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Virus scare creates perfect storm for mortgage lenders

Mar 19, 2020 - National Mortgage News

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...