JPMorgan Chase makes $30 billion

JPMorgan Chase makes a $30 billion Pledge to Help Close America's Racial Wealth Gap

The racial wealth gap in America has been a topic of discussion for decades, if not centuries, and has been a source of tragedy for American minorities. Reports from decades ago show the wealth disparities that have been existing between White Americans and minority communities, such as the AfricanAmericans, while recent reports continue to reveal that the gap is only increasing.

The racial wealth gap has been majorly attributed to redlining and systematic discrimination against certain minority communities in the U.S that has ensured that the minority groups in America, such as the African-Americans, do not get equal opportunities as the whites.

Most recently, the question of racial inequality in the U.S was taken to a whole new level after the May 25 death of a black man, George Floyd, at the hands of police officers. This incident sparked months of protests across the nation and internationally. Moreover, the ongoing pandemic further exposed the racial disparities in sectors such as health care that led to a higher COVID-19 mortality rate among the African-American community compared to the overall population. Amid all the reports and cases of the evident racial wealth gap in America, it's disheartening that the system or the administration does very little or nothing at all. However, there have been several records of the private sector intervening in the situation in efforts to reduce or close the growing racial wealth gap in America.

Most recently is the case of intervention by JPMorgan Chase, which is making a $30 billion pledge targeted to address the American wealth inequality, particularly in the traditionally underserved Black and Latino communities. The bank’s commitment is a combination of loans, investments, and philanthropy spreading over a period of five years, that it says stretches beyond what it would do in the normal course of business.

“Systemic racism is a tragic part of America’s history,” said Jamie Dimon, CEO of JPMorgan, in a statement. “We can do more and do better to break down systems that have propagated racism and widespread economic inequality, especially for Black and Latino people. It’s long past time that society addresses racial inequities in a more tangible, meaningful way.”

According to the bank’s press release, the goal is to “drive an inclusive economic recovery, support employees and break down barriers of systemic racism.”

HOUSING

A significant amount of JPMorgan’s pledge is set to go to housing. From the $30 billion pledge, $14 billion will be given in loans and investments to boost the creation of 100,000 affordable rental units in underserved communities.

The New York-based financial giant will also originate 40,000 home purchase loans for Black and Latino households, adding $8 billion worth of mortgages to its pledge. The bank will also help 20,000 additional African-American and Latino-American customers lower their mortgage payments with $4 billion it will set aside for refinancing.

Moreover, the bank said that the $12 billion in additional mortgages is calculated on the basis of the firm’s 2019 mortgage volume for minority communities. That is what the bank will use as a default rate for loans it will offer for the next five years.

SMALL BUSINESSES

Additionally, the bank pledged to provide 15,000 loans worth $2 billion to minority-owned small businesses in Black and Latino neighborhoods and launch a new entrepreneur coaching program. Moreover, it pledged to spend an additional $750 million on African-American and Latino-American suppliers.

LOW-COST BANK ACCOUNTS

The bank also said that it would provide 1 million Americans in underserved areas with access to low-cost bank accounts, accompanied by opening branches in low-to-moderate income communities. Additionally, regarding its 256,710 workforce population, the bank stated that it would hold managers accountable for diversity targets by incorporating goals into compensation decisions. Philanthropy.

Lastly, the bank pledged to provide $2 billion in philanthropy. This is an expansion of its previous $1.75 billion five-year commitment made in 2018 for the same purpose.

Conclusively, let’s believe that the commitments made by JPMorgan Chase will address the systematic rot that has caused discrimination against the minority Americans for decades. Let’s hope the bank's intervention will significantly impact millions of families in the underserved communities for the better.

Work cited.

https://www.cnbc.com/2020/10/08/jpmorgan-chase-makes30-billion-commitment-to-help-close-americas-racialwealth-gap.html.

UNITED WHOLESALE MORTGAGE ROLLS OUT “GAMECHANGING” MOBILE APP FOR BROKERS

Technology is changing everything in the real estate market. From offering solutions for long-known problems to increasing the speed of transactions in the housing activities. As of now, you can easily close a sale at the comfort of your home or wherever you are, you can shop for a home without having to leave your office, and many more. As we head to the future and the technology continues to advance, we don’t know what to expect. But one thing is certain; things are getting better and easier, thanks to technology.

Most recently, days after the United Wholesale Mortgage (UWM) announced its intention to go public in Q4 at a valuation of $16.1 billion, Mat Ishbia, its CEO unveiled a new technological tool on September 25, citing that it’d come with “game-changing flexibility” to brokers. UWM unveiled the UWM InTouch mobile app, which will allow brokers to virtually handle all the aspects of the lending process, including underwriting and clear-to-close, without using a desktop computer. The UWM InTouch app will enable brokers to instantly lock or extend loans. It will also allow brokers to submit, review, and monitor changes of circumstances, upload and check cleared conditions or invoices, and create and manage client requests.

“With UWM InTouch, we once again made things faster and easier for our clients. Brokers need more flexibility and freedom than ever before, and this app delivers on that,” said Ishbia. “No matter where brokers are, whether they’re traveling, at a soccer game or out to dinner, UWM is easily accessible. Their loans don’t have to stop moving just because they’re not in front of a computer.”

According to Ishbia, the app has been in development for about a year, adding that it was under testing in recent months by a few select brokers. When asked about the product’s market competition, he says, “Nobody else has an app... We are without a doubt the leader, and we’ve done things each year to innovate to the next level.”

The app comes with unique features, such as allowing iPhone users to use the Siri voice recognition tech to check a loan’s status even when driving. UWM InTouch will also keep direct phone numbers and emails, which will enable brokers to easily get in touch with borrowers and UWM staff.

OTHER UWM PRODUCTS

United Wholesale Mortgage has been at the forefront of producing real estate market technology material in recent years. Some of their other products include Brand 360, which is a customizable tool for client management that powers various marketing products; Unite, a personalized email consisting of information about the borrower’s home, their loan, and the possibility of market changes; Client Request, a service portal that quickly resolves issues; and UConnect, which tracks brokers’ previous clients and alerts them when they’re back in the market.

Work cited.

https://www.housingwire.com/articles/uwm-rolls-out-gamechanging-mobile-app-for-brokers/.

YOU DESERVE TO LIVE SAFE FROM SEXUAL HARASSMENT.

Sexual harassment by a landlord or anyone related to your housing violates the Fair Housing Act. If you receive unwelcome sexual advances or are threatened with eviction because you refuse to provide sexual favors, you may fi le a fair housing complaint.

To fi le a complaint, go to hud.gov/fairhousing or call 1-800-669-9777

If you fear for your safety, call 911.

FAIR HOUSING IS YOUR RIGHT. USE IT.

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