Mortgages are going digital!
Chances are you’ve spent countless hours staring at computer screens for the past several weeks. University students have moved to “Zooms University” for their classes and seminars in the wake of the “stay at home” order. Professionals have learned which meetings could actually be emails. We now stay connected with loved ones through virtual happy hours and the Netflix chrome extension.
Our lives have quickly transitioned from physical interaction to digital interaction. Businesses have had to adapt at a fast pace to accommodate the rules that have been implemented and transition to a more digital platform. The mortgage and housing industry has been no different in their transition to a more digital platform for all housing and loan matters.
With so much uncertainty surrounding when life will “return to normal,” it has become vital for professionals in the mortgage industry to step up. The mortgage industry has pulled together in an effort to provide advice to their clients and a reassuring influence. Mortgage professionals have a variety of products and services available to their clients to help alleviate some stress. Mortgages are going digital!
The main concern during this time is to ensure the safety of everyone. New appraisal techniques are being rolled out to ensure the safety of the appraisers during this time. Real estate and mortgage companies have approved the modification of full appraisals on homes and properties. Therefore, appraisers can sometimes rely on virtual inspections.
Appraisers will be allowed to utilize videos to approve appraisals. They will also be allowed to conduct drive-by appraisals in conjunction with desktop appraisals. Companies have added that they may revisit these appraisals following the pandemic to verify the valuation of the properties. When the appraisers are able to enter the properties, they will be able to verify the valuation.
Legal teams and lawyers started the transition to a digital platform before the start of the pandemic. Companies, like MCAP, already had the capability for e-signatures, before the start of the stay at home order. Before, there was concern over the authentication process of the customer through an electronic signature. Fortunately, there has been significant progress in the past few weeks in terms of the authentication process.
This is allowing legal teams, lawyers, and brokers to go completely digital. Digital signatures can now be used to sign documents like renewal letters and commitments. There is still a limit through the Electronic Commerce Act in prohibiting digital signatures for certain documents. It is important to note that some documents still require a physical signature. Lawyers and legal teams are continuing to find innovative ways to witness the signing of documents.
With the stay at home order in place, mortgage brokers have also moved to remote operations. Mortgage professionals have a flexible platform that allows them to easily access operations remotely. This allows them to interact with clients through video conferencing to ensure the safety and security of all parties. Real estate agents are able to conduct virtual showings for home buyers, and mortgage brokers can organize video calls for their buyers.
Mortgage professionals are continuing to keep in touch with clients through this time to reassure and help with any concerns. Brokers are utilizing services like Zoom, Facetime, and Skype to communicate virtually with clients. Mortgage professionals are continuing to do refinances, renewals, and providing buyers with advice in buying a home during this time. COVID-19 has not stopped people from buying homes, refinancing to consolidate debt, and renewing their mortgage. Therefore, mortgage professionals are continuing to find innovative ways to stay connected with clients through the mortgage process. Your bank branch may have closed and not be able to support your mortgage fully. It might be a good time to talk to an unbiased mortgage professional!
Everyone working in the real estate and mortgage industry is staying optimistic through this time. Professionals are looking at how they can increase their resources for their clients. When looking for more information on how mortgages are going digital, talk to your local mortgage broker. For more information on COVID-19 or how we can assist you during this time, give us a call at Clinton Wilkins Mortgage Team! You can give us a call at 902-482-2770 or get in touch with us here!