Digital Mortgage 2020

As lenders scale up on their remote capabilities in response to the pandemic, the software companies that service them see exponential growth.

The Federal Housing Finance Agency has promised to take care of advances on principal and interest payments for coronavirus forbearances after four months, but servicers remain concerned about other responsibilities.

Efforts to calm lenders’ fears about coronavirus-related forbearance may not offset tightening standards, and the FHA is less likely to boost volume than it was during the financial crisis.

Future loss mitigation may be most effective if housing-finance industry stakeholders communicate clearly with consumers about these five aspects of the Coronavirus Aid, Relief and Economic Security Act.

Surging unemployment from COVID-19 shutdowns brought a rapidly rising tide of forbearance requests, according to the Mortgage Bankers Association.

Consumer needs are in flux and Top Producers were looking at technology and risks associated with unexpected financial challenges as areas where they weren't yet meeting those needs. The coronavirus only intensified the urgency.

As delving further into digitization becomes more the standard, loan officers across the country know artificial intelligence is the next evolution in mortgage technology.

Mortgage technology efforts have historically been behind the curve, but some recent responses to the coronavirus highlight instances where it rises to the occasion.

As the world practices social distancing to counteract spreading the virus further, it forces lenders to move as close as possible to an all-digital model, as quickly as possible.