Mortgage Industry Assisting Homeowners Affected by Hurricane Helene

(Updated with new information Oct. 7) This is a developing story that will be updated. If you are aware of an effort by a mortgage company to provide relief or help to areas affected by Hurricane Helene, either directly or via fundraisers or donations, please contact us.

MBA Thanks Princess Mackie Book Challenge Participants

MBA launched the Princess Mackie Book Challenge to promote financial education and develop new tools to help children and families learn more about homeownership. This week, MBA would like to highlight Fargo Home Mortgage.

U.S. Economy Adds 206,000 to Payroll in June

Total nonfarm payroll employment was up by 206,000 in June, and the unemployment rate was at 4.1%, per the U.S. Bureau of Labor Statistics.

Construction Spending Dips Again in February

The U.S. Census Bureau reported construction spending dipped again during February to a seasonally adjusted annual rate of $2,091 billion, 0.3% below January’s $2,096 billion figure.

MBA Launches CONVERGENCE Philadelphia

The Mortgage Bankers Association on Wednesday launched CONVERGENCE Philadelphia, its third city-based pilot program to promote and increase minority homeownership. CONVERGENCE Philadelphia joins initiatives underway in Memphis, Tenn., and Columbus, Ohio.

Industry Briefs Apr. 18, 2022: Wells Fargo Expands Efforts to Advance Racial Equity in Homeownership

Wells Fargo, San Francisco, announced an initiative to help advance racial equity in homeownership. The company will develop a Special Purpose Credit Program to help minority homeowners, whose mortgages are currently serviced by Wells Fargo, refinance those mortgages. Initially, through the program, Wells Fargo will identify eligible Black homeowners who could benefit from a refinance product.

MBA Chairman Kristy Fercho Hits the Ground Running

SAN DIEGO—Kristy Fercho has achieved a lot of “firsts” in her lifetime—the first Black woman to lead a major U.S. mortgage operation (at Flagstar Bank); the first Black woman to run the mortgage operations at Wells Fargo; and, as of Sunday, the first Black woman to serve as Chairman of the Mortgage Bankers Association. Her legacy, she says, will be to ensure that she is not the last such person.

MBA Chairman Kristy Fercho Hits the Ground Running

SAN DIEGO—Kristy Fercho has achieved a lot of “firsts” in her lifetime—the first Black woman to lead a major U.S. mortgage operation (at Flagstar Bank); the first Black woman to run the mortgage operations at Wells Fargo; and, as of Sunday, the first Black woman to serve as Chairman of the Mortgage Bankers Association. Her legacy, she says, will be to ensure that she is not the last such person.

Builder Confidence Steadies as Material, Labor Challenges Persist

The National Association of Home Builders reported builder confidence inched up in September on lower lumber prices and strong housing demand, even as the housing sector continues to grapple with building material supply chain issues and labor challenges.