As the world continues to grapple with COVID-19, industry leaders are watching closely to determine long-term effects on their businesses and to understand how to best shift their priorities to ensure continued success. The mortgage industry is no exception. The pandemic has propelled every mortgage company into uncharted territory, and without quick action, many mortgage providers will be unprepared to manage what’s to come.
What’s coming next
As the economy slowly reopens and industries begin to return to standard operations, the mortgage industry is preparing for a unique influx of demands impacting both the originations and servicing sides of the house. We’re facing a booming housing market where homeowners maintain greater equity in their homes. Additionally, interest rates remain at record lows, and many predict they will potentially drop further in the coming months. Mortgage companies will continue to experience elevated refinance volumes.