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 mortgage industry continues to grow as more and more Canadians are looking to purchase homes. But despite this rapid growth, the mortgage industry is still lagging and is slow to adopt new technologies like automated underwriting software.