American International Group, New York, has formed AIG Real Estate Solutions, a unit that will solely focus on the insurance and risk management needs of the real estate sector.To further support AIG's real estate clients, some other AIG member companies could offer other real estate-related services, AIG reports, including real estate investment, development and management; commercial mortgage lending; management of commercial mortgage-backed securities and unsecured real estate investment trust debt portfolios; affordable housing sponsorship and residential mortgage guaranty insurance. John Willett of Lexington Insurance Company will be the practice leader for the new unit, AIG said. Kristian P. Moor, executive vice president for domestic general insurance at AIG, said, "Real estate operations face a broad spectrum of exposures that are unique to their industry. AIG RES was created with these issues in mind to provide the real estate sector with access to the full range of AIG's insurance offerings and eliminate many of the gaps in coverage that typically result when dealing with multiple carriers."
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28