What COVID Accommodations Can You Expect in the Mortgage?
Updated: May 11, 2020
Navigating Accommodations in the Mortgage Industry During COVID
The Virtual Reality of the Mortgage Industry During COVID
The month of May brings cautious optimism as many states are establishing a gradual re-opening process amidst the COVID-19 pandemic. While there is still much data to be considered and protocols to be put into place before most businesses return to a state of “normal,” the real estate and mortgage industries continue to adapt and serve.
As essential businesses necessary for the well-being of homebuyers and homeowners, not to mention the rebuilding of the economy, professionals in the mortgage-adjacent community have created and enhanced ways to prioritize consumers’ health and safety.
The biggest difference between this pandemic and the one that took place 100 years ago is clearly technology. Besides medical advances, we are fortunate to have access to resources such as cell phones, internet, video communication and so much more that wasn’t even a blip on the horizon in 1918. Here are just a few solutions borrowers and lenders are able to benefit from when working on securing a home loan, whether through purchase or refinancing:
• Zoom and video communication: Although many lenders like EnTrust Funding (ETF) are keeping office hours, there’s no need to venture out to discuss your mortgage needs. As always, we’re a phone call away but there are also options to chat via email, Zoom and other communication methods.
• Virtual property tours: Real estate agents are setting up virtual tours and live streams for listings to create open houses for potential buyers, without the personal contact.
• Notary services: Financial transactions often require notarization, and fortunately for these unusual times, virtual notary services are now legal in at least 36 states – including Colorado, Arizona and Texas.
• Digital documents: Not only is it environmentally beneficial, but these days it is quick and practical to sign documents online via eSignatures. Digital services like Adobe and DocuSign save time, paper and face-to-face meetings.
• Following CDC guidelines in person: When technology can’t completely eliminate the need for hands-on processes like property appraisals or office visits, industry professionals are being diligent about preventive measures recommended by national health organizations. These include safe distances, masks, gloves and lots of hand sanitizer.
Proceed with Patience
Due to the increase in refinancing queries amid the economic crisis, as well as the decrease in office staff, experts encourage consumers to practice patience along with social distancing. Closings may take a little longer and it may feel like there are more boxes to check in the online process, but lenders – including our team at ETF – are committed to help homeowners navigate these difficult times and achieve peace of mind along with some financial security. We truly are in this together so please contact us today to discuss your concerns and goals. Wishing everyone continued financial and personal health.