Professionals in multiple financial industries have weighed in on the impact that the COVID-19 pandemic has had on the mortgage industry. In a chat with National Mortgage Professional Magazine, Dave Chung, founder and managing director of CreditXpert Inc., shared some of his thoughts and experiences thus far.
In the discussion, Chung points out that a booming market is now under plenty of uncertainty as lenders try to navigate these tough waters ahead. "As I speak with lenders and other industry experts, the biggest thing I’m hearing is that we’re in unprecedented territory. Unlike the housing crisis a decade ago, this was caused by an external, uncontrollable factor. Buyers can’t visit houses right now, and the situation is changing daily," said Chung.
"Given the current uncertainty, it is understandable lenders are beginning to think about life after the refi surge and how to stay in business and keep their workforce employed. But, it’s important they also consider how to re-build and sustain their business in the long-term."
Chung believes that thinking long-term is the play and lenders should be thinking about ways to optimize their business. Some lenders have handled remote working conditions pretty well, however, the workload has increased and regulations could make processing loans difficult. Though, Chung believes there are steps lenders can take to better prepare themselves for what is ahead.
Check out the full Q&A with NMP and Dave Chung, click here.