Mortgage brokers and credit unions support their communities during global pandemic
QLMS knows mortgage brokers have always provided an essential service to their community. After health and wellness, a home is one of the most important things for anyone’s safety and wellbeing. More than that, brokers often assist their communities far beyond their main service. From helping homebuyers to sponsoring local youth athletics and so much more, they are tightly intertwined with the fabric of their cities. Now, during a global health crisis, QLMS is incredibly proud of its broker partners who are not only meeting increased demand for home lending thanks to historically low interest rates, but also lending a hand to those in need as we cope with the impact of coronavirus on our communities, our country and the whole world.
Lots of the media’s attention has been focused on the efforts of major players in the industry to curb the spread of the disease. Quicken Loans has unleashed its full arsenal of resources to go as far as manufacturing personal protective equipment and help build the infrastructure for a drive-thru COVID-19 testing site for southeast Michigan - a hotspot for Coronavirus cases. JP Morgan Chase and Bank of America have also donated considerable sums of money to groups who are on the front lines fighting this disease.
However, it is not just the large companies in the industry who are making a difference. Mortgage brokers, community banks and credit unions are all stepping up to ensure their neighborhoods are safe. Whether it’s with a boots-on-the-ground approach or through financial donations, QLMS partners are impacting the outcome.
Bander Mortgage, in Glencoe Illinois, is donating $100 in their clients’ name for every loan closed to groups focused on combatting the spread of COVID-19. While this may seem small at first glance, with historically low interest rates driving up closed loan volumes at many lenders, the total aid is quickly growing.
Clearview Credit Union, in the Pittsburgh area, is not only providing financial relief in the form of $17,000 to local food pantries and emergency relief funds, it is also purchasing meals from restaurants near their branches and delivering them to health care and emergency workers. This both helps local businesses whose revenue has bet hit by social distancing, and provides much-needed support to health care workers.
Grant Stern, founder of Morningside Mortgage Corporation in south Florida, is leading a swarm of volunteers who are offering their time and resources to sew facemasks by hand for essential workers and those who are ill or immunocompromised. By creating personal protective equipment for those who need it most, this local mortgage broker will help mitigate the spread of the virus and flatten the curve in southern Florida.
Local 697 Federal Credit Union, a QLMS partner in northern Indiana, is helping members who have lost employment due to the coronavirus by offering one-time member assistance loans of up to $5,000 with low interest rates. These loans will help clients and their families get through these troubling times by reducing their financial burdens and allowing them to rebound more quickly.
While the spread of this virus has yet to be stopped, there is hope when people work together for a higher cause: the health and safety of their communities.
At QLMS, we want to take this opportunity to thank the local independent mortgage brokers, community banks and credit unions who are making a difference in their community. By banding together and helping each other, we will get through this situation Stronger Together.