When the Federal Reserve raises or lowers its benchmark interest rate, many people expect mortgage rates to follow suit. But the relationship isn’t that straightforward. The federal funds rate—the rate banks charge each other for overnight loans—has an indirect impact on mortgage rates. The Federal Reserve sets a target rate range for its rate—currently 4.25%…
Treasury Secretary Scott Bessent has ordered a widespread shutdown of operations Monday at the Consumer Financial Protection Bureau (CFPB) following his appointment as acting director Monday after President Donald Trump fired the agency’s previous leader Rohit Chopra over the weekend. The news was first reported by Bloomberg Law. According to an internal email obtained by…
The Mortgage Bankers Association (MBA) called on the Consumer Financial Protection Bureau (CFPB) to postpone compliance deadlines for its Nonbank Registration Regulation, citing concerns over implementation timelines and undue regulatory burden amid a new presidential freeze on pending rules. “The Bureau has a duty to limit regulatory burden and consider costs and benefits,” MBA officials…
The National Association of REALTORS® (NAR) and several Michigan real estate associations asked a federal court Wednesday to dismiss a proposed class-action lawsuit that challenges traditional MLS and REALTOR® membership requirements. NAR, the Michigan Association of REALTORS® and several local REALTOR® associations argue that the plaintiffs failed to make valid antitrust claims in their lawsuit,…
Above: Brian Tepfer, CEO of PropStream As one of the leading real estate data and lead generation platforms in the country, PropStream is on a mission to provide real estate professionals with the most comprehensive solution for finding off-market property leads encompassing the latest trends and technology advancements. Real estate and mortgage professionals can then…
The Federal Reserve’s chief banking regulator will resign in February, avoiding a potential showdown with President-elect Donald Trump who was expected to replace him. Michael Barr will step down as vice chair for supervision at the Federal Reserve on February 28 but retain his position as Fed governor until 2026. The announcement comes amid speculation…
United Real Estate: At a Glance Agent Count: 21,000 Offices: 159 States: 32 2023 Closed Transactions: 70,000 2023 Closed Sales Volume: $27.8 billion – No. 1 fastest-growing national real estate brokerage by revenue (Inc. 5000) – Among fastest-growing privately-held U.S. companies for the eighth year (Inc. 5000) – 8th largest real estate brokerage by transactions…
Federal regulators filed a lawsuit Monday against Rocket Homes Real Estate and The Jason Mitchell Group (JMG), alleging an illegal referral scheme that steered homebuyers toward specific mortgage and settlement services, according to a complaint filed by the Consumer Financial Protection Bureau (CFPB). Rocket Homes allegedly provided real estate brokerages with referrals and preferential treatment…
Ask any real estate or mortgage professional what housing has been like in 2024, and the answer is likely chaotic. Ask consumers the same question, and they’ll probably sum it up in one word: unaffordable. A continued trend of higher-for-longer mortgage rates will continue into 2025 accompanied by high home prices, but slight improvements are…
Rising inventory levels and changing buyer demographics are boosting optimism for the housing market in 2025 even as affordability headwinds carry into the new year, Rocket Companies CFO and Treasurer Brian Brown said during a fireside chat at the Goldman Sachs U.S. Financial Services Conference on December 10. “We’re seeing inventory tick up,” Brown told…
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