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Last updated on February 2nd, 2021 at 05:55 pm
Coronavirus pandemic devastated every industry in the world but it did not dampen the spirit of America and American.
This Thanksgiving we all have something to be thankful for that has made us much stronger this year.
The challenges have been enormous with lot of people losing their jobs and livelihoods, and some had no option other than to enter forbearance plans. Yet there have also been so many opportunities to be thankful for them.
During the pandemic, the CARES Act provided some relief to battered Americans.
The $2 trillion bills provided hundreds of billions of dollars in aid, including enhanced unemployment benefits and stimulus checks for workers and their families.
The Act also created emergency loans for small businesses struggling during the lockdown.
Many Americans are thankful for the CARES Act because, among other aspects, it ensured that millions of homeowners did not lose their homes.
With the Act passed, the number of forbearance requests started piling up.
As homeowners started exploring the option of forbearance, mortgage servicers who were operating with lean budgets and lean staffing had a hard time handling the spike.
And with staff suddenly needing to work remotely, the challenges were humongous.
The additional paperwork after reaching out to thousands of homeowners and initiating requisite procedures on all the requests proved to be a herculean task.
Servicers made rapid, highly informed decisions and immediate actions to protect and support their clients and ensured the smooth functioning of their business.
The social distancing finally paved the way for a technology-first approach to origination and servicing which helped streamline workflows and efficiently meet rising volumes.
The mortgage sector has grown to become more robust than ever. With home sales in the U.S. has increased through the fall, despite record prices and the sudden loss of 22 million jobs.
Because of the historically low borrowing costs driven by record-low rates, lenders were swamped with business from homeowners who were trying to take advantage of cheaper borrowing costs, while servicers were flooded with forbearance requests resulting in higher profit margins.
The mortgage industry has played a pivotal role in boosting the economy. The Mortgage Bankers Association (MBA) is now forecasting that mortgage originations will reach $3.18 trillion in 2020 – the highest since 2003.
This year has been a rollercoaster ride where we have emerged stronger than ever. On the occasion of this very special Thanksgiving, we give gratitude to all that we have received during this year.
We are thankful to all the people who made the lives of the incumbent and potential homeowners a little more comfortable by standing firm to their commitment and delivering exclusive solutions.
May the true spirit of Thanksgiving be with all of us.
Reference Source: MortgageOrb
