Summary List Placement As comes the recovery, so does inflation. The gradual reopening of the US economy is quickly lifting consumer demand as Americans rush to revive their pre-pandemic habits. The surge in spending has already pushed popular gauges of inflation higher, but experts see price growth accelerating further as the recovery continues. Debates over […]
Summary List Placement A meeting between Bill and Melinda Gates and convicted sex offender Jeffrey Epstein in 2013 left Melinda upset at the relationship between her husband and the financier, as reported by The Daily Beast on Thursday. Sources told the outlet that her soon-to-be ex-husband’s friendship with Epstein — who had already pleaded guilty […]
It’s no surprise that borrowers’ credit scores are a vital component to homeownership. That three-digit number determines a person’s financial worthiness and impacts just how much money they can borrow. However, a new study from real estate tech provider OJO Labs found that there is a staggering gap in credit support and guidance among those […]
Summary List Placement Senate Minority Leader Mitch McConnell on Thursday faulted the Biden administration for approving stimulus benefits, and claimed they are hurting the nation’s economic recovery. “We have flooded the zone with checks that I’m sure everybody loves to get, and also enhanced unemployment,” McConnell said from Kentucky. “And what I hear from businesspeople, […]
Summary List Placement In an address in Louisiana, President Joe Biden said the corporate tax rate should be between 25% and 28% — a potential sign of compromise with moderate Democrats. Biden had proposed a 28% corporate tax rate, an increase from its current rate of 21%, to offset his planned infrastructure spending. The rate […]
Home Point Capitol reported $29 billion in origination volume in the first quarter of 2021 and a net income of $149 million, per the company’s earnings report. That origination volume is a 260% increase year over year, said Willie Newman, CEO and president of Home Point Capital, parent company of wholesale lender Homepoint, and up 23% over […]
Summary List Placement With the first 100 days behind him, Joe Biden is entering a new phase of his presidency — one with the capacity to be a lot messier than the initial three months of the administration. The White House is now gearing up to shepherd $4 trillion in new spending plans through the […]
Summary List Placement The Bureau of Labor Statistics’ upcoming jobs report is expected to show strong payroll growth through April as the US reopened. But where most economists see a moderate month-over-month improvement, Aneta Markowska of Jefferies stands out in her bullishness. The median estimate from economists surveyed by Bloomberg for April payroll growth sits […]
Summary List Placement To help Americans struggling during the pandemic, President Joe Biden extended weekly $300 unemployment benefits through September 6 in the stimulus package he signed into law in February. But the left-leaning Center on Budget and Policy Priorities (CBPP) found in a report released Wednesday that the overall unemployment insurance (UI) system needs […]
Fewer than 5 million households failed to make their rent or mortgage payments in March 2021, an improvement from December 2020 and the lowest number since the onset of the COVID-19 pandemic, according to a first quarter 2021 report released by the Mortgage Bankers Association. The study, which surveyed over 8,000 households and was dubbed […]
For the third consecutive week, mortgage rates managed to remain under 3%, dropping three basis points last week to an average of 2.96%, according to Freddie Mac‘s PMMS. Despite consistent forecasts of a market with rising rates, the 30-year fixed rate mirrored more closely numbers borrowers saw back in February. Sam Khater, Freddie Mac’s chief […]
Summary List Placement Fewer Americans filed for unemployment benefits last week as the gradual reopening of the economy continued to heal the US labor market. New jobless claims totaled an unadjusted 498,000 last week, the Labor Department said Thursday morning, coming in below the median estimate of 538,000 claims from economists surveyed by Bloomberg. The […]
Summary List Placement The reopening of the economy could lead to a shift in labor from delivering takeout to transporting passengers, according to Lyft. Executives at the ride-hailing app said during its first-quarter earnings call Tuesday that this could help solve its driver shortage, which it said has led to higher fares for customers and […]
Summary List Placement When COVID-19 hit the United States, millions of Americans were thrown out of work — some 14 million between February and May 2020 alone — with claims for unemployment following in kind. Governments, and applicants, made mistakes: according to a recent report, states ended up doling out $6.2 billion in overpayments. Now […]
Retail powerhouse loanDepot continued to gain market share in the first quarter of 2021 despite tumbling profit margins. And its leadership believes that its scale will enable it to weather any storm better than its competitors as interest rates continue to rise. Closed loan volume in the first quarter increased to $41.5 billion from $37.4 […]
A good brand isn’t just for companies. Mortgage professionals have their own stories to tell, their own goals to reach and their own set of skills to share. In today’s online environment, personal branding is a growing expectation to grow community. That’s why we’ve invited vice president of regional production at loanDepot Brian Covey to […]
Las Vegas-based builder Kavison Homes has struck up a joint-venture with mortgage lender New American Funding on a new luxury community in Downtown Las Vegas, The Pines in John South Park. The Pines is the brainchild of Kavison Homes owner Todd Stratton, who said homes in the first phase of the community will cost an […]
Summary List Placement While answering questions after a Wednesday address on the impact of the American Rescue Plan, President Joe Biden doubled down on his tax proposals and the need for wealthier Americans and corporations to pay their fair share — and took aim at prior Republican tax cuts. “My Republican friends had no problem […]
Summary List Placement Housing-market monitors keep repeating the phrase “since 2005,” except when it’s “since 2006.” That’s worrying — both superlatives refer back to the peak of a historic real-estate bubble. Low mortgage rates and massive demand have powered a supercharged rally for US housing over the last year. Americans snapped up nearly all the […]
Summary List Placement A $28.6 billion restaurant aid program received 186,200 applications in its first two days, according to the White House. Bars, restaurants, and other eligible businesses could start applying for the Restaurant Revitalization Fund (RRF) on May 3. The initiative is part of President Joe Biden’s $1.9 trillion American Rescue Plan, and provides […]
Summary List Placement A US federal judge on Wednesday blocked an order from the Centers for Disease Control and Prevention to prevent landlords from evicting their tenants during the coronavirus pandemic. “The CDC order must be set aside,” US District Judge Dabney Friedrich said in a 20-page ruling. The order was initially announced on September […]
Summary List Placement Throughout the pandemic, service workers have had it tough. The ones that didn’t have to contend with massive layoffs have had to safely navigate customer-facing roles, while their industry has been radically disrupted. And evidence is showing that the service workers who were laid off stand a slim chance of getting their […]
The Federal Housing Finance Agency didn’t have a set date for its new refi option targeted to low-income borrowers when it announced the program last week. But on Wednesday, both Fannie Mae and Freddie Mac announced release dates for their versions of the refi product. Fannie Mae’s RefiNow option will be available June 5, while […]
Summary List Placement Various economic indicators are surpassing their pre-pandemic highs as stimulus and reopening drive the country toward a full recovery. US wages are the latest to rebound. Salaries and hourly wages finally leaped above their February 2020 peak in March 2021, according to the Bureau of Economic Analysis. Employee payment across the country […]
Summary List Placement May 5 marks equal pay day for mothers, according to the National Women’s Law Center (NWLC). This means it would take about four months into 2021, or 125 extra days, for mothers to earn what fathers earned in just 2020. The overall wage gap between men and women is smaller than the […]
Summary List Placement President Joe Biden unveiled his $1.8 trillion American Families Plan last week, which focuses on funding for childcare, education, and healthcare. Penn Wharton Budget Model (PWBM) predicted that his plan will actually cost $2.5 trillion over ten years while raising $1.3 trillion in tax revenue. In a report released on Wednesday, PWBM […]
Summary List Placement Small businesses, battered by the pandemic, are flinging their doors back open: 85% were fully open in March 2021, a sizable uptick from the 57% who were open in February. That’s according to a survey of 550 small businesses from Kabbage, an American Express company. The businesses surveyed ranged from the smallest […]
Mortgage applications dropped again, falling 0.9% from the previous week, according to the latest report from the Mortgage Bankers Association for the week ending April 30, 2021. MBA’s Associate Vice President of Economic and Industry Forecasting Joel Kan called last week’s mortgage activity “a mixed bag,” between rates, loan sizes, and government purchase applications. “Mortgage […]
Summary List Placement The White House said Tuesday it will be up to Congress to decide if more direct payments go out the door this year, as they are a costly measure for the federal government to deploy. “We’ll see what members of Congress propose, but those are not free,” White House Press Secretary Jen […]
In April, the Consumer Financial Protection Bureau warned the industry of its plans to keep a much closer eye on servicers as they transition borrowers out of forbearance. On Tuesday, a report from the government watchdog may have just kicked up the incentive. According to the report, in March 2021, consumers submitted more mortgage complaints […]
Summary List Placement Homeownership dreams are fading for some millennials. Nearly a quarter (24%) of 20- and 30-somethings said the pandemic has decreased the likelihood they’ll buy a house, according to Bank of America Research’s sixth annual millennial home improvement survey, which polled over 1,000 members of the generation. That’s slightly more than those who […]
Summary List Placement Treasury Secretary Janet Yellen is among the country’s most experienced economic policy experts. A veteran of the Clinton and Obama administrations, Yellen has long been characterized as an economist closely associated with the center-left. That changed after the slow recovery from the Great Recession saw her transform into an ultra-dove, urging stimulus to […]
Summary List Placement A one-off wealth tax on the wealthiest Argentinians brought in around $2.4 billion to help address pandemic costs, according to the Buenos Aires Times. In December, Argentina’s Congress voted to pass a levy on those with assets over 200 million pesos, Insider’s Joshua Zitser reported. The measure passed by 42 to 26 […]
Summary List Placement Since she was elected to the Senate almost a decade ago, Elizabeth Warren has been fighting to cancel student debt and hold loan servicers accountable. Now one of her closest allies is in charge of the federal student debt pile, and that could be a big deal. Richard Cordray, the former head […]
Summary List Placement Tax hikes are probably on the horizon as President Joe Biden’s infrastructure package begins its slow march to becoming law. Of course, not every provision may end up in the final package. But it is pretty likely, according to Morgan Stanley researchers, that tax filers making over $400,000 will see an increase […]
Summary List Placement Once again, the “who’s really rich?” conversation has reared its head. It was kicked off over the weekend by MSNBC’s Stephanie Ruhle, who said many people who make $500,000 or more in income don’t consider themselves rich — a claim that is true, in my experience. After all, a few hundred thousand […]
Summary List Placement Computer chips An ongoing computer chip shortage has impacted everything from cars to iPads to dog-washing technology. Chipmakers like Intel had already seen production issues pre-pandemic, but as with many industries, the pandemic brought a whole range of new supply-chain issues. The chip shortage is a problem for consumers wanting basically anything […]
Summary List Placement The US Department of Education announced that Richard Cordray, the former director of the Consumer Financial Protection Bureau, was selected to head the Office of Federal Student Aid. “It is critical that students and student loan borrowers can depend on the Department of Education for help paying for college, support in repaying […]
Economists came into their own last year as their ability to model likely future scenarios and interpret the numbers were crucial to lenders surviving and thriving in the pandemic. That information is still critical this year, that’s why we’ve invited Doug Duncan, senior vice president and chief economist at Fannie Mae, to speak at HousingWire’s virtual Engage Marketing event […]
Summary List Placement Low-wage workers and workers of color have seen a slower recovery than the rest of the labor force, Fed Chair Jerome Powell said on Monday. In a speech for the National Community Reinvestment Coalition, Powell highlighted data from an upcoming Federal Reserve survey, showing how low-wage workers and workers of color bore […]
The total number of servicers’ loans in forbearance fell for the ninth straight week. However, due to a slowdown in exits, forbearance portfolio volume dipped just two basis points last week to an average of 4.47%, according to the Mortgage Bankers Association. Several investor types were down by just a single digit basis points, with Fannie Mae and […]
Summary List Placement Just a few months ago, in February, the National Association of Home Builders (NAHB) released shocking data about how the historic appreciation in lumber prices was crimping the housing market. A newbuild was $24,000 more expensive, on average. Three months later, that number now stands at $35,872. The housing market took off […]
Summary List Placement When he first stepped into the national spotlight, Joe Biden made a big gamble seeking to sweep aside the legacy of a Republican president who came to power pledging to diminish the reach of the federal government. President Ronald Reagan was nearly done putting his imprint on national politics in the fall […]
Summary List Placement Factories can’t keep up with the reopening of the American economy. Popular metrics tracking the US manufacturing industry indicated strong growth in April. The Institute for Supply Management’s purchasing managers’ index dipped 4 points to 60.7, while IHS Markit’s own gauge rose to a record high of 60.5. Readings below 50 indicate […]
Summary List Placement After the first $1,200 stimulus check arrived in Americans’ pockets, the US Census Bureau found the majority of recipients were using the money on basic expenses, like food and households supplies. But priorities have changed for the most recent $1,400 stimulus check to paying off debt. LendingTree, an online lending marketplace, released […]