Solving the Post-Close Challenge with Intelligent Automation

Join our upcoming webinar as SoftWorks AI CEO and Avanze CEO explore the advances in tech that allow for greater levels of automation and cost reduction, especially in support of post-close and pre-fund review.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

The 100-years-war over real estate commissions

HousingWire plunges down the rabbit hole of residential real estate commissions, uncovering the past, present and future of this wholly unique part of the economy.

How borrower education can make housing more attainable

The current housing market is making it difficult for prospective buyers to afford a home. Housing professionals need to find ways to better meet buyer needs.

CoronavirusMortgage

Servicers face “greatest nightmare ever” as coronavirus spreads

Servicers taking hits on all fronts

Row of houses

There is no question that mortgage originators have faced difficulties the past few weeks when it comes to moving to remote work, handling the high levels of applications and requests for refinances and much more. But these issues are also carrying over to mortgage servicers. 

No one could have predicted what would happen to the mortgage industry after COVID-19 began to spread. The mortgage application volume increased a full 55% in one week, and was up 479% from the year before as rates tumbled. 

The Federal Reserve cut rates, and then cut rates again before even making it to the Federal Open Markets Committee’s March meeting. These rare inter-meeting cuts came after the worst stock market retreats since 2008, with the federal funds rate dropping to 0%.

But for servicers, the situation is much more dire as they face problems on multiple fronts caused by the virus, along with the increase in demand.

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