This week’s chart highlights initial unemployment claims data from the U.S. Department of Labor, portraying the speed and severity of the labor market’s deterioration during the COVID-19 pandemic, as businesses closed or transitioned to remote working arrangements.
Category: News and Trends
MBA Education Path to Diversity Scholar Profile: Lakendra Turner
(One of a continuing series of profiles of participants in the MBA Education Path to Diversity (P2D) Scholarship Program, which enables employees from diverse backgrounds to advance their professional growth and career development.)
Rick Triola: How to Avoid Leaving an Empty Seat at the Closing Table
two years ago, mortgage industry advisory firm STRATMOR Group published data illuminating just how important it is for loan officers to attend their closings. We live in a very different world than we did two years ago, and while the nature of closings may have changed in 2020, the impact of the closing on the overall borrower experience has not.
MISMO Launches Initiative to Facilitate Servicing Transfers
MISMO®, the mortgage industry’s standards organization, is seeking industry participants to collaborate on a new initiative to facilitate servicing transfers.
Brian Simons: The Modern Operating Model for Mortgage Lenders
In the last five years, lenders have made great strides with significant investments in best-in-class borrower experiences, navigating a plethora of new digital tools, all while adeptly navigating the ups and downs of the market. In my experience, unfortunately, most initiatives to cut costs and improve quality are short-lived or merely incremental. What I have found over my 25 years in this industry is that transformational growth only occurs when senior leadership commits itself to reevaluating their entire operating model.
Quote
“Housing is not like most goods. It has to be ‘better’ than the one the potential buyer currently owns, and when the supply dwindles, it becomes harder to find a better house and easier to just refinance and do a renovation instead. This fear of not being able to find something better, the fact that selling and moving is costly, combined with the fact that one can refinance into an amazingly low rate. Why move?”
–Odeta Kushi, Deputy Chief Economist with First American Financial Corp., Santa Ana, Calif.
MBA Advocacy Update
Last Thursday MBA asked HUD to withhold publication of its final disparate impact rule and to bring the housing, lending and civil rights communities together for renewed discussions about how to address the wide housing and wealth gaps faced by communities of color.
Housing Starts Post Healthy June Gain
July has been a good month for the housing industry thus far; HUD and the Census Bureau kept the momentum going Friday with a positive report on housing starts.
MBA Chart of the Week: Unemployment Insurance/Initial Claims
This week’s chart highlights initial unemployment claims data from the U.S. Department of Labor, portraying the speed and severity of the labor market’s deterioration during the COVID-19 pandemic, as businesses closed or transitioned to remote working arrangements.
The Week Ahead
Here in Washington, Congress and the Administration face a critical two weeks—and a time crunch—if there is going to be any compromise/agreement on a new economic stimulus package before the current package expires on July 31.