Realtor.com Acquires Avail

The parent company of realtor.com announced Tuesday it is going to take a bigger role in the rental market with the acquisition of Avail, a company that helps landlords across the country manage their rental properties. Avail supports landlords by assisting them to create and market rental listings, screen applicants, process payments, track maintenance requests and more. It also helps renters complete rental applications, sign leases, pay rent and submit maintenance requests.  “This acquisition is a key part of our strategy to make finding a home easier and more rewarding,” said David Doctorow, CEO of realtor.com. “We believe that Avail is uniquely positioned to meet the needs of the DIY landlords and tenants in a large, growing and underserved market.…

Mr. Cooper Settles With States, Feds For $74.5 Million

Mortgage servicer Nationstar, which does business as Mr. Cooper, agreed to pay a $74.5 million settlement with the Consumer Financial Protection Bureau, state attorneys general and bank regulators for violating a variety of federal laws designed to protect borrowers. Regulators had accused Mr. Cooper of violating the law from 2012 to 2015 by: Failing to identify thousands of loans with existing in-flight modifications and failing to recognize some transferred loans with pending loss mitigation applications or trial modification plans or failing to identify and honor other borrowers’ loan modification agreements.Foreclosing on borrowers to whom it had promised foreclosure holds while they applied for loss mitigation relief.Improperly increasing borrowers’ permanent, modified monthly loan payments.Failing to timely disburse borrowers’ tax payments from…

NY Tenants Sue Trump Family Over Inflated Rent

More than 130,000 current and former tenants filed a class-action lawsuit against President Trump and his family business for allegedly elevating rents in rent-regulated apartments since 1992. Filed in Kings County Supreme Court in New York, the lawsuit alleges President Trump, his late father Fred, and other members of the family increased rent by falsifying the cost of capital building improvements in reports to New York City housing authorities. “This was a huge tax fraud scheme, designed to allow Fred Trump to transfer money to his family members without paying estate and gift taxes, while at the same time, stealing money from their rent-regulated apartment house tenants,” said Jerry Parker, senior partner at Parker Waichman, which filed the lawsuit on behalf…

Freddie Mac CEO David Brickman Resigns

Freddie Mac chief executive officer David Brickman notified the company this week that he is stepping down from the role he has held since just last year, Freddie announced Friday in an SEC filing. Brickman’s resignation will be effective January 8. Freddie gave no reason for Brickman’s decision in the filing, though a spokesman told the Wall Street Journalthat it was a “personal decision.” The SEC filing said, “The Board will also be launching a search for a new CEO for Freddie Mac.” Following the notification, Freddie appointed Michael T. Hutchins interim president, effective Monday. Hutchins, 64, has served as Freddie Mac’s Executive Vice President – Investments and Capital Markets since January 2015, and prior to that, he served as Senior…

Rocket Companies Reports Record Q3 Results

Rocket Companies on Tuesday announced third-quarter financial results that included closed loan origination volume of $89 billion, a 122 percent increase over the third quarter of 2019. Rocket Companies also reported: Increased net revenue by 186 percent and adjusted revenue by 163 percent, with as total expenses increasing by 46 percent. In addition to $89 billion in loan origination volume, the company saw a net rate lock volume of $94.7 billion – a 101 percent increase over 2019.Increased other income by 140 percent year-over-year, which included Amrock’s strong growth from title insurance services, property valuation, and settlement services as a result of the increase in origination volume.  “In the midst of the pandemic, we were able to help an unprecedented number…

JD Power: Rocket Leads In Customer Satisfaction

Rocket Mortgage by Quicken Loans announced Monday that J.D. Power named the company the US leader for client satisfaction in primary mortgage origination for the 11th straight year. The company said it ranked “best in class” in every category that made up the total satisfaction score, including overall satisfaction, application and approval, loan offering, loan closing and communication with customers. The J.D. Power study found: 92 percent of those surveyed said Rocket Mortgage team members completely explained the application and approval process94 percent of Rocket Mortgage clients surveyed said the application-related documents were easy to understand. 80 percent of the clients surveyed said they will “definitely” consider Rocket Mortgage for their next home purchase.  Rocket Mortgage ranked highest with a score of…

RE/MAX Reports “Very Encouraging” Q3 Results

RE/MAX reported “very encouraging” financial results for the third quarter for its real estate and mortgage brokerage service arms. “The continued execution of our strategy, coupled with the U.S. housing market’s remarkable run, drove our very encouraging results for the third quarter,” stated Adam Contos, RE/MAX Holdings Chief Executive Officer.  RE/MAX reported the following results for RE/MAX real estate brokerage and Motto Mortgage brokerage: Total revenue of $71.1 million, with revenue excluding marketing funds increased 0.5% percent to $53.8 million.Net income attributable to RE/MAX Holdings, Inc. of $3.6 million and earnings per diluted share (GAAP EPS) of $0.19.Adjusted EBITDA of $30.3 million, Adjusted EBITDA margin of 42.7% and Adjusted earnings per diluted share (Adjusted EPS) of $0.64.Total agent count increased 5.1 percent to 134,769 agents, while decreasing 0.3 percent in…

Zillow Reports Q3 Revenue Of $657 Million

Zillow announced third quarter financial results, as the online real estate company posted strong revenue amid the coronavirus pandemic. “Zillow’s strong third quarter results reflect impressive execution during a time of challenge and opportunity,” Zillow Group co-founder and CEO Rich Barton said. “Many of us are re-evaluating where we live and how we live, which has kicked off a Great Reshuffling, and we need safe, digital ways to get to a better place.” Total consolidated revenue of $657 million and revenue for all three segments exceeded the high end of the company’s revenue outlook for the third quarter.Segment income (loss) before income taxes was $140 million, $(76) million and $11 million for the IMT, Homes, and Mortgages segments, respectively, and…

Redfin Posts Third Quarter Earnings

Redfin on Thursday announced financial results for the third quarter, with revenues down slightly but profit up significantly from last year. Third-quarter revenue dropped 1 percent year over year to $237 million, while gross profits was $93 million – an increase of 74 percent from the third quarter of 2019. Net income per share attributable to common stock was $0.30, up from $0.07 last year. Redfin also reported that gross profits on real estate services were $92 million, an increase of 70 percent from $54 million in the third quarter of 2019. “Redfin’s increasing share of North America’s online real estate audience, coupled with a strong housing market, has generated demand faster than we can recruit agents, lenders and partners,” said Redfin CEO Glenn Kelman. “Our market…

UWM Announces Earnings Ahead Of IPO

Ahead of its initial public offering, United Wholesale Mortgage announced that it closed $54.2 billion in loans in the third quarter of this year – up 81 percent from the third quarter of 2019. For the year, the Pontiac, Michigan-based wholesale lenders has closed $127.8 billion in mortgages – up from its total 2019 record of 107.8 billion.  “This is our best quarter in the company’s 34 years, showing that borrowers are recognizing that independent mortgage brokers offer better rates, greater speed and deeper experience,” UWM President and CEO Mat Ishbia said. The increased volume reflects an industry-wide growth in mortgage activity – especially around refinances – amid record-low mortgage rates. On Wednesday, the Mortgage Bankers Association announced that refinances…