Summary List Placement They say that Wall Street is not supposed to be an emotional place, but if you want to see the “Masters of the Universe” burst into tears you need only bring up Sen. Elizabeth Warren’s wealth tax proposal. Last week billionaire investor Leon Cooperman called the policy “foolish” on CNBC. This after, […]
Summary List Placement The UK economy shrank 2.9% in January, better than the 4.9% contraction expected. It left the economy 9% below its February 2020 size, with the UK one of the worst-hit countries. Economists have predicted a swift recovery, however, thanks to the UK’s speedy vaccine drive. Sign up here for our daily newsletter, […]
Finance of America Reverse will soon debut a hybrid product that combines elements of a reverse mortgage with a forward mortgage. The lender says it’s an innovative approach to servicing borrowers who are in retirement age but don’t qualify or wish to refinance into a long-term mortgage. The new product, called EquityAvail, funds at closing […]
Better.com is continuing to grow its head count in the midst of the pandemic, announcing Thursday that it will be adding at least 2,000 Google Career Certificate graduates in the next three years. The hiring initiative will be through Better.com’s partnership with Merit America, a nonprofit that helps Americans without college degrees get jobs. Positions […]
Summary List Placement Crypto whiz kid Justin Sun, acquired a piece of digital art for $69 million on Thursday in a record-breaking Christie’s auction. Sun—who once paid $4.6 million to have lunch with Warren Buffett—bid $60.25 million for the digital work, called “Everydays: The First 5000 Days.” Including the buyer’s premium the total cost for […]
Summary List Placement Eligible Americans will start to receive the $1,400 stimulus check “as early as this weekend,” White House press secretary Jen Psaki announced Thursday. Psaki said that the Treasury Department and the Internal Revenue Service, the agencies responsible for distributing the economic relief, are “working hard to get relief payments out the door […]
Discover how mortgage companies are boosting profits by adopting a mortgage automation platform. David Karandish, CEO of Capacity, will explain how a mortgage automation platform can automate borrower education, lead routing, guideline access, loan status updates, and servicing. He will also review the benefits of intelligent document processing. Watch the full session below. To go […]
Summary List Placement President Joe Biden signed a $1.9 trillion stimulus package into law on Thursday, setting off a massive government rescue effort for struggling families and unemployed Americans. It starts the clock for the distribution for a fresh wave of direct payments this month. Biden moved to secure the first major legislative victory of […]
I’ve spent years asking top mortgage lending execs this question: who’s your primary customer, loan officers or consumers? Most answer LOs because most industry market share is still LO-driven. But let’s go deeper to see if this answer holds up for execs and LOs over full market cycles. And let’s frame it in the context […]
The presenters will discuss the importance of early lead management, with the emphasis on converting these leads into your loan pipeline. Matt Hydrew of CreditXpert and Todd Worthington of Bank of England will discuss the main causes of early lead fall-out and the impact credit scores have during this phase.Learn how decreasing early lead fall-out […]
Summary List Placement Americans are struggling to pay for basic household expenses, like food, rent, and medical services, but with President Joe Biden’s $1.9 trillion stimulus plan headed for his desk shortly, households across the country can expect to see relief. In a report released on Wednesday by the Center on Budget and Policy Priorities, […]
Summary List Placement Job openings in the US unexpectedly climbed in January as daily new COVID-19 cases peaked and the economic recovery slowly resumed. Openings gained by 165,000 to roughly 6.9 million in the first month of the year, according to Job Openings and Labor Turnover Survey, or JOLTS, data published Thursday. Economists surveyed by […]
For all that executives of Homepoint did say on Thursday’s earnings call, it was what they wouldn’t discuss that drew the most attention. A week after United Wholesale Mortgage threw a bomb into the wholesale channel by issuing an ultimatum to brokers that has divided the community, Willie Newman, the CEO of Home Point Capital, […]
Labor market optimism, continued vaccination roll-out and additional stimulus spending helped to push the average mortgage rate for a 30-year fixed loan up three basis points last week to 3.05%, according to Freddie Mac’s Primary Mortgage Market Survey. This is the second consecutive week rates have risen above 3% — a trend not seen since July of 2020. At […]
Summary List Placement Christine Lagarde said the ECB was concerned rising bond yields could weigh on the recovery. The ECB said it would step up the pace of bond purchases to try to support lending in the economy. Rising bond yields have worried markets in recent weeks – but European yields fell after the decision. […]
Summary List Placement Paula Jan Beasley didn’t think she would still be searching for a job about a year after she was laid off last March. She had just started a new job as an assistant manager at a restaurant in Missouri after many years of experience in contract human-resources positions, but the pandemic changed […]
Summary List Placement President Joe Biden’s historic $1.9 trillion stimulus relief package just passed the House, and is set to be signed into law this week. The bill will allocate billions towards Americans, providing relief for unemployed workers, parents, and millions more. Many taxpayers are set to receive $1,400 stimulus checks, and parents could receive […]
Fannie Mae is tightening the underwriting criteria for second homes and investment properties, the government sponsored entity said in a letter to sellers on Wednesday. “Recent amendments to our senior preferred stock purchase agreement with Treasury impose additional risk criteria on the loans we acquire,” the GSE said in a letter. “One of those restrictions […]
Summary List Placement The amount of fiscal stimulus used to keep the US economy afloat over the past year blows past packages out of the water. But Americans don’t seem all that worried. In fact, one could say they’re getting used to it. House Democrats passed President Joe Biden’s $1.9 trillion relief package on Wednesday, […]
Summary List Placement The House of Representatives passed a $1.9 trillion stimulus package on Wednesday, paving the way for President Joe Biden to sign the relief bill this week. It sets up a colossal federal effort to pull the economy out of its worst crisis in generations. The vote was 220-211; every House Republican voted […]
Summary List Placement New York City real estate is a finicky game: Apartment-hunting New Yorkers have been scoring deals left and right, but some landlords are trying to beat the discounts by holding empty apartments until prices rebound. They’ve been yanking empty apartments off the market while demand and rent are low, a practice known […]
Summary List Placement The recent pullback in clean tech stocks presents a “rare buying opportunity” according to analysts at Morgan Stanley. In a note to clients on Wednesday, Morgan Stanley analysts led by Stephen C. Byrd said they are recommending clean tech stocks with “strong growth and cash flow” after a recent fall in share […]
Summary List Placement Investors are more bullish now than at any time during the pandemic, according to a survey from Investopedia. Investopedia has been surveying their daily newsletter readers since the pandemic was officially declared on March 11, 2020. Lately, they’ve been growing more bullish. In March, 45% of survey respondents said they were bullish […]
Summary List Placement American households are becoming one big family. Fifteen percent of homebuyers have been buying multigenerational homes since the pandemic started, according to a new report by the National Association Realtors (NAR). That’s the highest multigenerational homebuying rate since NAR began tracking the metric nine years ago, in 2012, following the Great Recession, […]
After a slight increase in late February, mortgage applications dipped 1.3% in the week ending March 5, according to the latest report from the Mortgage Bankers Association. But experts aren’t concerned. With spring approaching – signaling the start of a busy buying season – the purchase market sported its strongest showing in four weeks, with […]
Summary List Placement Janet Yellen said Tuesday her department is working to distribute Biden’s relief package quickly. She said the rescue plan could help avoid a key mistake made during the Great Recession. The $1.9 trillion stimulus package includes $1,400 direct payments and $3,600 annual child tax credits. Sign up here for our daily newsletter, […]
Summary List Placement Morgan Stanley has lifted its forecasts for 2021 economic growth in the US, citing a collection of encouraging trends for its brighter outlook. Gross domestic product is now expected to grow by 8.1% on a fourth-quarter by fourth-quarter basis, up from 7.6%, the team led by Ellen Zentner said in a Tuesday […]
Summary List Placement In a Tuesday hearing held by the United States Senate Committee on Banking, Housing, and Urban Affairs, Senators sat down with five experts to discuss “Who Wins on Wall Street? GameStop, Robinhood, and the State of Retail Investing.” In the hearing, Duke Law Professor Gina-Gail S. Fletcher was asked by Sen. Sherrod […]
Summary List Placement President Joe Biden’s stimulus bill is expected to reach its final vote on Wednesday, and according to a recent survey, only a third of Americans think the bill is too big. Since it was first introduced, Republican lawmakers have argued that the stimulus bill Democrats have pushed through using reconciliation is too […]
Summary List Placement There’s a notable tax exemption tucked into the version of the stimulus package the Senate passed over the weekend: it has to do with unemployment benefits. Specifically, people making up to $150,000 wouldn’t be taxed on the first $10,200 in unemployment benefits they received. That could make a real difference for many. […]
A recent Redfin report showed both good and bad news for Black homeowners as the first quarter of 2021 nears its end. The positive: Black homeowners earned an average of $59,000 in home equity in 2020, compared with $50,000 for white homeowners through the period of 2019 to January 2021. That $59,000-gain represents a median […]
Summary List Placement Later this week, President Joe Biden is set to sign a $1.9 trillion stimulus bill into law that will inject a massive amount of federal cash into nearly every part of the economy. Much of that direct aid will temporarily benefit individuals as the nation’s economy slowly begins recovering from the pandemic. […]
Summary List Placement One year after the S&P 500 tumbled nearly 8% on COVID-19 fears, experts on Wall Street see the US bearing down on the finish line of the pandemic. Declining case counts, vaccine rollouts, and expectations for new stimulus have lifted spirits in recent weeks. Economists have upgraded growth forecasts and investors continue […]
HousingWire’s newest award program launches today, honoring the housing economy’s top marketing execs in lending, mortgage servicing, investing and real estate. Nominations are open March 9 through March 26, 2021. Earlier this year, HousingWire recognized the top finance executives in housing with the HW Finance Leaders award. Now, we want to recognize the senior marketing […]
Summary List Placement Based on two new alternate scenarios of job projections, the Bureau of Labor Statistics (BLS) predicts more employment in computer-related and medical research jobs over the next decade and less in retail trade and restaurant or eating places. BLS regularly publishes employment projections for the next 10 years. However, last September’s release […]
The total number of mortgages in forbearance fell three basis points in the last week of February, down to 5.2% on the back of a slight increase in forbearance exits, the Mortgage Bankers Association reported on Monday. At the current rate, the trade group estimates 2.6 million homeowners are still in some form of forbearance. Of those who are, […]
Summary List Placement Sen. Joe Manchin of West Virginia said he would not support an infrastructure bill that Republican support, a potential blow to early Democratic efforts to capitalize on the passage of $1.9 trillion stimulus bill. In an “Axios on HBO” interview on Sunday, Manchin — a moderate Democrat who opposed a minimum wage […]
Summary List Placement Millennials are driving New York City’s indoor dining scene. Restaurant owners in the city told Bloomberg’s Kate Krader that although many diners still prefer outdoor dining, young adults are more likely to eat inside — and they’re splurging while doing so. Nearly a year of restaurant deprivation and a decline in restaurant […]
Lenders may have one last quarter to ride the market’s massive refi wave after Monday data from Black Knight’s Mortgage Monitor Report revealed that despite rising interest rates, Q1 2021 refinance lending volumes are poised to remain near last quarter’s meteoric high. “Roughly 2.8 million homeowners refinanced their mortgages in the last quarter of 2020, […]
Summary List Placement Ahead of its expiration date on March 31, the Federal Reserve Board announced on Monday that it is extending the Paycheck Protection Program (PPP) Liquidity Facility through the end of June, allowing continued distribution of funds through the PPP to small businesses. The PPP was implemented under the CARES Act in March, […]
Summary List Placement One of the slowest-recovering sections of the US economy can return to pre-pandemic health as early as next year, Treasury Secretary Janet Yellen said Monday. That would be the labor market. While business output and retail sales have all trended higher in recent weeks, job growth continues to lag behind the overall […]
Can you smell it in the air? America is back! The last plank required to complete the foundation of my “America is Back Economic Recovery” model was for the 10-year yield to start trading in the range of 1.33% to 1.60%, and as of Feb. 16, this has happened. We are currently administering three different […]
The sun is shining as I write this today and the forecast is for warmer weather. While others might think of restarting outdoor activities or working in the garden, our industry is gearing up for a strong spring housing market – and the first step in what MBA is forecasting will be a record-breaking year […]
Summary List Placement Sen. Joe Manchin of West Virginia said on Sunday that he supports Congress passing a massive infrastructure bill — as long as it’s paid for with tax increases and doesn’t add to the country’s deficit. Manchin told Axios’ Mike Allen on “Axios on HBO” that he would be willing to get behind […]
Fannie Mae‘s Home Purchase Sentiment Index (HPSI), a composite index designed to track the housing market and consumer confidence to sell or buy a home, fell 1.2 points in February. Fear not, experts say – better days are ahead. Overall, the HPSI hit 76.5 last month, down from 77.7 in January. A small drop was expected, […]