Blog

Jun17

Minorities and mortgages: Black leaders’ thoughts on closing the racial divide

Dispiriting. Disgusting. Disorienting. However one chooses to frame the events sparked by George Floyd’s killing at the hands of the Minneapolis police on May 25, the underlying cause is clear: America’s racial divide, a ragged, gaping, self-inflicted wound that has been allowed to fester for centuries, has poisoned the country. At a time when medical Continue Reading

Jun16

Open House Precautions to Take During the COVID-19 Outbreak

The coronavirus outbreak naturally has many real estate agents on edge. For most agents, face-to-face interaction — often with customers from out of town or even out of the country — are a regular part of day-to-day business. It also poses a conundrum when considering one of the industry’s most long-held real estate marketing practices: Continue Reading

Jun16

How the housing finance industry can help the black community: NAREB

The housing and mortgage industries can and should respond to George Floyd’s death, the disproportionate impact of the coronavirus and other issues the black community faces, according to the National Association of Real Estate Brokers. “While we are grieved at the passing of yet another black man, George Floyd, at the hands of a few Continue Reading

Jun16

Why lenders are wary of FHA’s terms for buying loans with forbearance

Lenders are concerned about a risk requirement imposed by a recent Federal Housing Administration measure aimed at opening up homeownership opportunities that might otherwise be threatened by coronavirus-related developments. The FHA is temporarily willing to insure mortgages that go into forbearance due to COVID-19 hardships. But in exchange, lenders must agree to be on the hook for Continue Reading

Jun11

Virus, protests reflect white-black economic gap in US

Washington — The United States has been here before, staring into the deep chasm that divides white and black Americans. It happened after cities burned in 1967, after Los Angeles erupted with the 1992 acquittal of police officers who beat Rodney King, after the 2014 police killing of Michael Brown in Ferguson, Missouri. After those upheavals Continue Reading

Jun03

Analysis: Five things Corporate America can do besides tweeting to combat racism

New York (CNN Business)Major companies have expressed solidarity with the collective plight of African Americans this week following the horrifying murder by police of George Floyd a week ago and the national chaos that has erupted in its wake. For many black Americans, however, the corporate tweets, executive memos and statements on combating racism ring hollow from companies that too often have baked systemic racism into Continue Reading

May28

In Letter to Congress: Black Wealth 2020 Sends Plea for Unity in Pandemic Relief

(TriceEdneyWire.com) – As the U. S. House of Representatives awaits the political fate of another multi-trillion dollar coronavirus relief bill, called the “Heroes Act”, Black Wealth 2020 (BW2020), a national catalyst for economic justice for African-Americans, is pressing Congressional leaders to unify for equity for the millions of pandemic victims who have yet to receive Continue Reading

May21

Under Cover of COVID, Regulator Rolls Back Community Reinvestment Act Rules

As NPQ has noted, the federal government has regularly used the pandemic as cover to surreptitiously implement unpopular policy changes. In March, this meant rolling back mileage rules for cars. This month, it means rolling back rules that promote bank investment in low and moderate-income communities, and especially communities of color, even if the rhetoric of modernization is employed Continue Reading

May20

SBA Releases PPP Forgiveness Application and Makes Critical Clarifications and Documentation Requirements

There is now improved guidance on calculation methods, definitions of forgivable expenses and the documents that must be submitted with the forgiveness request. The SBA released its Paycheck Protection Program (PPP) Loan Forgiveness Application and clarified a few critical definitions and documentation requirements in their instructions. The forgiveness application is completed by the small-business borrower and is Continue Reading

May19

New pandemic rules make it easier to navigate mortgage closings

For the past five years Pat Kinsel, CEO of Notarize, chiseled away at getting his remote online notarization (RON) technology used in the housing industry to make the mortgage process faster and easier. He made sure it met industry standards, including the ability to sell mortgages on the secondary market using RON. What took Kinsel years Continue Reading

May15

Coronavirus (COVID-19): Small Business Guidance & Loan Resources

Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy. Coronavirus Funding Options Click here to learn more about available SBA loan and debt relief options. Our nation’s small businesses are Continue Reading

May14

Hud allocates third wave of cares act funding providing $1 billion for communities to bolster coronavirus response and relief efforts

Third wave of relief funding targeted for states and insular areas. WASHINGTON – The U.S. Department of Housing and Urban Development Secretary Ben Carson today announced the allocation of a third wave in CARES Act coronavirus relief funding. This wave totaling $1 billion is through the Community Development Block Grant (CDBG) program. To date, HUD has provided Continue Reading

May14

Protecting Your Credit during the Coronavirus Outbreak

Stay informed as you manage your credit health through the Coronavirus outbreak. As the number of coronavirus cases spreads, it is also having negative impact on the financial health of the economy at large and the economic well-being of individuals across the United States.  The unusual nature of this pandemic has resulted in the temporary Continue Reading

May13

HUD, FHFA, CFPB Join Forces to Assist Homeowners

The Consumer Financial Protection Bureau (CFPB), the Federal Housing Finance Agency (FHFA), and the Department of Housing and Urban Development (HUD) launched a new mortgage and housing assistance website. The website was developed to ensure homeowners and renters have the most up-to-date housing assistance information during COVID-19. The agencies are offering extensive CARES Act assistance and Continue Reading

May13

Small-business program intended for quick grants is running weeks behind

Applicants are supposed to receive emergency cash within three days. Many have been waiting weeks. An emergency loan program intended to get money swiftly into the hands of small businesses has all but collapsed under an unprecedented crush of applications and a shortage of funds, overwhelming agency officials and prompting urgent calls for action on Continue Reading

May12

Housing and civil rights coalition demands federal liquidity facility for servicers

Former MBA chief David Stevens joined the coalition in its letter to federal regulators. A coalition of housing advocacy groups, national and regional civil rights organizations and minority-focused real estate trade associations, joined by former Mortgage Bankers Association chief executive David Stevens, urged the federal government to create one or more liquidity facilities so that mortgage servicers Continue Reading

May08

Pappas among Reps. Introducing Bill to Protect Local Chambers & Other Nonprofits

WASHINGTON, DC – Representatives Chris Pappas (NH-01), Brian Fitzpatrick (PA-01), Gil Cisneros (CA-39), and Greg Steube (FL-17) introduced bipartisan legislation to ensure local chambers of commerce and other nonprofits who support small businesses can receive the federal assistance they need to weather this economic downturn while they continue working to help America’s Main Street businesses. Continue Reading

May05

After Confusion Over Lump Sum Payments, Homeowners Finally Get Clarification On Mortgage Forbearance

On Monday morning, Michelle Contri called her lender to inquire about mortgage forbearance after hearing New Jersey Governor Phil Murphy call on lenders to add any suspended monthly obligations to the end of the loan’s life instead of requiring lump sum repayments. US Bank, though, told her that is not possible, Contri says. So, she Continue Reading

Apr29

Could COVID-19 become a driving force of Millennial homeownership?

Uncertain times could spur a desire for the stability of homeownership. At the beginning of this year, I decided to store my belongings and live without a home base for a season, living out my dream of being a true digital nomad and exploring the way people live across the U.S. Since I traveled constantly Continue Reading

Apr17

Who’s getting the $1,200 COVID-19 checks first?

The IRS says it has started distributing emergency aid payments, the $1,200 per person that’s part of the federal government’s effort to take some economic pressure off individuals in this pandemic. The IRS says it has started distributing emergency aid payments, the $1,200 per person that’s part of the federal government’s effort to take some Continue Reading