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The Mortgage Bankers Association (MBA) announced the new members of its 2021 Residential Board of Governors and the Chairs of the Residential Committee. The new appointees include New American Funding Co-Founder and President Patty Arvielo, who created the company’s Latino Focus and other New American Dream initiatives aimed at improving the home lending experiences of Hispanic […]

Summary List Placement Rep. Alexandria Ocasio-Cortez and other progressive lawmakers are calling for a new wave of $1,200 direct payments to be included in the $908 billion coronavirus stimulus package that’s gathering steam in Congress.  House Speaker Nancy Pelosi and other members of Democratic leadership have signaled their willingness to move forward with the relief […]

CoreLogic released its final three-year housing and mortgage outlook report for the year on Thursday, and if numbers hold up, the data company predicts 2021 will maintain its unprecedented sales and record low mortgage rates as the economy continues to recover. CoreLogic chief economist Frank Nothaft said in a podcast on Friday that the term […]

Summary List Placement November’s jobs report showed signs of a slowing labor market as the US added 245,000 nonfarm payrolls, which lagged the consensus estimate of 460,000. The unemployment rate fell to 6.7% from 6.9% and met forecasts.  Several Wall Street economists have pointed out that the unemployment rate fell for the “wrong reasons,” and […]

Summary List Placement November’s nonfarm payrolls report fell well below economist expectations. Many see it as the tipping point for stimulus talks. The Bureau of Labor Statistics said Friday that the US added 245,000 jobs last month, down from the revised 610,000 additions in October. Economists surveyed by Bloomberg expected 460,000 new payrolls. The unemployment […]

Summary List Placement The UK’s economy will grow 7% in 2021 led by the coronavirus vaccine rollout and a Brexit trade deal, Goldman Sachs predicted Friday. Over half of the country’s population is expected to be immunized by March, pointing to a significant rebound in economic activity from the second quarter of next year. Although […]

Summary List Placement SEE ALSO: Billionaires Steven Cohen and Dan Sundheim just struck a $700 million deal to take a collectibles company private — and it could be a brilliant move into an increasingly popular niche market DON’T MISS: SPACs are so hot even Jay-Z is partnering with one. He’s set to be the ‘chief visionary officer’ […]

Summary List Placement The US labor-market recovery continued through November, although the pace of new job additions slowed as soaring COVID-19 case counts and partial lockdowns cut into hiring activity. American businesses added 245,000 nonfarm payrolls last month, the Bureau of Labor Statistics said Friday. The total landed well below the 460,000 additions expected by […]

Summary List Placement Nearly half of America’s mayors expect to see “dramatic” cuts to public school budgets in the coming months, with an equal number attributing their cities’ economic struggles at least in part due to an inadequate federal response. According to a survey conducted by researchers at Boston University, 45% of mayors expect that […]

Summary List Placement Several Republican senators have lined up behind the $908 billion bipartisan compromise relief package on Thursday, boosting the plan’s momentum in a perilous stretch of the pandemic. Pressure is mounting on Congress to immediately pass virus relief legislation after months of inaction and as cases rise virtually unchecked across the country. The […]

Summary List Placement Democrats this week took the biggest step in months toward reaching a stimulus compromise, but the proposed deal lacks another round of $1,200 direct payments for millions of Americans. Congressional Democratic leaders embraced a $908 billion stimulus package on Wednesday, saying the measure should serve as a new foundation for talks with […]

Independent mortgage banks (IMB) and mortgage subsidiaries of chartered banks saw an average net gain of $5,535 on each loan they originated in the third quarter of 2020, up dramatically from the $4,548 in profit-per loan they recorded just a quarter prior, according to a new report from the Mortgage Bankers Association. “With the surge […]

The average U.S. mortgage rate for a 30-year fixed loan fell one basis point this week to 2.71%, Freddie Mac said in a report on Thursday – the lowest rate in the survey’s near 50-year history. This week’s rate broke the previous record set on Nov. 19. The average fixed rate for a 15-year mortgage also fell last week to […]

Summary List Placement The number of Americans filing for unemployment insurance fell by more than expected last week as the US labor market’s recovery showed signs of strength. New US weekly jobless claims totaled an unadjusted 712,000 for the week that ended Saturday, the Labor Department announced Thursday. Economists surveyed by Bloomberg expected a reading […]

Summary List Placement The city of Los Angeles is offering $800 to residents who live below the federal poverty line and work with food, Mayor Eric Garcetti announced Wednesday.  “Employees in our food-service industry have had to make painful sacrifices — and we have to do everything possible to support them through this time of […]

In a hearing before the House Financial Services Committee Wednesday, Treasury Secretary Steven Mnuchin said no definite plans have been made for the future of Fannie Mae and Freddie Mac, but discussed the idea that they could be released from conservatorship before their full capital levels are reached. In its Final Capital Rule released in November, the […]

The Federal Housing Finance Agency extended its moratorium on foreclosures and evictions for borrowers with mortgages backed by Fannie Mae and Freddie Mac until Jan. 31. This marks the fourth time the government agency has extended the moratorium, now another month past its most recent deadline of Dec. 31. According to FHFA director Mark Calabria, extending Fannie Mae and Freddie Mac’s […]

Summary List Placement Gen Z was set to unseat millennials as the most educated generation ever, but that’s no sure thing after 2020. The pandemic has delayed — and set back — Gen Z’s educational progress, according to a new Bank of America Research report. It’s intensified the troubling pre-pandemic trend of learning stagnating for […]

Ahead of its initial public offering slated for mid-December, United Wholesale Mortgage is offering mortgage rates below 2% on FHA loans through its Conquest Program. UWM, the second-largest lender in the country, is offering rates between 1.99% and 2.5% on FHA loans, the company announced in a statement on Wednesday. The rates will be available […]

Summary List Placement President Donald Trump has less than two months left in office — and he’s been largely absent from new coronavirus relief negotiations on Capitol Hill at a precarious moment for the American economy. The recent spike of coronavirus cases is threatening to set back a recovery that still has a long way […]

Given massive year-over-year gains in home prices, the Federal Housing Administration (FHA) is increasing its 2021 loan limit in most of the U.S. to $356,362, an increase of nearly $25,000 over 2020’s loan limit of $331,760. That loan limit figure is determined as a percentage of the national conforming loan limit for Fannie Mae and Freddie Mac, which is increasing in 2021 […]

There is no place like home. The nature of the crisis this year and headed into 2021 because of the ongoing COVID-19 pandemic has emphasized that fact. Even though we love our family members, we all need our space.  Housing demand continues to remain quite strong for those fortunate enough to work in industries that […]

Summary List Placement Every few decades, a new generation comes of age with the same belief — nobody understands them because they are different from the generations that came before them. And it is true, to some extent: Each generation is different and grows up in the context of a unique time. It logically follows, […]

Summary List Placement The 22 million jobs that were lost in the US during the early months of the COVID-19 pandemic won’t be regained until early 2024, according to Moody’s Analytics’ chief economist. The coronavirus pandemic has ravaged the US job sector: Nearly 69 million filings for unemployment benefits have been made since the pandemic […]

The Mortgage Bankers Association reported that applications dropped 0.6% during the week ending Nov. 27 in its latest weekly survey. The refinance index decreased as well, down 5% from the previous week but up 102% over last year’s totals from the same week. The seasonally adjusted purchase index did increase – up 9% from one […]