4 Essential COVID Resources for Mortgage Lenders

4 Essential COVID Resources for Mortgage Lenders

The COVID-19 pandemic has dramatically affected the mortgage market in more ways than one. The prevailing challenges have not dampened homeowners and homebuyers who are taking advantage of the low-interest rates to secure affordable mortgage financing and refinancing.

However, safety is of utmost importance during this period, especially in this industry that relies heavily on face-to-face meetings and intensive paperwork. At Lend Smart Mortgage, we are keen on delivering a safe experience for our staff and customers.

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Below are some measures we have taken to guarantee a safe mortgage process for everyone involved.

1. Digital Paperwork

Traditionally, the mortgage lending process involves stacks of paperwork—personal data documents, credit history and debt information, bank statements, tax information, mortgage application forms, income verification documents, etc. Providing these documents in person poses a high health risk to lenders and borrowers who need to sign the papers at some point.

In keeping with COVID-19 safety regulations, we have adopted digital paperwork to eliminate the risk and guarantee safe mortgage processing. New home buyers and existing homeowners seeking refinancing can submit an electronic application with all the accompanying documentation from the comfort of their homes or offices.

2. Zoom Calls & Meetings

A mortgage is a long-term obligation that requires lots of due diligence before committing. Borrowers take time to understand the terms of a facility before choosing a lender. This requires several and sometimes lengthy meetings.

To facilitate safe interactions, we have resorted to video conferencing, whereby we schedule meetings with our clients via Zoom. This means if you're seeking to acquire or refinance your existing mortgage, you don't have to wait until the pandemic is over. You can still pursue your mortgage acquisition right away within the safe environment of your home.

3. Video Tours

Realtors are providing video tours for would-be home buyers to eliminate the need for physical visits. With these resources available, homebuyers can still shop for their dream home without exposing themselves to too much contact with other people.

In the same way, we are relying on video appraisals to evaluate applications. This has enabled us to carry on with the business without compromising our staff and borrowers' safety.

4. E-signatures and Remote Online Notarizations

The use of e-signature in mortgage documents has been around for a while. But now, with the threat of the COVID-19 pandemic, it has become a must-use solution to ensure business continuity while adhering to the highest safety standards. Borrowers can append their signatures on the documents electronically and forward them via email, thereby eliminating the risk of physical exchange of paperwork and office visits for document signing.

Similarly, thanks to the law allowing remote online notarization (RON) in Minnesota, it's now possible to close mortgage transactions remotely, with the help of a registered notary public.

At Lend Smart Mortgage, we secure you mortgage financing solutions that match your needs. We are both lenders and brokers, meaning that we don't limit you to our products, but we work to ensure you get the most ideal solution available in the mortgage market. For any inquiries, fill our contact form here, and we will get back to you.

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