True Stories: Hybrid, eNote and RON Implementation

Join expert panelists that will discuss the status of federal legislation, trends in digital adoption and how best to prepare your organization for the next generation of lending processes.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

Top CFPB official “hates” QM rules, jeopardizing safe harbor

A top CFPB official in charge of the rule-making process has heavily criticized the agency's own qualifying mortgage rule, jeopardizing safe harbor.

Don’t sleep on non-QM products

Now is the perfect time for originators to consider expanding to non-QM products – to grow business, diversify their offerings and to ensure an opportunity to better serve their customers.

CoronavirusPolitics & Money

Coronavirus may stall U.S. economy, Goldman Sachs says

Goldman’s forecast: 0.7% GDP growth in 1Q and no growth in 2Q

The coronavirus will stall the U.S. economy without causing a contraction, according to a Goldman Sachs forecast issued Sunday.

GDP growth will slow to 0.7% in the current quarter, the worst pace since the financial crisis, and grind to a halt in the second quarter, said the group led by Jan Hatzius, the investment bank’s chief U.S. economist.

The third quarter likely will see 1% growth, and the fourth quarter is expected to post a 2.3% expansion, according to the forecast.

“We lowered our Q1 GDP tracking forecast by two tenths over the past week to 0.7% based on a downward revision to January wholesale inventories and declines in U.S. and global trade volumes,” the report said.

The investment bank also is predicting the Federal Reserve will lower its benchmark rate by half a percentage point at its two-day meeting ending March 18 and another half a percentage point at its meeting a month later. That would put the rate in the 0.5% to 0.75% range, the lowest in three years.

The Fed made a rare inter-meeting emergency rate cut of half a percentage point last week in an effort to bolster the economy and calm coronavirus fears.

The coronavirus outbreak has sickened about 110,000 people in more than 100 countries and is close to being declared a pandemic, the World Health Organization said on Monday. Officials reported over 500 cases in the U.S. and 22 deaths from the disease named COVID-19.

The U.S. economy is struggling with the global impact of the coronavirus that emerged in China at the end of last year. Within two months, the number of people infected with COVID-19 surpassed the 2002 to 2003 total for SARS, the last time the world faced a similar challenge.

Back then, China accounted for about 4% of the global economy. Now, its share is about 17%. Quarantines in China have resulted in supply-chain disruptions for U.S. companies, as well as a drop in global trade volume and U.S. tourism.

Most Popular Articles

Volume-hungry mortgage lenders loosen credit standards

Mortgage credit availability loosened up in April by 2.2%, per the MBA. The drivers were in conventional mortgages and GSE programs for ARMs and high-balance loans.

May 11, 2021 By

Latest Articles

Genworth mortgage insurance arm IPO on ice

Genworth Financial said it will delay the initial public offering of its recently rebranded mortgage insurance arm, Enact Holdings.

May 13, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please