A friend and advisor of mine writes:
Every public real estate brokerage (except exp) has reported another quarter of negative net margins.
IMBs (“Independent Mortgage Banker” or “Independent Mortgage Broker”) are losing $1K on the production of every loan and depend on MSRs (“Mortgage Servicing Rights”) and Realtor channels (below) to survive.
The business is bleeding out and lower rates won’t fix it.
An operating model that converges listings, lending and liquidity is arriving.
See Zillow’s new ad campaign, Rocket is going local and expect a CoStar/LOS offering – soon.