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Navy Federal Credit Union is celebrating its 36-year referral partnership with Anywhere Real Estate by honoring brokerages that have demonstrated “service excellence” to homebuyers and sellers.

When they’re ready to buy or sell a home, the Navy Federal RealtyPlus program turns the credit union’s 14.5 million members into “high quality leads” for affiliated brokers and agents in the Anywhere Leads Network.

In return, buyers or sellers receive commission rebates of $400 to $9,000, depending on the price of the home they’re buying or selling. For a buyer purchasing a median-priced $403,700 home, the program would provide a $2,525 commission rebate, according to a calculator on the Navy Federal RealtyPlus homepage.

A referral client closing on a $1.4 million home would get $6,000 back, or 0.4 percent of the sale price. To qualify for the maximum $9,000 cash back requires buying or selling a home valued at $3 million or greater.

“When you buy or sell a home through our program, the real estate company splits their commission with Anywhere Leads Inc.,” a website FAQ explains. “This commission split is a common practice in the real estate industry and is used to increase business for the broker and provide a savings to homebuyers and sellers.”

Anywhere Leads refers buyers and sellers to brokers and agents affiliated with Better Homes and Gardens Real Estate, Century 21, Coldwell Banker, Corcoran, ERA and Sotheby’s International Realty.

Fred Quick

“For over 35 years, Navy Federal’s RealtyPlus program has helped our members achieve their home ownership goals,” Fred Quick, head of mortgage lending at Navy Federal, said in a statement. “Our partnership with Anywhere allows us to connect our members with the highest quality real estate agents. We’re proud of the great service this provides for the military community and their families.”

Navy Federal on May 6 honored three top performing brokerages in the RealtyPlus program with “SPIRIT Awards:”

• Coldwell Banker Brown Realtors, Edwardsville, Illinois
• Coldwell Banker Realty Central, Pennsylvania
• Better Homes and Gardens Real Estate Native American Group, Virginia Beach, Virginia

Kristin Aerts

“It’s rare in today’s fast-paced business environment to witness two brands maintain a longstanding relationship, and we are incredibly proud of the 36-year strategic partnership with Navy Federal Credit Union,” Anywhere executive Kristin Aerts said, in a statement. “Our RealtyPlus program brokers and agents understand the unique needs of Navy Federal members and are committed to delivering exceptional service to those who’ve served our country, including their families.”

Anywhere Leads Inc. has similar commission rebate programs for AARP members and military and veteran families providing up to $7,500 cash back.

The programs aren’t available in states that prohibit or restrict commission rebates — such as Alaska and Oklahoma — or for some transactions with restricted agent commissions including many new construction, for sale by owner or for sale by iBuyer transactions.

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Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the Inman Community and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!

The slow pace of home sales during the first quarter dented mortgage revenue for technology provider Blend Labs Inc., but growth in its consumer banking services helped the company trim its losses from a year ago.

The San Francisco-based banking software and services provider grew Q1 revenue 12 percent from a year ago, to $26.8 million, enabling it to trim its loss for the quarter to $9.4 million, down from $20.7 million a year ago.

While Blend expects Q2 revenue to bounce back to between $30.5 million and $32.5 million, it has entered exclusive negotiations to sell its Title365 business to “a leading title and mortgage services provider” as it pursues a “software-first” business model.

Blend went public in 2021 and acquired a 90 percent stake in national title insurance and settlement services provider Title365 from Mr. Cooper Group for $422 million. But rising mortgage rates curtailed demand for title insurance.

Company executives said Thurseay that they closed almost three times more deals with clients in Q1 than they did a year ago, including a top 25 credit union. With the signing of another loan servicer, Blend now counts 10 of the top 20 U.S. loan servicers as clients.

Nima Ghamsari

“With a pipeline nearly double what it was a year ago—and demand coming from across the industry, from leading banks and mortgage servicers to independent mortgage banks and credit unions—it’s clear the need for effortless, personalized banking and lending is only growing,” Blend co-founder and CEO Nima Ghamsari said in a statement.

Shares in Blend, which in the past year have traded for as little as $2.08 cents and as much as $5.52, were up slightly from Thursday’s close of $3.29 in after hours trading.

Mortgage software revenue down 22% from Q4

Blend’s mortgage suite brought in $14.6 million in revenue during the first quarter of 2025, down 22 percent from the previous quarter and 3 percent from a year ago.

With revenue from consumer banking up 45 percent from a year ago, to $9.6 million, Blend’s mortgage suite generated 60 percent of software platform revenue, down from 79 percent in Q2 2023.

The company brought in another $2.5 million in professional services revenue.

“In the first quarter of 2025, we saw a decrease in mortgage transactions on our software platform compared to the last quarter of 2024, which can be attributed to seasonal trends, continued high interest rates, decreased housing affordability, and uncertain worldwide political and economic conditions,” the company said in its quarterly earnings report.

“We expect that the aggregate industry mortgage originations will be higher in the second quarter of 2025 relative to the first quarter based on application volume observed to date through our customer base and our analysis of the latest relevant macroeconomic data.”

Every mortgage funded by Blend’s clients represented about $93 in economic value for the company, including $78 from software revenue, $10 from partnerships, and $5 from add-on products, the company said.

Last year, Blend’s clients handled nearly $1.2 trillion in loan applications, with 18 of the top 50 U.S. mortgage originators relying on the company’s services.

Last month Blend announced it was expanding a partnership with CrossCountry Mortgage to drive innovation for independent mortgage banks (IMBs), naming former Compass Mortgage executive Justin Venhousen as appointed general manager of Blend’s newly-formed IMB division.

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Email Matt Carter

Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the Inman Community and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!

Shares in Guild Mortgage’s publicly traded parent company posted double-digit gains Thursday after the company reported first quarter mortgage originations were up 35 percent from a year ago, to $5.2 billion.

San Diego-based Guild Holdings Company posted a $23.9 million net loss for the quarter, but investors understood that the loss was driven by a $69.9 million writedown in the fair value of Guild’s mortgage servicing rights.

But investors liked the company’s year-over-year growth and higher profit margins, with gain-on-sale margins climbing to 376 basis points, up 59 basis points from Q4 and 12 basis points from a year ago.

Shares in Guild Holdings, which in the last 12 months have traded for as little as $11.21 and as much as $18.25, were up 10 percent Thursday after closing at $12.50 before Wednesday’s earnings announcement.

Guild is a bigger company than it was a year ago, sponsoring 2,728 mortgage loan originators working out of 708 branch locations, according to records maintained by the Nationwide Mortgage Licensing System and Registry (NMLS).

The lender’s growth has been fueled in part by deals like last year’s acquisition of Academy Mortgage Corp. — and First Centennial Mortgage, Cherry Creek Mortgage and Legacy Mortgage in 2023 — but also through organic recruiting efforts.

“These results showcase the benefits of our strategy to invest through market downturns, and we continue to grow at a faster rate than the broader industry,” CEO Terry Schmidt said on the company’s earnings call. “Our year-over-year growth in originations reflects not only the Academy acquisition we made in the first quarter of last year, but also the organic recruiting efforts we’ve completed throughout the past year.”

Guild executives said 88 percent of the $5.2 billion in mortgages originated by the company in the first three months of the year were purchase mortgages, compared to 71 percent for the industry as a whole.

David Neylan

“We have added scale … by successfully retaining loan officers who join via acquisitions, while also welcoming additional new loan officers through organic recruiting at a time when top producers are making a flight to quality,” Chief Operating Officer David Neylan said. “Second, our experience playbook and expertise with onboarding resulted in quickly achieving operational leverage as we grow. This can be attributed to discipline integration efforts from our seasoned teams across the country.”

Guild’s mortgage servicing rights portfolio grew to $94 billion during the quarter, up $1 billion from the end of 2024 and nearly $8 billion from a year ago. The company kept the mortgage servicing rights (MSRs) for 60 percent of the loans it originated and sold to investors.

While fluctuations in MSR valuations can be an accounting headache, the loan servicing busines helped Guild “recapture” 31 percent of borrowers who sought to refinance during the quarter, and 26 percent of those who took out purchase loans.

“The loss in this year’s first quarter was primarily due to the downward valuation adjustment of MSRs of $70 million due to the period in interest rate declines,” Chief Financial Officer Desiree Kramer said. “Our servicing portfolio continues to be a valuable source for ongoing cash flow, future opportunities for loan recapture, and it reinforces our customer for life strategy.”

Guild’s $23.9 million loss for the quarter was a big swing from the previous quarter, when the lender posted a $97.7 million profit thanks to an $84.3 million lift from a positive MSR valuation adjustment.

MSR valuations fluctuate with mortgage rates, as a company’s loan servicing portfolio is worth less when mortgage rates decline because borrowers are more likely to refinance and end up with another servicer.

At $198.5 million, net revenue for the quarter was down 47 percent from Q4 and 14 percent from a year ago. But net revenue from Guild’s originations business was up 38 percent from a year ago, to $190.6 million.

“We have built a model designed to perform in every market cycle, and we have successfully navigated multiple cycles throughout our history,” Schmidt said. “Our consistent productivity improvements showcase the strength and deep experience as we continue to thrive, even as the broader market is experiencing prolonged volatility. We do not expect the current conditions to change in the short term, but we are all well positioned for success, even in today’s uncertain landscape.”

Asked whether Guild is on the hunt for acquisitions, Schmidt said “we’re always talking to a lot of suitors.”

The company is selective, “So it’s a long process. Sometimes we’re talking to people for six months, sometimes it’s two years.”

So far this year, organic growth has been stronger than M&A, but “we’re constantly doing both and our brand is extremely strong. There’s still a lot across the country that we can conquer and so we’re going to continue to work on growing the share.”

Get Inman’s Mortgage Brief Newsletter delivered right to your inbox. A weekly roundup of all the biggest news in the world of mortgages and closings delivered every Wednesday. Click here to subscribe.

Email Matt Carter

Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the Inman Community and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!

Shares in Guild Mortgage’s publicly traded parent company posted double-digit gains Thursday after the company reported first quarter mortgage originations were up 35 percent from a year ago, to $5.2 billion.

San Diego-based Guild Holdings Company posted a $23.9 million net loss for the quarter, but investors understood that the loss was driven by a $69.9 million writedown in the fair value of Guild’s mortgage servicing rights.

But investors liked the company’s year-over-year growth and higher profit margins, with gain-on-sale margins climbing to 376 basis points, up 59 basis points from Q4 and 12 basis points from a year ago.

Shares in Guild Holdings, which in the last 12 months have traded for as little as $11.21 and as much as $18.25, were up 10 percent Thursday after closing at $12.50 before Wednesday’s earnings announcement.

Guild is a bigger company than it was a year ago, sponsoring 2,728 mortgage loan originators working out of 708 branch locations, according to records maintained by the Nationwide Mortgage Licensing System and Registry (NMLS).

The lender’s growth has been fueled in part by deals like last year’s acquisition of Academy Mortgage Corp. — and First Centennial Mortgage, Cherry Creek Mortgage and Legacy Mortgage in 2023 — but also through organic recruiting efforts.

“These results showcase the benefits of our strategy to invest through market downturns, and we continue to grow at a faster rate than the broader industry,” CEO Terry Schmidt said on the company’s earnings call. “Our year-over-year growth in originations reflects not only the Academy acquisition we made in the first quarter of last year, but also the organic recruiting efforts we’ve completed throughout the past year.”

Guild executives said 88 percent of the $5.2 billion in mortgages originated by the company in the first three months of the year were purchase mortgages, compared to 71 percent for the industry as a whole.

David Neylan

“We have added scale … by successfully retaining loan officers who join via acquisitions, while also welcoming additional new loan officers through organic recruiting at a time when top producers are making a flight to quality,” Chief Operating Officer David Neylan said. “Second, our experience playbook and expertise with onboarding resulted in quickly achieving operational leverage as we grow. This can be attributed to discipline integration efforts from our seasoned teams across the country.”

Guild’s mortgage servicing rights portfolio grew to $94 billion during the quarter, up $1 billion from the end of 2024 and nearly $8 billion from a year ago. The company kept the mortgage servicing rights (MSRs) for 60 percent of the loans it originated and sold to investors.

While fluctuations in MSR valuations can be an accounting headache, the loan servicing busines helped Guild “recapture” 31 percent of borrowers who sought to refinance during the quarter, and 26 percent of those who took out purchase loans.

“The loss in this year’s first quarter was primarily due to the downward valuation adjustment of MSRs of $70 million due to the period in interest rate declines,” Chief Financial Officer Desiree Kramer said. “Our servicing portfolio continues to be a valuable source for ongoing cash flow, future opportunities for loan recapture, and it reinforces our customer for life strategy.”

Guild’s $23.9 million loss for the quarter was a big swing from the previous quarter, when the lender posted a $97.7 million profit thanks to an $84.3 million lift from a positive MSR valuation adjustment.

MSR valuations fluctuate with mortgage rates, as a company’s loan servicing portfolio is worth less when mortgage rates decline because borrowers are more likely to refinance and end up with another servicer.

At $198.5 million, net revenue for the quarter was down 47 percent from Q4 and 14 percent from a year ago. But net revenue from Guild’s originations business was up 38 percent from a year ago, to $190.6 million.

“We have built a model designed to perform in every market cycle, and we have successfully navigated multiple cycles throughout our history,” Schmidt said. “Our consistent productivity improvements showcase the strength and deep experience as we continue to thrive, even as the broader market is experiencing prolonged volatility. We do not expect the current conditions to change in the short term, but we are all well positioned for success, even in today’s uncertain landscape.”

Asked whether Guild is on the hunt for acquisitions, Schmidt said “we’re always talking to a lot of suitors.”

The company is selective, “So it’s a long process. Sometimes we’re talking to people for six months, sometimes it’s two years.”

So far this year, organic growth has been stronger than M&A, but “we’re constantly doing both and our brand is extremely strong. There’s still a lot across the country that we can conquer and so we’re going to continue to work on growing the share.”

Get Inman’s Mortgage Brief Newsletter delivered right to your inbox. A weekly roundup of all the biggest news in the world of mortgages and closings delivered every Wednesday. Click here to subscribe.

Email Matt Carter

Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the Inman Community, and gain insights from hundreds of leading minds shaping the industry. If you’re ready to grow your business and invest in yourself, this is where you need to be. Go BIG in San Diego!

Homebuyers moved to take advantage of a dip in mortgage rates last week, despite economic uncertainty that has rates rebounding this week, according to a weekly survey of lenders by the Mortgage Bankers Association.

Applications for purchase loans were up a seasonally adjusted 11 percent last week when compared to the week before and 13 percent from a year ago, the MBA’s Weekly Mortgage Applications Survey found. Requests to refinance also climbed 11 percent week over week, to a level 51 percent higher than a year ago.

Mike Fratantoni

“The economic news last week included a negative reading for first-quarter GDP growth and further signs of contraction in the manufacturing sector, mixed with a solid employment report for April,” MBA Chief Economist Mike Fratantoni said in a statement. “The net impact on mortgage rates was mostly downward but just back to levels from early April.”

Mortgage rates range-bound

Mortgage rates have been range-bound this year, with 30-year fixed-rate mortgages oscillating between 6.5 percent and 7 percent, according to rate lock data tracked by Optimal Blue.

At 6.82 percent on Tuesday, rates on 30-year fixed-rate conforming mortgages were closer to a 2025 high of 7.05 percent registered on Jan. 14 than the low for the year of 6.48 percent, seen on April 4.

Mortgage rates climbed sharply during the first week in April as tariffs announced by the Trump administration renewed worries about inflation. Those worries have been tempered by hopes that the U.S. will negotiate trade agreements with countries subject to tariffs, and fears that tariffs will lead to a recession.

Federal Reserve policymakers left short-term interest rates unchanged after wrapping up a two-day meeting Wednesday, and a June rate cut is now seen as off the table as the Fed assesses the Trump administration’s “substantial policy changes” in areas including tariffs, immigration, taxation and regulations.

Purchase loan applications on the rise

Source: Mortgage Bankers Association Weekly Applications Survey.

At 162.8, the MBA’s seasonally-adjusted purchase loan index was up from 146.6 the week before and 144.2 a year ago, but down 6 percent from a month ago. The index was benchmarked at 100 in March 1990.

Fratantoni said a 13 percent surge in demand last week for conventional purchase loans eligible for backing by Fannie Mae and Freddie Mac was “a surprisingly strong move given lingering economic uncertainty.”

Conventional loan borrowers “tend to have larger loan sizes and [are] more apt to be move-up buyers,” Fratantoni noted. The average loan size for conventional purchase loans was $475,000, compared to $357,500 for government-backed FHA and VA loans.

First-time homebuyers accounted for a record 56 percent share of purchase mortgages securitized by Fannie Mae, Freddie Mac and Ginnie Mae during the first three months of the year, according to an analysis by Intercontinental Exchange Inc. (ICE).

ICE’s latest Mortgage Monitor Report showed first-time homebuyers accounted for 80 percent of FHA purchase originations and about half of purchase mortgages backed by Fannie and Freddie.

“While first-time homebuyers continue to face affordability headwinds, they don’t have the same disincentive to transact as many repeat buyers, who remain locked in the golden handcuffs of relatively low monthly payments on their existing homes,” ICE analyst Andy Walden said in a statement.

Andy Walden

“Younger homebuyers are picking up market share with lenders this spring, with people age 35 and under accounting for more than half of financed home purchases by first-time buyers in Q1.”

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Email Matt Carter