The average U.S. mortgage rate for a 30-year fixed loan fell four basis point this week to 2.67% – the lowest rate in the Freddie Mac’s Primary Mortgage Market Survey’s near 50-year history. This week’s mortgage rate broke the previous record set on Dec. 3 and is the first time the survey has witnessed it fall below […]
Summary List Placement It’s taken forever to get a second round of coronavirus aid to Americans, and now that Congress is inching closer to what seems like maybe-could-possibly-be-here’s-hoping-will-be a deal, the sticking points are coming down to the GOP’s deprivation fetish. Republicans still want to parse out which Americans are and are not worthy for […]
Summary List Placement For once, the rent isn’t too darn high. Since the onset of the coronavirus pandemic, the New York City rental-apartment market has been rocked by falling prices and rising vacancy rates. The jolt follows a mass exodus of Big Apple residents to the suburbs, hometowns, vacation-home hotspots, warm-weather retreats and other less-dense […]
United Wholesale Mortgage is facing a potentially ugly court battle from its own constituents. Three mortgage brokers in California claim that UWM pulled the rug out from beneath them in March when it changed the commission structure on mortgages that were quickly paid off by borrowers. The lawsuit is seeking class-action status. On March 12, […]
Summary List Placement The Federal Reserve revealed new economic estimates on Wednesday that see the US economy staging a healthy recovery through 2021. Federal Open Market Committee members expect US gross domestic product to contract 2.4% in 2020 before climbing 4.2% in 2021, according to projections published Wednesday. The forecast signals the country will fully recover […]
Summary List Placement In the past five months alone, some 7.8 million Americans fell into poverty, according to a new report released Wednesday by researchers at the University of Chicago and the University of Notre Dame. In order to fall below the federal poverty line, one has to have an income at or below $12,000, […]
After three successive months of record highs, the National Association of Home Builders and Wells Fargo Housing Market Index measuring builder confidence fell four points to 86 in December. Though the index fell from it’s 35-year series high, it is still the fourth month in its history the score broke 80. In December, all HMI indices, including current sales […]
In a lawsuit filed last week, a mortgage brokerage claimed that one of its former loan officers stole a database containing client names and information and brought it with him to a new job at NEXA Mortgage. Smart Mortgage, which operates in Illinois, Indiana, Colorado and Florida, filed suit against former senior loan processor Brian […]
Summary List Placement A key measure of US economic activity snapped a two-month streak of improvements as soaring COVID-19 case counts prompted new restrictions in December. IHS Markit’s flash composite index of US business activity fell to 55.7 from 58.6 this month, according to a Wednesday release. The reading marks the gauge’s lowest level since […]
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Summary List Placement Republicans and Democrats are nearing a deal on a $900 billion relief package on Wednesday morning, The Washington Post reported. It would mark a breakthrough with a last-minute spate of negotiations between top congressional leaders. Negotiations between Speaker Nancy Pelosi, Senate Minority Leader Chuck Schumer, Senate Majority Leader Mitch McConnell, and House […]
Summary List Placement Large tax cuts for the rich don’t lead to economic growth and employment, and instead cause higher income inequality, a new study that examined tax cuts over 50 years has suggested. Tax cuts for the rich in 18 wealthy countries predominantly benefited the wealthy, according to a paper by David Hope of […]
After two weeks of decreases, the Mortgage Bankers Association reported that mortgage applications increased 1.1% during the week ending Dec. 11 amid mortgage rates that hit a new survey low. In its latest weekly survey the MBA said the 30-year fixed mortgage rate dropped five points to 2.85% – due, partly, to uncertainty over the prospects of […]
Summary List Placement Aid for local governments has been framed as a “blue state bailout” by some Republicans, including Senate Majority Leader Mitch McConnell and outgoing President Donald Trump. That aid, in turn, has stalled in Congress, with reluctant conservatives tying any agreement to help struggling cities and states with indemnity for businesses facing potential […]
Summary List Placement A group of 17 progressive Democrats are pushing Congressional leaders to include $2,000 stimulus checks in the next coronavirus relief package. In a letter obtained by Business Insider, the liberal assortment of House Democrats urged Speaker Nancy Pelosi, Senate Minority Leader Chuck Schumer, Senate Majority Leader Mitch McConnell and House Minority Leader […]
Summary List Placement MacKenzie Scott, one of the world’s richest women and the ex-wife of Amazon CEO Jeff Bezos, has announced that she’s given away nearly $4.2 billion to 384 organizations across the US in the past four months. The news comes as she continues her quest to give away much of her wealth since […]
Summary List Placement Senate Majority Leader Mitch McConnell vowed Tuesday that Congress would not adjourn for the year until they pass a new stimulus plan, in the surest sign yet that lawmakers will send a relief bill to President Donald Trump’s desk before the end of the year. “We’re not leaving here without a COVID […]
New home purchases in November 2020 increased 34.7% from a year ago, but new home applications decreased from October, according to the Mortgage Bankers Association builder application survey. New home applications decreased 16% from October, said Joel Kan, MBA associate vice president of economic and industry forecasting. “November new home sales activity, both mortgage applications […]
Summary List Placement US factory output gained more than expected in November as auto manufacturing continued to outperform despite rising COVID-19 cases. Manufacturing output rose 0.8% last month, according to Federal Reserve data published Tuesday. Economists surveyed by Bloomberg expected a 0.4% climb. Industrial production grew 0.4% and now sits roughly 5% below its pre-pandemic […]
Summary List Placement One of the main sticking points in the negotiations over another round of coronavirus relief is aid to state and local governments — Democrats want more of it and most Republicans do not. It looks increasingly likely that lawmakers will agree to a package that excludes what had been a bipartisan plan […]
Homebuyer, an Ohio-based software startup offering digital mortgages to first-time home buyers, announced on Monday it had snagged $1.4 million in a seed round from private investors. The company was founded in 2019 by Dan Green, under the mission to make homeownership more inclusive and less expensive for first-time borrowers. An ex-software engineer, Green is […]
The total number of loans in forbearance decreased from 5.54% to 5.48% as of Dec. 6, according to the Mortgage Bankers Association. Fannie Mae and Freddie Mac loans in forbearance decreased to 3.26% – an 8-point improvement. Ginnie Mae loans in forbearance decreased 21 points to 7.68% Despite a dramatic point improvement, borrowers are still […]
Summary List Placement Elon Musk has moved to Texas. The Tesla and SpaceX CEO confirmed the news on Tuesday at a virtual conference hosted by The Wall Street Journal. “For myself, yes, I have moved to Texas,” Musk said, adding that SpaceX was developing its Starship spacecraft in South Texas and that construction of Giga […]
Summary List Placement The upcoming meeting of the Federal Open Market Committee might offer fresh clues as to when the US central bank will begin to pull back on its economic relief efforts. The FOMC is scheduled to meet on Tuesday and Wednesday, with Wednesday’s meeting concluding with the release of new economic projections and […]
What a crazy year we have all been through. Last year, I visited Japan, London, Puerto Rico, Oregon and Las Vegas twice. This year I had fewer visits than that to my local barber and I was ecstatic to be there. This was the year we relearned to appreciate small things. Adventure and excitement were […]
Summary List Placement Zoë Pollard graduated in May 2020 from The New School in New York, where she studied film. Pollard said she was doing a lot of freelance work and internships while she was still in school. When the pandemic hit, she moved back in with her parents in Connecticut, where she has been […]
Summary List Placement President Donald Trump is spending his final weeks in office urging Congress to include another round of coronavirus stimulus checks in the next relief package. Speaking to Fox News’ Brian Kilmeade, Trump said he wants stimulus checks to be approved for “more money” than the options currently on the table. “I’m pushing […]
Summary List Placement A house one mile from Joshua Tree National Park, California, is on sale for $3.5 million – and it hasn’t even been built yet. TheConstruction is set to start next year for the property, known as “Starburst House,” which will be made from 21 shipping containers linked together to look like an […]
Summary List Placement In a recent video, Angela Marsden stands in front of her Los Angeles restaurant, Pineapple Hill Saloon & Grill. “I’m losing everything,” Marsden says. “Everything I own is being taken away from me.” Marsden has been forced to shut down outdoor dining at her restaurant due to Los Angeles’ stay-at-home order. In […]
Summary List Placement Economists largely agree that a lack of state and local government aid stifled growth after the financial crisis. A plunge in tax revenues led to cost-cutting, forcing public workers out of jobs and freezing key aid programs — despite federal efforts to revive a sputtering economy in 2009 through an $830 billion […]
Summary List Placement It’s long been known for its towering skyscrapers, high-end hotels, and mammoth shopping malls. But now, just months after the signing of a ground-breaking peace deal, Dubai is set to add synagogues, kosher restaurants, and a Jewish school into the mix. Ever since the Abraham Accords were announced in August – a […]
Mortgage giant Fannie Mae extended its relaxed lending and appraisal standards put in place due to COVID-19 into the new year. The flexibilities surrounding verbal verification of employment and appraisals were originally set to expire on Dec. 31, 2020, however Fannie Mae is now pushing that back to at least Jan. 31, 2021. “We are […]
Summary List Placement The Senate was running out of time to pass a short-term spending bill ahead of a midnight deadline on Friday. Failure to pass the legislation would cause a government shutdown. But it was expected to pass a one-week “continuing resolution” later on Friday, which would fund the government at existing levels until […]
Digital title company JetClosing is opening its fifth office in Austin. With the announced move to Austin, JetClosing now has offices in Denver, Las Vegas, Phoenix, Seattle and is active in Arizona, Colorado, Florida, Nevada, Pennsylvania, Texas and Washington. The cloud-based platform, headquartered in Seattle, used for closing on a home in-person or remotely, has […]
Summary List Placement New York, like other dense coastal cities, has a housing supply problem. People want to create households here at a faster rate than we create homes, and that pushes prices up. Most people seem to recognize that part of the solution to that needs to be building more housing. And that leads […]
Wolters Kluwer Governance, Risk & Compliance (GRC) has signed an agreement to acquire eOriginal for approximately €231 million ($280 million) in cash, officials said. eOriginal is a leading provider of cloud-based digital lending software. “Borrower preferences, competition among lenders, and changing regulations are driving increased digitization of the lending workflow. eOriginal is well-positioned to take […]
Summary List Placement Republican Sen. Josh Hawley unveiled legislation on Thursday to include a fresh wave of $1,200 stimulus checks in the next economic relief package. But talks are stalling as lawmakers struggle to resolve major differences ahead of a critical government funding deadline. The plan from the Missouri senator is modeled after the initial […]
The secondary market, often an afterthought for most participants in the mortgage process, took center stage in 2020. Think of it as the underdog quickly becoming the hero of the story. It was always there working hard in the background, just waiting for a year as unpredictable as 2020 to come to the rescue. But […]
Despite slightly higher Treasury yields, mortgage interest rates held steady at record lows this week, according to a survey by Freddie Mac. Mortgage interest rates remained at last week’s level of 2.71% for the 30-year fixed rate mortgage, according to Freddie Mac’s Primary Mortgage Market Survey. “Mortgage rates remain at record lows, resisting their typical […]
Summary List Placement The number of Americans filing for unemployment insurance rose more than anticipated last week as the US labor-market recovery showed signs of slowing. New US weekly jobless claims totaled an unadjusted 853,000 for the week that ended Saturday, the Labor Department announced Thursday morning. Economists surveyed by Bloomberg expected 725,000 claims. The […]
HomePoint, one of the largest wholesale mortgage originators and servicers in the country, has a new tech platform on offer for brokers. The Ann Arbor, Michigan-based firm said it has selected Appian‘s low-code automation platform as the nerve center for its staff and participating brokers. The new technology platform, a graphical interface that reduces the […]
Summary List Placement The UK economy expanded for a sixth month in October, but at a rate of just 0.4%, against a backdrop of rising coronavirus cases, according to figures outlined by the Office of National Statistics on Thursday. The second wave nearly brought UK economic growth to a halt as accommodation and food services […]
Lonnie Glessner isn’t normally one to turn down business. But with origination volume expected to exceed $3.4 trillion this year, stretching the capacity limits of lenders and everyone else in the housing ecosystem, some mortgage applicants simply haven’t been worth his while. “I have a refinance client in California and they own a geodesic dome […]
Summary List Placement Job openings in the US unexpectedly rose to a three-month high in October as the pace of hiring slowed. US openings rose by 158,000 to about 6.7 million through October, according to Job Openings and Labor Turnover Survey, or JOLTS, data published Tuesday. Economists surveyed by Bloomberg expected a drop to 6.3 […]
Summary List Placement Friday’s jobs report from the Bureau of Labor Statistics shows that some industries are still struggling to return to pre-pandemic employment levels. Overall job growth has slowed. There were 245,000 jobs added last month, 365,000 fewer jobs added than the revised number of 610,000 between September and October. The number of jobs […]