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WFH won’t work forever; NewRez, BofA 😍

By January 26, 2021 No Comments

Barclays CEO: Financial workers can’t keep working from home

A top global bank CEO says their financial workers can’t keep working from home, but it’s not because he is a jerk and wants everyone back in the office. In fact,

he probably isn’t a jerk because he cites the health and happiness of the workers as being at risk due to extended working from home.

“I don’t think it’s sustainable,” Barclays Chief Executive Officer Jes Staley said Tuesday at the World Economic Forum. JPMorgan Chase asset- and wealth-management boss, Mary Erdoes, agreed. (Bloomberg, metered paywall.)
In the corporate world, “if you ask anyone today, it feels like it is fraying, it’s hard, it takes a lot of inner strength and sustainability every single day to

continue to focus and to not have the energy you get from being around other people,” she said.

Here’s where we think everyone should stand on this: Work from home is better when it’s a choice, not a requirement.When we all get inoculated and return to normal work, work from home should be an option for all workers, to use as they need, but it should not be a permanent choice. The spirit of compromise should be the way forward,
in our opinion.

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NewRez is back in the non-QM business

About a year ago the market for non-QM really dried up. But now one player is returning: NewRez. 

NewRez relaunched its non-Qualified Mortgage lending platform for the first time since the COVID-19 pandemic began in March 2020 the company said in a statement.

“As we further grow our footprint in non-QM lending, we are committed to underwriting quality loans that meet our guidelines and pricing models,” said Jeff Gravelle, Chief Production Officer of NewRez.

Those who may be able to benefit from NewRez’s non-QM products include borrowers that fall just outside the qualified mortgage requirement such as self-employed borrowers, bank statement or asset qualifiers, real estate investors, prime borrowers, and more.

“Our product suite is differentiated with various options to fit specific borrower criteria and needs,” he added. “Our non-QM borrowers will also benefit from our experience in servicing these loans with our in-house servicer.”

🔥 Tsunami Foreclosure Warning 🔥 

With Josh Pitts & Rick Sharga

Cash bonuses coming for BofA staffers

Way to look out for your people, BofA!

Bank of America is awarding cash bonuses to employees as a show of support during the pandemic, according to a memo viewed by the Charlotte Business Journal. (Here’s a free link to coverage.)

Eligible employees earning $100,000 or less in annual pay will receive a $750 award. Employees making $100,001 to $500,000 per year will receive a stock grant based on compensation, the memo said. These awards are in addition to any regular incentives. Pretty much every one of the bank’s 206,000 or so workers are eligible.

Bonuses will be awarded on different dates depending on location. All will be disbursed by the end of the first week of March, a Bank of America spokesperson said.

Last March, Bank of America raised its minimum wage for tens of thousands of employees to $20 per hour about a year earlier than planned. The bank’s minimum wage has risen by almost $9 since 2010. That same month, Bank of America announced supplemental pay for workers at branches, call centers and operations centers.

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