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.
Ed Egilinsky, managing director and head of sales and distribution and alternative with Direxion, joined Cheddar News to discuss how short-term traders are preparing for any forward-looking guidance from the Federal Reserve about any potential rate hikes. Egilinsky also discussed how traders are looking at the overall banking sector for the short-term.
Mark Spoonauer, global editor-in-chief with Tom's Guide, joined Cheddar News to get a sneak peek at some of Apple's new products that are set to be released to the general public, including the iPhone 15 and Apple Watch.
Kraft Heinz said Tuesday it's recalling more than 83,000 cases of individually-wrapped Kraft Singles American processed cheese slices because part of the wrapper could stick to the slice and become a choking hazard.
California regulators on Tuesday ordered one of the country’s oldest bottled water brands to stop using some of the natural springs it has relied on for more than 100 years to market its products throughout the western U.S.
