Fannie, Freddie regulator issues dozens of orders out of public eye

by Matt Carter | May 2, 2025 | Industry, News Feed

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 head of Fannie Mae and Federal Mac’s federal regulator, Bill Pulte, says he’s signed more than 80 orders revamping policies and procedures at the mortgage giants — only a handful of which have been made public.

Since being sworn in as director of the Federal Housing Financing Agency on March 14, Pulte has issued a raft of orders, decisions and waivers eliminating programs and practices intended to boost lending in minority communities, protect borrowers from unfair or deceptive practices, and assess risks associated with climate change.

The orders that have been made public are available only as pictures of the documents Pulte has published on his social media profile on X, often without comment. To date, Pulte has posted a dozen documents — including six orders, five decisions, and a waiver — implementing what in many cases are major policy changes at FHFA.

In an April 30 appearance on a business program on X, “From the Desk of Anthony Pompliano,” Pulte claimed he’s signed six or seven times that number of orders — he was not sure exactly how many.

“I’ve signed over 80 orders, or something like that,” Pulte told Pompliano. “I thought last I saw for sure was over 50, but somebody told me yesterday it’s now over 80. I don’t have an exact count, but that’s crazy to think about that. As a director of just federal housing, that you would have that many things that you could just — boom, boom, boom, get done.”

The FHFA, which has made no formal announcements of Pulte’s orders and has not made them available to the public, published 13 orders on its website during Trump’s first administration and 11 during the Biden administration.

Asked for copies of the additional orders Pulte says he’s signed, the FHFA provided the following statement: “U.S. Federal Housing FHFA is prioritizing efficiencies that eliminate wasteful and unnecessary red tape. We are laser-focused on finding smart solutions that make the American Dream a reality for Americans everywhere.”

Pulte, the grandson of PulteGroup Inc. founder William J. Pulte, angered some prominent Democrats by firing 14 members of Fannie and Freddie’s boards of directors and appointing himself the chair of both companies less than a week after he was confirmed.

Ten Democrats including Chuck Schumer, Cory Booker and Kirsten Gillibrand asked FHFA Inspector General Brian Tomney on April 15 to determine if the agency had complied with the law in gutting Fannie and Freddie’s boards, and to assess whether plans to downsize FHFA would compromise its ability to “fulfill its statutorily mandated functions.”

The next day, Senators Elizabeth Warren, Jack Reed and Lisa Blunt Rochester urged Tomney to “open an investigation into FHFA’s apparent noncompliance with federal laws and regulations,” claiming Pulte is prohibited by law from holding any position at Fannie Mae or Freddie Mac.

“Within a week of taking office, he removed a majority of the directors of Fannie and Freddie, installing himself, his business associates, and partisan loyalists in their place,” the April 16 letter to Tomney claimed. “He also removed Fannie’s entire audit committee. After these actions, the boards appear to lack anyone from an organization that has represented consumer or community interests, or has shown a career commitment to low-income housing.”

The FHFA’s recent appointments to Fannie Mae’s board include Mike Stucky — a former Pulte Group division president — and banker, investor and lawyer Omeed Malik. As chairman and CEO of Colombier Acquisition Corp., Malik is leading a plan to take GrabAGun, an online retailer of firearms and ammunition, public in a special purpose acquisition company (SPAC) merger.

Donald Trump Jr. — a partner in Malik’s venture capital firm 1789 Capital — will serve on GrabAGun’s board of directors, and Pulte announced in January that his family is an investor in the company.

Tomney declined both requests from lawmakers in separate letters on April 24, saying the FHFA was responding to those inquiries and committed to “continuing dialogue.”

“FHFA is best positioned to respond to your questions regarding the factual and legal basis for staffing decisions at FHFA and the changes made on the boards of the enterprises [Fannie Mae and Freddie Mac],” Tomney wrote in a response to the April 15 letter from Schumer, Booker, Gillibrand and other Democrats.

Both of Tomney’s letters to lawmakers were obtained by Politico.

Reading the tea leaves

Much of what’s known about the FHFA’s administration of Fannie and Freddie during the second Trump administration comes from Pulte’s posts on X, and media appearances on Fox News and other news outlets.

In the last week, Pulte has posted about meetings he’s had with top lending industry executives at loanDepot, Rithm Capital, Newrez and Annaly Capital.

On April 21, he posted, “We do not foresee any more executive leadership changes at Fannie Mae & Freddie Mac. Our focus will now turn to growth, making homes more affordable, rooting out mortgage fraud, & providing great career opportunity to those who make Fannie & Freddie great American Icons, again!”

In an April 9 appearance on Fox News, Pulte said there is an “ongoing investigation” into the issues that led to the firing of more than 100 Fannie Mae employees. He said FHFA discovered “multiple people were working two jobs” — including some who were located in China — and that some employees had received kickbacks for charitable donations.

In an 18-minute interview on “From the Desk of Anthony Pompliano” Wednesday, Pulte said the Trump administration is focused on bringing home prices down through deregulation.

EXCLUSIVE: Bill Pulte is tasked with making homes more affordable in America.

As the Chairman of Fannie Mae and Freddie Mac, and the Director of FHFA, Bill is hoping to drive real change for milions of people.

Here is our recent conversation on his plan. pic.twitter.com/ywiK7Y9fr0

— Anthony Pompliano

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RE/MAX meets expectations in Q1 but forecasts turbulence ahead

by Richelle Hammiel | May 2, 2025 | Industry, News Feed

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Private listing wars, hate speech, earnings: Inman Top 5

by Dani Vanderboegh | May 2, 2025 | Industry, News Feed

Turn up the volume on your real estate success at Inman On Tour: Nashville! Connect with industry trailblazers and top-tier speakers to gain powerful insights, cutting-edge strategies, and invaluable connections. Elevate your business and achieve your boldest goals — all with Music City magic. Register now.

Every Friday, Inman Service Editor Dani Vanderboegh rounds up the most popular, most read, most critical stories of the week to give you a quick catchup on the big headlines you might have missed in the hustle and bustle of the workweek. Here’s this week’s Top 5 as chosen by our readers.

P.S. Don’t miss The Download, our weekly column that breaks down one of the week’s top stories and equips you with what you’ll need to meet next Monday head-on.

Robert Reffkin speaking at the 2023 Compass RETREAT | Credit: Compass

The suit claims the multiple listing service is a “monopolist” with “no meaningful competitors” and that, as a broker-owned MLS, its Seattle area owners have an interest in limiting competition.

Northwest MLS CEO Justin Haag and Compass CEO Robert Reffkin

The brokerage’s federal court complaint acknowledges that clients have canceled listings and that agents have departed amid a battle with Northwest MLS over how they’re marketed.

Credit: Canva

Under Senate Bill 2713, professional organizations like the National Association of Realtors would be prohibited from denying membership based on speech violations, regardless of existing bylaws.

The franchisor’s performance was driven by its luxury brands during the first quarter. President and CEO Ryan Schneider also reaffirmed during an investors’ call the company’s stance on recent moves by NAR, Zillow and Redfin in regards to Clear Cooperation.

The smartest agents aren’t just selling homes anymore, branding and marketing expert Alyssa Stalker writes. They’re building scalable income ecosystems that grow with them.

Email Editorial

This post was originally published on this site

Private listing wars, hate speech, earnings: Inman Top 5

by Dani Vanderboegh | May 2, 2025 | Industry, News Feed

Turn up the volume on your real estate success at Inman On Tour: Nashville! Connect with industry trailblazers and top-tier speakers to gain powerful insights, cutting-edge strategies, and invaluable connections. Elevate your business and achieve your boldest goals — all with Music City magic. Register now.

Every Friday, Inman Service Editor Dani Vanderboegh rounds up the most popular, most read, most critical stories of the week to give you a quick catchup on the big headlines you might have missed in the hustle and bustle of the workweek. Here’s this week’s Top 5 as chosen by our readers.

P.S. Don’t miss The Download, our weekly column that breaks down one of the week’s top stories and equips you with what you’ll need to meet next Monday head-on.

Robert Reffkin speaking at the 2023 Compass RETREAT | Credit: Compass

The suit claims the multiple listing service is a “monopolist” with “no meaningful competitors” and that, as a broker-owned MLS, its Seattle area owners have an interest in limiting competition.

Northwest MLS CEO Justin Haag and Compass CEO Robert Reffkin

The brokerage’s federal court complaint acknowledges that clients have canceled listings and that agents have departed amid a battle with Northwest MLS over how they’re marketed.

Credit: Canva

Under Senate Bill 2713, professional organizations like the National Association of Realtors would be prohibited from denying membership based on speech violations, regardless of existing bylaws.

The franchisor’s performance was driven by its luxury brands during the first quarter. President and CEO Ryan Schneider also reaffirmed during an investors’ call the company’s stance on recent moves by NAR, Zillow and Redfin in regards to Clear Cooperation.

The smartest agents aren’t just selling homes anymore, branding and marketing expert Alyssa Stalker writes. They’re building scalable income ecosystems that grow with them.

Email Editorial

This post was originally published on this site

To team or not to team? 10 things you must know as you decide

by Bernice Ross | May 2, 2025 | Industry, News Feed

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!

Being a solo agent today is more complex than ever. If you’re stressed out because you’re so busy you can’t keep up with it all, you need help. The challenge is what to do. Should you start a team? If so, where should you begin, and what should you do?

Speaker and CEO of Spark Tank Media, Jeff Lobb, recently joined me to walk through the requirements for starting a successful real estate team. 

Why do you actually want a team? 

Lobb recalled when he once had 40 listings in his personal inventory. While it was great to be that busy, the downside was he could no longer manage that much business by himself. 

“When you start thinking about building a team, the first question you must answer is, ‘Why do you actually want a team,’ Lobb said.

Lobb explained that some agents start teams out of necessity — they have too many leads, too many listings and not enough hours in the day. Other agents see building a team as the next logical step in their growth. 

“A lot of people don’t realize what’s involved in getting involved in a team. They just jump first because they think they must be bigger. While I believe teams are the future of real estate, my first takeaway is that many agents start teams for the wrong reasons,” Lobb said. 

Avoid the biggest mistake agents make when they start a team

The biggest mistake agents make when starting a team is hiring a buyer’s agent before securing administrative support. In fact, the smart move is to make your first two hires administrative, specifically, a transaction coordinator and a marketing/administrative assistant. 

The reason? If you make the mistake of hiring a buyer’s agent without having an additional administrative report, then you’ll be stuck doing more administrative work, resulting in even more chaos. 

Admins are critical, even if you’re not starting a team

Before you even consider building a team, hiring at least one administrative assistant can really help your business grow. Administrative assistants keep your business running. Without them, you are the bottleneck. 

“Buyer’s agents usually only get paid when they close a transaction. When you hire an administrative assistant, a transaction coordinator or a marketing person, that’s consistent money out of your pocket. That’s the first bullet you must bite.”

If you’re struggling with the financial commitment, reset your mindset. 

“When you hire admins, you’re not giving up money, but buying back your time and avoiding burnout,” Lobb said.

Creating a job description

Lobb said another major issue many agents struggle with is giving up control. 

“I thought I could do it all. I didn’t trust anybody, Lobb said. “I realized that I was terrible with detail work. A huge realization was what I was good at as well as what I needed to give up,” Lobb said. 

You can use this information to write a job description for your first hire. Make a list of “What I like to do and I’m good at,” and a second list, “What I hate to do or do poorly.” The second list is the job description for your first administrative hire.

Small or large team? 

Every team starts small. Small teams can be highly profitable if they’re run properly. 

“What’s intimidating for a lot of newer team leaders is they see these mega teams, but they have to realize even the biggest teams started with one or two people,” Lobb said. “Regardless of the size of your team, you must determine what the process is for submitting listings, guidelines for working with buyers, and who handles all the other parts of the process.”

Agents often start teams with expectations that are very different from reality. Here’s what one disillusioned team leader told Lobb: 

“I’m not sure I actually want to manage people. I thought having a team was just going to help me do more transactions and handle my stuff. Instead, running a large team gets into the business of attracting, managing, recruiting and retaining people. I don’t know why the hell I got into this — it’s not producing for me what I expected with the amount of time I’m putting into it.”

“When you run a large team, you’re not in production anymore — you’re running a company inside of a company,” Lobb said. 

An additional harsh reality is that the behavioral profile of a top producer is very different from that of a manager. 

Overhead can be the death of your team

A primary reason teams fail is not from a lack of sales, but from cash flow management. Lead generation costs and meeting payroll for your support staff are the two primary sources of overhead for large teams.

“If you’re paying for big lead sources along with salaries for the support team, this can be the death of you. Overhead will choke you very quickly if you don’t manage the process,” Lobb said.

“Before you make plans to expand your business, wait until you have a steady cash flow and a reserve. Your lead gen and admin costs show up monthly; commission checks do not. You will need a reserve to keep your business operating. 

Start cutting expenses now  

Most team leaders are hyper-focused on growing their revenue. What many fail to address, however, is where they can cut expenses. The two primary places for team leaders to look are their lead generation costs and staffing. Here are Lobb’s top recommendations about what to do.

• Lobb’s first tip is to always put sales first, because “Creating more sales always cures more problems.”
• Next, look at your lead sources. Lobb recommends that if a lead source is not generating the results you need, drop it. Instead, focus on developing leads from the contacts and the people that you already know, i.e., your sphere and past clients. 

“This has been a pretty constant statistic — The NAR Profile of Buyers and Sellers has consistently shown that 65 percent of all business is generated either from past clients, your sphere of influence or referrals from people you already know,” Lobb said. 

“There are probably hundreds, if not millions of dollars sitting in their current systems and databases that could be converted. If they enhance their sales systems within the next 6-12 months, they can convert more sales from these sources than what they’re doing currently.”

• In addition, if you have already paid for leads from any of the portals, these often convert 12-18 months after you receive them. Stay in contact with them.

Not getting the results you want? Change your messaging 

If you’re regularly prospecting your database, but you’re not getting the results you want, shift your messaging. Lobb has listened in to a lot of prospecting calls and he cringes at much of what he hears agents saying. Here are some important tips.

• Rather than talking at them, ask questions. 
• Avoid Realtor jargon such as “CMA.” 
• Offer a service to reengage with them. For example, most agents offer to do a CMA for past clients or current listing leads. A better approach for someone who owns a home is to offer an “Equity Checkup.” It’s exclusively about their home and their equity, making it more personal and valuable. You can quickly create an Equity Checkup by going to NARRPR and pulling a beautiful 15-25 page report on their property. Couple it with your personal CMA, and you have something almost everyone will keep and value. 

“The magic word that gets their attention is ‘equity,’” Lobb said. “When you ask if they know that their equity has changed significantly, that gets their attention.” 

Here’s an example of a simple question that can often get you the appointment. 

“Did you know that the amount of your home equity has changed? If you’d like to know by how much, I’d be happy to drop off a copy of your personalized Home Equity Checkup for your property.”

If they say “yes,” schedule the appointment. 

The toughest issue for team leaders and their agents: Compensation

When it comes to team compensation, Lobb said confusion is common. Rather than looking at the split as a percentage, what matters most isn’t the percentage you’re offered, but what’s left in your pocket.

Stop obsessing over the split

A 50/50 team split might sound awful compared to the 80/20 split you had at your last brokerage, where you only closed two deals. If you join a team where you have full administrative, marketing and lead generation support and you close 12 deals, you will come out ahead — way ahead.

Know what you’re really getting

A strong team may include a full suite of services: transaction coordination, marketing support, paid advertising, videography, social media content and CRM management. Ask yourself what it would cost you to handle all those things by yourself, as well as how much time it would take. 

Use a $10K commission as a test case

When you’re interviewing at a brokerage or for a team, Lobb advises that you have the person you’re interviewing with to walk through a hypothetical deal. Here’s what to ask:  

“Show me how a $10,000 commission would be split between the brokerage, the team and me.”

This one exercise can eliminate false assumptions and set expectations clearly.

The costliest mistake team leaders make

The mistake? Paying agent splits based upon the gross commission rather than the net commission after brokerage and team expenses. 

For agents, ask about both the team and brokerage payment structures

Be sure to clarify whether your commission split is based upon gross revenue or revenue after expenses are deducted. It’s equally important to discover the brokerage’s model — Is there a cap? Is there a franchise fee? Does the broker charge a transaction fee?

Again, it’s not about the split but about how much ultimately ends up in your bank account and how many more deals you can do. 

The 2 biggest challenges team leaders face

While starting a team can be exciting, the hardest part isn’t generating leads and closing transactions — it’s managing the people and the cash flow. Other issues Lobb outlined include: 

Hiring, training and retaining

Hiring agents for your team can be difficult and time-consuming, especially since “Every day someone’s trying to recruit your people,” Lobb said. 

Even if an agent agrees to join your company or team, ou still have to train them. If you’re like most team leaders, you probably don’t have the bandwidth to do training since you’re already stretched too thin yourself. One option is to outsource your training, which many teams do.

Cash flow can kill your momentum 

Monthly expenses — lead gen subscriptions, staff salaries, marketing costs — keep hitting even when commission checks don’t. “You’re not getting paid for time out,” Lobb warned. “You need a cash buffer to carry you through slow cycles. Without it, overhead will eat your business.” 

Lobb’s final takeaways about starting a team

“I think teams are the future. I think teams allow a lot of flexibility under a brand without carrying all the overhead of the brand. Be sure you understand why you’re starting a team, identify what you’re good at and what you’re not good at, and find those key people that can fill those voids for you.”

Bernice Ross, president and CEO of BrokerageUP and RealEstateCoach.com, and the founder of RealEstateWealthForWomen.com is a national speaker, author and trainer with over 1,500 published articles.

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Finding Financial Freedom: Araceli Espinoza on real estate investing

by Melanie Klein | May 2, 2025 | Industry, News Feed

Bigger. Better. Bolder. Inman Connect is heading to San Diego. Join thousands of real estate pros, connect with the power of 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!

This series highlights inspiring stories of women who have created successful and sustainable careers in real estate and/or invested in real estate to achieve financial independence, gain lifestyle flexibility and create lives built on their own terms.

Araceli Espinoza, assistant director of admissions, guest and community relations at Westmont College in Santa Barbara, California, is deeply committed to empowering first-generation students. A first-generation Mexican-American herself, Espinoza’s personal journey has shaped her leadership approach and driven her passion for helping others succeed.

With a bachelor’s degree from Westmont College and a master’s degree from Pepperdine University, Espinoza has worked to build sustainable partnerships and foster a culture of diversity and inclusion in her institution. Her remarkable contributions were recognized early in her career when she was named Employee of the Year during her first year in higher education.

While she’s known for her dedication to education and community, Espinoza’s story extends beyond the classroom. Real estate has played a pivotal role in shaping her financial independence, providing security and opening doors for long-term opportunities.

Her journey offers a powerful example of how women, especially those from marginalized backgrounds, can leverage property ownership to create the life they desire.

A family history of land and homeownership

Espinoza’s family history has always been intertwined with land and homeownership. “My parents and ancestors have owned land in our hometown of Oaxaca, Mexico, for many generations,” she shares. “The concept of renting and never owning a home was foreign to them when they immigrated to the United States. They always emphasized the importance of homeownership to me, and growing up in the Central Valley, where I spent most of my childhood in farmworker housing, I understood this value deeply.”

Living in a small, 500-square-foot home with no indoor plumbing alongside her family of nine left Espinoza with a lasting appreciation for stability and opportunity. “That experience shaped my belief that homeownership was the only way to achieve stability,” she reflects.

Buying her own piece of the dream

However, the path to ownership was not without its hurdles. “When I married at 25, I emphasized the importance of owning a home to my husband, who initially didn’t share the same view,” Espinoza recalls. “After some research, we discovered he qualified for a VA loan, which required a small down payment and offered an excellent interest rate. We closed escrow and became young homeowners.”

Shortly after purchasing their first home, Espinoza and her husband both lost their jobs and were forced to relocate. But her determination never wavered. “I was determined to keep our first home as a rental property,” she says. “Two years later, we bought our second home, and once again, we were homeowners.”

However, it was during her divorce that Espinoza truly learned the value of navigating real estate alone as a woman. “The process was difficult, as we had to divide our properties,” she shares. “I kept the first home, but being a woman navigating the real estate market alone posed its challenges. Attending open house showings without the support of a partner was intimidating. Despite these obstacles, I didn’t give up.”

Exploring international real estate opportunities

Espinoza then made an inspiring decision: to explore real estate opportunities outside the United States. “I set my sights on Oaxaca, where I found my second property near Puerto Escondido.” Today, that first home continues to generate income, and Espinoza is thinking long-term, using her properties to invest further, particularly for Airbnb, to create passive income. “While I am passionate about my work in higher education, real estate has given me the financial independence and security I need for the future.”

Espinoza’s journey highlights how real estate has empowered her to take control of her financial future. “As women, we are often told that we aren’t suited to pursue our professional and personal dreams because we are expected to conform to ‘traditional’ gender roles,” she says.

“My advice is to trust your intuition and intelligence to become the woman you want to be. Don’t wait for others — especially men — to help you plan your future. You have unique gifts and talents that, when embraced, will propel you forward.”

Her experience underscores the challenges women, especially women of color, face when it comes to property ownership. Studies show that while women are increasingly purchasing homes on their own, there remains a significant gap in homeownership rates.

In particular, Black and Latina women face a “homeownership gap” that limits their ability to build wealth through real estate. In 2021, the homeownership rate for Black women was 44.5 percent, compared to 74.5 percent for white women. These disparities are rooted in historical discrimination, such as redlining and unequal access to financing.

How inequities in the financial system can spark change

Espinoza sees these inequities as opportunities for change. “I wish young girls had more opportunities in education to explore entrepreneurship and real estate,” she says. “It’s important to have a foundation that allows them to understand the significance of these fields.”

“I also believe we need more women to come together, offering mentorship and workshops focused on these themes,” she said. “Real estate and homeownership need greater representation from women — especially women of color — who can promote the importance of owning property.”

Her call to action is clear: women, particularly women of color, need to be represented in leadership roles within real estate and entrepreneurship. “Change begins in our local communities, where awareness can be raised and systems can be built to support and uplift women in real estate.”

Through mentorship, education and self-empowerment, Espinoza has built a future for herself rooted in financial security and independence. Her journey reflects the growing number of women breaking through barriers and investing in their own futures through real estate.

With perseverance, resilience and a commitment to empowering the next generation, Espinoza’s story is a powerful example of how women can leverage real estate to build lasting wealth and create a path to financial freedom for themselves and their communities.

Melanie C. Klein, M.A., is an empowerment and mindset coach.

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