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 […]
Summary List Placement Millions of Americans are currently out of work and thousands of dollars behind on rent. Meanwhile, eviction moratoriums due to the coronavirus pandemic are expected to expire at the end of this month, just as some unemployment benefits cease. A startling number of families will fear eviction heading into the holidays, with […]
The Mortgage Bankers Association reported that applications decreased 1.2% during the week ending Dec. 4 in its latest weekly survey — the second straight week of application decreases. The refinance index and the unadjusted purchase index did increase, however, jumping 2% and 29% respectively from the previous week. The refinance index is up 89% from […]
Summary List Placement Democrats are rejecting a White House proposal to fund new $600 stimulus checks by slashing money for the unemployed. On Tuesday evening, US Treasury Secretary Steven Mnuchin proposed a new $916 billion COVID-19 stimulus package that would offer aid to state and local governments in exchange for “robust liability protections” for businesses, […]
Summary List Placement The White House has offered a new stimulus proposal that is slightly larger than the bipartisan measure currently being considered in the US Senate. US Treasury Secretary Steven Mnuchin, in a statement issued Tuesday evening, said the $916 billion proposal includes “money for state and local governments,” as well as “robust liability […]
Mortgage lenders are preparing for the end of LIBOR, which is set to be phased out by the end of 2021. Financial institutions have been searching for alternatives since regulators in the United Kingdom stated that LIBOR cannot be guaranteed beyond next year. LIBOR is commonly used in setting the interest rate for many adjustable-rate […]
Summary List Placement The White House is reportedly pressing top Senate Republicans to include a $600 stimulus check for Americans in the next virus relief package, the Washington Post reported on Tuesday, citing two sources familiar with private discussions. The amount is half of the $1,200 direct payments sent to millions of Americans earlier this […]
Summary List Placement Democratic senators led by Sen. Bernie Sanders of Vermont want their colleagues to insist that $1,200 payment make it into the next coronavirus stimulus package. The latest development adds another wrinkle into the monthslong gridlock over passing a stimulus that would help keep the US economy and healthcare system afloat during the […]
On the same day that Mr. Cooper announced it had reached a $91 million settlement over claims about it illegally foreclosing on borrowers, the Justice Department announced separate settlements over servicing errors with Mr. Cooper, U.S. Bank and PNC Bank. In all, the Justice Department said the three lenders didn’t comply with federal bankruptcy procedures, […]
Summary List Placement The promise of mass vaccinations to quell the COVID-19 pandemic will help spur economic growth in the fourth quarter and beyond, according to Goldman Sachs. In a note on Tuesday, Goldman Sachs’ Chief Economist Jan Hatzius increased its fourth quarter GDP growth estimate to 5% from 3.2%. “We seem to be finding […]
Digital lender SoFi is the latest firm to explore an independent public offering, according to a new report. SoFi, headquartered in San Francisco, has held talks with a number of blank-check companies to go public, according to CNBC. The lender was last valued at $4.8 billion after a funding round last year. While it is […]
With record origination volume stretching capacity and a fresh infusion of capital from the public markets en route, a slew of big nonbank lenders are shifting strategies and declining to sell their mortgage servicing rights, which they’d previously relied on to fund their operations. In fact, roughly $70.8 billion in MSR transferred across the secondary […]
Summary List Placement Congress will vote on Wednesday on a one-week extension of to buy more time for coronavirus relief negotiations, according to House Majority Leader Steny Hoyer. “I am disappointed that we have not yet reached agreement on government funding,” Hoyer, the chamber’s number two Democrat, tweeted on Monday. “The House will vote on […]
After two weeks of slight increases, the U.S. forbearance rate, measuring the share of mortgages with suspended payments, remained unchanged from the week prior at 5.54%, according to the Mortgage Bankers Association. The MBA estimates there are still 2.8 million homeowners in some form of mortgage forbearance. Fannie Mae and Freddie Mac loans in forbearance gained […]
Summary List Placement New stimulus should focus more on aid for small businesses and unemployed Americans than direct payments and municipal governments, Michael Feroli, chief US economist at JPMorgan, said in a note. Lawmakers are expected to publish language for a $908 billion relief package on Monday, revealing new details on the most promising stimulus […]
Mr. Cooper, the nation’s largest nonbank servicer of mortgage loans, will refund customers nearly $90 million and pay a civil penalty of more than $6.5 million to settle a lawsuit claiming it violated the rights of over 115,000 customers, some of whom it had illegally foreclosed on. When Mr. Cooper – then known as Nationstar – […]
Summary List Placement There’s an apt metaphor for the rhetoric of “billionaires will save us” in beloved children’s cartoon “Finding Nemo.” Our protagonists — both fish — come across sharks who paradoxically claim to be vegetarian. The sharks, to their credit, seem pretty nice. They’re trying to reform, and don’t want the fish to be […]
Summary List Placement Joseph LaVorgna, chief economist at the National Economic Council, signaled the White House sees no rush to release a coronavirus stimulus package as Friday’s jobs report said more than 10 million Americans remain unemployed. The US Bureau of Labor Statistics said on Friday that the country added 245,000 jobs in November, a […]
Summary List Placement Argentina’s Congress has approved a one-off levy on the super-rich in a bid to cover the costs of the coronavirus pandemic. The vote passed by 42 to 26 votes late on Friday night. Officially called the ‘Law on the Solidarity and Extraordinary Contribution of Great Fortunes,’ it has been nicknamed the ‘millionaire’s […]
Summary List Placement Layla is in no rush to finish up her doctoral degree in educational leadership. Graduating means she would have to start paying an estimated $1,500 to $2,000 per month in student loans, the 35-year-old, who asked to go by a pseudonym for privacy reasons, told Business Insider. They’re currently in deferment, meaning […]
Summary List Placement Is Gen Z about to repeat millennials’ financial woes? A new Bank of America Research report thinks so. “Like the financial crisis in 2008 to 2009 for millennials, Covid will challenge and impede Gen Z’s career and earning potential,” it reads, adding that a significant portion of Gen Z is entering adulthood […]
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 […]