Always on and Ready for Business – New Technology and Tools in the Mortgage Industry
Member Monday: Always on and Ready for Business - New Technology and Tools in the Mortgage Industry
Tammy Wilt and Emily Coulter, Atlantic Bay Mortgage Group
April 27, 2020
Tammy and Emily gave us an update on conditions in the mortgage industry:
- Some lenders are tightening up their credit score requirements and implementing other restrictions
- Rates are very low - in the low to mid 3's for a 30-year mortgage with good credit.
- Rates seem to have stabilized, with some possibility for brief dips.
- Lenders customarily call to check buyers' employment 10 days before closing; now many are making those calls 24-48 hours before closing.
- Closings are taking longer, due in part to adjusted courthouse hours; 30-45 days is typical now.
- Appraisals are backlogged due to February refinances and social distancing. Drive-by appraisals are available; these appraisals can't be disputed.
Atlantic Bay always makes communication a high priority throughout the mortgage process. Technology tools they already had before COVID-19 are even more useful now:
- BombBomb, a pre-recorded video messaging app, helps share information and maintain visibility with clients
- Zoom meetings have replaced face-to-face meetings
- Total Expert, the CRM and sales platform they use, has become indispensable
The biggest change in operations has been a move to full or partial e-closings. Atlantic Bay sends out a closing package in the morning for clients to e-sign. In a few cases, law offices and title companies are equipped to verify the final 3-4 signatures remotely. Otherwise, the client meets with their lawyer briefly to complete the "wet signatures."
Local attorneys and title companies are gradually working through the logistical challenges of full e-closings. In addition to the technology needed, e-closings have insurance and liability implications.
To learn more about working with Atlantic Bay Mortgage Group in Charlottesville, please contact Tiffany Jenkins at (434) 227-9511 or tiffanyjenkins@atlanticbay.com.