Lehigh Valley Chamber of Commerce
  • ABOUT US
    • The Chamber
    • Our Offices
    • Meet Our Team
    • Meet Our Board
    • Careers
    • Media >
      • Game Changers
      • Chamber in the News
      • Popcast
      • Business Matters
      • On Every Main Street | WDIY
      • Chamber Blog
      • Testimonials
  • CHAMBERS & COUNCILS
    • Cities & Communities >
      • Chamber Map
      • Allentown Area Chamber >
        • Downtown Allentown Business Alliance
      • Bethlehem Area Chamber >
        • Christmas Trellis Ornaments
        • #BacktoBethlehem
        • #SupportLocalMerchants
        • Christmas City
        • Downtown Bethlehem Association | Lehigh Valley Chamber
      • Carbon Chamber & Economic Development Corporation
      • East Penn Area Chamber
      • Easton Area Chamber >
        • Submit your restaurant >
          • List of Vegan Restaurants
      • Emmaus Main Street Partners
      • Forks Business Association
      • Greater Bath Area Chamber
      • Greater Northern Lehigh Chamber
      • Hellertown Lower Saucon Area Chamber
      • Nazareth Area Chamber
      • Northampton Area Chamber
      • Phillipsburg Area Chamber >
        • Phillipsburg Area Chamber Board
      • Pocono Chamber of Commerce
      • Southern Lehigh Area Chamber
      • Western Lehigh Area Chamber
      • Whitehall Area Chamber
    • Business Councils >
      • Ambassadors Council
      • Business Council >
        • Masterminds
        • Snowball 2020
      • Nonprofit and Business Partners Council
      • Veteran's & Military Council >
        • Helping our Heroes
    • Diversity Councils >
      • African American Business Leaders Council >
        • Black Owned Businesses
        • Past Events
      • Hispanic Chamber of the Lehigh Valley >
        • LATINX Owned Businesses
        • HCCLV Webinars
      • LGBTQ Business Council >
        • LGBTQ Pledge
      • Women's Business Council >
        • ATHENA AWARDS
        • Women2Women Mentoring
      • Young Professionals Council >
        • Young Professionals Council
        • YPC Scholarship
  • EVENTS
    • Chamber Event Calendar
    • Annual Meeting 2020
    • Economic Outlook 2021
    • Webinar Library
    • Event Recaps
    • Restaurant Weeks >
      • East Penn Area
      • Greater Northern Lehigh Restaurant Week
      • Northampton Area Restaurant Week
      • Southern Lehigh Restaurant Week
      • Whitehall Area
  • Public Policy
    • Advocacy
    • Committees >
      • Energy & Environment
      • Healthcare
      • Manufacturing Council
      • Tax & Regulatory
      • Transportation
    • Registered Apprenticeships
  • MEMBERSHIP
    • Membership Application
    • Membership Investment Levels
    • Information Request
    • Member Benefits >
      • Benefits Overview
      • Signature Health Plans with Capital BlueCross
      • Event Sponsorship
      • Marketing with The Chamber
      • Member Deals & Discounts
      • Member-Exclusive Programs
      • Ribbon Cuttings & Grand Openings
    • Refer a Member
    • Member Login
  • BUSINESS DIRECTORY
    • Business Directory
    • Pocono Chamber Business Directory
  • COMMUNITY
    • Chamber Foundation: Main Street Lehigh Valley
    • Employer and Workforce Services
    • Our Community Partners >
      • Capital BlueCross
      • Lehigh Valley Economic Development Corporation
      • Workforce Board Lehigh Valley
    • Made Possible in Lehigh Valley
    • Discover Lehigh Valley
  • covid-19 resources
    • Restaurant Relief Fund
    • Support our Mission
    • Vow of the Valley
    • open we stand lv
    • Reopen LV – Back to Business
    • Shop Local 86
    • COVID-19 Relief Fund
    • COVID-19 Resource Guide
    • COVID-19 Public Policy Updates
  • Annual Meeting Graphics
  • ABOUT US
    • The Chamber
    • Our Offices
    • Meet Our Team
    • Meet Our Board
    • Careers
    • Media >
      • Game Changers
      • Chamber in the News
      • Popcast
      • Business Matters
      • On Every Main Street | WDIY
      • Chamber Blog
      • Testimonials
  • CHAMBERS & COUNCILS
    • Cities & Communities >
      • Chamber Map
      • Allentown Area Chamber >
        • Downtown Allentown Business Alliance
      • Bethlehem Area Chamber >
        • Christmas Trellis Ornaments
        • #BacktoBethlehem
        • #SupportLocalMerchants
        • Christmas City
        • Downtown Bethlehem Association | Lehigh Valley Chamber
      • Carbon Chamber & Economic Development Corporation
      • East Penn Area Chamber
      • Easton Area Chamber >
        • Submit your restaurant >
          • List of Vegan Restaurants
      • Emmaus Main Street Partners
      • Forks Business Association
      • Greater Bath Area Chamber
      • Greater Northern Lehigh Chamber
      • Hellertown Lower Saucon Area Chamber
      • Nazareth Area Chamber
      • Northampton Area Chamber
      • Phillipsburg Area Chamber >
        • Phillipsburg Area Chamber Board
      • Pocono Chamber of Commerce
      • Southern Lehigh Area Chamber
      • Western Lehigh Area Chamber
      • Whitehall Area Chamber
    • Business Councils >
      • Ambassadors Council
      • Business Council >
        • Masterminds
        • Snowball 2020
      • Nonprofit and Business Partners Council
      • Veteran's & Military Council >
        • Helping our Heroes
    • Diversity Councils >
      • African American Business Leaders Council >
        • Black Owned Businesses
        • Past Events
      • Hispanic Chamber of the Lehigh Valley >
        • LATINX Owned Businesses
        • HCCLV Webinars
      • LGBTQ Business Council >
        • LGBTQ Pledge
      • Women's Business Council >
        • ATHENA AWARDS
        • Women2Women Mentoring
      • Young Professionals Council >
        • Young Professionals Council
        • YPC Scholarship
  • EVENTS
    • Chamber Event Calendar
    • Annual Meeting 2020
    • Economic Outlook 2021
    • Webinar Library
    • Event Recaps
    • Restaurant Weeks >
      • East Penn Area
      • Greater Northern Lehigh Restaurant Week
      • Northampton Area Restaurant Week
      • Southern Lehigh Restaurant Week
      • Whitehall Area
  • Public Policy
    • Advocacy
    • Committees >
      • Energy & Environment
      • Healthcare
      • Manufacturing Council
      • Tax & Regulatory
      • Transportation
    • Registered Apprenticeships
  • MEMBERSHIP
    • Membership Application
    • Membership Investment Levels
    • Information Request
    • Member Benefits >
      • Benefits Overview
      • Signature Health Plans with Capital BlueCross
      • Event Sponsorship
      • Marketing with The Chamber
      • Member Deals & Discounts
      • Member-Exclusive Programs
      • Ribbon Cuttings & Grand Openings
    • Refer a Member
    • Member Login
  • BUSINESS DIRECTORY
    • Business Directory
    • Pocono Chamber Business Directory
  • COMMUNITY
    • Chamber Foundation: Main Street Lehigh Valley
    • Employer and Workforce Services
    • Our Community Partners >
      • Capital BlueCross
      • Lehigh Valley Economic Development Corporation
      • Workforce Board Lehigh Valley
    • Made Possible in Lehigh Valley
    • Discover Lehigh Valley
  • covid-19 resources
    • Restaurant Relief Fund
    • Support our Mission
    • Vow of the Valley
    • open we stand lv
    • Reopen LV – Back to Business
    • Shop Local 86
    • COVID-19 Relief Fund
    • COVID-19 Resource Guide
    • COVID-19 Public Policy Updates
  • Annual Meeting Graphics

GREATER LEHIGH VALLEY CHAMBER BLOG

COVID’s Impact on Mortgage Financing

7/1/2020

2 Comments

 
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 mortgages@univest.net 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
2 Comments
Brian Hastings link
8/10/2020 08:23:43 am

Great post! Thanks for sharing the knowledge and keep up the good work.

Reply
step change number link
12/8/2020 03:07:18 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

Reply



Leave a Reply.

    Categories

    All
    Ambassadors Council
    Chairman's Column

    Archives

    February 2021
    January 2021
    July 2020
    April 2020
    March 2020
    February 2020
    January 2020
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    April 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    May 2018
    February 2018

OUR OFFICES   |   CONTACT US   |   MEMBERS ONLY   |   SUBSCRIBE TO THE CHAMBER

Copyright © 2020 Greater Lehigh Valley Chamber of Commerce.  All rights reserved.