In response to these developments, one mortgage lender has taken a rather unique approach in offering a financial incentive to borrowers who receive the COVID-19 vaccine.
Axis Mortgage recently announced its partnership with VaccineFinder, a public service by the Centers for Disease Control and Prevention (CDC). Under the agreement, Axis will offer borrowers a discount of up to 0.25% on their loan costs if they upload their proof of vaccination through VaccineFinder. The discount will be applied as a credit at closing.
According to Axis Mortgage President and CEO, Doug Shivers, the company is proud to be among the first to provide this type of incentive. He states, “We're excited to make this offer to our borrowers. It's a great way to show our appreciation for them being proactive in terms of their health and how they are protecting themselves and others from the virus.”
This offer is especially relevant now, as many Americans are eligible to get vaccinated. CDC data shows that more than 100 million people have received at least one dose of the vaccine, and 32 million are fully immunized. Financial incentives could potentially encourage more people to get vaccinated, which in turn, could help to reduce the spread of the virus and eventually bring an end to the pandemic.
Axis Mortgage is not the only financial institution to offer incentives for getting the vaccine. A few local banks have also announced similar deals, but their offers may only apply to customers or employees. Some employers have also implemented policies that reward their workers for getting vaccinated.
In addition to the 0.25% discount, Axis Mortgage has also put other measures in place to better serve customers during the pandemic. The company adjusted staffing levels to accommodate increased call volume and launched a new online platform for faster turn times on applications and preapprovals. They also waived some fees and deferred payments for borrowers who are affected by the pandemic.
Overall, Axis Mortgage’s offer of a 0.25% discount for those who receive the COVID-19 vaccine may have a positive impact on the mortgage industry. It could potentially encourage more people to get vaccinated, resulting in fewer cases of the virus and ultimately leading to an end to the pandemic. Additionally, the company has taken several other measures such as staffing adjustments and fee waivers to better serve their customers during this difficult time.
Axis Mortgage's offer of a 0.25% discount for those who receive the COVID-19 vaccine has the potential to benefit the mortgage industry in several ways. First, it could incentivize those on the fence about getting vaccinated to do so. This could lead to fewer cases of the virus and ultimately bring the pandemic to a close. Secondly, numerous other methods that Axis Mortgage has implemented to better serve customers during the pandemic such as staffing adjustments and waived fees can provide added value to borrowers. Lastly, this offer from Axis Mortgage may encourage other financial institutions to implement similar deals for their customers and employees.
This article was contributed on Dec 01, 2023