What to Know From our Lenders During the Time of COVID-19

We hosted our second virtual Partners Panel on Tuesday, April 14, focusing on our lenders. Our board member Sarah Ware of Ware Realty Group moderated a panel including Tony Ameti of Neighborhood Loans, Jeff Baker of CrossCountry Mortgage, Ben Cohen of Guaranteed Rate and David Kasprisin of Wintrust Mortgage. They all agreed that, for the most part, things are business as usual, with a few exceptions thrown in the mix. Here are the highlights of what to know when working with lenders at this time:

1. This is a great time for motivated buyers to make their move. Lenders are still loaning money to those looking for it, and flexible buyers will have luck finding a home and receiving a loan right now.
2. Loans are still being closed at around the 30-day mark. There have been no troubles with the turnaround times thus far, but because of the changing nature of this market, it may be safer to tell clients to expect them to be closed closer to 45 days.
3. Communication with your lender is key, especially if your client becomes furloughed or adds another line of debt, for instance. Keep lenders informed of the changes that are happening in clients’ lives that may impact the loan.
4. The panel predicted that this change in business will force lenders to be generally more effective and utilize technology more in the future.

Watch the video below of the full webinar and hear from our lending partners directly.   Feel free to reach out to our panelists with any questions you have:

• Tony Ameti | Chief Financial Officer and Vice President, Neighborhood Loans
• Jeff Baker | Senior Vice President of Mortgage Lending, CrossCountry Mortgage
• Ben Cohen | Managing Director/Sr. Vice President of Mortgage Lending, Guaranteed Rate
• David Kasprisin | Branch Manager, Wintrust Mortgage