by Taylor Anderson | May 2, 2025 | Industry, News Feed
The company was among the remaining large brokerages that had yet to reach a settlement agreement before it announced it had reached settlement terms on Friday.
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After a year-long battle with plaintiffs, and eventually with the judge presiding over the case, Hanna Holdings announced in a legal filing on Friday that it had reached an agreement to settle a commission lawsuit.
The legal filing in the case known as Gibson didn’t spell out the terms of the settlement agreement, including how much the Pennsylvania-based independent brokerage agreed to pay in damages.
But for Hanna Holdings, the legal filing signaled an end to the court battles that have engulfed the real estate industry.
“The Parties have reached an agreement in principle to settle all claims asserted against Hanna Holdings in this action as part of a proposed nationwide class settlement,” the brief legal filing reads.
The agreement is subject to final approval by Judge Stephen Bough, who is presiding over the case.
Bough himself became the subject of Hanna Holdings’ legal strategy in the Gibson case, as the brokerage’s attorneys requested to move the case out of Missouri federal court to a court in the firm’s home state.
Hanna Holdings also demanded that Bough recuse himself from the case, saying that political donations made by plaintiffs’ attorneys to Bough’s wife, who is a city councilwoman, were a disqualifying conflict of interest.
Hanna Holdings was joined in the recusal request by two other firms that are still engaged in legal battle: Berkshire Hathaway Energy and Crye-Leike. Bough denied the request.
Crye-Leike and Berkshire Hathaway Energy also requested that Bough transfer the case to courts in their home states. Bough has yet to rule on those requests.
But shortly after the filing by Hanna Holdings on Friday, Bough denied the firm’s request to transfer the case, saying the request was moot after Hanna Holdings settled the case.
In a text message, lead plaintiffs attorney Michael Ketchmark called on the remaining defendants to reach settlement agreements, as well.
“We are glad that Hanna Holdings has agreed to the practice changes and the other settlement terms,” Ketchmark said. “We encourage Berkshire Hathaway Energy Company and the remaining holdouts to do the same.”
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by Lillian Dickerson | May 2, 2025 | Industry, News Feed
Alex Seavall and Candace Adams will be taking on roles at HomeServices as chief financial and operations officer and executive vice president, respectively. Brenda Maher is being promoted to president of Berkshire Hathaway HomeServices New England and New York Properties.
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Following the recent promotion of Chris Kelly to the company’s CEO role after Gino Blefari’s retirement, HomeServices of America announced further changes to the firm’s leadership structure on Thursday.
HomeServices of America owns the Berkshire Hathaway HomeServices franchise network and is owned by Berkshire Hathaway Energy, a subsidiary of Warren Buffett’s Berkshire Hathaway.
With this second phase of leadership appointments, Alex Seavall, who has been serving as chief financial officer for the last roughly six years, will now add operations to his duties in a promotion to chief financial and operations officer. Seavall’s new scope of oversight will include finance, shared services, information technology, human resources, franchise services, relocation and the company’s business partners group.
“Alex has long played a critical role in aligning our strategic goals with operational execution,” Kelly said in a statement. “His ability to lead cross-functional teams and drive performance has helped move our organization forward — and this expanded title reflects the impact he already has across our enterprise.”
Candace Adams, who was president and CEO of Berkshire Hathaway HomeServices New England Properties for more than a decade, has also been named executive vice president of HomeServices of America, the role that Kelly most recently filled.
“Candace has earned the deep respect of her peers and consistently delivered results by investing in people and fostering collaboration,” Kelly said. “Her leadership will be instrumental in strengthening the connectivity and effectiveness of our companies nationwide.”
Brenda Maher will be taking on Adams’ former role as president of Berkshire Hathaway HomeServices New England and New York Properties, while Adams remains chair of the region. In her new role as executive vice president, Adams will partner with brokerage leaders across the network on alignment, strategic initiatives and more.
Kelly previously told Inman that one of his goals as he tackles the role of CEO at HomeServices is to create “a unified backbone” across the company that encompasses brand, culture, tools, and technology and its full-service brokerage model. The executive has been affiliated with the HomeServices brand for about 18 years.
“These new roles further position our enterprise’s value proposition to provide our agents the full scope of services they require to meet their clients’ needs under one umbrella, one family,” Kelly said in a statement released Thursday.
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by Matt Carter | May 2, 2025 | Industry, News Feed
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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.
by Richelle Hammiel | May 2, 2025 | Industry, News Feed
Revenue fell to $74.5 million, down from $78.3 million a year earlier, marking the 11th-straight quarter of decline, according to financial results posted by RE/MAX Thursday after the markets closed.
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RE/MAX Holdings continues to feel the pressure of a challenging real estate market, reporting a 4.9 percent annual revenue drop in the first quarter of 2025, according to financial results posted after the market closed on Thursday.
Revenue fell to $74.5 million, down from $78.3 million a year earlier — marking the 11th consecutive quarter of decline.
Despite the downturn, the results met expectations set in the previous quarter, when the company projected Q1 revenues between $71 million and $76 million.
Revenue guidance for the full year also exceeded analysts’ estimates, but next quarter’s guidance of $72.5 million was less impressive, coming in at 4.2 percent below expectations.
The company cited lower agent count, weaker mortgage revenue and reduced contributions from earlier acquisitions as the primary drivers of its decline in revenue.
Despite softer top-line results, RE/MAX made modest gains in profitability. Adjusted EBITDA rose slightly to $19.3 million, up 1.5 percent year over year. The company achieved an EBITDA margin of 25.9 percent, up from 24.3 percent a year ago. Adjusted earnings per share improved $0.24.
The company also cut operating expenses by $4.7 million or 6.4 percent year over year. Total expenses fell to $69.1 million, down from $73.8 million, aided by lower selling, general and administrative costs, and depreciation.
RE/MAX ended the quarter with $89.1 million in cash and $439.9 million in debt, reflecting slight decreases from the end of 2024. Operating expenses dropped by $4.7 million, or 6.3 percent, due to cost-cutting efforts in administration and operations.
Agent headcount offered a mixed picture. Total agent count grew 2 percent to 146,126 year over year, but the combined U.S. and Canada count dropped 5 percent to 75,010. During the previous quarter, the company reported a total agent count of 146,627.
Motto Mortgage franchises also declined 3.3 percent year over year, down to 234 offices.
During a Thursday investor call, CEO Erik Carlson emphasized a slate of strategic initiatives aimed at revitalizing growth.
“We are continually elevating our value proposition,” he said. “This quarter, we also introduced several new initiatives to help our affiliates win more listings, do so more efficiently and profitably grow their businesses.”
One cornerstone of that effort is AspireSM, a new onboarding program designed to attract high-performing agents through a combination of world-class education, advanced technology and financial incentives. Carlson also highlighted a refreshed brand identity, featuring an updated RE/MAX logo and balloon emblem introduced at the company’s R4 Convention in February.
Additional marketing and tech tools are being rolled out in 2025, including a customizable global marketing platform for local franchise and agent use, enhanced AI-driven websites and the MaxTech lead nurturing program. The company also launched the HomeView app to facilitate post-sale client engagement.
Later this year, RE/MAX plans to debut MaxRefer, a full-service, AI-powered global referral system that will help agents easily match with referral partners, track performance and manage fee distribution seamlessly.
For the second quarter of 2025, RE/MAX Holdings expects revenue between $70 million and $75 million. Agent count is anticipated to increase by 1.5 percent to 2.5 percent.
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by Dani Vanderboegh | May 2, 2025 | Industry, News Feed
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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.
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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
