Virus scare creates perfect storm for mortgage lenders
By Kate Berry and Allissa Kline
The coronavirus outbreak has belted mortgage lenders with a ripple effect the size of a perfect storm: record refinancing demand, time-consuming credit checks and lots of questions about workouts for existing loans that could be in jeopardy.
Lenders were having trouble with staffing long before the onset of the COVID-19 pandemic because low interest rates had led to a stampede of borrowers seeking to refinance. Now emergency action by the Federal Reser...