The COVID-19 crisis has struck every industry, and the mortgage sector is no exception. While lenders are quite keen to keep their existing customers comfortable, the new applicants might be facing considerable delays and uncertainty with their applications.
A report from the American Banker publication indicates that the mortgage lending industry is barely coping with the surge in refinancing applications, and the ongoing social distancing measures add to its worries. Not only the U.S., but Canada as well, are witnessing a sudden rise in the number of loan applications after the recent rate cuts. Many people are rushing to make the most out of the current low-rate environment.
The coronavirus is no longer only a medical nightmare, as nationwide lockdowns and the partial shutting of businesses have created a heavy financial toll on people and the economy.
Big changes are on the horizon for the lending industry. While many may fear artificial intelligence (AI), this exciting technology is already changing the way we approach traditional lending.