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.
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
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