As a mortgage broker, you’re the crucial link between future homeowners and the financing they need to secure their investment. You know the tricks of the trade – how to get the best rates for your clients, what to look for in a mortgage contract, and when to sign on the dotted line for a life-changing loan.
But, as we all know, the real estate market is far from static. Just look at what happened when the housing bubble burst back in 2008, and what’s happening now with the economic turmoil caused by the Coronavirus pandemic. Staying competitive in such a speculative industry means protecting yourself against a number of risks with business insurance for mortgage brokers.
Here are just 3 reasons why mortgage brokers need business insurance to operate with confidence and peace of mind.
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Borrowers and lenders will face 3 new and unfamiliar ways of doing business
Extraordinary times call for extraordinary measures. Business leaders in all parts of the US economy are taking bold steps to respond to the Coronavirus pandemic. Those in the mortgage industry are implementing reforms that will be long-lasting in terms of how lenders operate and how consumers obtain financing. Here are 3 ways in which the coronavirus pandemic could change mortgage lending:
The COVID-19 pandemic has resulted in mortgage lenders revisiting and, in many cases, adopting measures to digitize the mortgage process. Many firms favor an omni-channel approach, giving consumers the option to work with loan officers in person or over the phone and online.
The current crisis has “brought forward” some of the internal conversations firms were planning to have about how to massively transform the online digitization and automated underwriting process for borrowers. That time is now, as consumers are opting to research and buy their homes online – not wanting to risk their health with in-person exchanges. One popular home listing website saw its online traffic for virtual tours increase more than 190% in March, compared to February. Another real estate brokerage experienced almost a 500% surge in requests for home video tours. Innovative realtors are even providing “drive-thru closings” in which customers and realtors exchange paperwork and keys while sitting in their own cars.
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