The move to no-contact lenders has been slow and sure, but self-isolation may jumpstart changes as more consumers get comfortable doing things completely online.
For homebuyers or homeowners that still need to close on a loan, real estate pros can offer them some extra assurance: Mortgages are now being processed without any physical contact. That means consumers can still take advantage of the lowest mortgage rates in history without fears of breaking social distancing rules during the COVID-19 pandemic.
Details of this trend were presented at a Virtual Education Expo training session sponsored by Coldwell Banker on Tuesday.
“With mortgage rates at historical lows, consumers can save money on the purchase of a home or they can refinance to put more money in their pockets, possibly when they need it most,” said Tim Foley, executive vice president of operations for Coldwell Banker, during the session on mortgages. “The ability to refinance and complete a purchase with a mortgage with no human contact may soothe some fears.”
“It’s a game changer and the new norm,” added session speaker Victor Ciardelli, president and CEO of Guaranteed Rate Affinity. “You can walk through the process in a new way.”
Most lenders have moved to digital or hybrid models, including virtual appraisals to complete transactions.
Source: National Association of Realtors® (NAR), Melissa Dittmann Tracey
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