How The Pandemic Changed My Mortgage Business
Each day we learn something new about the Covid-19 virus. This week we are learning whereas the first case was thought to be in 2020 the virus was actually with us months earlier in 2019. I, like many, know people, several family members to be exact who were really, really sick in the fall/winter of 2019, and not diagnosed as flu. Now it seems apparent that some of these people likely had Covid-19 then.
I am a mortgage broker working in Kentucky and Ohio who, up until the virus hit, held monthly home buyer classes, went to all my closings and met people who wanted a face to face meeting.
Fortunately, even though I did these things, in my business we've had the capability for a long time to work remotely and do a lot of work across the Internet. Applications have been easy for a long time either by phone or online. The majority of documents are esigned and those needed for processing are emailed or occasionally faxed. Closings can be done virtually.
When I think of how my business has changed due to the pandemic I have to say not a lot. I was already working with many people via the Internet and phone. I already had documents signed electronically. What has changed is that I have not attended closings for the last couple of months. Responsible business owners have put in place directives to protect the persons closing on loans and limit the people attending to just the signers. Some appraisals are taking a smidge longer, but some have become easier due to Fannie and Freddie allowing exterior inspections in some cases, or not requiring an appraisal at all sometimes.
I miss holding the home buyer classes in person because I thoroughly enjoy educating folks to make a great decision and be prepared for what arises, building confidence in the process. I still do the educating by phone. I'm still available when someone needs me. I'm still offering great service. I'm still getting loans underwritten in a day and when we don't wait on an appraisal closing within 15 days. The pandemic has not changed my business much; my business was built for this.