Employment data

Other estimates suggest nonbank mortgage employment grew in July as the industry cautiously added staff to handle incremental growth in demand for loans.

The average American’s financial picture is bleaker than government data suggests, according to the former comptroller of the currency. Research from his new organization, the Ludwig Institute for Shared Economic Prosperity, has found that unemployment is higher and household wages are lower than reported by the Bureau of Labor Statistics.

Lenders need to use alternative data as an overlay to traditional underwriting methods to help creditworthy customers in hardship because of the coronavirus crisis.

A new study finds that along with fears about employment, nearly half of those who have savings or an emergency fund are dipping into their reserves as a result of the coronavirus.

Wells Fargo will lay off 1,000 workers primarily from its mortgage unit in the first major round of a previously announced plan to cut the bank's workforce by as much as 10% over the next three years.

JPMorgan Chase is eliminating 400 positions in its mortgage banking unit, the latest lender to trim staff as a result of lower-than-expected demand in 2018.

The Ohio company said low unemployment is keeping business clients from expanding, while higher asking prices are forcing it to avoid bank acquisitions.