The American Land Title Association (ALTA) is celebrating the news, claiming that it reinforces its warning that AOLs are a “fragile and inferior” alternative to title insurance and that the letters are “inferior products (that) don’t reduce risk.”

“For lenders who adopted AOL programs, the filing raises immediate questions about continuity, liability, and counterparty risk,” ALTA wrote in a press release about the news. “For regulators and policymakers, it serves as a cautionary example of what happens when consumer protection is traded for short-term cost savings.”

According to Voxtur’s filing, as of March 31, 2025, the company had approximately $44.5 million in assets and liabilities of $77.7 million. Voxtur recorded operating losses of $54.3 million in 2023 and $73.6 million in 2024. 

The filing also showed multiple lawsuits filed against Voxtur entities and former executives, along with other disputes with lenders and investors. 

In ALTA’s view, “the breadth of litigation underscores the operational and financial strain facing the company prior to its insolvency filing.”

In addition to the lawsuits and financial losses, Voxtur’s creditor matrix lists hundreds of creditors — including national title insurers, real estate data providers, software vendors, financial institutions and professional services firms.

Throughout 2025, Luxury Daily’s “Off the Cuff” series continued the popular Proust-style Q&A featuring those shaping the world’s luxury brands. We explored the career paths, current projects and next steps of those at the top, getting to know industry leaders on a personal level.

Below is a collection of all of our in-depth interviews from last year to inspire you in 2026 and beyond.

To start off the year, Karen Silveira, creative director of online luxury design marketplace 1stDibs, discussed dodging golf balls, evolving ideas of beauty, finding inspiration on the streets of Brooklyn and surrounding herself with fabulous design (read the Q&A here).

Next, Alex Assouline, president of the New York-based luxury publishing house Assouline, discussed the enduring experience of physical books, the craftsmanship shared by both luxury giants and local artisans, and enjoying life with food, friends and travel (read the Q&A here).

Omer Acar, CEO of Raffles and Fairmont Hotels & Resorts, discussed feeling proud of your work – and helping others to do so, creating unforgettable experiences for guests, and enjoying peaceful and snowy time in the mountains with family (read the Q&A here).

Nicolas Budzynski, CEO of La Petite Maison restaurants, discussed an “aha” moment leading to the restaurant business, the value of exclusivity and why less really is more (read the Q&A here).

Stéphanie Sivriere, director of high jewelry, jewelry and watchmaking for Swiss watchmaker and jeweler Piaget, discussed staying true to yourself, a memorable anniversary year of creativity for the brand and learning from the ultimate icon, Andy Warhol (read the Q&A here).

Elle Strauss, chief creative officer at U.S. retailer Bergdorf Goodman, discussed embracing fear, being inspired by innovative designers and relaxing in the garden despite squirrel invasions (read the Q&A here).

Leo Bertacchini, principal of global interior design studio 1508 London, discussed the influence of the arts on him early on, celebrating multicultural perspectives and an undying passion for the craft, whatever form it may take (read the Q&A here).

Ken Muskat, managing director for the U.S. and Latin America at luxury cruise line Scenic Group, discussed learning leadership at camp, valuing employees at every level and the true luxury of travel experiences (read the Q&A here).

Tracey Baldwin, senior vice president of luxury media sales at The Wall Street Journal, discussed the importance of long-term relationships and plans, allowing yourself to disconnect, Coco Chanel and caviar (read the Q&A here).

Alfonso de Gaetano, founder and CEO of digital wine membership Crurated, discussed learning lessons from football, technology as a luxury catalyst and his most-requested dish (read the Q&A here).

Adelina Wong Ettelson, global head of residences marketing for Mandarin Oriental Hotel Group, discussed embracing the journey – however winding, the lavish-hotel lifestyle of branded residences and taking the time to disconnect and live in the moment (read the Q&A here).

Nicolas Brown, president of the Americas for British automaker McLaren, discussed the importance of empathy, watching bespoke supercars come to life and an appreciation for all things analog (read the Q&A here).

Mathieu Roland Billecart, CEO of French Champagne house Billecart-Salmon, discussed the value of hard work, the art of waiting and earning the authentic luxury label with care and quality (read the Q&A here).

Adam Banfield, North American president and CEO of French crystal maker Baccarat, discussed early lessons from, and current-day love of, skiing, an extended real-life lunch with a culinary legend and the joy of a perfect toast (read the Q&A here).

Francesco Galli Zugaro, founder and CEO of luxury small-ship cruise line Aqua Expeditions, discussed responsible tourism, maintaining a sense of adventure and taking time for cooking, swimming and shopping with family (read the Q&A here).

Vicky Charles, cofounder of interior design firm Charles & Co., discussed staying open to creativity at all times, shutting out the noise and the luxury of choosing to spend time with the things and people you love (read the Q&A here).

Cameron Kimball, vice president of sales and marketing for The Residences at The St. Regis Los Cabos, discussed the value of learning from multiple generations, the globalization of luxury and his many extraordinary travel experiences (read the Q&A here).

Hannah Florman, fine jeweler and owner of Hannah Florman Fine Jewelry, discussed lessons learned from motherhood, the power of personalization and the luxury of feeling connected (read the Q&A here).

Neil Porter, founding partner at global landscape architecture firm Gustafson Porter + Bowman, discussed the power of fresh ideas, natural surroundings that inspire creativity and connecting with friends and family in his own garden (read the Q&A here).

Nathalie Laitmon, CEO and cofounder of U.S.-based household staffing agency The Calendar Group, discussed lessons from the factory floor, the power of a puppy hug and peace of mind as the ultimate luxury (read the Q&A here).

Alison Bringé, chief marketing officer for global brand performance software company Launchmetrics, discussed starting small, staying one step ahead of the competition and a favorite media-mogul icon (read the Q&A here).

Samuel Chamberlain, CEO of the Americas for luxury small-ship expedition line PONANT, discussed the power of understanding other perspectives, finding luxury in simplicity and his cooking-gear habit (read the Q&A here).

Clare Schifano, global marketing director for British luxury bed and mattress brand Vispring, discussed minding your manners, the importance of quality sleep for overall wellness and the excitement of a full brand refresh (read the Q&A here).

Paolo Riva, chief brand partnerships and buying officer for U.S. retailers Saks Fifth Avenue and Neiman Marcus, discussed pushing through difficult situations, the basics of luxury that will never change and indulging in time with his city and family (read the Q&A here).

Filippo Arnaboldi, CEO of Italian luxury bedding and linens brand Frette, discussed the importance of genuine connections, the inspiring films of director Sophia Coppola and the ultimate luxury of good sleep (read the Q&A here).

Jon Colbeth, president and CEO of Rolls-Royce Motor Cars North America, discussed the unchanging core of luxury, the joy of delivering a custom car to clients and the satisfaction in keeping it simple (read the Q&A here).

Edouard Meylan, CEO of Swiss luxury watch brand H. Moser & Cie., discussed the winning combination of creativity and structure, celebrating heritage with new ideas and letting your mind take a real break (read the Q&A here).

John Shmerler, CEO of luxury watch and jewelry retailer The 1916 Company, discussed life lessons learned through sport, focusing on meaning rather than transactions and the simple luxuries that money can’t buy (read the Q&A here).

And finally, Hélène Poulit-Duquesne, CEO of French luxury jeweler Boucheron, discussed the importance of curiosity, independence, resilience and lifelong friendships (read the Q&A here).

Be sure to tune in Fridays in the coming year for more insights from the talent behind the best luxury brands.

In 2024, Luxury Daily introduced “Off the Cuff,” a Proust-style Q&A series featuring those shaping the world’s luxury brands. We explored the career paths, current projects and next steps of those at the top, getting to know industry leaders on a personal level.

Below is a collection of all of our in-depth interviews from last year to inspire you in 2025 and beyond.

To kick off the series, Sarika Rastogi, head of marketing and communications at German fashion brand MCM, discussed the lasting impact of her early career experiences, the innovative nature of MCM’s Milan Design Week 2024 activation, and how her meditation practice makes both a personal and professional difference (read Q&A here).

Next, Chris Cooke, head of design collaborations at British automaker Bentley Motors, discussed the origins of his creative ethos and profiles the future luxury consumer (read Q&A here).

Bess Freedman, CEO of American luxury real estate firm Brown Harris Stevens, discussed the impact of early life lessons and the enduring value of a people-first work culture (read Q&A here).

Roisin Branch, chief marketing officer at U.S. aviation company Blade, discussed her take on the state of luxury marketing and a debut residential project for the company (read Q&A here).

Julie Burns, executive director of U.S. luxury appliance brand Monogram, discussed the value of cross-setting communication, lessons learned from starting out in luxury after the 2008 recession, the philanthropic brand projects making an impact, and the connection between music and mood (read Q&A here).

James Edney, client director at British sustainability consultancy Positive Luxury, discussed joining the team behind Butterfly Mark, an independent accreditation for industry brands, and Positive Luxury LABS, a bespoke consultancy specializing in strengthening corporate ESG strategies (read Q&A here).

Debra Gunn Downing, executive director of marketing at Southern California shopping destination South Coast Plaza, discussed the changing face of luxury retail, relationship building as the bedrock of business and South Coast Plaza’s steady expansion (read Q&A here).

Xavier Thuizat, head sommelier at both Air France and Hôtel de Crillon, a Rosewood Hotel, discussed the evolution of luxury consumers’ relationship with gastronomic experiences and the art of wine tasting (read Q&A here).

Mari Corella, general manager of global luxury and sneakers at online retail platform eBay, discussed navigating the fashion industry, ascending its ranks and sourcing inspiration from the world of finance (read Q&A here).

Kaisy Mae O’Reilly, senior vice president and chief marketing officer at American footwear brand Stuart Weitzman, discussed kickstarting her career by working in beauty, the evolution of the luxury consumer’s expectations and her passion for Stuart Weitzman’s campaign, How Lovely to be a Woman (read Q&A here).

Holly Hunt, founder of U.S. interior design studio House of Hunt, discussed her department-store beginnings in retail, the power of good leadership and the inspiration found in designing a new home for avid art collectors (read Q&A here).

Antoinette Marie Johnson, founder and CEO of hospitality branding, strategy and marketing firm Cohere, discussed her time with the U.S. Army and making maps, listening to music to both gear up and unwind, the importance of targeting specific audiences, and a recent hospitality project in Philadelphia (read Q&A here).

Nathalie Diamantis, president and CEO of the Americas for Italian jeweler Pomellato, discussed the importance of adaptability and an open mind, elevating the luxury experience, and taking the time to enjoy food and family (read Q&A here).

Alexis Hubshman, founder of SCOPE Art Show, discussed creativity, where the art world is headed, and building his first business while living in a tent (read Q&A here).

Samina Virk, U.S. CEO of online luxury resale platform Vestiaire Collective, discussed working with diverse teams, building a village and a fantasy lunch with a power trio (read Q&A here).

Patricia Fisas, senior vice president of research and innovation at Spanish skincare company Natura Bissé, discussed her passion – and tips – for self-care, spending quality time over good food with friends, family and fantasy guests, and embracing technology and innovation in the beauty business (read Q&A here).

Ben Steiner, CEO of piano manufacturer Steinway & Sons, discussed the importance of sticking with it, spending time with family, and learning from the best (read Q&A here).

Stefanie Tsen Ward, chief integrated retail and customer officer for American luxury retailer Neiman Marcus, discussed learning the basics of business at her parents’ ice cream shop, tapping in to the history of Neiman Marcus and manifesting sticking the landing (read Q&A here).

And finally, Marek Reichman, executive vice president and chief creative officer at U.K. auto company Aston Martin, discussed pushing boundaries, seeing design possibilities around every corner and picking the brain of the “original genius” (read Q&A here).

Be sure to tune in Fridays throughout 2025 for more insights from the talent behind the best luxury brands.

 

Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.

There was no shortage of news to draw from this year, and the industry needed advice, guidance and insights with each development. The experts — Inman contributors — stepped up.

From getting a buyer-broker agreement signed to crafting a compelling buyer’s presentation to articulating value, most of this year’s top-read advice centers around commission suits, the National Association of Realtors settlement and subsequent rule changes. But a few timeless gems made the list, too. The opinion ranges from commission suits to the Clear Cooperation Policy debate. 

TAKE THE INMAN INTEL INDEX SURVEY FOR DECEMBER

Below are the top “service” stories of 2024, as chosen by you, our readers. 

February 03, 2024

In the wake of the $70 million settlement by Keller Williams, NAR and HomeServices of America appear to be the ones left holding the bag. What happens next? Christy Murdock has your Download.

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April 24, 2024

Buyers and sellers are confused about the new rules of the road. Trainer Bernice Ross and Jeff Lobb discuss how agents can change up the conversation and add clarity and confidence.

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March 18, 2024

Bi-coastal broker Cara Ameer outlines the problems, concerns and frustrations inherent in the terms of NAR’s commission lawsuit settlement as agents learn to navigate a new reality.

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February 18, 2024

Meeting the unique needs of buyers and sellers today means knowing just what to say to generate important dialogues. Jimmy Burgess offers scripts that resonate in our current market moment.

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January 28, 2024

Jimmy Burgess shares 10 specific prompts designed for real estate agents that will help you generate leads, grow your business and serve your clients at the highest level possible.

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April 11, 2024

If you want to build the listing side of your business in the wake of the NAR settlement, Jimmy Burgess has 30 practical, actionable, doable strategies tailor-made for this moment.

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March 25, 2024

Premier Sotheby’s International Realty President and CEO Budge Huskey corrects the record on commissions — and the potential impact of the NAR settlement on buyers, sellers and agents.

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February 17, 2024

In the post-Sitzer world we now live in, agents and brokers are already dealing with the new reality by cutting buyer commissions to the bone. Get your Download from Christy Murdock.

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March 20, 2024

Agents who see the changes coming and adapt to the new reality by cementing their relationships will be in a position to seize the day as market winds shift, mega-team leader Carl Medford writes.

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August 04, 2024

Need help highlighting value in a buyer-broker presentation? Jimmy Burgess talks with Andrew Undem, who shares his “8 pillars of value” strategy for showcasing client benefits.

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August 19, 2024

Now that the “New Normal” has officially begun, it’s time to answer the frequently asked questions agents and brokerages have about the newly implemented commission settlement rule changes. Christy Murdock has the answers to your frequently asked questions.

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September 20, 2024

In challenging the National Association of Realtors’ Clear Cooperation Policy, Robert Reffkin writes, Realtors are upholding their highest moral, ethical and legal duties to serve clients.

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May 21, 2024

Managing broker and new Inman contributor Cassie Walker Johnson writes that in the evolving real estate market, investing in buyer agent compensation is a wise decision that benefits everyone involved.

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March 29, 2024

Follow this step-by-step blueprint from Jimmy Burgess, and your listing appointments will be like Chick-fil-A on a Sunday — closed.

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August 10, 2024

The Consumer Federation of America raised eyebrows and hackles with its advice to pay only the equivalent of a 2 percent commission for both real estate purchases and sales. Get The Download from Christy Murdock.

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January 16, 2024

Team leader Carl Medford and his regional leadership mastermind developed these 10 strategies to help you return to the fundamentals so that you’re ready to take on the challenges and opportunities that the market has in store.

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April 30, 2024

Expressing your value to clients begins with knowing yourself, writes mega-team leader Carl Medford. You cannot articulate what you have never taken the time to determine on your own.

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September 12, 2024

It’s a tough market, but this is the market where careers are made, Real’s Jimmy Burgess writes. Double down on your work ethic, sharpening your skills and serving others.

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July 26, 2024

Working with buyers is changing. Are you ready? Jimmy Burgess offers the insight you need so you can prove your value as you serve buyer clients.

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July 07, 2024

As a real estate agent, your reputation can make or break your business. Christy Murdock shares seven things that can significantly damage your professional image and what you can do to avoid them.

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July 18, 2024

Are you spending time on things that simply don’t matter to your professional growth or the growth of your business? Jimmy Burgess offers a list of things you may be doing that are counter-productive.

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April 04, 2024

Consumer misconceptions following the NAR settlement are wild. Jimmy Burgess talks to Keeping Current Matters CEO David Childers on how to communicate with today’s buyers and sellers.

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February 08, 2024

Building a real estate business is about more than memorizing lists of terms and laws, Jimmy Burgess writes. Find out what it takes to launch smarter.

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February 13, 2024

As the real estate landscape changes, thanks to recent commission-related lawsuits, pressure is being levied on buyer agents to demonstrate their value to potential clients, mega team leader Carl Medford writes.

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Email Editorial

The latest tumult in real estate feels like our world has been turned upside down yet again. But underneath all the frenzy, I see a genuine opportunity for us to turn this into a positive and come back even stronger than before. I often think of the term “Anti-fragile” from the book of the same name by Nassim Taleb. The principle is that people and organizations can build their success around being able to come back even stronger after a wallop, instead of just withstanding the impact. This is real estate’s moment to become even more anti-fragile.

Own our worth

Almost as soon as the commission verdict was announced, most major industry voices came out with marketing campaigns and webinars about how agents can demonstrate their worth. While all this is a helpful start to the new normal, we don’t need to demonstrate our worth. We need to own it, too. Since we now need to have a signed agreement with our buyers before we take them on tours, we have an earlier opportunity to have a longer conversation with them and to sell ourselves. I predict these “buyer presentations” are going to start having as much depth to them as our listing presentations. This means we will need to have more marketing materials and visible proof of our accomplishments that appeal to buyers. But we can’t risk these materials being taken by others and used for their marketing purposes. Whether it is our research on homes that are coming soon or our hard-won tips and tricks for navigating the market, it’s time to embrace digital tools that give us ownership over the deep knowledge we each have about our markets. 

Hone our approach

As independent contractors we have to continually hone and refine our approach. I often tell my agents we are the Swiss army knife of real estate since we have so many different skills. With such a variety of skills comes the need for different tools, but I sense we’ve gotten carried away with so many tech platforms and software. We need to lighten the load while also keeping pace with the level of professionalism other industries set for their clients. Our differentiator no longer needs to be the latest shiny app but software that shows our clients we bring higher standards to protecting every step of a digital-based transaction.

Strategic CRMs 

We can also become much more strategic in how we use our marketing materials. Before the digital era we had an idea of how much they resonated with clients because we were often there in person while some of our potential clients were viewing them. Now that so much is sent digitally, we need to use tools that give us more profound, more granular insights into how others are interacting with them. We can choose tools which show us if they have downloaded the materials we sent them, forwarded them to others (and to whom), and spent longer than average time reviewing specific sections of our websites which indicate what they are interested in. All these analytics give a fuller, more three-dimensional view of what our clients are thinking, which provides us with stronger ideas about how to be ready for their needs. 

There have always been massive shifts in real estate, and we have always responded and adapted in ways that strengthen us. With digital tools, we can build our way to an anti-fragile profile, so we aren’t just resilient but immune to all the ways people outside the real estate industry try to erode our importance.

Allen Alishahi is the President and Cofounder of ShelterZoom.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the editor responsible for this piece: [email protected]

Related

Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.

Each week on The Download, Inman’s Christy Murdock takes a deeper look at the top-read stories of the week to give you what you’ll need to meet Monday head-on. This week: Industry heavyweights are all lining up for and against Clear Cooperation. Find out which side of the topic real estate’s biggest names are standing on.

Established by the National Association of Realtors in 2019, the Clear Cooperation Policy has had adherents and opponents from the very beginning. The policy requires real estate brokers to list any property they publicly market on the Multiple Listing Service (MLS) within one business day,

Those on the pro side say that Clear Cooperation promotes transparency by preventing pocket listings, ensures wide distribution of listing information, promotes competition and ensures a more fair playing field for potential buyers.

Those against say that the policy undermines both seller choice and the ability of Realtors to fully fulfill their fiduciary duty to their clients. That’s because for sellers who want to sell without publicly listing on the MLS, whether for reasons of security or discretion, the ability to do so is severely limited by the policy’s requirements.

Now, with buyer’s agent compensation no longer posted on the MLS and with brokerages frantically looking for a powerful differentiator to set them apart in the consumer consciousness, Clear Cooperation is up for grabs — and this week it seemed to be all anyone was talking about.

This week, four of the top five most-read stories were back-and-forth opinion pieces on the topic of Clear Cooperation. As always, we want you to benefit from a variety of voices on all sides of the topic, so that you can form your own opinion based on a measured, balanced view of this important subject.

We went all the way back to July to set the stage. That’s when Compass CEO Robert Reffkin talked about Clear Cooperation during his company’s Q2 earnings call.

Whether you think your mind is made up or you’re just getting up to speed on the opposing viewpoints, we’re rounding up POVs from brokerage heads, MLS execs, current and former agents and more. As Anywhere Brands President and CEO Sue Yannaccone said this week:

“The best approach probably can’t — and shouldn’t — be summarized in a single headline. It’s going to require thoughtful conversations and healthy debate among leaders throughout NAR and our industry at large, something we’ve asked NAR to facilitate openly and transparently.”

Compass CEO: Clear cooperation is ‘anti-homeowner’

Robert Reffkin said clear cooperation forces homeowners into a system that attaches “negative insights” to listings, and predicted the polarizing anti-pocket listing rule is ultimately doomed.

Clear Cooperation takes center stage, faces pressure to change

Officials from the National Association of Realtors are meeting this week to discuss the so-called pocket listing ban — one of the industry’s most polarizing rules, Jim Dalrymple II reports.

Umansky threatens to sue NAR as pocket listing pressure mounts

Agency CEO and founder Mauricio Umansky said he plans to revive a lawsuit against NAR over a pocket listing network. The threat came days after NAR officials convened to reevaluate Clear Cooperation.

Reffkin: NAR’s Clear Cooperation breaks ethics code, state laws

In challenging the National Association of Realtors’ Clear Cooperation Policy, Robert Reffkin writes, Realtors are upholding their highest moral, ethical and legal duties to serve clients.

Here’s why you do (or don’t) want to see Clear Cooperation repealed

Dozens of you weighed in on this Pulse poll with your thoughts on Clear Cooperation, its pros and cons, and whether it’s time to put the controversial policy on ice.

NAR rival AREA launches petition to end Clear Cooperation Policy

The American Real Estate Association’s call to end NAR’s pocket rule has drawn nearly 3,000 signatures since Friday, when the petition was first uploaded to the Change.org platform, Andrea V. Brambila reports.

Anywhere joins push to reform NAR’s Clear Cooperation Policy

Documents obtained by Inman show Anywhere shares some — but not all — of Compass’ concerns with the rule while on Thursday Compass CEO Robert Reffkin reiterated his call to ditch the policy, Jim Dalrymple II reports.

Some real estate leaders say the focus on Clear Cooperation stems from the recent commission lawsuits. But others see a deeper question about brokerage profits at the heart of the issue, Jim Dalrymple II reports..

NAR vows to assess legal risk of current policies

New CEO Nykia Wright told NAR’s board of directors the trade group’s next step will be to develop a “comprehensive” litigation strategy and size up any additional legal exposure related to its rules, Andrea V. Brambila reports.

Nearly a hundred real estate professionals shared their thoughts on NAR’s Clear Cooperation Policy with Inman, revealing a schism between supporters and opponents of the controversial rule, Taylor Anderson reports..

While it has its critics, according to former Realtor Oscar Mazaba, thoughtful modifications could ensure that the policy works as it’s intended to while preserving client choice.

Compass founder and CEO Robert Reffkin writes that Clear Cooperation undermines seller choice, putting them at risk of the consequences of a mass exposure of property details.

According to Redfin CEO Glenn Kelman, big brokerages have a vested interest in getting rid of Clear Cooperation, even at the expense of agents and consumers.

In a LinkedIn post, James Dwiggins claimed brokerage leaders fighting to repeal the pocket listing rule are concealing an agenda to hoard listings, recruit agents and generate internal leads.

Realtor.com CEO Damian Eales urges caution on Clear Cooperation

Eales said the U.S. model of cooperation remains the gold standard — but declined to take a stance on NAR’s policy. “Beware what you wish for,” he said on Wednesday at Inman Connect Austin, Taylor Anderson reports.

Inman Connect Austin kicked off with a spirited debate about Clear Cooperation and the disconnect between brokerage leaders and agents over whether to keep it, Marian McPherson reports.

At Inman Connect Austin, Rachel Hocevar of Compass and Romeo Manzanilla of @properties Christie’s International Real Estate discussed the implications of industry shakeups, Lillian Dickerson reports.

Bright MLS CEO Brian Donnellan takes issue with assertions made by Compass CEO Robert Reffkin in his Oct. 8 op-ed for Inman on the role of MLSs in promoting Clear Cooperation.

Local Realtor association won’t enforce NAR Clear Cooperation

The Park City Board of Realtors informed the National Association of Realtors it would no longer require agents to comply with the pocket listing rule due to fear of litigation, Andrea V. Brambila reports.

NAR rival seeks agents for possible class action over Clear Cooperation

The American Real Estate Association is looking for those ‘fined or otherwise harmed’ by the National Association of Realtors’ pocket listing rule and are interested in “collective action,” Andrea V. Brambila reports.

Anywhere Brands President and CEO Sue Yannaccone offers a measured, thoughtful assessment of the Clear Cooperation Policy debate.

RESPA Section 8 and CFPB Regulation X maintain firm prohibitions against kickbacks and unearned fees, with particular statutory exemptions, about all settlement services involving federally related mortgage loans. “No person shall give, and no person shall accept any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise, that business incident to or a part of a real estate settlement service involving a federally related mortgage loan shall be referred to any person.” 12 U.S.C. 2607(a).

Unambiguously, 12 U.S.C. 2607(c)(3) and 12 C.F.R. 1024.14(g)(1)(v) exemptions allow payments pursuant to cooperative brokerage and referral arrangements between real estate agents and real estate brokers. This limited exemption on kickbacks only applies to fee divisions within real estate brokerage arrangements when all parties act in a real estate brokerage capacity.

A bona fide brokerage sometimes needs to refer a customer to a competitor, just as a mechanic may refer a customer to another mechanic or an attorney may refer a client to another attorney. Referrals, splits, and cooperative fee arrangements between bona fide real estate brokers often help facilitate a home purchase transaction more efficiently for both the home seller and the homebuyer.

However, real estate brokers may only discuss or negotiate the referral fee compensation concerning an individual transaction at hand and not as a means of consumer allocation agreements between competing brokerages. It is a per se violation of the Sherman Antitrust Act for competing real estate brokers to agree on a “standard” fee via a “blanket” referral agreement that will be paid for producing a client. It is also illegal to utilize price-fixing schemes where the purchaser of services splits the unearned fee as a means to entice consumers into using the scheme, or schemes that falsely advertise themselves to appeal to consumers as “free,” or schemes that fix real estate commissions as part of the referral.

The so-called “no upfront costs” referral fee, “agent-matching services,” or “referral platforms” are not genuine brokerages acting in a brokerage capacity.

For instance, in my civil lawsuit with HomeLight, the United States District Court for the Northern District of California had recently reasoned that HomeLight acts in a vertical servicer-customer relationship on a different level of the supply chain with +/-28,000 partner agents. The federal court had reasoned that HomeLight is an “upstream” supplier of paid referrals to “downstream” real estate brokers, as opposed to a real estate broker acting on the same level of distribution, where “… [E]ven though HomeLight is a licensed brokerage, in the context of this [referral] agreement HomeLight and agents are not acting as horizontal competitors …” where “… real estate agents [are] referral platform’s “intermediate” consumers …” This designation precludes 12 U.S.C. 2607(c)(3) safe harbor applicability for any of their referrals.

The Supreme Court, in Ohio v. Am. Express Co., 138 S. Ct. 2274, 201 L. Ed. 2d 678 (2018) recognized a two-sided platform to “facilitate a single, simultaneous transaction” that offers “different products or services to two different groups who both depend on the platform to intermediate between them.” In other words, all agreements between two-sided platforms and their customers are established between firms at different levels of distribution offering entirely different products or services. The term “real estate broker” is codified under 24 C.F.R. 3500.2(b) as a “settlement service” provider in a singular definition that can only be identical to itself. A mere possession of a shell real estate license does not meet this designation.

A “referral platform” may, of course, easily sell customer leads to real estate brokers. However, such sales must never be tied to the outcome of the successful transaction or based on a percentage of brokerages’ commissions. The US-CFPB Advisory Opinion issued on February 7, 2023, further confirms that any operator of a “settlement services” digital comparison-shopping platform receives a prohibited referral fee in violation of RESPA Section 8 when the operator receives a “thing of value” for referral activity.

In the United States, anyone violating the RESPA’s referral fee ban commits a crime 12 U.S.C. 2607(d)(1). For honest real estate agents who do the hard work of serving their client’s best interests in strict compliance with regulations above personal gains, paying referral fees for any such “agent-matching services” or “referral platforms” is not an option. A Petition for Rulemaking concerning the widespread use of Real Estate Broker Referral Fee Networks Docket ID CFPB-2022-0037 is currently under review by US-CFPB.

By protecting their brokerage commissions from unlawful kickbacks, honest real estate professionals always act to serve their clients with full-service value and protect their reputations. RESPA compliance is not merely the best practice for any honest professional; it is the fundamental federal law that governs the most valuable transactions in most American consumers’ lives.

Dmitry Shkipin works for Geodoma.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the editor responsible for this piece: [email protected]

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The American dream of homeownership is slipping away for many, as the gap between wages and home prices continues to widen. In the 1970s, home prices aligned more closely with income levels. Today, escalating real estate costs—particularly in high-cost areas—are pricing millions of Americans out of the housing market.

One potential solution? Extending the traditional 30-year mortgage to 40 or even 50 years. This could provide the financial flexibility needed to make homeownership achievable for those priced out of the current market.

California: A microcosm of the crisis

California illustrates the severity of the affordability crisis. As of May 2024, the median price of a single-family home in the state reached $904,210, while the median household income stands at $91,551 (California Association of Realtors, U.S. Census Bureau). To comfortably afford such a home, a household would need to earn $239,000 annually—more than 2.5 times the median income.

For families earning $91,551, a 30-year mortgage at 6% would require monthly payments exceeding $5,400, consuming more than 70% of their income. However, a 40-year mortgage could lower the payment to around $4,849, and a 50-year mortgage to $4,564—making homeownership significantly more affordable for middle-income families.

Why are home prices so high?

Several factors have driven home prices to unsustainable levels:

1. Low interest rates: A decade of historically low rates fueled demand and inflated prices.
2. Housing shortages: Limited supply, particularly in desirable areas, drives fierce competition and higher prices.
3. Demographic shifts: Millennials, now reaching prime home-buying age, have increased demand.
4. Rising construction costs: Supply chain issues and labor shortages have escalated building costs.
5. Investor activity: Institutional investors purchasing single-family homes for rentals have reduced inventory for individual buyers.
6. Urban exodus: Post-pandemic shifts to suburban and rural living have driven up prices in these areas.
7. Government policies: Programs like mortgage forbearance kept homes off the market, tightening supply (Urban Institute).

The case for 40- and 50-year mortgages

While the 30-year mortgage has been a U.S. standard, it no longer offers sufficient affordability for many. Extending terms to 40 or 50 years provides several advantages:

• Lower monthly payments: Longer terms reduce monthly payments. For instance, a 50-year mortgage on a $900,000 home could lower payments by $850 compared to a 30-year mortgage.
• Improved borrower qualifications: Lower payments make it easier for borrowers, especially in high-cost areas, to qualify for mortgages.
• Increased buying power: Reduced monthly payments allow buyers to afford homes they may have otherwise been priced out of.
• Flexible payment options: Features like “Pick-a-Pay” offer payment flexibility. Borrowers can pay more during high-income months to reduce interest and build equity faster.

Additionally, international examples show the effectiveness of longer mortgage terms. Countries like Japan and the UK have successfully implemented 40- and 50-year mortgages to address their own housing affordability challenges. In Japan, these longer-term loans help families secure homes in high-cost urban areas, while in the UK, 40-year mortgages have become a standard offering (OECD).

Addressing concerns about interest and equity growth

Critics argue that extended mortgage terms lead to higher interest payments and slower equity growth. While these concerns are valid, flexible payment options can mitigate the drawbacks. Borrowers can choose to pay more when possible, reducing the long-term cost of the loan. More importantly, the affordability of lower monthly payments can make the difference between owning a home and being stuck renting.

A modern solution for an evolving market

The American Dream of homeownership is at risk but adopting longer mortgage terms could restore that dream for millions of middle-class Americans. By extending mortgage terms and embracing flexible payment options, we can help ensure that homeownership remains achievable for future generations.

Darrin Seppinni is a mortgage professional, author and California Real Estate Broker.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the editor responsible for this piece: [email protected]

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By Laura Pentecost-Langer

Imagine waking up in your luxury penthouse in New York City, your beautiful mansion in Scottsdale or your high-end beach house in Malibu, where every detail of your morning routine is anticipated and catered to by an invisible intelligence.

The curtains draw back to reveal a panoramic view of the city, the desert or the ocean as soft, ambient lighting gradually brightens. A soothing scent of lavender fills the room, tailored to ease you into the day.

The humidity of your rooms is always optimized to your preferences. Air purifiers work in the background and get activated if the slightest sign of impurity is detected.

As you wake up, your favorite music starts playing and your walls show your digital art collection, selected to fit the moment of the day.

This is not the distant future but the imminent reality of luxury real estate, redefined by artificial intelligence (AI).

In the world of ultra-high-end homes, sophistication increasingly meets technology. AI is becoming the backbone of a truly personalized, seamless living experience.

As the technologies rapidly evolve from a connected home on an automated schedule to a truly individualized experience, especially at the top-end, luxury homes are leading and inspiring this change.

Here are five revolutionary ways AI is transforming luxury residences, creating a blend of comfort, security and sustainability.

Guardians of luxury: advanced security systems
Security is one of the top concerns of luxury homebuyers, leading to an unprecedented demand for gated communities and residences with 24/7 security guards, to name a few.

Given ever-increasing security and privacy concerns, security systems are getting incredibly sophisticated. AI-driven systems are taking this to the next level.

These systems go beyond traditional alarms and surveillance. They employ real-time facial recognition, behavioral analysis and predictive algorithms to identify potential threats before they materialize.

Imagine a security system that not only alerts you of an intrusion but can also differentiate between a potential threat and a harmless visitor. They warn about unexpected events like doors or windows that are open at unusual times or left unattended longer than expected.

Luxury homes are adding advanced automated safety systems and programs that are able to take action in the case that fire or water intrusion is detected.

The systems trigger different levels of notifications and system behaviors, such as switching on floodlights or sealing off parts of the house and alarms, depending on how serious the threat is perceived by the algorithm. This level of automation and precision ensures that homeowners can enjoy their exclusive spaces with an elevated level of peace of mind.

The second layer of data security has become the latest obsession, limiting AI data’s exposure to outsiders. The security firewall industry, which offers to protect sensitive information so that thieves, hackers and bad actors cannot gain access, is growing rapidly.

Full home automation: leaving no task untouched
Luxury living is about ease and personalization, and AI has been instrumental in providing more comfort and ease.

Home automation systems powered by AI learn owners’ daily routines and preferences, adjusting lighting, blinds, climate, scent and entertainment systems to match their moods and schedules.

Picture walking into a room where the lighting adjusts to your preferred setting, your favorite music plays softly in the background and the temperature is just right for each time of the day.

Sophisticated kitchen appliances already have automated programs to facilitate cooking and meal preparation. Camera-based AI systems in fridges warn when certain items run low or when food expiration dates have expired.

All these systems are the epitome of convenience, turning a house into a responsive, intuitive home — when they work. However, today’s AI advancement still has room for improvement.

I personally have a love-hate relationship with our AI-powered thermostats that are supposed to learn and anticipate the right temperature all the time. However, my husband likes the house warmer, while I prefer it a few degrees cooler, which leads to a confused thermostat that often creates temperature scenarios that neither of us likes.

Robotic vacuum cleaners are notorious for getting lost, being hunted and harassed by pets. They get caught up in cables, all despite the promise of “intelligence.” The ever-growing need for sensors, microphones, lidar-radars and cameras opens a complete different can of worms when it comes to privacy concerns.

While the idea of the intuitive home is wonderful, a significant upgrade of algorithms and sensors — including in-room facial recognition — will be needed to create an experience that feels fully personal and does not require permanent monitoring.

The essence of luxury: trending AI-driven scent diffusers
Scents have the power to evoke emotions and create an atmosphere. Therefore, it is not surprising that the market for scented luxury candles and in-room perfumes has seen unprecedented growth.

During a recent trip, I had the pleasure to experience an electronic scent diffusor in my hotel room that promised to be able to change the mood at my fingertip. This worked, I felt more relaxed and it also enhanced my perception of the cleanliness of the space.

Technologies like these, increasingly powered by AI-enabled algorithms, will become a key feature in luxury real estate, helping tailor fragrances to your preferences and moods. Whether it is a calming lavender to help you unwind after a long day or an invigorating citrus to kick-start your morning, these diffusers enhance the sensory experience of your home.

This subtle yet profound touch of AI will have the ability to add a new dimension to luxury living.

Walls that speak: interactive digital displays
Gone are the days when walls were just structural elements. In the realm of luxury real estate, walls are being transformed into interactive digital canvases.

AI-powered display walls are being used in luxury homes to showcase NFT art collections, provide dream landscape-covered walls and provide moving video of waves crashing on the shoreline or of a sun setting.

Imagine your walls changing with your desire for the day. This fusion of art and information creates a dynamic and engaging living space that reflects the future of luxury living and which is already a reality in some ultra-high-end homes. Luxury homes will no longer just have white drywall.

The possibilities are endless.

Sustainable opulence: AI-driven energy management
Sustainability is shaping the design of luxury homes.

AI-driven energy management systems optimize the use of resources, reducing carbon footprints without compromising comfort. These systems monitor energy consumption and adjust heating and cooling based on real-time data, integrating renewable energy sources like solar and managing the balance of energy storage and consumption.

The result is a home that is not only luxurious but also eco-friendly, allowing homeowners to indulge in opulence while keeping the carbon footprint low.

The horizon: future innovations, speed of technology and challenges
As AI capabilities are evolving rapidly, the future promises even more sophisticated integrations in luxury real estate. Upcoming innovations will certainly include smarter AI-assisted tools.

The major issues at hand are privacy concerns, the need for continuous technology updates and the potential for technological failures. The technology must advance to ensure these systems operate seamlessly.

Most importantly, the way the technology interacts with humans must be refined. Technologies are value-added only if they integrate seamlessly and really make the lives of people easier.

I still see too many solutions — even at the top end — that promise more than they deliver. The potential of AI to transform high-end real estate is immense.

The key to unlocking its potential is a future where homes are not just smart but truly intelligent, intuitive and life-changing.

Laura Pentecost-Langer is founder, CEO and lead agent at 5 Star Property Brokers, Scottsdale. Reach her at laurapentecost@gmail.com.

To remix an old adage, when the U.S. housing market sneezes, the U.S. economy catches a cold.

And it feels like the housing market is winding up and teetering on a sneeze. But this election season seems to be that moment just before a sneeze erupts when a proactive move (like a quick finger under the nose in the case of an actual sneeze) can stifle a full-blown, damaging spasm.

What might the housing economy’s “sneeze” unload? 

Here are some of the existing issues facing affordable and fair housing that do not have federal legislation or executive orders (although, thankfully, state and local initiatives are being tackled in some places) and may be exacerbated in locales without a legal framework.

The sneeze-guard priorities

The sneeze-guard priorities are the following documented U.S. housing issues that HousingWire has covered in the last couple of years that impact fair and affordable homes.

• Affordable housing inventory shortage
• AI-generated discrimination (e.g., price-fixing and steering)
• Corporate landlord hoarding vs. owner-occupant homebuyer first-look periods
• Digital and modern-day redlining
• Downpayment and/or closing cost assistance needs
• Gutted safeguarding of protected classes (nationality, religion, etc.)
• HOA board dysfunctions
• Legal “source of income” discrimination (e.g., veterans and their subsidies are at times turned away from buying or renting, etc.) 
• Unfair home devaluation and appraisal bias
• Unjust eminent domain home seizures

Despite these qualms, if it is fair, real estate is still one of the best ways to build wealth (“with existing homeowners now averaging about $315,000 in equity”). Ultimately, fair and affordable housing should be for every U.S. citizen, not just those who live in specific zip codes (with local and state legislators who are proactive), which requires a federal scope.

Federal housing priorities

With under two months before election day, what national housing priorities has each presidential candidate committed to in writing thus far? 

Kamala Harris’s housing priorities

Here is Vice President Harris’s housing agenda from her official site:

Vice President Harris has put forward a comprehensive plan to build three million more affordable rental units and homes to end the national housing supply crisis in her first term. She will cut red tape to ensure we build more housing faster and penalize firms that hoard available homes to drive up prices for local homebuyers. Vice President Harris knows rent is too high and will sign legislation to outlaw new forms of price fixing by corporate landlords. As more new homes are built and affordable housing supply increases, Vice President Harris will provide first-time homebuyers with up to $25,000 to help with their down payments, with more generous support for first-generation homeowners. This will help more Americans experience the pride of homeownership and the financial security it represents and brings — offering more Americans a path to the middle class and economic opportunity.

Donald Trump’s housing priorities

As of today, former President Trump’s official site has not listed any specific housing priorities.

In short, of the sneeze-guard housing priorities listed above, here is how each candidate fares:

Either way, we have some lobbying to do! But planning is just the first step. As we have seen repeatedly, a president’s plans have to pass muster in the House and Senate (click here for more on the feasibility of bipartisan support).

Lee Davenport is a real estate coach/educator and author.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the editor responsible for this piece: [email protected]

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