By Chris Carter, VP and Area Sales Manager at Univest Home Loans Only a few months ago, the United States economy was chugging along at a respectable pace with low interest rates, a record-high stock market and 3% unemployment. These impressive stats supported a seemingly financially sound and stable 2020, but the arrival of COVID-19 quickly dispelled this Goldilocks story before the end of the first quarter. With businesses forced to close amid stay-at-home orders, unemployment skyrocketed which, quite obviously, impacted the normally robust spring real estate market.
With unemployment at its highest level in decades, lenders have been forced to verify and redocument income and employment status for clients up until virtually the last minute before securing funding. Borrowers with lower credit scores may find themselves unable to secure the same financing as before the onset of the pandemic. Some secondary financing, such as home equity loans and lines of credit have been eliminated altogether at several lending institutions. Government-sponsored enterprises such as Fannie Mae and Freddie Mac, along with mortgage insurance companies and other agencies (HUD, VA, etc.) have generally tightened up underwriting guidelines and credit overlays. Simultaneously, interest rates have plummeted to incredible lows which has prompted record refinancing. For many, this phenomenon has clogged pipelines, delayed desired closing dates and, in some cases, forced lenders to indefinitely postpone transactions, disallow interest rate locks and/or make their pricing so unattractive as to discourage would-be customers until the volume subsides. Remarkably, Univest Home Loans has maintained its 1-2 day underwriting turn-times and continued its sterling 98% customer satisfaction rating all while setting and breaking record loan production. Not a single purchase closing has been missed or postponed. Appraisal waivers and exterior inspections have allowed us to process and fund hundreds of transactions per month. And, we have only slightly adjusted our consumer lending model for potential home equity borrowers. As a bank with our own money to lend, Univest can self-fund and rely less on wholesale arrangements than our competitors whose warehouse lines have been cut and some face margin calls. Our 100% local team has transitioned to working remotely seamlessly. Unlike other lenders, Univest Home Loans, can originate portfolio transactions as an option for alternative and specialized financing. Our expansive product line, which includes construction-to-permanent financing, lot loans, swing loans, and first-time homebuyer grants (to name a few), remains available. During these uncertain times, Univest’s experience serving local communities over the last 144 years has proven to be an asset. Interest rates are at historic lows, despite the uncertainty, and now could be a good time to buy or refinance. However, headlines on coronavirus and its impact change daily which has created an ever-fluid situation. Contact a Univest Home Loan consultant at 877-723-5571 or [email protected] for the most current information and to learn more about what we can do for you in these challenging times. If you find yourself financially burdened with your existing mortgage, contact your servicer immediately for options. Be safe and stay healthy! Univest Bank and Trust Co. is an Equal Housing Lender. NMLS #415882
30 Comments
8/10/2020 11:23:43 am
Great post! Thanks for sharing the knowledge and keep up the good work.
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12/8/2020 06:07:18 am
It is really true that the covid-19 has impacted the whole world especially on mortgage financing e.g is that lot of huge loans gets cancelled so it is only
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CLIC AQUĂŤ
4/2/2021 12:15:41 pm
Una de las mayores ventajas es que si tienes hijos estos no tendrán que cambiar de escuela, excepto que lo hagan con su propio grupo, y podrán continuar compartiendo con sus amigos en las actividades de la comunidad.
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9/7/2021 10:23:51 am
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12/7/2021 11:07:00 am
For each of these types of loans, there are also varying terms, or lengths of the loan. The first differentiator between different types of loans is the interest rate.
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12/13/2021 02:11:15 pm
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12/25/2021 04:47:55 pm
I’m so thankful for your helpful post! Interest rates have plummeted to incredible lows which has prompted record refinancing.
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1/25/2022 11:15:20 pm
Thank you for taking the time to share this post. Keep on posting.
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6/7/2022 11:00:04 am
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6/22/2022 10:04:32 am
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6/22/2022 11:02:44 am
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9/29/2022 02:36:32 am
The report also examines the economy of other countries, such as Australia, Canada, China, Europe, Latin America and the Caribbean, the United Kingdom, and the United States, which have important residential mortgage markets and are exposed to COVID-19. The report's foundation is comprised of in-depth interviews with leading lenders in these countries and Deloitte specialists, as well as secondary research on the most recent advancements in coronavirus research and the residential mortgage industry.
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2/11/2023 02:59:44 am
The housing market is complex, and finding the right loan can be difficult. A mortgage broker will help save your time and money
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2/18/2023 06:44:33 am
A great mortgage adviser will guide you through the process and offer expert advice, to help take away the stress and hassle.
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5/17/2023 05:07:28 am
Thanks for sharing these great ideas. Keep it up!
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6/8/2023 01:26:31 pm
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11/17/2023 07:23:31 am
Great article. I love how the way you write this. It’s super entertaining and very knowledgeable. Thank you!
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1/15/2024 09:14:18 am
It's impressive to see Univest Home Loans maintaining efficient underwriting processes and customer satisfaction despite the challenges. Thanks for providing a comprehensive overview of the current situation in the real estate and lending industry.
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1/16/2024 08:56:04 am
This information sheds light on the challenges and adjustments in the real estate and lending sectors, emphasizing the need for adaptability during these uncertain times.
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1/22/2024 06:30:17 am
It's great to hear how Univest Home Loans has navigated the complexities of the current economic situation. Their ability to adapt, maintain customer satisfaction, and continue loan production is commendable, showcasing resilience in the face of uncertainty.
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1/30/2024 04:57:10 am
It's interesting to see how Univest's ability to self-fund has provided resilience in the face of economic uncertainties. Their commitment to offering a diverse product line and serving local communities is commendable.
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2/5/2024 12:04:45 am
It's impressive to learn how Univest Home Loans has not only weathered the challenges brought by the pandemic but also continued to provide a diverse range of financing options. Their adaptability and commitment to customer satisfaction shine through in these uncertain times.
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