Announcement: Requirements to Validate Self-Employed Income during COVID-19
During COVID-19, our guidelines to validate Self Employed Income have changed, in order to provide options in case the borrower’s transcripts cannot be obtained. We still require VVOE and 3rd party verification for all Self Employed Borrowers.
Market Update, Tuesday August 4, 2020
Stocks opened lower as more companies post earnings amid low expectations due to the coronavirus pandemic. Over 75% of S&P 500 companies have now reported second quarter earnings with durable goods makers leading the index lower.
Market Update, Monday August 3, 2020
Stocks opened higher at the U.S. reported it lowest number of new infections in nearly four weeks. A total of 47,000 new coronavirus cases were reported after record numbers of infections were recorded during the month of July.
Market Update, Friday July 31, 2020
Stocks edged higher following positive results from the largest tech companies’ quarterly earnings reports. Shares in Apple, Facebook and Amazon were up pre-market as reports indicate that the three companies posted better than expected sales during the last three months.
Market Update, Thursday July 30, 2020
Stocks opened lower following the sharpest U.S. economic contraction reported on record in the second quarter. Initial estimates from the Commerce Department indicate the economy shrank 32.9% in the three months ending June 30th.
Announcement: Revision to 7/28 COVID-19 Temporary Guidelines
Due to current market conditions, temporary changes to our employment re-verification process are necessary to manage risk.
Market Update, Wednesday July 29, 2020
Stocks opened higher as investors anticipate the conclusion of the Federal Reserve meeting and a congressional hearing before the House Antitrust Subcommittee later today. One Tuesday, the Fed announced it would extend emergency lending programs by three months to encourage activity during the pandemic.
Market Update, Tuesday July 28, 2020
Stocks opened lower as investors assess corporate earnings and focus on the progress of the next stimulus bill. Republicans will need to secure the backing of Democrats to move forward with their current proposal to cut the federal weekly unemployment supplement from $600 to $200 through September, at which point the payment would combine the state benefits.
Announcement: COVID-19 Temporary Guidance
Due to current market conditions, temporary changes to our employment re-verification process are necessary to manage risk.
Market Update, Monday July 27, 2020
Stocks opened mixed as investors continue to review earnings reports and monitor developments on the anticipated U.S. stimulus package. Republicans are set to release their proposal for the next coronavirus relief bill and start negotiations with Democrats as the expiration of jobless benefits is scheduled for the end of the month