The 5 biggest challenges of remote work according to lenders
When COVID-19 arrived in the U.S., both businesses and employees rushed to adapt to the new reality of remote working and social distancing.
The coronavirus created a host of uncertainties for the mortgage industry. The analog processes of old needed immediate digital fixes. As buyers, sellers and the industry at large become accustomed to all the changes, it’s increasingly likely transactions will never go back to the way they were pre-COVID.
Arizent, the parent company of National Mortgage News, American Banker, Bond Buyer and other titles, conducted a survey that explores how the financial services sector adapted to this new era. While half of all respondents said they experienced inadequate technical support as they began remote work, almost four fifths of employees said they are either very interested or somewhat interested in continuing to work from home in the future.
Employers are also investing in tools to foster secure remote communications and transactions on a permanent basis.
"Like everyone else, all aspects of our business changed," said William Tessar, president of Civic Financial Services. "From sales, to ops, to people and culture, to capital markets. Overnight we transitioned 95% of our 300 employees to working remotely."
Below are a few of the biggest adjustments for mortgage firms in the coronavirus era.