Our office has been getting inundated with requests as to how COVID-19 and the surrounding events are impacting their mortgages, so we decided to put a quick FAQ post about the recent developments:
How is it impacting the mortgage loan process?
The coronavirus (COVID-19) is a widespread outbreak that is causing economic concern and hardship for communities, individuals, and businesses throughout the entire world. This crisis is fast moving, and has made major changes to how we live our daily lives.
We have seen stocks at their lowest since the crisis began, and the treasury yield plummeting to their lowest yield ever. Mortgage lenders are facing unique challenges such as a spike in refinance applications and purchases, but a massive delay for all facets of the loan process due to understaffed and reduced workforces with all of the surrounding vendors that serve the real estate industry such as escrow companies, title insurance agencies, and appraisal services.
During this time most of those companies have allowed their employees to work remotely or not at all. With vendors being lightly staffed it has indirectly impacted how our business operates, and the amount of time it takes for us to obtain the documents needed in order to close a loan.
What to expect?
Unfortunately, this is our new norm for the time being. We know this is an exciting time for borrowers, and we want them to take full advantage of this opportunity, but keep in mind that there are new challenges the entire industry is facing. During this unprecedented crisis we want to notify borrower’s to expect massive delays for the next few weeks.
What can you do?
Take care of yourself, be patient, cautious, calm, positive, and kind to one another. We are all in this together, and we will get through it. Please feel free to reach out to us if you need anything at all or if you have any questions or concerns regarding COVID-19 and how it will affect the mortgage loan process.
We are happy to contribute and help in any way that we can during this time and we can be reached at our offices at (760) 930-0569.