The article PipelinePress 6302023 by MortgagenewsDaily discusses how mortgage lending has been impacted by the Covid-19 pandemic

The author begins by noting that while the mortgage industry has seen a decrease in production due to the economic shutdown, there has also been an increase in refinance activity as borrowers look to take advantage of historically low interest rates. He then goes on to discuss new trends and products in the mortgage lending space, including the use of technology such as automated loan origination software (ALOS), digital underwriting platforms, and eClosings. Additionally, lenders are focusing on ways to increase their efficiency and streamline processes, such as through the use of artificial intelligence (AI) and data analytics.

The article delves further into the topic of digital mortgages, noting that there has been an increase in the number of online lenders offering these services. These lenders are able to provide a more efficient homebuying experience for borrowers because the process is highly automated, making it easier for them to compare loan terms and find the best deal. The author notes that this could also help make the process more consumer-friendly, as borrowers feel more in control of their decisions.

Finally, the article highlights the importance of regulatory compliance in the current environment. As lenders need to ensure they are abiding by regulations and laws, they are increasingly investing in compliance solutions such as automated compliance checks and data-driven risk management systems. This is becoming increasingly important as lenders work to protect consumers from predatory or potentially fraudulent activity.

In conclusion, the mortgage industry has been significantly impacted by the Covid-19 pandemic. While production levels have decreased, the demand for refinances has increased. Additionally, many lenders are turning to technology to increase efficiency and streamline processes. Digital mortgages have become more prominent, and lenders are investing in compliance solutions to better protect consumers. Collectively, these changes can be seen as steps taken towards creating a better and more consumer-friendly mortgage industry.

This article was contributed on Oct 29, 2023