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Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $4,548 on each loan they originated in the second quarter of 2020, up from $1,600 in the first quarter, according to the Mortgage Bankers Association.

“Fueled by a surge in borrower demand and record-low mortgage rates, mortgage production profits in the second quarter reached the highest level since the inception of MBA’s report in 2008,” said Marina Walsh, MBA’s vice president of industry analysis. “Production volume averaged over $1 billion per company, and there was an ideal combination of higher revenues and lower costs.”

Revenues rose by 57 basis points from the first quarter, while expenses improved by $844 per loan. Productivity also increased, reaching levels not seen since 2012.

These conditions, along with continued low mortgage rates, are likely why mortgage lenders’ profit margin outlook for the next

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The largest airline union in North America is warning Congress that compounded economic damage from the coronavirus pandemic, beyond lost jobs, is a certainty if additional stimulus funding is not soon allocated to the industry.

“If we don’t support the industry what you will definitely see is a reduction in service, maybe no service in a lot of smaller communities, and definitely a cut in frequency in service in larger communities,” James Carlson, Assistant Airline Coordinator for the International Association of Machinists and Aerospace Workers, told Yahoo Finance’s The First Trade on Wednesday. 

With the exception of pilots, the IAMAW represents airline workers across the industry, including flight attendants, technicians, gate agents, ticketing agents, customer service workers, and ramp workers.

Sara Nelson, president of the Association of Flight Attendants, speaks to flight attendants and fellow aviation workers during their protest outside the U.S. Capitol on Wednesday, Sept. 9, 2020. (Photo By Bill Clark/CQ-Roll Call, Inc via Getty Images)
Sara Nelson, president of the Association of Flight Attendants, speaks to flight attendants and fellow aviation workers during their protest outside the U.S. Capitol on Wednesday, Sept. 9, 2020. (Photo
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Unions and business leaders have welcomed a new report which suggests that the Government’s furlough scheme should be extended in a “targeted” way.

The Treasury Select Committee said on Friday that Chancellor Rishi Sunak may spark mass unemployment if the Job Retention Scheme, which covers the salaries of furloughed workers, ends in October as planned.

The Resolution Foundation’s chief executive Torsten Bell said that the Chancellor needed to reconsider plans to phase out support, and called the committee’s report “essential reading for Treasury officials”.

Chancellor Rishi Sunak was urged to look closely at a potential successor to the Job Retention Scheme Credit: Stefan Rousseau/PA

He added: “Extending support for the hardest hit sectors of the economy will be essential to limit the rise in unemployment Britain faces in the months ahead.

“The Government will also need to shelve plans to cut back Universal Credit payments to prevent millions of families

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Moove It co-founder & CEO. Technology entrepreneur and investor.

I decided to write this article because we have friends, clients and colleagues in multiple countries that are going through different realities with Covid-19. The question “What? Why are you working from the office?” has been very common in the past weeks.

Although there are a lot of hypotheses around the success Uruguay has had in fighting Covid-19, there is no clear silver bullet. Success is based on a combination of factors and decisions, rather than one specific thing.

The picture today, August 17, looks like this: 

• 202 active cases countrywide with mild symptoms

• Six new cases today

• Four cases in ICU

• 38 deaths since the beginning of the pandemic in the country

Life seems to be rapidly changing back to the “old normality” with the exception of people wearing masks as the remaining reminder of

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WINDSOR, Conn., Sept. 10, 2020 /PRNewswire/ — SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced that Nationwide, a leading insurance and financial services company, has partnered with SS&C to support and enhance its advisor-sold retirement plan platform. The strategic partnership will enable Nationwide to expand its advisor-sold retirement plan business and enter new markets.

“Partnering with SS&C will allow Nationwide to accelerate our efforts to offer the value-added solutions that today’s plan sponsors and participants demand,” said Eric Stevenson, president of Nationwide’s retirement plans business. “This partnership will move up the timing of our platform modernization efforts and allow us to introduce new and enhanced capabilities, all while delivering an extraordinary experience.”  

Nationwide has been an AWD business process management client since 1997.

Under the agreement, Nationwide will transform its advisor-sold retirement business and transfer its management onto SS&C Retirement Solutions’ platform in 2021. SS&C will handle the

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What lies beyond the pandemic? MassForward is MassLive’s series examining the journey of Massachusetts’ businesses through and beyond the coronavirus pandemic.


Gov. Charlie Baker announced Thursday that arcades will be allowed to open next week after months of pressure and multiple lawsuits from owners.

“Sometimes you have to smack a dog across the nose with a newspaper before it understands the rules,” said Marc J. Randazza, managing partner, founder of Randazza Legal Group, PLLC. “Dogs aren’t supposed to s*** on the carpet and governors aren’t supposed to s*** on the Constitution.”

Massachusetts arcade Bit Bar, based in Salem, filed a lawsuit on Sept. 2 against Baker and his administration over his coronavirus reopening plan favoring larger casinos but leaving smaller arcades closed.

Bit Bar is represented by Randazza Legal Group, PLLC based in Gloucester. Randazza specializes in representing clients in First Amendment issues, copyright and trademark protection as well

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Nasdaq leads market down

The market slump deepened in the final hour of trading as the major indexes fell at least 1% on Thursday. The Nasdaq Composite was the worth performer, falling about 2%. The Dow lost 400 points while the S&P 500 lost 1.8%. The indexes did finish off of their session lows, with the Dow down nearly 500 points at one point. — Jesse Pound

Ray Dalio says the world is underinvested in China

Don’t count Ray Dalio among the There Is No Alternative investing crowd. The billionaire Bridgewater hedge fund manager provided another choice for investors caught up in the TINA mentality that states the U.S. is really the only place to put money these days. “The world’s market allocation in investing is very overweight in the U.S. and very underweight in China,” Dalio said during an Economic Club of New York event Thursday. “I think for

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The notification of the President’s Order on the constitution of a separate High Court for Andhra Pradesh, with the principal seat at Amaravati, cannot be construed as the Central government’s decision to declare Amaravati as the capital of the State.

The principal seat of the High Court need not necessarily be in the State capital, the Centre maintained. The Union Ministry of Home Affairs made this assertion in an additional affidavit filed in the High Court in the ongoing litigation against the State government’s move to have three capitals for Andhra Pradesh.

The Court is hearing a batch of writ petitions filed by various stakeholders seeking that the AP Decentralisation and Inclusive Development of All Regions Act, 2020, be declared as ultra vires the Constitution.

The High Court, while ordering status quo on the implementation of the Act and also the AP Capital Region Development Authority (Repeal) Act, 2020, posted

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  • Netflix built a corporate culture around lofty tenents like “freedom and responsibility,” and “honesty.”
  • As an example, after firing an employee, the streaming company explains its reasons for letting the person go in an email to the employee’s department (or departments), which could be hundreds of people.
  • Cofounder and co-CEO Reed Hastings explained the philosophy behind those emails, and the company’s culture of transparency, in his new book with Erin Meyer, “No Rules Rules: Netflix and the Culture of Reinvention.”
  • Hastings also published an abridged version of a post-firing email in the book.
  • Visit Business Insider’s homepage for more stories.

Shows like “House of Cards” and “Stranger Things” made Netflix a household name, but its corporate culture, built around “freedom and responsibility,” made the company the talk of business world when it first shared its cultural philosophy in 2009.

One tenet of Netflix’s culture is open and honest feedback.


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Credit – Photo-Illustration by Peter Horvath for TIME; Getty images (6); Bleyzer: Vadym Guliuk

Rick Perry came to Washington looking for a deal, and less than two months into his tenure as Energy Secretary, he found a hot prospect. It was April 19, 2017, and Perry, the former Texas governor, failed presidential candidate and contestant on Dancing With the Stars, was sitting in his office on Independence Avenue with two influential Ukrainians. “He said, ‘Look, I’m a new guy, I’m a dealmaker, I’m a Texan,’” recalls one of them, Yuriy Vitrenko, then Ukraine’s chief energy negotiator. “We’re ready to do deals,” he remembers Perry saying.

The deals they discussed that day became central to Ukraine’s complex relationship with the Trump Administration, a relationship that culminated in December with the House vote to impeach President Donald Trump. Perry was a leading figure in the impeachment inquiry last fall. He was

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