Blog-Meeting Borrower Expectations in the Era of COVID

Despite the economic uncertainty still looming as a result of COVID-19, purchase applications continue to surge.

However, the virus has added an additional layer of complexity to the origination process. A layer that is quickly being addressed by the accelerated speed of technology adoption. Technology such as hybrid e-closings, exterior, and desktop appraisals, and remote online notarizations have become more popular in recent months.


However, if you are still reluctant to introduce new technology into your business model let’s talk discuss a few tools to help increase borrower satisfaction and improve your efficiencies in the era of COVID.

Hybrid Electronic Closing

Prior to the crisis, the mortgage application process was often no picnic for borrowers. The time to close could easily take 40 days or more—and for someone eager and excited to move into a new home, those days can feel like forever. Eagerness can turn into anxiety when problems arise along the way.


Not surprisingly, closing times are longer now. Lenders are backed up with processing refinancing applications and underwriting times are longer. Although these things are outside of your control there are some ways to minimize borrower impact.


Start by managing your borrowers’ expectations so they understand what may lay ahead. Communicating the details of your most recent experiences and time to close is a great way to establish a relationship of transparency and trust. Some home buyers are even adding addendums to contingency timelines to account for COVID related holdups.


Second, seek out one of the growing number of title companies offering e-closings. The process is faster, reduces the risks associated with close interaction, reduces error, decreases time to close, and offers you better control and accountability.

Exterior and Desktop Appraisals

The GSE’s have announced the extension of temporary appraisal guidelines created as a result of the virus. Big news considering this means some loan types will continue to be off the table for origination. It also means you will need to work with appraisal companies comfortable with exterior and desktop valuations.


The most important piece is a comprehensive, efficient LOS. It should be equipped with seamless access to hundreds of integrated vendor partners. This gives you the choices and tools you need to originate with confidence. Right now, that confidence can appear in the form of choice. The ability to choose from a list of title, appraisal, credit vendors, lenders, or more, is vital. Make sure your origination technology is working for you.

More Resources

FundingShield Q3 2022 Fraud Analytics

Commentary from FundingShield’s CEO Ike Suri Wire and title fraud risk reached a new record in the third quarter of 2022 at 47.9% of transactions

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