Some states share in the good news, while others are having a tougher time. There are 33 states where the unemployment rate is under the national average and 14 where unemployment is above the national average.
The actual number of initial unemployment claims under state programs was 269,689 for the week ending May 10. That’s down 19,059 from the previous week, and significantly beat analyst expectations, which had predicted an increase of 2,887.
News that the federal government has decided to forego an extension of long-term benefits for the unemployed prompted the California Employment Development Department (EDD) to fire off a warning notice to impacted workers. A big underlying concern is what happens to those using these benefits to support mortgages.
All of the sectors of the housing economy now — real estate, lending, servicing and investing — are navigating unchartered territory. The challenges are new and the processes scrutinized as never before. Against that backdrop, we at HousingWire thought it was appropriate to recognize the tremendous leadership within the mortgage space with our first annual HW Vanguard Awards. Companies in our business couldn’t have survived the crisis, or formed in this brave new world, without serious leadership..
On the multi-borrower side, the potential for volume is massively larger than on the single-family side, but the challenge until now has always been on how to scale this side of the business.</p> Read More
Over the past eight years, housing counselors and the mortgage servicing industry have learned a lot, and it’s our joint responsibility to avoid the mistakes of the past, to maintain momentum, and to create new pathways for homeowner-centric loss mitigation practices that have sustainable homeownership as the No. 1 objective. Read More