Hi KWAOR Friends, it’s Ron Volpe from Shamrock Home Loans.
First and foremost, I hope you and your families are doing well during this difficult time that we are all going through. I have no doubt that when we come out of this, and we WILL come out of this, we will be better because of it from both a personal and a professional standpoint.
To put it lightly, this pandemic has disrupted our normal everyday business practices. The good news for us real estate professionals is that our industry allows most, if not all of us to work from home. No matter what we hear, we can’t lose sight of that luxury we are blessed with.
While there have been some bumps in the road in the mortgage industry, it appears that things have begun to settle a bit. However, there still are several rumors that are making their way around the now virtual water cooler. I will tell you that thankfully, most of them aren’t true but lenders are still faced with the very real challenge of borrowers that may have either lost their job or a significant amount of income from it. In other circumstances, they could be dealing with a buyer whose credit score may no longer qualify for the program they originally applied for.
My advice to Realtors is to reach out to the buyer’s lender for all files in process just to make sure that there aren’t any anticipated issues with their financing as result of recent events. The lender should be able to give an indication that the file is still on track without violating any confidentiality agreement with the client.