NAR tells sellers they don’t have to list on the MLS

🌞 Rise and shine. It's Monday. Today's newsletter is 661 words, a 2.5-minute read.

1. Jobs report sends mortgage rates higher

The average rate on the 30-year-fixed mortgage jumped 27 basis points Friday morning following the release of the government’s monthly employment report. The rate is now 6.53%, according to Mortgage News Daily.

That is 42 basis points higher than Sept. 17, the day before the Federal Reserve cut its benchmark rate by half a percentage point. Mortgage rates do not ‘follow’ the Fed, but they loosely follow the yield on the 10-year U.S. Treasury.

• Total nonfarm employment rose by 254,000 in September, significantly higher than August's revised increase of 159,000. The unemployment rate dipped slightly to 4.1%. Wages grew 4%, which was also higher than expected.

2. NAR tells sellers they don’t have to list on the MLS

The National Association of Realtors (NAR) has issued new guidance clarifying that home sellers are not obligated to list their properties on a Multiple Listing Service (MLS).

While NAR emphasizes the benefits of MLS, such as wider exposure to potential buyers and supporting fair housing practices, it advises sellers to discuss the pros and cons with their agents.

The guidance also notes that compensation offers, now excluded from MLS listings, can still be shared through alternative marketing methods like flyers or emails.

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3. More Nuggets

🏘️ The total value of owner-occupied homes hits a new high of $48.2 trillion. (Realtor)

🧑‍⚖️ Minnesota latest to sue MV Realty over 'immoral' contracts. (Lexology)

💸 49% of homebuyers are purchasing mortgage points to ease monthly costs. (CNBC)

💪 New American Funding CEO stands up against "mortgage bro culture". (NMP)

4. FHA extends cyber breach reporting deadline

The Federal Housing Administration (FHA) plans to extend the reporting window for mortgage lenders to notify the agency of cyber breaches from 12 hours to 36 hours, according to a draft letter.

This change aligns more closely with standards set by government-sponsored enterprises, with Fannie Mae requiring reporting within 72 hours and Freddie Mac within 48 hours.

The FHA also aims to clarify the definition of a cyber incident, now focusing on events that cause actual harm to system confidentiality, integrity, or availability, and materially disrupt a lender's operations.

5. Regulators raise thresholds for TILA protections

The Federal Reserve and the Consumer Financial Protection Bureau raised the price at which consumer credit and leasing transactions are subject to truth-in-lending requirements from $69,500 to $71,900, a 3.4% increase.

Similarly, the threshold for mortgages exempt from appraisal requirements was raised from $32,400 to $33,500. The increases, based on a 3.4% rise in the Consumer Price Index, aim to adjust for inflation.

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

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