With unemployment surging due to the coronavirus pandemic, many Americans are struggling to pay their mortgage. Jay Farner, CEO of Quicken Loans, told Cheddar Friday that the company is focused on educating customers about their available options.
"There's been a lot of news out in the media, you're hearing from the federal government, you're hearing from governors, you're hearing from mayors, and so, trying to educate our clients on the options that they have as they think about their mortgage payments has been important to us," Farner said.
Interest rates recently hit at all-time lows, driving a record number of homeowners to refinance their mortgages. Farner noted the company recently had its best month in company history -- even with nearly its entire workforce working from home.
"When you look at the uncertainty in the marketplace that is usually helpful to interest rates and bringing them down. So, what we're telling people is now is the time to take advantage," he said.
In addition to client outreach, Farner noted Quicken Loans' efforts to support communities by donating money to charitable organizations and purchasing face masks and gloves for healthcare workers on the frontlines.
"That's probably the number one thing you can do. Making sure you're taking care of your team members and community that you serve. If you can do that then you've got all the right capabilities to take care of your clients," Farner said.
###
A flow of recent data from the U.S. government has made one thing strikingly clear: A surge in consumer spending is fueling strong growth, demonstrating a resilience that has confounded economists, Federal Reserve officials and even the sour sentiments that Americans themselves have expressed in opinion polls.
The U.S. Food and Drug Administration is warning parents and caregivers not to buy or serve certain pureed fruit pouches marketed to toddlers and young children because the food might contain dangerous levels of lead.
Some pumpkin farmers in the West, particularly wholesalers in places like Colorado and New Mexico, are feeling the pinching effects of drought.
General Motors and the United Auto Workers union have reached a tentative contract agreement that could end a six-week-old strike against Detroit automakers, three people briefed on the deal said.
Apple's 8pm ET event Monday will revolve around its iMAC computer lineup of products which are expected to contain its new faster and three next-generation silicon chip.
McDonald's reported better-than-expected profit and sales in the third quarter.
Major stock indexes are slated to close lower this month as investors brace for the Federal Reserve's rate decision and ahead of new jobs data.
The Food and Drug Administration issued an alert and specifically mentioned 26 eye drop products from a number of brands.
Workers at a number of pharmacy chains nationwide were planning a walkout Monday and going through Wednesday.
President Joe Biden on Monday will sign a sweeping executive order to guide the development of artificial intelligence — requiring industry to develop safety and security standards, introducing new consumer protections and giving federal agencies an extensive to-do list to oversee the rapidly progressing technology.
