Homeowners locked out of $700B in home equity

Plus: HomeServices of America names Chris Kelly CEO

April 16, 2025

Rise and shine — it's Wednesday. Today’s newsletter is 711 words, a 3-minute read.

Disclaimer: Average mortgage rates as of April 15, 2025. © MND Daily Rate Index.

1. Homeowners locked out of $700B in home equity

Roughly $731 billion in home equity is “trapped” and out of reach for homeowners, thanks to high interest rates and credit setbacks tied to job losses and gig work, according to a report by real estate fintech firm Point.

About 9% of mortgage-holders see employment disruptions annually—events that often dent credit scores and cut off access to home equity loans, HELOCs, or refinancing.

“Millions of homeowners have equity they can’t use when they need it most,” said Point economist Aaron Terrazas. “The shift to non-traditional work and rising borrowing costs are reshaping how—and whether—Americans can tap their homes for cash.”

2. HomeServices of America names Chris Kelly CEO

HomeServices of America yesterday announced a leadership transition. After serving as President and CEO for over 5 years, Gino Blefari will assume the role of Chairman Emeritus, effective immediately.

Chris Kelly, who currently serves as Executive Vice President of HomeServices of America, will succeed Blefari as the company’s President and CEO. Kelly brings more than 25 years of experience to the role.

“The true strength of HomeServices has always been our people and the incredible leadership team across our companies. I am incredibly humbled to step into this role following Gino Blefari” said Kelly

Have you heard the news? CoreLogic is now Cotality!

The same company you trust, with a bold new look. Our new brand reflects our commitment to providing the entire property industry with empowerment, accuracy, and innovation. Our spirit is best expressed by our new tagline: Intelligence beyond bounds™.

We’re excited to bring you even more great solutions to help you grow your business and retain clients. As Cotality, we aim to create even more possibilities and value for you!

Our goal is to make your business faster, more efficient and more successful through the use of revolutionary technologies like our Araya platform, where you can easily manage your company’s marketing and growth strategies. Check it out today and see how the new Cotality can help move your business forward!

3. More Nuggets

⚖️ House introduces bill to reduce mortgage insurance costs. (Congress.gov)

🚨 FBI Boston warns of growing title fraud. (NMP)

📉 Mortgage rates continue lower amid calmer financial markets. (MND)

🤖 AI mortgage platform Friday Harbor raises $6M in seed funding. (FinSME)

💰 Almost 20,000 IRS employees taking second buyout offer. (TheHill)

4. Vought orders CFPB to rein in informal rulemaking

Consumer Financial Protection Bureau Acting Director Russ Vought has directed the agency to scale back its reliance on guidance documents, arguing that the practice has allowed regulators to impose rules without the transparency and due process required by law.

In a memo dated Friday and reviewed by American Banker, Vought instructed the heads of eight divisions—including enforcement, supervision, and fair lending—to review all existing guidance documents by April 25. The goal, he wrote, is to identify instances where the CFPB may have used guidance to impose legally binding obligations without going through the formal rulemaking process.

“The use of guidance to regulate is unlawful and deprives the public of fair notice of what conduct is prohibited,” Vought wrote in the internal memo. “The Bureau will no longer engage in this practice.”

5. Redfin rolls out portal ban on some private listings

Redfin will ban home listings that receive delayed public marketing from appearing on its portal, following Zillow’s lead in an ongoing real estate fight over so-called pocket listings.

“Because we believe that all buyers should be able to see all listings, Redfin will not publish any listings that have been publicly marketed before being shared with all real estate websites via the MLS,” Redfin CEO Glenn Kelman wrote in a blog post on Monday.

The two-paragraph announcement, which also calls on multiple listing services to create a “coming-soon” designation for listings that would conceal Days on Market and historical price points data from consumers, is the latest twist to come as a result of an adjustment to NAR’s Clear Cooperation Policy last month.

☀️ You’re all caught up. See you on Friday!

🚀 Wanna help our newsletter grow? Forward it to a friend or colleague.

Would you like to receive a ready-to-send weekly marketing email for your realtors and/or clients? Start your 30-day free trial here.

Was this email forwarded to you? Subscribe here.

Interested in advertising to 40k+ loan officers? Get in touch.