Mortgage company, brokerage fined nearly $2 million for 'kickbacks'
The Consumer Financial Protection Bureau fined Freedom Mortgage $1.75 million and Realty Connect $200,000 for providing illegal incentives for loan referrals.
August 18, 2023
Dave Gallagher
Director, News Reporting
Dave's journalism career spans 24 years covering business, the economy and real estate in Northwest Washington. He's also a numbers nerd, examining data to spot emerging trends in industries. Having started his career as a sports writer, he's a lifelong baseball and soccer fan and recently discovered pickleball. He grew up in Yosemite National Park and earned his journalism degree at Humboldt State University in northern California.
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- Mortgage interest rates hit highest level in more than 20 yearsAfter a fourth week of increases, average rates reached 7.09% this week, passing last fall's peak.August 17, 2023
- Zillow scores victory in REX case ahead of trialA judge has ruled an antitrust claim was without merit, a key component in a federal case involving how portals display non-MLS real estate listings.August 16, 2023
- Upward mobility isn’t cheap for U.S. homebuyersA new report from Redfin found that homes in high-opportunity neighborhoods sold for nearly 40% more than homes in low-opportunity neighborhoods.August 14, 2023
- 3 things to know about REX’s lawsuit against ZillowWhen the case goes to trial next month, NAR policies on IDX feeds — which Zillow began using in 2021 — could be put to the test.August 14, 2023
- Want to get top dollar for your seller? Stick with the MLSTwo regional studies of home sales found that properties listed on the MLS sold for significantly more than homes sold off-MLS.August 11, 2023
- Mortgage rates return to peak levels, inflation ticks upAverage rates reached 6.96% again after rising three weeks in a row, and after falling last month, inflation crept back up.August 10, 2023
- Real reaches profitability milestone in Q2Despite a net loss of just over $4M, the company increased revenue by 65% and reported EBITDA profits for the first time, while also doubling agent count.August 9, 2023
- Appraisal fairness improving, reversing a decade-long trendA new analysis of federal data found that the racial home appraisal gap has narrowed since the formation of the PAVE task force.August 9, 2023
- Compass improving its bottom line despite continued lossesThe brokerage lost $48 million in Q2 — an improvement after substantial losses in Q1 — and the company emphasized its free positive cash flow.August 7, 2023
- NAR membership up even as transactions declineMember count increased by more than 6,500 in July, but the "fiercely competitive business environment" could spur attrition in the coming months.August 6, 2023
- MARIS buys into MLS joint ventureThe Midwestern MLS, which covers parts of Missouri and Illinois, is investing in REdistribute, a data revenue-share program.August 4, 2023
- eXp delivers a profitable second quarter — and adds agentsThe company reported a net income of $9.4 million, slightly below expectations, while its agent count grew by 7%.August 3, 2023
- Mortgage rates approach 7% following U.S. rating downgradeFreddie Mac put the average 30-year fixed-rate mortgage at 6.9% this week, just below the peak seen in mid-July.August 3, 2023
- HomeServices of America loses appeal in commissions caseThe Eighth Circuit Court of Appeals upheld a ruling denying HSoA’s motion to force arbitration in the Sitzer/Burnett case, scheduled for trial in October.August 3, 2023
- Zillow revenue exceeds expectations, bolstered by rentalsOverall revenue was up from Q1 and slightly higher year-over-year, but net losses continued to mount.August 2, 2023
- As buyers move farther away, agents need to be ready for themNAR’s midyear forecast touched on a variety of trends, highlighting increased moving distances as a notable recent change.August 2, 2023
- Why MLSs should play up their value to consumersEmily Chenevert, CEO of ABoR and the newly rebranded Unlock MLS, wants Austin buyers and sellers to associate "MLS" with more than just soccer.August 2, 2023
- New CEO addresses San Diego Realtors amid turmoilIn a letter to members, Cory Shepard vowed to lead the organization into a new chapter after the former CEO was accused of embezzlement.July 31, 2023
- Luxury market split: West Coast prices drop, East Coast upNationwide, luxury home prices are still on the rise, but several Western cities have experienced double-digit declines in the past year.July 31, 2023
