MBA: 2020 IMB Production Volumes, Profits Hit Record-Highs

Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $4,202 on each loan they originated in 2020, up from $1,470 per loan in 2019, the Mortgage Bankers Association reported Wednesday

Brian Lynch: A Deeper Dive into Mortgage Accounting: Financial Reporting is More Important Than Ever Before

Loan officers, branch managers, c-level executives and more need access to granular financial data and in-depth accounting tools in a changing market. The pandemic rapidly spurred the adoption of tech solutions and heightened the industry’s reliance on technology – from helping lenders operate, to supporting loan officers in their day-to-day tasks, to increasing daily efficiencies for the accounting department.

Pandemic a ‘Boon’ for Home Improvement

While the U.S; economy shrank by 3.5 percent in 2020, spending on home improvements and repairs grew more than 3 percent, to nearly $420 billion, as households modified living spaces for work, school and leisure in response to the COVID-19 pandemic, according to Improving America’s Housing 2021, a new report by the Harvard Joint Center for Housing Studies.

House Gives Final Approval to $1.9 Trillion Stimulus Package

The House on Wednesday approved a $1.9 trillion economic stimulus package, giving the Biden Administration a key legislative victory and providing relief to millions of Americans affected by the coronavirus pandemic. President Biden signed the bill into law on Thursday.