Elevating the bar from CE to true expertise

It starts with the assumption that learning your industry is part of the job, not a thing your company’s executive leadership team is supposed to keep an eye on while you crank out volume.

The professionals in adjacent industries, financial advisors, CPAs and attorneys, operate on the assumption that continuing education is a permanent feature of the work, not just something done to satisfy NMLS or state requirements. Mortgage has convinced itself that licensing CE counts as professional development. It’s the minimum, and to be frank, in most cases somewhat useless in terms of building real expertise.

What ownership actually looks like is short and not particularly mysterious. Pursue a designation. The CMB if you qualify, the CRU if you sit on the underwriting side (only 500 or so have gone through the program since its inception in 2003) and a credential from your state MBA. Read the primary sources, or have Chat summarize for you. FHFA scorecards, the MBA’s weekly chart book, the GSE seller guides, CFPB rulemaking notices, Fed minutes. Read HousingWire, National Mortgage News, National Mortgage Professional and Mortgage News Daily. Subscribe to Chrisman Commentary.

Twenty minutes a day puts you ahead of nine out of ten people you compete with. Attend at least one substantive conference a year. Learn one adjacent function annually. If you originate, learn how an underwriter thinks. If you process, learn what happens to the loan after it ships to the warehouse line. Ask the seniors in your shop what they know that you don’t, while they are still here to ask.

This is the bar for a mortgage professional in 2026. The shape of the next decade in this business will be determined by the people who decide they are responsible for understanding it.

The individual side of this only goes so far. Shops, trade organizations, and the industry as a whole carry the rest of the weight, and most are not carrying enough of it.

The corporate mandate: Invest in true expertise

What real investment looks like, in plain terms: build a real onboarding curriculum, with content, assessments and someone whose job it is to make sure new hires actually know what they need to know before they get in front of a borrower. Pay for designations. Companies in adjacent industries fund MBAs and CFAs without blinking; mortgage rarely funds the CMB for its own people. Build cross-functional rotations into career paths, so the originators understand capital markets, servicing, secondary, MSR economics and what happens to a loan from the day it funds to the day it pays off, and so the operations team understands what an originator actually does for a borrower.

There is also the matter of advocacy, which most of us have outsourced to other people and most of us never think about. The decisions that govern how each of us makes a living are made in Washington, in state capitals and through regulatory rulemaking.

The MBA’s Mortgage Action Alliance runs a national advocacy program that costs nothing to join and asks little of your time, and most of the industry has never heard of it. State MBAs run their own programs that move state-level legislation and rule changes that directly affect how loans get made and serviced. MORPAC is funded by the same handful of contributors every cycle while the rest of the industry sits out.

Knowing what is in the policy pipeline that could reshape your business model in twelve months is part of being a serious professional. Helping shape that pipeline is the other part.

Building the next bench of industry leaders

The last piece is the one we talk about least and need most. This industry is going to need a generation of leaders that does not yet exist, because the bench we have today is going to retire on a faster timeline than most companies are planning around. We can build that bench on purpose, or we can wait and hope; waiting and hoping is not a viable strategy. Try that the next time your dishwasher breaks.

The leaders we need will come from people who decided, early in their careers, that they would learn the whole business, show up for the work that does not pay commissions, mentor the people coming up behind them, write and speak about the issues that matter, serve on committees and put themselves in the rooms where decisions get made. Whether you intend to be one of those leaders is worth deciding on purpose. The industry will need you either way.

Tribal knowledge built this industry. We owe a real debt to the people who carried it and to the people who taught us. They sat next to us, answered our dumb questions and trusted us with deals we probably weren’t ready for. That model carried us a long way. The next generation deserves more than the same hand-me-down apprenticeship plus a longer list of products to memorize.

The test for everyone reading this is simple. What did you learn about your industry in the past year that you didn’t know the year before? If you can’t answer, that is the work. If your company can’t answer on behalf of its team, that is the work.

We are the industry. We are responsible for understanding it. And we are responsible for what it becomes.

Coby Hakalir is a mortgage industry consultant, podcaster, writer and content creator.
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.

Call it the timing tax.

Nearly 50% of U.S. renters are now cost-burdened, according to Harvard's Joint Center for Housing Studies.² One in four spends more than half their income on housing. These numbers reflect a genuine affordability crisis – but they obscure a second problem: Even renters who can afford their rent often cannot synchronize that payment with when their income arrives.

Implementing flexible rent payment infrastructure offers an immediate, subsidy-free solution to housing instability by aligning rent deadlines with residents' actual income schedules.

A system built for a paycheck that no longer exists

According to the Bureau of Labor Statistics, only about 10% of private U.S. establishments pay workers monthly.³ The remaining 90% pay weekly, biweekly or semimonthly – none of which align with rent due on the first. The timing mismatch is a feature of the income infrastructure itself.

The problem runs deeper for many workers. The Federal Reserve's Survey of Household Economics and Decisionmaking (SHED) found that one in three wage workers reports income that varies month to month.⁴ For hourly, tipped and gig workers, the challenge is committing to a fixed lump-sum obligation when the monthly total is itself uncertain.

The conventional solution to this problem is savings. But when rent consumes half of your monthly income, what remains must cover food, transportation, utilities and childcare until the next paycheck. There is no margin to build a reserve.

Surveys of renters in financially precarious situations find that more than half have three weeks or less of financial runway, and nearly three-quarters experienced an unexpected budget strain in the prior month alone.⁵ The Federal Reserve's 2024 SHED found that 37 % of American adults could not cover a $400 emergency expense using cash.⁶ The savings argument assumes slack that the rent burden has already consumed.

The cost of the status quo

Before renters reach for a financial product, the gap extracts costs in quieter ways: utility bills delayed, medications unfilled, groceries skipped, money borrowed from family. These are the predictable responses of households with no liquid buffer and a fixed obligation that cannot be deferred.

When the financial system gets involved, costs escalate quickly. The CFPB found 14% of renters paid a late fee in the 12 months ending November 2024, averaging $85, with nearly 60% paying two or more.⁷ Overdrafts compound the damage: Americans paid $12.1 billion in overdraft and NSF fees in 2024, with the most financially vulnerable households averaging $380 annually.⁸

Payday loans cost the typical borrower $520 to borrow $375.⁹ Rent payment processing platforms charge credit card transaction fees of 2.5 to 3% – up to $720 annually on a $2,000 payment – before interest accrues at an average APR exceeding 21%.^{10 11}

The timing tax is already being paid. The only question is what kind of infrastructure collects it – and at what cost to the people who can least afford it.

The fix doesn't require legislation

Purpose-built payment flexibility infrastructure solves this differently: The landlord receives full payment on the due date, and the credit risk, repayment mechanics and compliance obligations are handled by a third party equipped to manage them.

The evidence that such infrastructure works is not theoretical. Newly published research has found that structured, non-penalty payment tools reduced 90-day-plus delinquencies and lowered reliance on high-cost credit – with no adverse effects on any of 43 measured financial health outcomes.¹² Renters repay when the product is designed around their actual income schedule.

This does not require legislation or subsidy. It requires property owners, operators, public housing authorities and housing agencies to recognize that the lease calendar is an infrastructure problem they have both the means and the incentive to solve.

Resident financial instability is a balance sheet risk. Evictions, vacancy and turnover cost far more than the late fees collected from a stressed resident. Tools that align rent payments with actual income schedules reduce delinquency, improve retention and stabilize net operating income – at no cost to the property. Financially stable residents produce financially stable properties.

The push to solve the root causes of America's housing crisis – more supply, expanded affordability, zoning reform – is necessary and right. But policy operates on timelines measured in years, and millions of renters are navigating the crisis today, on the first of every month, with the income schedules and margins they actually have. The timing tax has a structural fix available now – one that requires no subsidy, no legislation and no trade-offs with the broader affordability agenda. The renters who need it cannot wait for everything else to be solved first.

Sources

1. Flex Financial Health Survey, Q1 2026. "Most Renters Are One Disruption Away from a Financial Crisis." Flex (Flexible Finance, Inc.), March 2026. Available at: https://assets.getflex.com/marketing/files/032426_Financial_Health_Survey.pdf
2. Harvard Joint Center for Housing Studies. "America's Rental Housing 2024." Available at: https://www.jchs.harvard.edu/americas-rental-housing-2024
3. Bureau of Labor Statistics, Current Employment Statistics. "Length of Pay Period." February 2023. Available at: https://www.bls.gov/ces/publications/length-pay-period.htm
4. Federal Reserve Board. "Economic Well-Being of U.S. Households in 2024." May 2025. Adults who received only wages or other labor income were more likely to report their income varied month to month, at 33 percent. Available at: https://www.federalreserve.gov/publications/2025-economic-well-being-of-us-households-in-2024.htm
5. Flex Financial Health Survey, Q1 2026. Op. cit. 54 percent of respondents had three weeks or less of financial runway if income stopped; 73 percent experienced an unexpected budget strain in the prior month. Available at: https://assets.getflex.com/marketing/files/032426_Financial_Health_Survey.pdf
6. Federal Reserve Board. "Economic Well-Being of U.S. Households in 2024." May 2025. 37 percent of adults could not cover a $400 emergency expense using cash or its equivalent. Available at: https://www.federalreserve.gov/publications/2025-economic-well-being-of-us-households-in-2024.htm
7. Consumer Financial Protection Bureau. "Behind on Rent: Examining Rental Housing Delinquencies in New Payment Data." January 2025. Available at: https://www.consumerfinance.gov/data-research/research-reports/behind-on-rent-examining-rental-housing-delinquencies-in-new-payment-data/
8. Financial Health Network. "Overdraft and NSF Fees: A Bigger Burden Than Previously Estimated." November 2025. Available at: https://finhealthnetwork.org/research/overdraft-nsf-fees-bigger-burden-than-previously-estimated/. CFPB research finds frequent overdrafters paid an average of $380 in overdraft fees annually. Available at: https://www.consumerfinance.gov/about-us/blog/overdraft-fees-can-price-people-out-of-banking/
9. Consumer Financial Protection Bureau. "Payday Loans and Deposit Advance Products." Available at: https://www.consumerfinance.gov/data-research/research-reports/payday-loans-and-deposit-advance-products/
10. Industry sources: Yardi Systems approximately 3.0%; AppFolio approximately 3.0% + $0.30; Rentec Direct 2.95%. See: https://www.homebasecre.com/posts/understanding-appfolio-transaction-fee
11. Federal Reserve G.19 Consumer Credit Report, Q1 2026. Available at: https://www.federalreserve.gov/releases/g19/current/
12. Jordan, M. "Financial Health and Liquidity Smoothing: Evidence from a Regression Discontinuity Design." Flex (Flexible Finance, Inc.), March 2026. Available at: https://assets.getflex.com/marketing/files/032426_Financial_Health_Study_final.pdf

Ryan Metcalf is the Vice President of Public Affairs at Flex 
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.

But how will the conflict ending help mortgage rates? Inflation is hot, the labor market has improved and the Fed is now run by hawks with very few doves left. Let’s dive in.

Oil and mortgage rates

First, getting closure on this conflict is very important. My peak 10-year yield forecast for 2026 was 4.60%, with a peak mortgage rate forecast of 6.75%, based on an improving labor market while inflation remained firm. 

Market-wise, the worst levels of the conflict pushed the 10-year yield to 4.68% and mortgage rates got to 6.75%. Currently rates are 6.58%. Now, if this conflict is really over and we don’t have disaster-related mistakes getting oil out, the worst rates for the year are over due to oil prices. On May 25, I outlined the metrics for what the 10-year yield should do if the market was pricing based on the conflict being over: yields should hit the 4.46%-4.48% mark, which happened on Friday. 

As I write this on Sunday night, the 10-year yield is at 4.43%. The next two levels I laid out of 4.35% and 4.24% are as low as I can go for now, short-term, because the labor market has improved since the start of the year and inflation is still running hot. I need to wait and see what happens with the Fed this week. So the downside is limited, unless we get some bad economic data and the Fed doesn’t go full hawk mode on us.

This Fed week is critical

If we hadn't reached a deal to end this conflict, the Fed would be very hawkish at this week’s meeting and there isn’t anything Warsh could do about it. The only thing Warsh can do at this meeting is try to convince the hawks to be patient and not talk about raising rates soon, since oil prices are at levels we saw in 2024 and 2025.

However, inflation is well above target and the labor data has gotten better, so don’t expect the Fed to talk about rate cuts; just look for the hawks to try to lose the easing bias, and then basically say that if inflation doesn’t improve, they will look to hike rates.

How the bond market reacts to news about the conflict, economic data and the Fed meeting will be a good test of where bond traders stand. Just remember that every time the 10-year yield moved below 4% in 2023, 2024, 2025 and 2026 it was driven by labor market and economic growth concerns. However, since mortgage spreads are much better now than then, it’s hard to get rates over 7%.

On a positive note, we already have many rate cuts in the system. This has allowed rates to stay with a 6% handle for all of 2026 due to the better mortgage spreads above. However, the downside is that we have a lot of Fed hawks now who want to raise rates, so let the Fed battle begin this week.

Conclusion

It’s a huge win that we are talking about oil prices at $81 tonight rather than heading above $100 if the conflict wasn't ending. However, I believe 65%-75% of the range for the 10-year yield and mortgage rates is determined by Fed policy. This year we have gone from two to three rate cuts being discussed to now talking about another rate-hike cycle.

So, it’s a plus that this conflict should be ending soon, but we need oil flowing again and then we can work back to the economic data, which means labor data and inflation data are key. Both labor data and inflation are moving in ways that make it hard for the Fed to cut rates.

Right now, the best-case scenario for mortgage rates following a favorable Fed meeting is a range of 6.25%-6.375%; the normal base case is 6.50%-6.75%. If Warsh can’t calm the hawks down and the labor and economic data stay firm with inflation still rising, the worst-case situation is 0.375%-0.435% higher than the 6.75% peak forecast. That would mean the economy is very firm, with inflation running super hot, and the hawks would be running the Fed, not Warsh.

As we sit here on a glorious weekend — with a U.S. soccer team victory and the prospect of finally having a real deal ending the conflict with Iran — it’s time to review why housing demand is up year over year, and inventory is down year over year, even with higher rates, the conflict in Iran, recession fears and all the other crazy headlines we have seen in 2026. 

Weekly pending sales

Our pending home sales data provides a week-to-week perspective, though results can be affected by holidays and short-term fluctuations.  Our weekly pending sales data typically takes 30-60 days to be reflected in the sales data. 

Why has this index held up in 2026? Housing demand tends to improve when mortgage rates break under 6.64% and head toward 6%. Last year at this time, the 10-year yield was below 4.50%, and mortgage spreads were improving, so we were heading toward the 6.64% level and below.

For the most part this year, we have been under 6.64%, and we haven’t broken above 7% once. Affordability has slightly improved as wages have grown faster than home prices the last two years, so demand has a bit more footing to grow. If rates had just stayed under 6.25% I was looking for 237,000 more existing home sales this year, which would have easily happened if not for the conflict.
Weekly pending sales last week over the last two years:

• 2026: 75,856
• 2025: 72,039

Mortgage purchase application data

Purchase application data is a forward-looking indicator: growth here leads home sales by roughly 30-90 days.  Last week was a shock to many, as we saw 7% week-to-week growth and 17% year-over-year growth. The reason for the shock is that mortgage rates are near yearly highs. I wrote this article to explain what is going on.

Why has this index performed better this year, considering we don’t have the extremely low bar that we did in 2025? Keep it simple: 2026 had the lowest mortgage rate curve at the start of the year since 2022, and affordability has gotten a tad better over the past two years. People don’t stop living; they get married, start a household, have kids and work their way up from low levels. This index has performed better than most people thought it would.

Here’s 2026 so far:

• 10 positive week-to-week prints
• 10 negative week-to-week prints
• 2 flat week-to-week prints
• 10 weeks of double-digit year-over-year growth
• 20 weeks of positive year-over-year growth
• 2 negative year-over-year prints

Personally, I would like to see more positive week-to-week data. When we get at least 12-14 weeks of positive weekly data, it amounts to a couple of hundred thousand more home sales. But with volume growth picking up a tad this year and considering rates went up, it's not bad. 

Housing inventory

Housing inventory is probably a bigger shock than the positive year-over-year demand. With so many headlines about the biggest seller market in history, etc., it was not in anyone's playbook that inventory would be negative in June of 2026. What happened here?

Last year, inventory growth was very high; at one point, we had 33% year-over-year growth.  As mortgage rates started to fall, that type of growth simply can’t be sustained with stronger demand, given that the first half of 2025 saw higher rates. Again, it’s my belief that housing data improved with mortgage rates under 6.64%, and since mortgage spreads were improving, rates were heading lower with the labor data we had last year.

It’s mid-June —one year since the housing market started to turn. Keep it simple: It's all about the supply-and-demand equilibrium. When rates fell, demand picked up and since rates never exceeded 7%, inventory growth turned negative. Even in a state like Florida, inventory has been noticeably down year over year because it had been working from an elevated level.

• Weekly inventory change: (June 5-June 12): Inventory rose from 806,198 to 816,924
• Same week last year: (May 30-June 6): Inventory rose from 808,524 to 825,718

New listings

New listings data has always been key for the tracker and I want to keep this as simple as possible. The normal range for new listings data is typically between 80,000 and 100,000. Last year, new listings data reached my 80,000 forecast, but it didn’t show enough growth to get back to normal. Last week we had year-over-year growth, but not enough to reach the normal range and seasonality will be kicking in soon. 

With new listings data still slightly below normal, there isn’t a lot of new supply coming on to the market, so we work with the supply and demand equilibrium from above. Never forget that most home sellers are also buyers and supply is a function of demand with housing economics. 

Some context for those who believe that the new listings data resembles the housing bubble years: new listings during that time ranged from 250,000 to 400,000 per week for several years.

Here is last week’s new listings data for the past two years:

• 2026: 81,754
• 2025: 78,284

Price-cut percentage

Typically, about one-third of homes undergo price reductions before they sell, reflecting the dynamic nature of the housing market. For the most part, price-cut percentages this year have been lower than last year’s.

In my 2026 home-price forecast, I had a negative 0.62% call for the year nationally. Mortgage rates fell more than I anticipated early in the year. Home-price growth really isn’t going anywhere this year, but the percentage of price cuts is now down 2% year over year. So, it will be harder for my forecast to be correct if rates go lower, demand picks up and inventory heads even lower year over year. 

The price-cut percentage for last week:

• 2026: 37.93%
• 2025: 40%

10-year yield and mortgage rates

In the 2026 HousingWire forecast, I anticipated the following ranges:

• Mortgage rates between 5.75% and 6.75%
• The 10-year yield fluctuating between 3.80% and 4.60%

Every year, I set a range for where I believe the 10-year yield can go, then take the anticipated spread difference and go with a rate range. So far, mortgage rates have stayed within my forecast range all year and the 10-year yield only briefly broke above 4.60% at the height of the conflict with Iran. Both rates and the 10-year yield are off their highs. Again, the key to 2026 is that because of mortgage spreads, mortgage rates have rarely spent time above 6.64% and have never gotten above 7%.

Mortgage spreads

Mortgage spreads have been a positive story for the past few years. Because of the Silicon Valley Bank crisis and fear of recession, not a lot of people thought mortgage spreads would improve after 2023 — but I did.

In 2026, I have been looking for spreads to get back to normal at 1.80%, but I thought that would happen toward the end of the year, not early. However, in January President Trump directed Fannie Mae and Freddie Mac to buy $200 billion in mortgage backed securities and spreads returned to 1.81% early in the year. They have been very tame since then — as they should be, even with all the crazy events.

Historically, mortgage spreads have ranged from 1.60% to 1.80%. Last week, spreads closed at 1.99%, down from 2.01% the week before.

Let’s compare last week’s mortgage rates to where they would have been over the last three years, given the 10-year yield’s current level:

• If we had the worst mortgage spread levels of 2023, mortgage rates would be 7.70% today, not 6.58%.
• If we had the worst levels of 2024, mortgage rates would be 7.32% today 
• If we had the worst levels of 2025, mortgage rates would be 7.13% today.

The week ahead: Iran, Fed meeting and a ton of economic data

It’s going to be a monster week: we will have the market reaction to the hopefully signed Iran conflict deal, the Fed meeting with new Fed Chair Kevin Warsh and a ton of economic data: housing starts, retail sales,and pending home sales.

This week, the focus should be on how the bond market reacts to all the events above because we know that the housing market can shift positively with rates just heading toward 6%. 

The rule would expand the definition of a manufactured home and support multi-story manufactured housing construction. It would further permit upper-level sections to be transported and assembled without a permanent chassis. 

By supporting multi-story construction, the proposed definition would provide manufacturers with more design flexibility, which could expand housing options and lower production expenses, HUD argues. 

This proposed rule, if enacted, would complement a provision in the U.S. House of Representatives’ revised 21st Century ROAD to Housing Act that would eliminate the permanent chassis requirement for manufactured housing. 

A steel chassis can cost anywhere from $5,000 to $10,000. Eliminating that expense could significantly reduce the cost burden for manufactured housing.

Congress originally instituted the permanent steel chassis mandate as part of the National Manufactured Housing Construction and Safety Standards Act of 1974. The requirement was originally intended to provide structural support and safety during transportation, but housing advocates argue that the permanent requirement is a costly addition that is typically unnecessary after a home is delivered. 

Reporting from Pew found that only 5% to 7% of manufactured homes are moved once they are delivered, indicating that the permanent chassis requirement isn’t necessary for the overwhelming majority of units. 

"For the purposes of a manufactured home, the term “chassis” means the entire transportation system comprising the drawbar and coupling mechanism, frame, running gear assembly, and lights. A chassis is defined in the regulations…as the entire transportation system comprising the following subsystems: drawbar and coupling mechanism, frame, running gear assembly, and lights,” the HUD document noted. 

A piece of the affordable housing puzzle

About 7.2 million U.S. households live in manufactured housing units, representing 5.4% of the nation’s occupied housing stock. However, new manufactured home production is down substantially from peak levels seen in the 1970s, and many Americans have negative — and often outdated — perceptions about manufactured communities. 

Still, at a time when housing is out of reach for so many Americans, manufactured housing is increasingly viewed as one of many solutions to the nation’s affordability gap. 

According to the Manufactured Housing Institute, new manufactured homes sell for less than a third of the price of site-built homes. 

HUD Secretary Scott Turner agrees that manufactured housing can play a key role in the nation's housing supply. 

“America needs more housing, and manufactured housing is part of the solution,” Turner said in an announcement. “We are removing unnecessary barriers, encouraging innovation and helping American manufacturers deliver more affordable housing options for American families.

The organization, which represents about 3,000 members, released its sixth annual LGBTQ+ Real Estate Report this week as it convened its annual housing policy symposium in Washington, D.C.

The report surveyed nearly 400 respondents using paired hypothetical profiles of two identical Gen Z individuals, with the only difference being sexual orientation.

“There has been so much discussion about the wealth gap that exists in our nation and the potential lack of access to homeownership. As the number of young adults self-identifying as part of the LGBTQ+ community has risen to nearly 25% of the entire Gen Z population, we wanted to explore how this group may fare in the future,” said Tommie Wherle, president of the LGBTQ+ Real Estate Alliance. “Our report makes it clear that LGBTQ+ Gen Z adults will likely fall behind in the workforce, acquiring wealth, gaining financial stability and entering homeownership.”

Falling behind heterosexual peers

Findings suggest respondents expect heterosexual Gen Z individuals to advance more quickly in several areas of career and financial development.

According to the report, a majority of respondents believe heterosexual individuals are more likely to receive promotions, reach senior leadership roles and accumulate wealth.

The report also found differences in expectations around financial support from family and the timing of homeownership.

Key findings include that 78.9% of respondents believe heterosexual individuals are more likely than a similar LGBTQ+ person to receive family financial support, such as inheritance or down payment assistance.

Finding 'the American Dream'

On milestones associated with the “American Dream,” respondents ranked homeownership first for heterosexual individuals, followed by financial independence and marriage.

For LGBTQ+ individuals, respondents ranked living in a safe community first, followed by financial independence and personal freedom.

The report also found differing expectations for the timing of first-time home purchases. A majority of respondents said heterosexual individuals are most likely to buy a first home between ages 30 and 34.

For LGBTQ+ individuals, respondents most often selected ages 30 to 34 or 35 to 39.

“The findings should concern everyone involved in housing, real estate sales and public policy,” Wherle said. “There are approximately 70 million people in Gen Z, with approximately 16 million who self-identify as LGBTQ+. We cannot afford to leave such a sizable number of people behind.

"Today’s policies attacking our community by the current administration and in statehouses around the nation will have severe consequences down the road if there is not a course correction."

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

The Colorado Housing and Finance Authority this month closed a $5.7 million low-interest construction loan for Wolff Street Flats, a 23-unit affordable for-sale development by Osina Development and Modus Real Estate. It is the first project to close under CHFA's Drive It Home Construction Loan program, which draws from a $50 million bond investment authorized by bipartisan legislation enacted last year.

Scott Speil, principal of Osina, told HousingWire TBD that construction will begin next week. Completion is scheduled for August 2027.

Homes at Wolff Street Flats will sell to households earning 80% of Area Median Income or less — roughly $89,000 annually for a two-person household — at an estimated average price of $285,000.

Since 2024, Colorado Gov. Jared Polis has signed laws requiring greater density near transit corridors, removing parking minimums for some multifamily housing and limiting condo construction liability. In March, he signed the HOME Act, letting schools, transit agencies and nonprofits build housing on their land regardless of local zoning.

Denver upzoned long before state action

Denver rewrote its zoning code in 2010, allowing more diverse housing types in residential neighborhoods.

"They did well with the rezoning," Speil said. "That really stimulated quite a bit of development and growth."

Speil founded his company in 2016 to develop condos and townhomes on urban infill lots. His projects average 10 to 12 units each, selling for $550,000 to $750,000.

Denver home prices skyrocketed during the pandemic as residents fled high-cost states such as California. The market is now cooling, with the median home price around $600,000 after years of rapid gains. For-sale inventory has climbed to roughly six months of supply, and mortgage rates above 6% have slowed demand.

"There isn't a shortage of housing but still a shortage of affordable housing," Speil said.

Wolff Street Flats is Osina's first affordable project, one Speil said would not have been feasible without state and city financing. The construction loan carries a 3.5% interest rate, well below the going rate. Osina also received a state grant and a City of Denver performance loan.

"It's very expensive to build anything right now because of interest rates and construction costs," Speil said.

Expanding affordability

City officials are pushing to expand affordability further. Roughly 40% of Denver's land remains zoned exclusively for single-family homes. Denver's Unlocking Housing Choices initiative proposes to legalize duplexes, triplexes and small apartment buildings in those neighborhoods.

A spring 2026 public engagement process drew 843 survey responses. Many residents said financing barriers and market forces remain stubborn obstacles even where zoning allows more density.

Lawmakers who backed the state financing program say projects like Wolff Street Flats prove the approach is working and a model for the state.

"Projects like Wolff Street Flats show how this policy translates into real homes in our communities," said Rep. Manny Rutinel, a co-sponsor of last year’s legislation. "It's a practical step toward making homeownership more accessible across Colorado."

CHFA spokesman Matt Lynn told HousingWire TBD that the $50 million bond investment generated strong demand and is now fully committed. It will produce an estimated 182 affordable for-sale units statewide. The agency will report regularly to the Colorado General Assembly on the program's results as lawmakers weigh further steps to address the state's housing shortage.

"CHFA is considering ways the Drive it Home program may be expanded by seeking additional investment in the future from mission-driven funders, so that more units may result from the program," Lynn said.

In this realm, grounded as it is with a you-pick-it array of supply and demand challenges, Lennar just delivered the kind of quarter that should have eased investor concerns.

The nation's second-largest homebuilder exceeded earnings expectations, landed within its projected ranges for orders, closings, and gross margin, continued to work down speculative inventory and reaffirmed that its asset-light operating model can generate volume even in one of the most difficult demand environments since the housing downturn.

Yet the questions surrounding the company have not gone away.

If anything, they have evolved.

For much of the past four months, investors focused on whether Lennar's increasingly complex network of land-bank relationships – including its connection to Millrose – created hidden financial obligations or disclosure risks that the market did not fully understand.

The company's expanded SEC disclosures, its investor presentation and management's extensive commentary on its 2Q earnings call appear to answer at least part of that concern. More information has been provided. The operating business continues to perform largely as management projected.

But a more consequential question is emerging.

What if the actual, down-to-earth debate is about the true economic cost of being land-light in a housing market that may stubbornly take its time to recover?

That question extends well beyond Lennar. Over the past decade, nearly every major public homebuilder has embraced a similar strategic playbook: own less land, deploy less capital, improve returns on equity, and transfer more development risk to institutional land partners.

Lennar, drawing high volumes of attention to itself, has taken that strategy further than anyone else … from where it started, anyway. This makes its current experience more of a real-time stress test of homebuilding's most influential post-GFC business model.

A quarter that supports management's case

Objectively, Lennar's second-quarter results offer meaningful support for management's argument that the company's strategic transformation is behaving as intended, and that the team is rising to its challenges.

Adjusted earnings per share exceeded consensus expectations. Gross margin landed within guidance. Orders and deliveries came in within projected ranges. The company continued to reduce speculative inventory exposure. It maintained one of the strongest balance sheets in the industry while continuing aggressive share repurchases.

Most notably, Lennar appears to be gaining traction in one of management's highest priorities: reducing inventory risk while maintaining a good facsimile of its production system’s even flow.

“What’s interesting is that the operating results (solid orders with improving margins) should bode well for Lennar and the industry,” long-time investment research advisor Dan Oppenheim told HousingWire TBD. “The modest reduction in the expectation of closings for the year is also a slight positive as it means they won’t flood the market with supply.”

The company delivered 20,519 homes during the quarter, generated 21,749 net orders, and continued to bring speculative inventory down as it calibrated production to softer market conditions.

“Lennar’s 21,749 Q2 orders declined just 3.8% from its 22,601 orders in the second quarter of 2025 and were within its March 13th projection that Q2 orders would be within the range of 21,000-22,000,” said Oppenheim. “Generating orders within this range is particularly notable given that Lennar offered that range just two weeks into the war, when market conditions were rather uncertain. To Lennar’s credit, it achieved this level of orders while still generating a 15.6% gross margin, which was within its 15.5-16.0% projection and it expects improvement with margins of approximately 16% in its fiscal third quarter.”

That’s worth note, Oppenheim added, because Inventory risk – not land-bank accounting – had increasingly become one of the most immediate operational concerns surrounding the company. For management, the quarter provides evidence that the model remains operationally effective.

The investor deck accompanying earnings leaves little ambiguity about how Lennar views itself.

The company explicitly states that it has completed a "full asset-light transformation," reducing owned homesites from approximately 174,000 in 2018 to about 11,000 today while increasing controlled homesites to roughly 486,000. Controlled lots now represent approximately 98% of its homesite position.

This is not being presented as a tactical response to a difficult cycle. It is being presented as a permanent retooling of the business. Stuart Miller, executive chair and CEO and his management team are unambiguous about the structural pivot.

Land ownership is no longer the primary source of competitive advantage. Instead, Lennar believes that advantage comes from manufacturing efficiency, inventory turns, production consistency, purchasing leverage, and capital allocation discipline. In that framework, land becomes an input to be controlled rather than an asset to be owned.

What the analyst questions revealed

One of the most revealing aspects of the earnings call was not management's prepared remarks.

It was the analysts' questions.

Wall Street repeatedly returned to the same themes:

• option maintenance fees
• land-bank cost of capital
• ACORE balances and their future disposition
• margin implications
• inventory turns
• future economics of the asset-light structure

Notably absent was the aggressively challenging tone that characterized some investor commentary earlier this year. Instead, analysts appeared focused on understanding the mechanics and future earnings implications of the model rather than challenging its legitimacy.

The market appears to be moving away from asking whether Lennar has adequately disclosed risk and toward a more traditional investment question:

What are the long-term economics of the model?

When UBS analyst John Lovallo questioned the timing mismatch between land-bank-related expenditures and future margin recognition, Miller characterized the issue as part of the transition from a land-intensive business model to what he repeatedly described as a manufacturing platform.

"What you're seeing is, as we have our asset-light strategy ... there will be that imbalance, and that is a natural ebb and flow of capital," Miller said. "It will ultimately equalize."

Whether investors fully accept that explanation remains to be seen. But the tenor of the discussion suggests that the debate itself has evolved, matured, and maybe, normalized.

The strongest unresolved question: margins

The central question facing Lennar today is no longer disclosure. It is profitability. A 15.6% gross margin met expectations and guidance, but it remains materially below the levels investors became accustomed to during the pandemic-era housing boom.

At the same time, incentives remain elevated, affordability remains strained and mortgage rates remain stubbornly high. Some analysts increasingly view the land-light model as creating a new category of economic pressure.

The concern is not that land-bank obligations are hidden, but rather, that the costs associated with controlling land through option fees, deposits, maintenance payments, and institutional capital partnerships may ultimately show up in future margins in ways that reduce profitability throughout the cycle.

That concern doesn’t apply uniquely to Lennar. It is becoming one of the most important strategic questions facing public homebuilders generally.

Has the industry reduced balance-sheet risk only to introduce a different set of pressures on the income statement? The earnings call did not fully answer that question, and instead, left it as a sharpened matter to address again.

Lennar's strongest rebuttal

Lennar management's response is increasingly sophisticated. The company is no longer merely defending land banking. It is defending an entire revamp of the construct of what a homebuilder should be.

"Our strategy has not changed," Miller told analysts. "We remain focused on two strategic priorities: first, driving consistent even-flow production and volume, and second, continuously refining our asset-light, land-light balance sheet model."

The investor presentation reinforces this argument.

Lennar estimates that its land-bank relationships currently support approximately $18.5 billion of homesite capital that would otherwise sit on the company's balance sheet.

Management also presented a stress-test analysis suggesting that even a severe walk-away scenario would cause far less damage to shareholder equity than the land impairments incurred during the housing crash. Whether investors accept the assumptions behind those calculations is secondary.

The larger point is that Lennar is attempting to reframe the discussion. The company is arguing that its strategy should not be judged primarily by near-term margin comparisons.

It should be judged by capital efficiency, inventory turns, resilience and long-term returns through the cycle.

The policy wildcard

One area where management continues to diverge from Wall Street's focus involves federal housing policy. Notably, analysts spent little time pressing management on potential government initiatives. The topic surfaced largely through Miller's own comments.

For several quarters, Miller has suggested that significant federal attention is being directed toward housing affordability and supply. This quarter was no exception.

"The level of attention being paid at the highest levels of government to housing affordability is genuinely unprecedented in my experience," Miller said.

He also reiterated his belief that meaningful policy action could arrive sooner than many market participants expect. The challenge for investors and operators is that these observations remain directional rather than actionable.

Management's conviction is clear. Specific policy measures are not. Until tangible legislative, regulatory, financing, permitting, or tax initiatives emerge, the policy thesis remains a potential tailwind rather than an operating assumption.

Lennar as a bellweather

Most major public builders have spent the better part of the past 15 years moving toward lower land ownership, greater use of options, more institutional capital and more asset-light structures.

Lennar ‘went big’ and moved further and faster. As long as demand was strengthening and land values were appreciating, the advantages appeared obvious.

The current environment is testing the tradeoffs. Lennar argues that scale, throughput, and production consistency confer lasting advantages by lowering construction costs, shortening cycle times, strengthening trade relationships, and improving inventory turns.

That may prove true.

But investors are increasingly asking whether those operational advantages fully offset the economic costs of maintaining the model during a prolonged affordability-constrained housing cycle.

That question applies to every builder relying on controlled land rather than owned land. It applies to land bankers, developers, lenders, and institutional capital providers. And it applies to private builders deciding how aggressively to pursue their own asset-light transitions.

The evidence increasingly suggests that Lennar has proven it can become land-light. The next test is whether the industry's most influential strategic transformation can prove its economic viability when housing demand remains under pressure.

Fourteen years later, he is broker-owner of one of Maine’s top-producing real estate firms — helping guide the David Banks Team at REMAX by the Bay through a record-setting year.

The Portland-based operation ranked No. 40 for transaction sides among medium-sized teams nationwide on the 2026 RealTrends Verified rankings, closing 240 last year. It also placed No. 26 nationally by sales volume, generating $282.15 million in closed business.

For Piper, the achievement reflects a journey that began with a summer internship and led to earning his real estate license in 2014.

“[In 2012] we were just coming out a recession, and I didn't have a clear path of what I wanted to do with my career, so I got an internship for the summer at REMAX by the Bay,” he told HousingWire. “From there, I never left. I've had various different roles, obviously I've been an intern. I've been in operations and then I joined the team. I worked as David Banks' assistant, that was my first licensed job with the team, and did that for two years.”

A native of Falmouth, just north of Portland, Piper believes his local roots helped make real estate a natural fit.

“I just knew after getting started with the company that this was a place I could see myself,” he said. “This was an industry I could see myself in. I knew a lot of people and I knew the properties, so it was kind of a natural fit.”

Team evolution

The David Banks Team itself has evolved significantly over the past three decades.

David Banks launched REMAX by the Bay in 1994 and grew it into a prominent regional brokerage that attracted leading agents throughout Maine and New Hampshire.

At its peak, the organization operated three offices and housed nearly 80 agents.

In 2016, Banks streamlined the business by selling the brokerage operations and focusing exclusively on a smaller team model — creating the structure that exists today. Piper became a co-owner in April 2024 alongside Michael Banks, David Banks’ son.

David Banks remains involved as lead broker while gradually stepping back from daily operations and concentrating on consulting and specialty properties.

Today, REMAX by the Bay operates exclusively as the David Banks Team rather than a traditional brokerage.

“We're kind of a unique organization,” said Piper. “Everyone in our agency is on our team. A former team member and colleague of David's took a group and opened up REMAX Shoreline nearby, which is kind of our sister office.”

Record performance in 2025

The team’s 2025 performance represented its strongest year yet. According to Piper, the previous high-water mark came in 2022, when the team generated approximately $250 million in sales volume.

The team benefited from strong activity across all business lines — including several high-end transactions that reflected growing national interest in Maine’s luxury market.

“Volume tends to be the number that is most important to us,” Piper said. “Last year was about 15% higher than our previous record. We definitely had a little bit of a slowdown in ‘23 and ’24. Prices didn't pull back as much, and everything was just a little bit harder to do.”

While luxury sales contributed to the results, Piper emphasized that the team serves the full market spectrum, from new condominium developments to multimillion-dollar waterfront estates.

“Communicate, communicate, communicate and stay in touch as much as you can,” he said regarding agent outreach that works with any client demographic. “Figure out what makes them tick — whether it's email, a phone call, whether they want to text, whether they want a social media direct message, anything. Every buyer is different in how they like to communicate, so personalize it to them. Some say they want to hear from you every week. Some say, ‘I want to hear from you every time a property comes up.’ Then, some say, ‘I will call you when I want to see a property.’

“I think just getting a good feel for how your client likes to communicate and interact is important. Also, set the expectation of how you want to communicate, and what your service is going to be, and just make sure up front that everyone's very clear about what the process is going to be.”

Culture as a growth strategy

The team currently includes nine agents, three administrators and an in-house staging professional.

Piper views the staging operation as a competitive advantage, but he believes culture has been the primary driver of growth.

“We're fully collaborative,” he said. “Everyone gets everyone gets paid — regardless of who sells the property. So, we work together to get these deals done. A lot of teams, they set up distinct hierarchies and distinct roles for each agent, and we certainly have roles and structure for our agents. What we don't have is, ‘You get this lead and you get this lead.’ We all work together to make sure the deal closes.”

For a leader who started as an intern without a clear career path, the team’s national recognition marks both personal and organizational growth.

As broker-owner, Piper now helps steer the same company where he first got his start — continuing a succession story that has positioned the David Banks Team among the nation’s highest-performing real estate organizations.

The round was led by TQ Ventures, with participation from Y Combinator, US News Digital Ventures, Mercor, Eight Capital and others.

The company says it has created the first AI mortgage loan officer called Penny that has the ability to autonomously analyze thousands of pages of borrower documents and surface recommendations for human staff by using a generalized AI model to interpret income patterns, assets and credit file nuances.

At the application stage, Penny can scan bank statements for large deposits that fall outside expected income, identify other conditions an underwriter is likely to question and proactively contact the borrower for clarification. The system can also draft letters of explanation before a file reaches underwriting.

The goal is to reduce document review and preapproval analysis from more than four hours per file to a matter of minutes, the company said.

Copperlane was founded by 21-year-olds Athan Zhang, who studied computer science at Princeton University, and Brianna Lin, who studied computer science and real estate at the University of Pennsylvania.

“Mortgage lenders want to build relationships and expand their portfolios, not spend hours each week reviewing or even drowning in dense paperwork,” said Zhang, Copperlane’s co-founder and CEO.

“Better technology for mortgage lenders directly translates into a better experience for borrowers. Our mission is to further democratize mortgages for all Americans so they can take part in the American Dream,” said Lin, co-founder and chief operating officer.

Copperlane did not disclose current customer counts or loan volume running through the platform. For lenders evaluating AI-native tools, proof points around defect rates, repurchase exposure and turn-time improvements relative to traditional workflows will be key benchmarks as the company deploys its new capital.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication. 

The Fed is widely expected to leave rates unchanged, but markets will be closely watching Warsh's first press conference as chair for signals about the central bank's next move and any changes to how he communicates policy.

Warsh, who was confirmed last month as chairman of the Federal Reserve, succeeds outgoing chairman Jerome Powell, who faced repeated pressure from President Donald Trump to cut interest rates.

"I think, more important than the fact that everyone expects the Fed to do nothing, will be how Warsh presents himself at the press conference," Melissa Cohn, regional vice president president at William Raveis Mortgage, said in an interview with HousingWire.

"Is he going to take a more hawkish stance because of the higher rate of inflation? Is he going to continue with Powell's press conference after every meeting? Because that's something that didn't always happen."

The Fed has already confirmed on its calendar that Warsh will hold a press conference on June 17. But he did not say in his Senate testimony whether he would commit to holding them after every meeting as Powell did, or go back to holding meetings four times a year, which was the pre-Powell practice.

"I think that we have to remember a couple of things: Warsh is just one of 12 voting members, and there certainly are not six other members that would vote with him for a rate cut, nor would it be prudent to do so in today's current economic condition," Cohn said. "Warsh is supposedly more dovish than Powell, but I think realistically there is no way he could advocate for a rate cut."

The latest Consumer Price Index report from the U.S. Bureau of Labor Statistics (BLS), which showed inflation at 4.2% annually — well above the Fed's 2% target — was driven in part by higher energy prices following the conflict involving Iran.

The report has raised concerns that inflation could remain above the Fed's target for longer than expected.

"Once the war does get resolved and oil prices do start to go back down to where they were pre-war, that'll put Warsh in a different boat," Cohn said. "Warsh did make a comment on his thoughts that AI will be disinflationary and give the Fed room to cut — and that may prove out at some point in the future, but it's certainly not the case today."

Josh Rubin, a real estate agent at Douglas Elliman, agrees that the Fed will likely leave rates unchanged even though the European Central Bank (ECB) recently raised rates by a quarter point from 2% to 2.25%, citing inflation concerns tied to energy.

"While the Federal Reserve often moves in tandem with the ECB, this will be one of the first meetings led by newly appointed Chairman Kevin Warsh. While some colleagues may feel a quarter-point move is warranted, patience will be the theme at the upcoming meeting," Rubin said.

"This is Kevin Warsh’s first meeting as Chair, so markets will read the tone as much as the decision," said Isaac Boltansky, Pennymac's head of public policy. "A successful debut for Chair Warsh, and by extension for markets, would be a meeting where the FOMC speaks with one voice: no public split and no confusion about where policy is headed.

"We are also watching whether he discusses the Fed’s balance sheet or how the FOMC communicates policy going forward. Those are longer-term issues, but they matter to markets."

Despite HouseCanary’s partnerships with California Regional MLS (CRMLS), San Diego MLS (SDMLS) and My State MLS, industry expert and managing attorney at Sterbcow Law Group, Marx Sterbcow still sees an issue with how Google is using the IDX listing feeds supplied to it by HouseCanary.

Sterbcow believes Google’s move will have a massive impact on IDX feeds from MLSs because it has moved the sites they power like portals or even a brokerage’s website further downstream in the consumer search process.

“This is not going to go over well with the brokers or the MLSs because the IDX was designed as a reciprocal display license between cooperating brokerages. It was never an advertising license. So, the minute you display the listing becomes a paid media inventory on a global ad network like Google, you have completely changed the deal that the brokers originally agreed to. This is a seismic shift in the entire industry.” 

Competing for intent

In Sterbcow’s view, instead of providing consumers with links to places to find listings, Google has completely shifted things by becoming the one to actually surface those listings and even monetizing leads before a consumer even reaches a listing portal. 

“They aren’t even going to be competing with the portals. Instead, they are competing for this moment of consumer intent,” he said. “I feel it is a much bigger deal in the broader scope of what is going on than what people realize. We have a situation where Google isn’t just entering the portal wars, they have moved the entire field.” 

Like Sterbcow, Amit Kulkarni, a co-founder of Alloy Advisors, also feels like Google’s expansion of this program is bigger than the world of real estate.

In the past, consumers went to Google to receive a list of links to information or products relevant to their search, but that has changed with the widespread use and adoption of AI.

“I think what they are trying to do is figure out what they can do to still have search results come up on Google, as AI is starting to erode and take traction away from the legacy ‘blue link’ search business,” Kulkarni said.

What about the portals?

Although Kulkarni does not believe Google’s expansion of this pilot program nationwide is a sign that the firm wants to get heavily involved in the real estate industry, Kulkarni does believe this will have an impact on the portals, many of whom have spent a lot of time on search engine optimization.

“The portals are going to have to start thinking about how to optimize their AI search so they can get discovered,” Kulkarni said. “They are generally going to have a hard time existing in their current business model form if they can’t rely on the funnel that Google provides them with.”

Industry analysts, however, are not quite as certain about how Google’s move will impact listing portals. 

“While incumbent portals retain several defensive advantages — including strong direct traffic from brand awareness, domain expertise, and vertical integration of downstream services — Google’s more formal entry into home listings is clearly an incremental negative,” Ryan Tomasello, Bose George and Jade Rahmani, analysts at Keefe, Bruyette and Woods, wrote in a note published on Thursday. “Given its top-of-funnel search dominance, Google is positioned to capture traffic earlier in the homeshopper journey, potentially eroding portal traffic share and economics over time.”

The analysts say Zillow is the most exposed to potential downside by this move as Google’s monetization of the product appears focused on buyer agent lead generation, like the Zillow Flex or Zillow Preferred lead generation programs. In contrast, they feel that CoStar’s Homes.com portal, which is more oriented toward listing agents, may feel less of an impact. 

While they do see ways in which the expansion of these listing advertisements could pose challenges for the portals, the analysts note that with just three MLSs powering HouseCanary’s listing feed, Google will not have access to full coverage of national for-sale listings. 

“This isn't an immediate threat given [the] lack of coverage and mobile-only visibility, but Google is targeting the same buyside agent budget. We've seen it play the long game before and having access to listings as AI begins to reshape top-of-funnel activity is a worry,” Jake Fuller, an analyst at BTIG, wrote in a note on Thursday. 

He also noted that for Zillow, since it gets roughly 80% of its traffic organically, Google’s mobile-only listing product with a limited geographic distribution “isn't likely to undermine traffic.” 

An opportunity for brokerages

Although Google’s expansion of its listing ads may pose a problem for portals, Kulkarni and Sterbcow see it as a potential opportunity for brokerages. 

According to Kulkarni this is a good opportunity for brokers to take back control of their business and their listing data. 

“Brokers are always complaining about portals, but a lot of them feel they can’t do business without portals, but this is where things like Cotality’s Broker Listing Exchange (BLX) come into play. Google needs the listing data and brokers are the originators of that data,” Kulkarni said. “With BLX, brokers can now bypass portals and sites that monetize their data and work directly with Google, and now they have better control of what happens with their listings and the data that their agents are working hard to win from sellers. This is now a moment in time where brokers can actually take back control of their data feeds and start to dictate who uses their data and for what purposes.” 

While things may get messier for homebuyers if brokerages pull their listings from IDX feeds or if MLSs shut IDX feed off to prevent vendors from using the feeds in ways they weren’t intended, Sterbcow doesn’t believe it to be the catastrophe some may claim this scenario would be thanks to AI. 

“I think the AI companies themselves are going to open up and buy the data directly from the brokerages and that will actually help to even the playing field for brokerages both large and small across the United States. Consumers will be able to surface all the available inventory through AI searches,” Sterbcow said. “That is really where we are headed — AI will be the new search model.”

Led by co-founders Ivan Chorney and Michael Martirena, the team has spent the past decade building a business focused on affluent buyers from Miami to Palm Beach.

While 2025 volume actually declined from the previous year, Chorney told HousingWire the market remained active despite a more challenging transaction environment.

"I think we had about [$50 million] more the year before," he said. "I would say all in all, it was a transitional year. It was just a little more difficult to get deals done. You had all this tariff stuff going on and there were just many headwinds on various fronts. But that's led into this year, which will end up being our best year ever.

“Obviously, you don't have those numbers to report on yet, but I can tell you, come back next year at this time, and we’ll be significantly higher than we've ever been.”

Ivan & Mike Team was founded 10 years ago after Chorney and Martirena began working together in Miami Beach.

“We were at Sotheby's, and I had been at Sotheby's about six years,” said Chorney. “Mike had just been there around two years. A recruiter from Compass had been very persistent, as I'm sure you can imagine, and just kept following up with us. Then, COVID happened, and we had all this time to evaluate our business and see what would actually move the dial.

“We decided we would actually do that face-to-face meeting with the recruiter — and we saw Compass as looking to help us grow our business the most.”

That Compass affiliation became official roughly five years ago. Today, the team focuses on affluent buyers across all of south Florida's luxury corridor.

Domestic wealth migration

South Florida's housing market often generates conflicting headlines, but Chorney said conditions vary significantly by geography and price point.

"I think that's the thing about Florida, it is always conflicting," he said. "One thing can be happening in one part of the state and another thing can be happening in another part of the state. The majority of the wealth migration is to very South Florida — mostly southeast Florida — although, you're getting some in Naples and then maybe a tad bit in Sarasota and Tampa. I think the majority is really the greater Miami metropolitan area.”

Chorney pointed to the continued influx of businesses and high-profile investors into the region.

"We've got all kinds of businesses moving their headquarters here," Chorney said. "We've got people like Ken Griffin doubling down on Miami. That’s not only in his residential purchases, but in his commercial purchases and his development plans for offices, apartment buildings, condominiums and so on.”

That momentum has fueled activity among the highest end buyers.

"What it almost feels like is there's a bit of [fear of missing out] amongst the upper elite," Chorney said. "This has been the most active year we've ever had in the $10 million-plus segment of the market."

He recalled a recent Palm Beach transaction in which a buyer moved aggressively to secure a property.

"The guy went to contract on an $18 million place in Palm Beach, and he hadn't even been down to see it," Chorney said. “He's just like, ‘I have to get something, I have to get it now, and I need to reestablish my tax base in Florida.'"

Marketing for the ultra-luxury buyer

Asked what has helped the team maintain its position among the nation's top-producing groups, Chorney said there is no universal blueprint.

"There's no one recipe that fits everybody," he said. "I think there's many different lanes to get to the top. A key variable for us has been with our advertising. We do a lot of online leads, so we really focus on being at the top of SEO searches and AI. We’re working on all those different algorithms to make sure that when people do AI searches — ChatGPT or Claude or whatever, or just Google — that that we're coming up in those searches.”

The firm's strategy also includes extensive physical advertising throughout South Florida.

"You can't go through [Miami neighborhood Brickell] without seeing our face," Chorney said.” We had a huge billboard up on I-395 going over to Miami Beach. We call it reinforcement marketing, just to make sure we're always top of mind. Then for Mike and I — as being really the two top performers on the team — it's really all about delegation and continuing to challenge ourselves to reach higher price points.

"We said going into the season, we weren't going to work on any potential buyer prospects under $5 million. For next season, it's going to be $10 million."

That focus on higher price points, combined with strong demand from affluent buyers relocating to south Florida, has helped propel the team to a top-20 national ranking.

And if Chorney's outlook proves accurate, the firm's record-setting year may still be ahead.

The California-based lender has used this model since 2022 in its "Complete Rate Program" that's available for government loans. Because Guild retains servicing and issues the loans in Ginnie Mae pools, the company is able to set its own risk-based pricing grids.

But Guild believes the program has the potential to gain scale under the umbrella of the government-sponsored enterprises (GSEs), allowing the industry to stop over-reliance on credit scores, according to David Battany, the company's executive vice president of capital markets.

While Fannie and Freddie have taken steps to incorporate rent and utility payment data and cash flow information into their underwriting systems, Battany characterized the moves as "baby steps." The GSEs also recently removed the minimum 620 FICO score requirement, which he views as a significant step.

Guild could deliver residual income loans to the GSEs, but doing so would mean receiving "the bottom of their risk-based pricing grid, the worst possible," Battany noted. The GSEs did not immediately reply to HousingWire's requests for comment.

The limits of credit scores

Battany pointed to a Federal Reserve Bank of Kansas City study that found younger, lower-income and minority homebuyers disproportionately have lower credit scores. This is often due to a lack of access to financial mentorship rather than poor financial behavior, he added.

"Credit scores are very powerful, predictive and an important tool for credit risk, but we can’t over-rely on them," Battany said. "One of the big gaps we have as an industry is if a person walks in the door to apply for a loan and they have three accounts for three years and a very low score, we think they are the same as a person who had a lot of late payments. Rather than saying they're a high risk, they should be an unknown risk."

For nearly one-third of the population without available data, the traditional combination of a credit score and a loan-to-value (LTV) ratio falls short, he said.

Guild's approach

To address this gap, Guild developed a residual income analysis that examines a borrower's actual take-home pay against their real nondiscretionary expenses over a 12-month period, utilizing electronic bank data from vendors like FormFree.

The lender looks for a residual income ratio of at least 110%, meaning the borrower's take-home pay exceeds all nondiscretionary expenses — including housing, utilities and transportation — by at least 10%.

The industry's standard debt-to-income (DTI) ratio compares gross income to debt. Limits can reach 45% in manual underwriting or up to 50% in automated systems, and they represent a single point-in-time snapshot, Battany said. Guild's 12-month approach captures seasonality, bonuses and variable expenses.

When analyzing risk, Guild studied roughly 3,000 loans originated between 2015 and 2021. The lender found a strong correlation between the residual income ratio and loan performance, with default rates very similar to the broader industry average.

Borrowers who utilize Guild's program represent the exact same population that would pursue manual underwriting at any other lender, Battany explained.

The primary hurdle is that while Guild can pull digital bank data instantly, current rules still require hundreds of pages of paper PDFs to be collected for eligibility. The burdensome process deters both borrowers and loan officers. And many eligible homebuyers never apply because they are told by friends, family, real estate agents or loan officers that their credit isn't good enough.

Consequently, Guild's program accounts for a "super small amount" of its overall business — less than 1%, or just a few dozen loans annually, Battany said. This friction is the core tension the lender is attempting to resolve by pushing the GSEs.

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The subject took the spotlight earlier this week at the National Reverse Mortgage Lenders Association (NRMLA)’s Western Regional Meeting in Irvine, California. Three aging technology experts spoke about the emerging demand for senior-centric tech solutions, the companies that are stepping up to fill the void and how reverse mortgage professionals can help their clients fund these types of home improvements.

High levels of home equity could be a detriment

The panel was moderated by Tara Ballman, executive director of the National Aging in Place Council, and featured insights from Danniel Fuchs, CEO of AgeTech Connect’s Los Angeles office, and Chris Spearman, chief strategy officer for ScaleHealth.

All three speakers are based in Southern California and spoke to what’s happening in some of the nation’s most expensive housing markets. As of June 6, HousingWire Data shows that median single-family home prices topped seven figures in the Los Angeles ($1.49 million), San Diego ($1.26 million) and Oxnard ($1.28 million) metro areas.

“There are people specifically here in Orange County where they bought the house, the prices have gone up around them, they can’t afford to move, they can’t afford to stay, and they also now can’t qualify for Medicaid,” Ballman said, referring to pending federal legislation that will cap the amount of home equity a person can hold to qualify for long-term care and support.

For senior homeowners who need to stay Medicaid eligible, drawing down their tappable equity through a reverse mortgage is a viable strategy that can fund home modifications and aging technology. But even as this presents both a sizable opportunity and a competitive necessity for reverse mortgage lenders, Fuchs urged the audience to ground their conversations with prospective clients in a holistic manner.

“Whenever you go to meet with a senior and their family, you definitely should be approaching this conversation from a different angle, and not just the financial tools,” Fuchs said. “You’re not there to talk about the reverse mortgage. I understand that’s your business, but when you start to talk like that, you put negativity upfront, instead of actually having that conversation of, ‘How do you see yourself aging?’”

Health worker shortage driving tech demand

The U.S. is already facing a shortage of health care workers that is expected to become more severe in the coming years. A recent NPR report pegged the anticipated shortage at roughly 258,000 doctors and nurses by 2038.

The panel noted that while technology will not eliminate these shortfalls, it can fill critical gaps — particularly for in-home care, where demand is expected to soar because there’s not enough space in nursing homes and assisted-living facilities.

“Technology is not a panacea; it’s not a perfect solution, but it will play a part in the shortages that we face for health care providers. Many of those shortages are being addressed at home because we don't have enough places to put people,” Spearman said.

“We’re far beyond grab rails, wider doorways and safety infrastructure. … New technologies can really take the home from being a place of entrapment or burden to a place that can help you live longer, healthier, more satisfying lives.”

Six categories of age tech

The panelists outlined six broad categories of aging technology, along with several companies that serve seniors with targeted offerings. Reverse mortgage professionals with basic knowledge of the space and the ability to connect clients to resources may give themselves a leg up in originating a loan.

“It is not a mature market, so going out and finding the exact right thing for you, it actually can be beneficial, because in an emerging market, you can find players who want to rightsize for your use case,” Spearman said.

Passive home monitoring: While smart watches and other wearable technology are en vogue and relatively inexpensive, their usefulness is limited. Companies like Neteera, Vayyar and SafelyYou provide the ability to track a senior’s daily movements and sleep patterns while communicating with caregivers in real time. Systems can detect subtle declines and predict days in advance when a person needs to be hospitalized.

Companionship and communication: Loneliness is an epidemic among seniors, with former U.S. Surgeon General Vivek Murthy putting the physical effects of isolation on par with smoking 15 cigarettes a day. Companies like OnScreen and ElliQ seek to combat these issues with social connection platforms, AI companions and robotic pets. Loop Village is a virtual communication that offers personal check-ins and dozens of weekly activities.

Medication management: Companies like Keep Health, PatchRx and Hero Health aim to assist seniors with complex medication regiments. They can sort and schedule medications, track when they’ve been taken and alert family members when they’ve been skipped. This comes at a time when an estimated 125,000 Americans die each year due to non-adherence with prescribed medications.

Falls and physical function: Federal data shows that some 41,000 older Americans die each year due to falling. ZIBRIO, Age Bold and Nymbl Science are some of the tech providers aiming to reduce these numbers by tracking fall risk and creating personalized exercised programs that build strength to reduce risk.

Transportation and access: Even the best care plans cannot work if a senior is unable to get to their provider’s office. SilverRide and Kinetik offer nonemergency transportation for a variety of appointments and errands. GoGoGrandparent is a call-based concierge service for people who don’t have the manual dexterity to use a mobile app. Think of them as Uber for seniors.

Nutrition and social determinants of health (SDOH): For seniors who don’t have the ability to cook for themselves, Tangelo, ModifyHealth and CookUnity offer chef-based meal services and tailored nutrition plans for people with diabetes, heart and kidney conditions and more.

What Google built

The expanded Local Services Ads show price, photos and home details inside mobile search. A buyer can call, message or book an appointment with a local agent without leaving the results page. The listing data flows through HouseCanary’s ComeHome platform under agreements with participating MLSs. Three MLSs participate today: CRMLS, San Diego MLS and My State MLS. Coverage expands market by market through the summer, with full national reach as the stated goal.

The strategic fact is simple. Google sits in front of every consumer destination in real estate. Zillow, Redfin, Realtor.com and every brokerage website depend on traffic that begins with a Google search. Until now, Google passed that demand downstream. Now it plans to satisfy a piece of it inside the results page itself.

The timing could not be worse for Zillow

Zillow’s power in every negotiation, with MLSs, with brokerages, and now in federal court, rests on a single asset: it is where buyers look. That asset is the reason cutting off Zillow’s feed became a federal case, and it is the reason a judge ordered MRED to restore that feed. The entire dispute assumes Zillow is the indispensable window to the buying public.

Google’s expansion chips away at that assumption. Every home search satisfied inside a Google results page is a search that never reaches a portal. Zillow’s moat was never its data, which comes from the industry. Its moat was attention. Google is the one company on earth with more of it.

And once again, the brokerage best positioned to benefit is Compass. Compass’s argument throughout its standoff with Zillow has been that no single portal is essential to a seller’s outcome. Every new place a buyer can find a home weakens the claim that withholding listings from Zillow harms sellers. I have made this observation before, and Thursday’s news strengthens it. In every scenario of the portal wars, Compass finds an upside, and the risk lands on the traditional MLS system.

Except this time, there is a twist worth dwelling on.

This time the MLS is the supply

HouseCanary’s own announcement frames the program as an answer to a fragmenting marketplace, one that lets buyers discover listings from the most complete and validated source available: the MLS. Read that again. After a year in which the largest brokerages built private networks and the portals built pre-market feeds, the largest search company on earth evaluated the entire landscape and concluded that the best source of listing data in America is still the MLS.

That conclusion did not come from NAR. It did not come from an MLS trade group defending its turf. It came from a buyer of data with every option on the table. Private brokerage inventories are partial by design. Portal pre-market feeds are partial by contract. The MLS is the only complete picture of the market, in the places where it still gets the listings.

This gives MLSs something they have not had in 20 years: leverage. The question is whether they will use it.

Three reasons MLS leaders should read the fine print

First, the deal-by-deal pattern. Three MLSs signed individually, through one middleman, on terms that have not been made public. HouseCanary has promoted the program as free for MLSs. Free for how long? With what rights over the data? With what say in how leads get routed? Nobody outside those agreements knows. When 500-plus MLSs each negotiate alone against one national counterpart, the terms get written by whoever signs first and accepted by everyone who signs after.

Second, the middleman is a brokerage. HouseCanary holds brokerage status, and the original pilot was pulled back after objections over how the company had used that status to access listing data. The relaunch came with MLS and brokerage buy-in, which is real progress. But the basic fact remains: the pipeline between America’s MLSs and Google runs through one private company. And there is already a side door. eXp sends its Coming Soon inventory directly to ComeHome, brokerage to platform, no MLS required. If that route widens, Google stops being a reason to list on the MLS first and becomes one more pre-market stage.

Third, the lead economics. This is a paid product. Agents enroll in Local Services Ads and pay for the calls, messages and appointments generated by listings their own cooperation created. The industry has run this experiment before. It contributed its data to the portals at no charge, then spent two decades buying back its own demand, one lead at a time. Running the same play against a counterpart the size of Google, with no negotiated guardrails on data use and lead routing, would be a generational mistake.

The answer is one table

None of these risks argues for sitting out. Google’s buyers are real, the exposure is real and an MLS that stays out simply makes its brokers’ listings harder to find. The risks argue for something else entirely: MLSs should answer Google the way Google approached them — as one national counterpart.

The Council of Multiple Listing Services (CMLS) is the natural convener. What this moment calls for is a standing group, owned and controlled by the MLSs themselves, with the authority to negotiate data licensing terms with national platforms. Usage limits. Attribution rules. Lead routing standards. Audit rights. And a permanent seat at the table for whoever calls next, because Google will not be the last. Every AI company building a home search answer will come for this data too.

This is not a new portal. It is not a new company with something to sell. It is a negotiating table, and the absence of one is the single biggest strategic gap in organized real estate today.

CMLS Open House 2026 convenes at the end of September. By then, Google’s rollout will be months along, and the early agreements will be hardening into the default. The agenda writes itself.

The bottom line

For a year, the debate has been whether the MLS still matters. On Thursday, Google answered it with the most credible endorsement possible: it built its national home search on MLS data. The system everyone keeps writing off turned out to be the one asset a trillion-dollar company could not replicate.

Google did not just launch an ad format. It put a national price on the value of MLS data. The only question left is whether the people who own that value will show up to collect together, or hand it over one signature at a time.

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

That's according to Michael T. Pugh, CEO of the Local Initiatives Support Corp. (LISC), who spoke with HousingWire about the nonprofit’s new State of Affordable Housing report and why closing a 7 million-unit gap will require tighter public-private collaboration, including with investors.

Editor's note: This conversation has been edited for length and clarity.

Sarah Wolak: Out of all the pressures facing affordable housing today, what do you think is the most immediate threat to preserving stock?

Michael Pugh: One is simply the rising cost associated with housing. What we know today is that some of the data is telling us that the average age of individuals who can afford to buy their first home is now over 40 years old. That's a significant indicator and a reflection of a paradigm shift that has happened in our nation related to affordability.

We have the rising cost of creating new housing inventory and the rising costs associated with preservation. That's largely tied to things like insurance costs, utility and energy costs, and the overall ability to build, create or preserve housing when supplies are simply costing so much.

I would put it simply: American residents today are struggling to pursue the dream of homeownership, and that is largely tied to the fact that the cost of ownership is becoming so burdensome.

We also know that a significant portion of American residents are cost-burdened, with more than 40% of their income going toward housing. Once you've paid your rent or mortgage, how do you then address other expensive necessities like child care, health care and transportation? Those are all issues that are impacting families today.

Wolak: When you think about the wealth gap, the growing age gap among homebuyers and declining purchasing power among younger Americans, what concerns you most?

Pugh: What troubles me most is that the issue isn't getting better, and there haven't really been meaningful solutions put on the table to address it. We've seen data suggesting there's a housing shortage of as many as 7 million units across the nation. We also have an aging housing infrastructure, with more than 40% of our current inventory being 40 years old or older.

Our report found that 69% of Americans are very concerned about housing costs. When you consider that the income needed to afford a median-priced home has nearly doubled from about $68,000 in 2020 to roughly $130,000 in 2025, that's a significant challenge.

What has worked in the past is that we have been able to, as a nation, bring public and private dollars together to create incentives, tax credits or other meaningful ways that allow American residents to get into homes and pursue their dream of homeownership.

I think we've seen in the past that the path to closing some of the wealth gap and achieving a meaningful outcome for families is through the equity in their overall homeownership. And what we're experiencing now is leveled or fewer dollars that are made available at the public contribution side ... coupled with the problem being exacerbated because the cost of living is just outpacing the overall income and affordability.

Wolak: You bring up the shortage of more than 7 million affordable housing units. Do you think meaningful progress is being made, or is the shortage continuing to grow?

Pugh: I think the shortage is continuing to grow. There have been meaningful efforts; it's worth noting that we've seen federal support through the New Markets Tax Credit and the Low-Income Housing Tax Credit (LIHTC). These are important federal subsidies that allow for the creation and preservation of communities across our country in terms of helping to address quality affordable housing.

But we have an issue that's bigger than the federal subsidies that have been provided. There is a need to galvanize support from the investor community and encourage investors to help preserve affordable housing stock. Some data suggests that by 2030, as much as 50% of the housing inventory could be owned by investors.

When you think about markets or areas like the Midwest, there are neighborhoods and communities that are largely owned by investors, and once an investor then develops somewhat of a significant scale, they have the opportunity [to] flip into market grade within certain communities. They can seismically change the affordability at local levels within communities, and so I think there's continued opportunity to work between the public and private sectors with the investor community on that.

One piece of legislation LISC strongly supported is the Neighborhood Homes Investment Act (NHIA). It was designed to help bridge the gap between investors and affordable housing as another solution to address this issue.

We're also calling on the private sector to think about the concentric circle related to or tied to workforce development and workforce housing. As we continue to try and tackle this issue, I think companies will want to look at proximity of their locations — whether it's factories or headquarters — and think about the housing inventory and stock in those areas.

They should consider investing in the skill set of those communities to build workforces internally that ultimately will be able to create, be able to preserve and participate in homeownership, so that they are working and living in the neighborhoods and driving economic development within those communities.

Wolak: With housing being a bipartisan issue, what policy changes do you think would have the biggest impact on affordability over the next several years?

Pugh: One positive development is that we've seen greater permanence for the New Markets Tax Credit and additional support for the Low-Income Housing Tax Credit. That sends a signal that policymakers understand this is a real issue.

But as we continue thinking about affordability, we also have to focus on energy costs and insurance costs. We need to ask whether we can bring industry leaders together to address these issues. Energy costs, environmental sustainability and insurance expenses are all connected. Some areas are deemed higher risk because of severe weather, which drives insurance costs higher. It's about weatherization, resilience and protection.

The solution isn't simply giving everyone a free home. We know that's not realistic. The question is, how do we close the affordability gap and bring industry leaders together as part of the solution? That's an area where federal leadership could play a meaningful role.

Wolak: You've worked in community development for many years. Is today's environment the most challenging you've seen, or is it simply a different set of obstacles?

Pugh: Within the Community Development Financial Institutions (CDFI) sector, there have been many different challenges over the years. During the pandemic, CDFIs like LISC were truly financial first responders. We focused on helping small businesses that were on the brink of failure because we understand that small businesses account for more than 40% of the nation's GDP.

We've also worked on issues tied to health and social determinants, making sure communities weren't left behind simply because of their ZIP code — whether they were rural, suburban or urban. What we've understood within the CDFI sector is that our goal is to address broader systemic issues that improve the nation's economy. It's not focused on any one group of people or any one neighborhood.

We're trained to understand the broader issues and create scalable solutions that address them. In LISC's case, because of our size and scale, we work across the entire country, with a particular focus on rural communities, where we often see shortages of healthy food options, health care access and quality affordable housing.

“They grew the team pretty organically by inviting friends and family to get involved with real estate with them,” Emily Martin, the COO of The Perry Group, said. 

According to Martin, organic growth is still one of the team’s primary sources of expansion, as agents continue to invite their friends and other professionals in the industry to join The Perry Group.

Keys to organic growth success

Martin said one of the reasons the team works so well for so many agents is that they have clear systems agents can easily plug into.

“They can run their business without having to think about the operational side,” Martin said. “We help agents do what they do best, which is connect with people.”

The team provides agents with everything from an in-house marketing team to technology to lead generation services through Zillow’s lead referral programs. 

“Overall, there is a lot of value that our team provides for agents, and we have always focused on making sure we are providing things that are relevant for agents and on the cutting edge of technology and strategy,” she said. 

Culture is key

Beyond the team’s systems and technology, Martin said the team’s collaborative culture also helps their agents thrive. 

“Within The Perry Group, our agents are very willing to share ideas and strategies, what is working and what isn’t and we all work to help agents refine their businesses,” Martin said. “Really, I think the biggest thing for us is just making sure that our agents are happy, productive and see value in the team because if they are, we are going to continue to grow because they are going to invite more people to join.” 

Working to maintain this culture across such a wide agent base, Martin said, is not a simple task, noting that each office within the team has its own unique internal culture. 

“Our three business owners, Michael, Jack and John, are all very involved in the business and interact with our agents regularly, so they are getting that real-time feedback and they know what our agents need and want to see in ways the team could be providing them more value,” Martin said. 

Boo Maddox, the team’s president, added that as the team has grown over the past few years, adding more and more offices, they are actively working to figure out how much autonomy each office should have and how much they want things done “The Perry Group way.” 

“Even though we are a team, we are looking at how we integrate each other into other offices,” Maddox said. “Hopefully if you talk to us in a year this is something we have made some progress on because the team is so different than it was a few years ago.” 

Vision for the future

Looking ahead, Martin said the team is aiming for 2,000 transaction sides in 2026 and they are on track to hit that goal.  

“We have been growing consistently over the past three years. I was on a call a few months back with one of our well-respected coaches, and we were wondering if this was a fluke. He said that this is not happening by accident. We have the systems in place for the growth, and I think Jack Perry has really been a great driver of that growth, pushing his sons and pushing us to find ways to make things work, trust the opportunities and create something that makes people want to raise their hand and join,” Martin said.

Most builders recognize that the strength of their production apparatus atrophies the longer it lies dormant, but how many are taking the necessary intermediate steps before they determine how to restore its production capacity?

Many optimistic innovators are developing robotics, advocating for immigration reform, designing methods for offsite construction or building the infrastructure to train the next generation of tradespeople.

These efforts are necessary and noble, but proponents of the Theory of Constraints might note that they represent the fourth step in Eli Goldratt’s Five Focusing Steps: identify, exploit, subordinate, elevate and repeat.

How might Goldratt view the situation if he were alive today?

Reality check at the jobsite level

Even our application of the first step of 5SF would be considered inadequate.

Sure, we’ve identified that labor is constrained, but we haven’t developed a reliable method to quantify our labor market’s capacity. We don’t know what it’s capable of producing at any point in time. This has significant implications for later steps.

Every hour a skilled laborer spends on work other than constrained work permanently reduces the system's capacity. In 5SF terms, “exploit” means removing all waste from a constraint.

Fragmentation creates process waste through context switching and windshield time. A framer who builds the same familiar plans in a single community tends to perform better than one who constantly shifts between builders. An excavator completing a one-hour task can get more done with a geographically optimized route.

Process and information failures cause dry runs, rework and late changes. Inconsistent cadencing decisions can make it impossible for trades to maintain consistent crews that achieve better first-pass yield.

The purest form of exploitation would be a production machine designed around what trades can actually produce. Builders would need systems that support a shift from trades chasing dates to builders planning around dedicated trade capacity. Trades know how many sheets of drywall their crews can hang in a day.

The paradigm that aligns with optimal production capacity is one in which builders ensure there’s enough house to supply the crews, not enough crews to cover houses.

Understanding a starts pipeline

Subordinating to the constraint, 5SF’s third step, is legitimately difficult to execute. Subordination means releasing only as many starts as the production system can handle. This decision can be made only when division leaders accept the unpleasant reality that cramming more starts into a constrained system will not increase closings.

The system can support only what it can handle, and starting anything beyond that capacity only increases your cycle time, your WIP, and your likelihood of being stuck with excess inventory when the market inevitably winds down again.

It’s impossible to make reasonable starts decisions without first identifying the precise capacity of your production apparatus.

Notwithstanding the incredible pressure divisions face to meet their closing commitments, subordination faces a more practical problem: it shares its labor resources with every other builder in its market.

Even if they’ve already done considerable exploitation work to make their jobs the most attractive place for trade partners to send consistent crews, they’re still subject to being knocked around by builders who are less inclined to subordinate their own starts pace.

Business risk versus competitive risk

At some point, the trades risk losing the business of the builder who practiced less self-restraint in their starts pace and fell way behind on their schedules. That builder may pull crews away from consistent work to get the errant builder caught up.

The continuing trend of builder consolidation amplifies this issue. The largest builders have always unwittingly benefited from smaller builders, who serve as the stalking horse for their own cadence inefficiencies.

With fewer builders in the game, there will be no one left to absorb the impact of inconsistent starts pace. The remaining builders will feel the impact of their decisions in the form of elevated cycle times, as the trade base is forced to build a larger buffer to handle the variance in incoming work.

The shared-resource problem plagues subordination efforts, creating a moral hazard for which no solution has yet emerged. The eventual solution is likely to follow one of two paths: mandated coordination or self-selection.

Mandated coordination might resemble OPEC or the FAA’s airport slot-allocation system. Perhaps HUD or another government entity mandates the creation of a starts-pace cartel to ensure a consistent housing supply. This approach would undoubtedly ruffle feathers.

Self-selection’s upside

The self-selection approach would be fueled by improved data on production capacity from next-generation production systems.

Just as demand-based pricing for lift tickets encourages skiers to self-distribute across dates and helps control capacity on the mountain, scheduling tools built around crew resource allocation data could show builders the cycle-time cost of starting houses in one week versus the next.

Reckoning with data reality vs. intuition

5SF’s fifth step is to repeat the process and prevent inertia from becoming the new constraint.

Currently, the sales pace is the constraint. Our production machine has been kept on life support by BTR and brief bursts of spec-home optimism, but without tools to test its capacity, we’ll have no idea what it can produce when sales return. We’ll likely still believe we’re constrained by sales when we reach the maximum capacity our neglected machine can handle.

Our industry’s approaches to addressing the labor constraint are genuinely unique, creative, and inspiring. But we should bring that spirit of innovation to the intermediate steps we can tackle now.

She asked me, "How do we prepare buyers so this stops happening?"

The fix is not in the inspector. The fix is in the conversation you have before the inspector ever shows up.

Plant the picture before the page lands

Here is the truth almost no agent says out loud. Home inspectors get paid $500 to $600 to walk a house with a flashlight and a clipboard. If they hand the buyer a one-page report that says, "Everything looks fine," the buyer feels robbed. They feel like they paid $600 for nothing. So, many inspectors have learned, that thicker the report, the better. The fee gets justified by the page count. The result is a document that reads like the house is one strong breeze away from collapse, when in reality the house is fine.

That is the trap your buyers might walk into. They open a 50-page binder, and they panic. They were not warned. They were not prepared. They were not handed the picture in advance.

My suggestion? Here is the conversation you must have with every buyer, before every inspection, on every house. Do this even when you know the house is in great shape. This will save you more transactions from falling through than any other single dialog I teach.

The pre-inspection script

Sit down with them. Use their names. Then deliver this, calmly:

"Mr. and Mrs. Hunna Hunna, before your inspector walks through the door tomorrow, let me give you a little coaching. As far as I know, there is nothing wrong with this house. The sellers have not disclosed anything that concerns me. But, your inspector is probably going to find something. They are going to find a lot of somethings. Here's why:

When you pay an inspector $600, and they hand you a single page that says the house is fine, you feel ripped off. You think you wasted the money. So, many inspectors have learned to justify their fee by handing you a book of issues. They are going to write down the paint smudge on the baseboard upstairs. They are going to write down the closet door that sticks. They are going to write down the back window that needs a little extra force to close. They are going to take photographs of all of it.

I want you to expect War and Peace. I want you to expect a doorstop. I want you to picture one of those auto repair manuals at the parts store, like those giant binders mechanics used to use. That is what I want you to imagine.

Now when you get the final report, we will sit down together, pull out the items that actually matter, and bring those calmly to the seller, if there are any items that need addressing."

That is the whole conversation. Three minutes. And it changes everything.

Deliver this with humor. Not jokes, but with a smile in your voice. The lighter you are about it, the more permission you give them to feel calm. The agent who asked the question on the call said it best when we finished talking through it. Doing it with humor really makes a difference, because it gets everybody on the same page. That is the goal. Everyone calm and on the same page. Now we can do the work.

The quick implementation checklist

If you skim nothing else in this piece, run this play on every deal:

1. Schedule the conversation before the inspector arrives. Not after. Before. The picture has to land first.
2. Plant a bigger image than reality. Say "War and Peace" out loud. Say "auto repair manual." Make the report they imagine larger than the report they will actually get so when they actually get it, their first reaction should be, "Oh, this is not that bad."
3. Predict the trivial findings out loud. Paint smudges, sticky doors, stiff windows. When those exact items show up in the report, the buyer trusts you more, not less.
4. Promise a debrief. Tell them you will sit down together, separate the cosmetic from the structural, and bring the real items to the seller calmly.

Powerfact: The fee justifies the thickness. Your conversation justifies the calm.

After the binder lands

When the report actually arrives, do the work you promised. Sit with your buyer at a kitchen table or a coffee shop or a screen share. Open the report together. Sort the cosmetic from the structural. The trivial items stay on your side and never go to the seller. The structural issues, the safety items, the costly repairs go to the seller with a clear ask and a clear reason. Calm voice. Specific request. No drama.

Some of what the report flags will be real. There will be a few legitimate items that deserve attention. When that happens, do not minimize them. Do not gloss over them. Bring them to the seller with a clear ask and a clear reason. The framing protects the relationship. It does not erase the work. The framing makes the work possible.

The reason this matters goes deeper than one inspection report. The work we do is largely emotional. We are guiding human beings through what is often the largest financial decision of their lives, on a compressed timeline, with strangers, with money on the line. Fear is the deal killer. Not the inspector. Not the repairs. The fear.

Our job as professionals is to take fear off the table before it ever arrives. Plant the picture. Pre-frame the moment. Walk in with calm. Be the steady voice they hear when the binder lands.

Set the frame before the report opens, and the report has a much harder time killing the deal.

Serve, don't sell. Coach, don't close.

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 complaint by OneTrust — a d/b/a for CalCon Mutual Mortgage — accuses the defendants of secretly funneling borrower information and loan opportunities to EMC and UWM while still employed by OneTrust.

The lawsuit, filed June 4 in a U.S. district court in Arizona, alleges that the defendants “improperly obtained and exploited the benefit of CalCon’s employees, borrower information, loan opportunities, confidential information, trade secrets, goodwill and business infrastructure for Defendants’ own financial gain.”

As of March 12, 2024, the departing group had successfully solicited at least 79 loans away from OneTrust, representing an aggregate loan volume of just over $31 million, the lawsuit shows. 

In a statement on Thursday to HousingWire, a spokesperson for EMC said the company has a "clear and firm policy," in which new employees cannot bring leads, borrower information or any loan opportunities that belong to a former employer. EMC said the number of defendants in the lawsuit "is telling in itself," it is confident in its position and will address the claims through the legal process.

"That policy is non-negotiable and is something we enforce without exception," the EMC spokesperson said. "The individuals named joined E Mortgage Capital after concluding their employment elsewhere. Any conduct alleged to have occurred prior to or during their departure from their former employer is not something E Mortgage Capital directed, participated in, or had knowledge of."

A spokesperson for UWM said the claims "are without merit" and the lender will "vigorously defend against them to the fullest extent permitted by law."

OneTrust CEO James Hecht said the company had no comment.

The claims

The alleged misconduct came to light following a separate legal dispute. In mid-2025, former employees demanded arbitration against the lender under the Fair Labor Standards Act. In November 2025, OneTrust filed counterclaims. 

The discovery process yielded about five terabytes of electronically stored information — including internal emails and Microsoft Teams chats — which the lender claims exposed the secret loan diversion scheme in 2026.

A central element of the alleged scheme involved the unauthorized use of the third-party point-of-sale platform Floify. According to the lawsuit, the Arizona team was instructed to use OneTrust's authorized systems, including Blend. Instead, the employees allegedly used Floify and personal email domains to covertly process borrower leads outside of OneTrust’s visibility, redirecting them to UWM and EMC.

The Arizona division was led by former senior vice president Tim Potempa, who joined OneTrust in February 2022. Potempa — a top-ranked U.S. loan office that originated about $231 million last year, per HousingWire Mortgage Rankings — departed the Dallas-based multichannel lender for EMC in early 2024, bringing a 40-person team and more than $300 million in annual production.

Potempa left EMC after over a year to join CrossCountry Mortgage in August 2025. He did not immediately reply to a request for comments.

OneTrust alleges that Potempa and other division leaders began engaging in “coordinated efforts” in late 2023 to transition the pipeline and personnel away from the company, despite employment contracts strictly prohibiting the solicitation of OneTrust employees for 18 months following their departure. Arizona division leaders also allegedly downloaded company trade secrets — including pricing models, vendor fees and internal cost allocations — to use at EMC.

The lawsuit also points the finger directly at UWM. OneTrust alleges the wholesale giant received and funded the loans despite knowing it did not have a brokerage relationship with OneTrust. 

The complaint claims UWM was "willfully blind" to the fact that the loan opportunities originated from OneTrust personnel and systems, and were being actively redirected for the benefit of EMC and UWM.

OneTrust is seeking damages on multiple counts, including misappropriation of trade secrets, violation of the Computer Fraud and Abuse Act (CFAA), breach of fiduciary duty, tortious interference with contractual relations and business expectancies, civil conspiracy and unjust enrichment.

Across the country, many veterans are living in homes that no longer meet their physical needs. Without the ability or financial resources to make essential repairs or accessibility modifications, veterans may be forced out of otherwise stable housing. 

If policymakers want to address housing instability more comprehensively, they must expand the definition of “housing policy” to include preservation, accessibility and aging in place. 

The reality of changing needs

According to a 2023 AARP survey, most veterans say it is important to remain in their homes if they need long-term care. Yet more than a quarter say they would need financial assistance to make that possible. Among veterans age 45 and older, nearly half report needing bathroom modifications. These are not cosmetic improvements. They are modifications that can affect whether someone is able to live safely and independently at home. 

For veterans living with mobility challenges or service-connected disabilities, unmet repair and accessibility needs can make everyday living much more difficult. Homes that lack accessibility features or are deteriorating may no longer meet residents’ physical needs as they age, placing additional pressure on families, caregivers, healthcare providers and local support systems. 

Redefining housing stability policy

Remaining safely at home over time should be treated as a core component of housing stability policy. When nearly half of veterans over age 45 report needing modifications to something as essential as a bathroom, it points to a disconnect between housing policy and the realities many veterans face. 

Much of the current policy conversation remains focused on housing supply and affordability, but long-term housing stability depends on whether people can continue living safely in their homes as their needs change over time. 

Federal, state and local policymakers who place greater emphasis on housing preservation strategies will help veterans remain safely housed – strategies like expanding support for Veterans Administration housing adaptation grants, supporting home repair and accessibility programs and encouraging states and municipalities to incorporate aging-in-place considerations into broader housing policy and planning efforts. 

Policymakers could also explore stronger coordination between housing and healthcare systems. Medicare and Medicaid programs, for example, may be able to play a larger role in supporting preventive home modifications tied to health and safety needs by identifying housing-related risks earlier and connecting veterans with available assistance before challenges become severe. 

Straightforward solutions for long-term stability

In many cases, the solutions are relatively straightforward: install grab bars and accessibility ramps, widen doorways, improve lighting or repair essential home systems such as heating, plumbing and roofing. These types of modifications can help make homes safer and more functional for aging residents and people living with disabilities.

Identifying strategic, aging-in-place solutions does not diminish the importance of addressing homelessness or affordability. But focusing only on those issues overlooks a significant portion of veterans. They may not be severely cost-burdened, but they are often one preventable barrier away from losing the stability they have worked so hard to maintain. 

At its core, this issue is about whether housing policy fully accounts for the long-term needs of veterans as they age. It is about whether we honor service in a way that is tangible and sustained, and whether we ensure veterans are not only housed, but able to live safely, independently and with dignity in the homes they already have. 

Maureen Carlson is President and CEO of Rebuilding Together
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.

Nor, in spite of hesitant homebuyer demand plaguing many of Texas' submarkets, has Stylecraft's momentum slowed.

The homebuilder, which predominantly targets entry-level and move-up buyers outside of the major metro areas in the Lone Star State, ranked as the 19th fastest-growing homebuilder in HousingWire’s inaugural Homebuilder Rankings, growing sales volume 17.0% from 2024 to 2025. 

According to the rankings, the builder sold 973 homes for a combined $310 million in 2025, ranking it as the 38th-largest homebuilder by sales volume. This growth has carried into 2026, with the company expected to sell 1,100 to 1,200 homes this year, Stylecraft Builders CEO Doug French told HousingWire’s TBD. 

That growth reflects a model built over decades. The company, operating through a down cycle, has found recent success by balancing margin discipline with growth, carefully expanding into select markets, finding the right product niche and driving operational improvements such as substantially improved cycle times. 

Maturing into a homebuilder with 1,000 annual sales was a gradual journey that started with just one sale. 

Family history and growth

Stylecraft Builders was founded by Doug's father, Randy French, in the early 1980s, initially focusing on custom homes. Growth in the early years was glacial – one home in the first year, two in the second, four in the third, and so forth. 

Despite launching during a challenging period marked by Texas's oil downturn, the savings-and-loan crisis, and mortgage rates in the low-to-mid teens, the business steadily expanded over time.

“That wasn't a great time to become a homebuilder. So the way that he says it is, it really forced you to be very, very disciplined, and you couldn't have much fat, because if you did, you just weren't going to make it,” French said. 

Starting in the Bryan-College Station market northeast of Austin, Randy noticed local builders often lacked sophistication in design and marketing, creating an opportunity to differentiate through better home designs and stronger sales and branding.

By the late 1980s and early 1990s, Stylecraft Builders identified an underserved market for entry-level production housing. While production builders were common in larger Texas metros, they were largely absent in Bryan-College Station at the time. 

Capitalizing on that gap, the company expanded into affordable, production-style homebuilding, which fueled more progressive growth. For a time, Stylecraft Builders operated in both custom and production homebuilding, but eventually they realized that the production side generated most of the profits with far fewer headaches, prompting a shift away from the custom end of the market. 

Doug joined the company in 2009, initially as Vice President before assuming the role of CEO in 2015. When he first started working with Stylecraft Builders, the company was delivering about 150 to 200 homes annually. Since then, there’s been steady growth and geographic expansion, with the company nearing 1,000 homes sold last year. 

Since 2020, Stylecraft Builders has expanded into the build-to-rent market, though BTR still accounts for less than 10% of its total home deliveries. While French loves the BTR business, he says that many other builders over the past several years have begun building rental homes, increasing competition. 

“Everybody's kind of caught on to it. I wish it still were that hidden gem that it had been for so long, that no one else was really talking about,” he said. 

A dual-track approach 

As Stylecraft has expanded geographically, one of the biggest lessons that French learned has been balancing margins with volume. The company has historically been margin-focused and remains so, but French reports that some pockets of Texas are much weaker or stronger than others.

Therefore, each submarket and each community make up a patchwork that requires a tailored approach that maintains a solid sales pace, even if gross margins compress. 

In certain overbuilt markets where demand has been weaker of late, this strategy means giving up some margin until sunnier skies return. In others, where conditions are stronger, this may mean holding the line on margins. 

“There are pockets of strength and pockets of weakness. If you're in those pockets of strength, you're fine. And fortunately for us, we have more pockets of strength than pockets of weakness right now. In the places that are strong, we're continuing to be margin-focused. In the places that are a little weaker, we're not margin-focused right now, and we just know those markets are going to come back. We're a believer in Texas overall,” French said. 

French emphasized the importance of generating sales in any market environment. He views that as a critical asset, arguing that builders who fail to adjust pricing and incentives during downturns risk leaving unsold inventory on the market for too long. 

Maintaining this flexibility has been key to Stylecraft Builders’ growth over the last several quarters. 

“We're now at a size and scope and scale to where, if we want to go play at this level, we've also got to learn some new skills. And that skill is, how do you move houses, regardless of how good the market is or how bad the market is,” French explained.  

Geographic diversity and selective expansion

Geographic diversification has also helped fuel the company's expansion. Many Texas markets remain strong, while others remain overbuilt in the wake of the post-COVID-era building boom. Stylecraft Builders has deliberately avoided these most overbuilt areas. 

French pointed to Stylecraft’s decision to exit the Houston metro two to three years ago as a key example of the company's disciplined approach, noting that many of the deals in peripheral suburbs outside of the Houston area that his team previously evaluated and passed on are now struggling. While the peripheral suburbs still show strong growth, so many public builders have entered the market that it is hard to compete. 

For now, the company's growth strategy centers on expanding into underserved markets with strong long-term fundamentals, rather than into markets with excessive competition, particularly from large numbers of public builders. 

“There are so many markets that are underserved. Why go to one that's overrun?” French said. “We're not scared of publics. We build with Lennar and Dr. Horton all the time, but what I don't like doing is being one of 20. We've always kind of had almost a little bit of a counterintuitive approach.”

Finding the right product niche

Stylecraft builds a mix of attached and detached homes, mainly between the low $200s and the high $400s. The company has long focused on design differentiation, with distinct color palettes, more distinctive exterior and interior design elements, and an overall style that feels less standardized than what you typically see in production homebuilding.

As entry-level buyers continue to feel the affordability squeeze, French shared that Stylecraft’s entry-level townhome product is performing quite well and that first-time buyers, at the right price, are willing to make some trade-offs for affordability.

Two-bedroom townhomes in select Stylecraft Communities start at about $200,000. This is a popular product, but the company's ability to deliver an entry-level townhome at this price primarily hinges on disciplined cost design. 

To lower the price, they concentrate on building quality into high-impact areas like kitchens and finishes, while shrinking overall space and removing some less essential features. 

Buyers at the entry-level price point are generally willing to make trade-offs in size and extra features as long as the home is affordable and still feels well finished in the key living areas. Common trade-offs include smaller square footage, fewer bathrooms, no garages and smaller lot sizes, as well as a simplified layout with more compact rooms. 

However, buyers are much less willing to compromise on higher-impact areas of the home, like kitchens. The core finishes still need to feel modern and high-quality, even if the spaces are more compact. 

The goal of this balanced approach is to deliver a home with strong perceived value from both an affordability and a features standpoint. This strategy has worked well for Stylecraft, French said, and plays into some of the growth the company has experienced despite operating in a down cycle. 

The key is finding the right combination of cost-cutting measures that deliver an affordably priced home that buyers still want.

“You’ve got to get your price point down far enough. If we have a townhome selling right across the street from a single-family home, we have to be $40,000 or $50,000 below that. We know that in order to move that product, you've got to be able to accomplish that, and if you can't accomplish that, it's just not going to work,” French explained. 

Slashing cycle times

French said that one major operational improvement has been a reduction in cycle times. Since the beginning of 2026, Stylecraft Builders has reduced average cycle times by about 32 days year to date, a strong improvement that has enabled further growth. 

This improvement, however, isn’t the result of a single silver bullet or some fancy new technology. Instead, it’s the culmination of a broader, more disciplined approach. 

A major shift for Stylecraft came with the hire of a new vice president of construction, who raised the bar on execution. The new VP, Jordan York, brought a higher level of discipline, detail and accountability, while also providing the support needed to actually meet those expectations. 

This key hire, French explained, mattered immensely and improved the baseline of performance across the organization.

“When you have somebody who really believes you can get something done and is going to hold you accountable to that, and is also going to give you the support needed, you start believing in yourself. And once you start believing it yourself, you really start running,” French said. 

Many of the changes involved improved collaboration with the trades. Stylecraft began to take a closer look at scheduling, ensuring that trades aren’t overbooked, that they consistently stay on schedule, and that steps are taken to intervene when work starts to slip. 

When a trade is stretched too thin, French explained, Stylecraft works to address it. But he also noted the importance of moving on and having tough conversations with crews that aren’t performing to an adequate level. As part of this, the company became more intentional about working closely with back-office teams and analyzing where trades were helping or hurting cycle times, which informed which partners were best. 

“What I do want to say is, it's not as simple as, if we have better trades, then we will build on time. That’s not a sentence I ever want anybody saying in our company. It always starts with us, and even if it is the trade, well, we're the ones that hire them. At the end of the day, it all comes back to us, and we have to ultimately take that responsibility,” French said. 

The appointments follow the April promotion of former BombBomb co-founder Darin Dawson to CEO and mark the latest step in a broader leadership overhaul at the North America-based real estate coaching and training company.

Buffini & Company, founded by Brian Buffini and known for its “Work by Referral” system, said the expanded executive team will focus on making it easier for real estate agents and brokerage leaders to run referral-based businesses while integrating modern technology, including AI tools.

Who is joining Buffini & Company

In his role as chief revenue officer, Pacinelli will oversee how customers discover, test and expand their use of Buffini programs, from podcasts and training to paid coaching. The company said he will be responsible for aligning client-facing sales and marketing around measurable outcomes for agents and brokers.

Pacinelli previously held leadership roles at BombBomb, Follow Up Boss and Zillow.

As chief operating officer, Bolton will be charged with integrating people, processes, technology and coaching delivery to improve performance and client results.

According to the announcement, Bolton brings more than 20 years of SaaS experience, including roles as senior vice president of operations, chief customer officer and chief revenue officer at BombBomb. Most recently, he ran Bolton Co., an executive coaching and advisory firm focused on leadership and customer experience.

In his role of chief ambassador, Beute will focus on amplifying client and community insights from Buffini’s global network of agents, coaches and brokerage partners. The company said his role includes content, events and other outreach designed to keep member feedback central to product and program decisions.

Beute is a Wall Street Journal bestselling co-author and former executive at Zillow Group and BombBomb. He has hosted nearly 500 podcast episodes and has spent more than a decade working with real estate professionals on using video and other tools to build “authentic connection,” according to the announcement

Leadership mandates

Buffini & Company said the three executives share a single mandate: make it “radically easier” for agents and brokerage leaders to operate relationship-based businesses at scale.

In April, Buffini & Company named Dawson as CEO and transitioned Brian Buffini to chairman. The new executive hires build on that shift in leadership as the company looks to extend the relevance of its referral system for the next phase of the housing cycle.

The company says Pacinelli will be responsible for ensuring growth initiatives do not erode agent trust, Bolton will focus on operational reliability of systems and experiences, and Beute will work to keep member outcomes and stories central to strategy.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

Custom app features are available immediately.

The initiative builds on work that began more than a year ago with companies including Douglas Elliman and SERHANT., which developed custom applications using Rechat’s infrastructure, leaders said.

More recently, Nest Realty has also utilized Rechat’s APIs and app platform to create custom solutions.

Developers can build custom interfaces that run directly within the platform's environment. Applications remain hosted on the developer’s own servers while accessing Rechat’s data, workflows and interface components, including contact information, email tools, forms and other operational functions.

The company said this approach allows applications to appear and function as a native part of the Rechat platform while reducing development time and complexity.

“From day one, Rechat was architected as an operating system: one data model connecting CRM, marketing, design and transactions, with Lucy, our AI assistant, running across all of it, we didn’t bolt this on,” said Emil Sedgh, chief technology officer of Rechat. “That foundation is what lets a brokerage or a partnership create a production-grade app in weeks or months, not years. They build their idea; they don’t rebuild the infrastructure underneath it.”

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.

Developers, municipalities and environmental advocates are watching to see how the law works in practice in the real world.

Rules still need to be written.

Overhauling the State Environmental Quality Review Act was a centerpiece of Hochul's "Let Them Build" agenda to improve housing affordability by streamlining the permitting process. It came after extended budget negotiations delayed its passage.

The law exempts qualifying housing projects from environmental review for the first time since 1975. The Department of Environmental Conservation must update regulations and guidance to align with the statute. Lead agencies statewide must also retool internal review processes to meet new mandatory timelines.

New York's move echoes a push already underway in California. Gov. Gavin Newsom signed a landmark law last July shielding apartment and residential projects from lengthy environmental review. Developers wasted no time securing exemptions, with some doing so within days of the law taking effect.

But California's experience to date also stands as a warning. Removing environmental review as a delay tactic shifts the fight to city councils and courtrooms.

It has not, thus far, eliminated it.

Where the final law expanded on Hochul's proposal

Hochul's January executive budget proposed a 100-unit cap for housing projects outside New York City to qualify for automatic exemption. The enacted version raises that cap to 300 units in urbanized areas, covering most mid-size cities and suburbs statewide. Rural and non-urbanized areas keep the original 100-unit cap.

Housing advocates and suburban municipalities called that expansion a significant win. They had argued Hochul's original threshold was too restrictive to accelerate production meaningfully.

"Modernizing SEQRA is an important step toward addressing New York's housing affordability and supply challenges by reducing unnecessary delays and duplicative review requirements that increase costs and slow the development of critically needed housing across New York," New York State Association of Realtors President Ron Garafalo said.

Where the legislature tightened the reins

The final law extends a previously-disturbed-land requirement to all housing projects statewide, including those in New York City. Hochul's original proposal applied that condition only to projects outside the five boroughs. Environmental groups and state legislators argued the original approach left too much room for development on sensitive sites.

A childcare facilities exemption in Hochul's executive budget was stripped from the final version. Hochul pitched the provision to speed construction of community infrastructure alongside housing. Lawmakers who wanted to limit the law's scope secured its removal.

The final law establishes a 20-unit cap for areas with no local zoning, a guardrail absent from the original proposal. Critics had flagged that absence as a potential loophole in communities with limited land-use oversight.

What comes next

In New York City, the reforms intersect with an existing local layer: the City Environmental Quality Review process, known as CEQR. The state changes are statutory and preempt local law, but how the city's lead agencies interpret the new exemptions alongside CEQR needs resolution.

The DEC has not announced a formal rulemaking timeline. Project sponsors and municipalities will navigate the new statute without a regulatory roadmap until it does.

"Moving forward, the New York State Department of Environmental Conservation may choose to promulgate implementing regulations or issue guidance to clarify certain provisions," attorneys with Greenberg Traurig wrote in an analysis. "Until the agency issues such regulatory guidance, stakeholders and applicants should consider exercising caution when applying SEQRA's new provisions to specific projects."

The holding company for eXp Realty, NextHome, FrameVR.io and SUCCESS Enterprises now trades on Nasdaq under the AGNT ticker and will operate under the AGNT, Inc. name going forward. The shift follows the May 2026 adoption of the AGNT ticker and the addition of NextHome to the platform, which the company describes as a multi-model, agent-focused ecosystem spanning cloud brokerage, franchise and ancillary services.

Glenn Sanford, founder, chairman and CEO of AGNT, said the new corporate identity is intended to formalize the company’s longstanding strategy of building economic and technology models around independent real estate agents. At the brokerage level, eXp Realty CEO Leo Pareja pointed to the firm’s scale — it bills itself as the world’s largest independent brokerage — and said the AGNT structure is designed to give that agent-first mission “a permanent home” at the holding company level.

Redomestication to Texas

As part of the transformation, AGNT has completed its redomestication from Delaware to Texas. The move was recommended by a special committee of independent directors after a review process that lasted more than a year and was supported by outside counsel, according to the announcement. Shareholders approved the change at the company’s May 8, 2026, annual meeting.

The company said Texas law better matches its agent-driven business model because it expressly allows directors and officers to consider the interests of constituencies such as agents when exercising fiduciary duties. That framing is notable for broker-owners and shareholders watching how public real estate platforms navigate pressure to balance agent economics, profitability and litigation or regulatory risk.

This move comes despite New York State Comptroller Thomas DiNapoli, who is a trustee of the New York State Common Retirement Fund, an AGNT shareholder, calling on investors to block the firm’s attempt to move its place of incorporation to Texas. 

Critics of the firm claimed that it was trying to reincorporate to dodge allegations that the company and its executives enabled the drugging and rapes of women attending recruiting events. 

AGNT has repeatedly told HousingWire that it “has zero tolerance for abuse, harassment or misconduct of any kind — including by the independent real estate agents who use our services,” and that it believes the claims against Sanford and the firm “are without merit.”

In mid-April, an AGNT spokesperson told HousingWire that the decision to reincorporate in Texas reflected “the Board’s considered judgment about the long-term operational and governance interests of the company and its shareholders. “

“Any characterization of the timing as ‘suspect’ misrepresents a lengthy, good-faith process and a misunderstanding of the reincorporation impacts on existing litigation,” the spokesperson said. 

AGNT said it will continue to use its website, www.agntinc.com, Securities and Exchange Commission filings, press releases, calls, webcasts and social channels as primary outlets for investor information.

This article was written by Brooklee Han and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.

The story has become part of The Horak Group’s family lore — and part of the reason the team’s connection to REMAX stretches back nearly four decades.

“I was in that pumpkin seat under the desk at another brokerage when [my mother] was doing board duty, desk duty,” Molly told HousingWire. "The owner came in and asked why a baby was here, said it wasn’t professional. She was in her early 20s, so what are you going to do? So, she went across the street to REMAX, and I ended up growing up in that office.

“They passed me and my sister around, and it was a very family atmosphere. My kids now have all worn little knit REMAX baby hoodies from the 1980s my mom had for us when we were little."

Today, that family-centered approach remains a defining characteristic of The Horak Group, which operates under REMAX Boone Realty in Columbia, Missouri.

The three-agent team — Molly Horak, her mother Susan Horak and Jan Wertzberger — earned a No. 16 national ranking among small teams for transaction sides on RealTrends Verified’s 2026 rankings — closing 247 in 2025.

For Molly, the explanation for the team’s sustained success is straightforward.

“We do have longevity,” she said. “I think my mother started in 1984, 1985, somewhere around there,” she said. “We’ve all just been doing this for a very long time, and have routines set and know what we need to do. It takes a lot of late nights and weekends, but we just keep going and it’s what we’ve always done.”

Susan Horak founded the business and remains its leader, with Molly helping on day-to-day operations and Wertzberger having been with the group for 30 years.

Technology and people

Although the team consists of only three agents, it has continued to evolve with changing technology.

Molly remembers a time when marketing a listing required far more time than it does today.

“I remember starting off in the company in the graphics and marketing office,” she said. “It was so funny, because back then it took like six of us to do 10% of what we do now with two people. You had to build the website from nothing, and it felt like every single time you had a new listing it was this long process of getting everything put on there.

“The websites would crash if you had more than nine photos, because the internet just wasn't what it is now, and the technology has just gotten so much better — so much faster.”

Despite advances in technology, the team's investment philosophy has remained consistent.

“I don't feel like we spend a ridiculous amount buying every new shiny thing,” Molly said. “But we do invest in people. We have a dedicated, full-time graphics and marketing [person]. It’s not always been the same person — but for probably 25 years, 30 years, we've just always had one because you need someone to run the website.”

That includes maintaining dedicated marketing support.

“We’ve always had a pretty decent listing volume [so] it's never made sense to have someone where we had to wait on their schedule when we needed new photos, especially during the recession years,” Molly said. “When things were sitting on the market for a very long time, you have to send people out to retake photos when the season changes and there's snow on the ground.”

Working with family

As The Horak Group hits 40 years in business, Molly believes the key to making a family business work is surprisingly simple.

“You've got to like each other,” she said. “I genuinely love working together. Frequently, we’ll be at the office till 8:30 at night or longer, just to get more done after the staff has left. Everybody goes home and then, all of a sudden, you get peak productivity. We work really well together then, or at any time.”

Still, she acknowledged that family partnerships aren't for everyone.

“Not every parent-child relationship is right for that,” Molly said. “And you can’t try to force it when it's not. We’ve just always had this family environment, and we really appreciated that about REMAX. My kids came to the office their first couple of years. When [my mother] got into real estate, back then, I think there was a higher concentration of men in real estate.

“It just wasn’t as normal to have a business be welcoming [to a woman who needed to bring kids to the office]. Now things are different, but REMAX was just so welcoming when it wasn’t what everyone did.”

For the Horaks, a family-friendly office that welcomed a baby in a pumpkin seat helped launch a real estate legacy that now ranks among the nation's best.