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Changes in How Mortgages Operate May be Here to Stay

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  • Are you sure you want to delete this post?

    So I've been looking into a bunch of ways our current issues have affected the world lately and I came across something that I'm curious about. Are the current changes to the mortgages industry (buying and selling homes) just temporary? Or will they permanently affect the way it's been done up until now?

    One of the changes I've seen quite a bit about so far is mortgage companies having to move their process online much more than they used to. I'm no mortgage lender so not sure of the technicalities of it all, but they're allowing people to do certain aspects of the mortgage process that used to be in-person only now completely online. I assume this will stick around and get better as they continue.

    Another change is keeping people in their home in times of need. The coronavirus has brought on upwards of 3.5 million forbearance requests so far, with the number climbing every day. People are needing these allowances to be able to get back on their feet and it looks like most mortgage companies are helping as much as they can. This change needs to stay and be perfected.

    Are these changes only temporary until things get back to "normal"? One thing I can imagine happening is that this opens the door to change things that have needed to be redone for quite some time. This is the perfect opportunity to make those things happen.

  • Are you sure you want to delete this post?
    Sure, I definitely see these changes becoming permanent. I think if the economy improves enough, there may be an uptick in the housing market in the favor of buyers. That, added with the convenience of doing most of the process online and the added financial security of mortgage protection would drive sales and encourage mortgage companies to keep the positive changes coming.
  • Are you sure you want to delete this post?
    Don't think they are permanent at all. I think processing deals online in general vs in person will continue to evolve for sure. But that's been happening already, before all this. Their changes like mortgage forbearance and the like are only temporary. They will keep those options in their back pocket for the next crisis, but banks aren't interested in these kinds of changes for any longer than they have to be.