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Summary List Placement President-elect Joe Biden presented a $1.9 trillion stimulus plan on Thursday evening, which included $1,400 direct payments, $350 billion in aid to state and local governments, and vaccine distribution funds. Some billionaires have been advocating for more stimulus packages for months, including Tom Steyer. The former hedge fund manager and liberal activist […]

Summary List Placement President-elect Joe Biden’s newly unveiled stimulus plan includes a federal minimum wage increase to $15 an hour, although the measure is likely to face pushback in Congress. Currently set at $7.25 an hour, Biden moved to nearly double the country’s minimum wage in his $1.9 trillion economic relief package. The plan would […]

JPMorgan Chase, the nation’s largest depository bank, increased mortgage origination volume to $32.5 billion in the fourth quarter, a 12% gain on the prior quarter. But that doesn’t quite tell the whole story. The Jamie Dimon-led bank increased overall mortgage origination volume primarily through its correspondent channel, according to the earnings report issued this week. […]

Summary List Placement President-elect Joe Biden rolled out a colossal $1.9 trillion economic aid package on Thursday evening. It contains numerous provisions that could assist millions of Americans, particularly the unemployed. His plan contains a $400 weekly government supplement to state unemployment checks that expires on Sept. 30 among other sweeping measures. It would be […]

Summary List Placement President-elect Joe Biden’s economic relief package unveiled on Thursday included yearly benefits for families with children, marking his first official step toward addressing child poverty. According to Biden’s American Rescue Plan, the Child Tax Credit will be expanded so that families with children under the age of 6 will receive $3,600 per […]

Mike Cagney, SoFi SoFi co-founder Mike Cagney’s latest digital mortgage operation Figure Lending closed on a $100 million funding facility from JPMorgan Chase this week. The warehouse facility will allow the company, a subsidiary of Figure Technologies, to originate conventional loans as well as jumbo loans, the company said in a statement Wednesday. In a […]

Summary List Placement Spending at US retailers contracted through the last month of 2020 as economic restrictions offset holiday-season sales. US retail sales contracted 0.7% in December, according to Census Bureau data released Friday. Economists surveyed by Bloomberg expected sales to hold steady from the month prior. While spending fell from the prior month, it […]

Summary List Placement The UK economy shrank 2.6% in November as an increase in coronavirus infections and fresh restrictions exacted a heavy toll, official figures have shown, putting the country on track for a double-dip recession. November’s drop was considerably lower than the 5.7% contraction economists predicted in a Reuters poll. But it meant the […]

Summary List Placement The UK economy shrank 2.6% in November as an increase in coronavirus infections and fresh restrictions exacted a heavy toll, official figures have shown, putting the country on track for a double-dip recession. November’s drop meant the economy was 8.5% smaller than it was in February 2020, having been 6.1% smaller in […]

The U.S. Department of the Treasury and the Federal Housing Finance Association issued a joint statement Thursday announcing they will not restructure the taxpayers’ stake in Fannie Mae and Freddie Mac. In other words, the government-sponsored enterprises (GSEs) will not be exiting conservatorship under the current administration. In a statement establishing an agreement for ongoing […]

The National Association of Realtors and other industry trade groups are calling for the reform of the government-sponsored enterprises. They also want to see a change in the leadership structure at their regulator, the Federal Housing Finance Agency. At a webinar hosted by NAR, panelists spoke about the next potential steps for removing Fannie Mae […]

The mortgage industry has not traditionally been the vanguard in the adoption of digital solutions particularly in data intelligence and applied machine learning. Investments in proper infrastructure, an innate fear of losing process control, and converting the workforce to a digitally savvy “knowledge force” have contributed to “digital apprehension” in the past. The COVID-19 pandemic served […]

Summary List Placement President-elect Joe Biden laid out his plan for another $1.9 trillion economic rescue package on Thursday. Biden’s proposal includes: A $1,400 top-up for stimulus checks which will bring the total distributed amount to $2,000. $130 billion in funds to reopen schools. $350 billion in state and local assistance. Biden faces a delicate […]

Summary List Placement Those worrying the Federal Reserve will prematurely rein in monetary stimulus have little to fear, Fed Chairman Jerome Powell said Thursday. As COVID-19 vaccines roll out across the country, investors and economists have looked to Fed officials for any hints as to when its extremely accommodative policy stance could reach its conclusion. […]

The Federal Housing Finance Agency (FHFA) announced on Thursday it has extended relaxed lending and appraisal standards put in place due to COVID-19 another month for both Fannie Mae and Freddie Mac. The flexibilities surrounding alternative verifications of employment and appraisals were originally set to expire on Jan. 31, 2021, however, the government entity is now […]

Summary List Placement Sen. Ron Wyden of Oregon, the incoming chair of the ranking Senate Finance Committee, suggested on Thursday in an exclusive interview that elements of President-elect Joe Biden’s forthcoming economic rescue package could be modified during Congressional negotiations — particularly on enhanced unemployment insurance. Wyden said he would press for a $600 federal […]

Summary List Placement President-elect Joe Biden plans to prioritize federal student loan debt forgiveness on the first day of his presidency, but questions still remain on the likelihood of carrying out his forgiveness plans. Last week, Biden’s transition official David Kamin told reporters that Biden will direct the Department of Education on day one to […]

Summary List Placement President-elect Joe Biden is expected to include expanded child benefits in his economic relief package that will be released on Thursday. As part of his core campaign promise to help the middle class, Biden will likely push for measures to provide $300 per month to households with a child under the age […]

It’s 6:30 in the morning on September 25, 2020, and a small team from The Home Loan Expert is beginning their long climb up Mount Elbert, the highest summit in the Rocky Mountains of North America and the highest point in Colorado.  In a class commonly referred to as 14ers by those adventurous enough to […]

The average mortgage rate for a 30-year fixed loan rose from its previous record low by 14 basis points this week to 2.79%, according to Freddie Mac’s Primary Mortgage Market Survey. This marks the first time mortgage rates have risen in almost two months. The 15-year fixed rate also rose slightly this week from 2.16% to […]

Summary List Placement The number of Americans filing for unemployment benefits jumped last week as rising COVID-19 cases continued to cut into the labor market’s recovery. New US jobless claims totaled an unadjusted 965,000 for the week that ended Saturday, the Labor Department announced Thursday. That comes in well above the 800,000 claims expected by […]

Since the CARES Act was signed into law, homeowners across the U.S. have taken advantage of its mortgage relief provisions. In fact, as of November 2020, a total of 6.5 million borrowers had been, or still were, on a COVID-19-related forbearance plan, either through the CARES Act or another program. Fortunately, the forbearance programs and […]

Summary List Placement Senate Democrats are weighing whether to combine an infrastructure bill and coronavirus relief legislation into a single, massive multi-trillion-dollar package that could pass without Republican votes, two Democratic aides familiar with the discussions tell Insider.  The ongoing talks reflect a desire among Democrats to swiftly capitalize on their new Senate majority with […]

Summary List Placement As the pandemic plunged America’s economy into turmoil last March, Jerome Powell, the Federal Reserve chairman, rushed to prop it back up with a series of programs. A policy that the Fed pioneered during the 2008 Great Recession known as quantitative easing, in which the country essentially buys its own debt, worked by making […]

United Wholesale Mortgage (UWM) unveiled a new policy this week, telling brokers that appraisals will be completed within 10 business days or they’ll refund 50% of the appraisal cost back to the customer. The initiative, called “Appraisal Promise,” drops just a week before the wholesale lender’s Wall Street debut on Jan. 22. UWM is merging […]

Summary List Placement Achieving herd immunity and bringing the coronavirus in check won’t resolve all of the pandemic’s economic damage, Carmen Reinhart, chief economist at the World Bank, said Tuesday. What began as a health crisis is creating “your classic balance sheet problems” and risks plunging the world into a dire financial crisis, Reinhart said […]

It took a few years, but Victor Ciardelli has finally captured the one that got away. The founder and CEO of Guaranteed Rate, which originated $73 billion in mortgages last year, has made joint ventures and acquisitions a cornerstone of his growing business. In 2017, Guaranteed Rate struck a deal with the largest real estate brokerage […]

Mortgage applications jumped 16.7% after a 4.2% drop last week, according to the Mortgage Bankers Association. The jump underlines the seasonality behind last week’s decrease in mortgage rates, as well as the expectation of additional fiscal stimulus from the incoming administration, per MBA Associate Vice President of Economic and Industry Forecasting Joel Kan. “Booming refinance […]

Summary List Placement Senate Democrats are beginning to lay out their legislative agenda for the year as the party barrels toward a second impeachment of President Donald Trump in the final days of his term. “The nation is facing unprecedented challenges: the greatest economic crisis in seventy-five years, the greatest public health crisis in a […]

Appraisal software company Reggora today announced the completion of a $30 million Series B funding round, led by returning investor Spark Capital. Other investors included Shine Capital, Greenpoint Partners, Boston Seed and 1984. The company snagged $10 million in a February Series A funding round, bringing the company’s total capital to $45 billion. The company […]

Summary List Placement US job openings dipped in November as businesses continued to hire workers amid the worsening coronavirus pandemic. Openings dropped by 105,000 to about 6.5 million through November, according to Job Openings and Labor Turnover Survey, or JOLTS, data published Tuesday. The reading met the 6.5 million openings forecasted by economists surveyed by […]

Summary List Placement A popular gauge of small-business confidence in the US sank to a seven-month low in December as stricter lockdown measures and climbing daily case counts cut into economic activity. The National Federation of Independent Businesses’ index of small-business optimism fell 5.5 points last month to 95.9, according to a Tuesday release. The […]