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July 2025

Rocket lays off 2% of workforce after closing Redfin acquisition

LendingLife, Mortgage, Mortgage and Housing Layoffs, Origination, Redfin, Rocket Companies, Rocket Mortgage /

Detroit-based Rocket Companies confirmed a company-wide layoff on Friday, just weeks after completing its $1.75 billion all-stock acquisition of real estate brokerage Redfin. The cuts affected roughly 2% of the firm’s workforce. “Following the Redfin acquisition, we carefully reviewed our combined structure, identified overlapping roles and made the difficult decision to streamline teams,” a spokesperson […]

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Two Idaho brokerages, agents named in RICO suit

Brokerage, Century 21, HWmember, Idaho, Keller Williams, Legal, Real Estate /

Real estate agents at two Bonner County, Idaho-based brokerages are facing charges of breaching fiduciary duty and engaging in a racketeering scheme with developers to sell defective homes.  The suit was filed on Friday in U.S. District Court in Boise by plaintiffs David and Linda Wittwer, The Wittwer Family Trust, Daniel and Sharla Doyle, Daniel

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To the moon! Opendoor is Reddit’s new memestock

HWmember, iBuying, Opendoor, Real Estate, Social Media, Stock Market /

Move over, Gamestop — there’s a new memestock in town. The equity price of iBuyer pioneer Opendoor has surged of late, and it appears entirely driven by Reddit’s infamous Wall Street Bets subreddit and other social media platforms. As of Monday morning, Opendoor shares were trading for $3.31, a shocking 429% rise in just one

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HomeStreet selling nearly $800 million in Ginnie servicing

Industry News, Secondary markets, Servicing /

A HomeStreet Inc. division is shedding Ginnie Mae mortgage servicing rights ahead of the parent company’s merger with Mechanics Bank, which has not been active as an MSR investor. The Seattle-based HomeStreet Bank has agreed to sell the portfolio on Aug. 1. It had a principal balance of $794 million as of June 30. The

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Opendoor shares jump as traders flock to newest meme stock

Housing markets, Mortgage technology /

Opendoor Technologies jumped 120% on Monday, extending its gravity-defying rally from last week, as investors continued to pile into the stock that has found a sudden fandom among retail traders and social-media platforms.  The stock’s triple-digit surge sent shares of the Tempe, Arizona-based company soaring to $4.97, well-above the $1 level it was bouncing around

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Bill to expand ADU financing introduced in Congress

Affordable housing, Politics and policy /

A new bill proposed in Congress would make it easier for homeowners to build accessory dwelling units on their properties, a step supporters say will help alleviate the nation’s housing affordability crisis. The legislation, called the SUPPLY Act, aims to expand access to second mortgages for homeowners who want to build an ADU by making

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Responsible AI Sandbox

Google, Oliver Wyman, Corridor launch gen AI sandbox for banks

Artificial Intelligence, Technology /

The AI sandbox offered by from Google, Oliver Wyman and Corridor Platforms lets users try different large language models within a secure environment.Google, Oliver Wyman and Corridor Platforms Banks have been using generative AI in their call centers, software development, investment research and back offices. Some are even making it available to their entire employee

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Existing lender controls lacking to detect mortgage fraud

Fraud detection, LOAN PRODUCTS, Originations, Regulation and compliance, Underwriting /

The share of mortgage loans with issues that could indicate fraud declined in the second quarter of 2025, although it is still above levels seen in the second half of last year, Fundingshield’s Wire Fraud Analytics report said. During the period, nearly 46.63% of transactions analyzed in an $81 billion residential, commercial and business purpose

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What’s behind the increase in housing inventory?

Housing Inventory, Housing markets, MARKETING TO BORROWERS, Originations /

For-sale housing inventory is sitting at its highest point in years despite a pullback in new listings, and the contrasting numbers indicate long-standing affordability challenges are still impacting the market, leading real estate brokerages found. Approximately 1.36 million homes were on sale in June, the greatest volume since late 2019, according to the latest data

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