The banks need bodies.
Documents need to be collected, credit scores need to be checked, appraisers need to be arranged. There’s a lot of mortgages to be processed, and frankly, it’s overwhelming.
Across its mortgage footprint, “Citizens Bank has hired close to 100 underwriters, processors and loan officers this year to keep up with the demand and further their commitment in the mortgage retail space,” said Ace Watanasuparp, who heads residential lending for Citizens in New York City.
Citizens is not alone. With interest rates at historic lows and a rush on the suburban market, lenders in New York City and its bedroom communities are working overtime to process what they say is an unprecedented book of business.
“Activity [in New York City] has definitely picked up in the last month-and-a-half since showings resumed,” said Melissa Cohn, a mortgage lender and broker with William Raveis Mortgage. “People are out there, they’re looking for the best deal.”
Though Citizens is processing a large amount of refinancings, the purchase market in New York City is also picking up steam, according to Watanasuparp. Sales and contracts aren’t yet back up to normal levels, but the return of families – often for school – has meant more deals are being discussed, he said.