There is so much changing daily during the Corona-virus, I wanted to created a place for real estate agents to have resources to lending guidelines during this pandemic.

Tech Savvy Lenders Standing Out Right Now

Lenders leading the pack in technology are working to bring the following to borrowers:

1. Virtual e-close. The borrower(s) can literally stay in their home and on a computer, phone, and other streaming devices, they can complete the final loan closing documents with a virtual notary. Yes, it’s coming and we couldn't be more thrilled! Ahhhhmazing!

2. Virtual appraisals. For cash-out refinances and new construction purchases, in the time of COVID-19, this is a game changer! A borrower can “walk” the appraiser through their home on their phone, or other streaming device to comply with the 1004 interior appraisal requirement. WOW!

Both these technologically advanced tools have been requested during this time and lenders at the top of their game are working to make this happen. Stay tuned!

COVID-19 Lender Overlays That May Affect Your Escrow

Table funding is still happening, however, most lenders are requiring a code to send for escrow to access funds AFTER they have completed the Verification of Employment, verbally or via email to the Payroll or Human Resources department. This is crucial. Many lenders want 2-3 verifications during the transaction. Don’t have your transaction fall out or apart due to this. Be proactive and discuss this with your loan officer and clients as soon as possible.

Questions lenders are asking your clients:

1. Are you still employed? Full time or part time? Have you received a reduction in or loss of wages? If so, how much. A letter of explanation along with 30 day paystubs. 30 days from the date of loan signing. We will need updated pay-stubs.

2. Some lenders are NOT allowing pre-locks. They cannot lock the loan until the entire file is submitted and approved or at closing. Not all lenders are implementing this, however, there’s enough to where asking ahead of time and preparing your clients is essential.

3. Increased asset requirements, lower debt-to-income ratios, less rental income, less self-employed income are just a few new COVID-19 related overlays to prepare for during this time frame. Ask your loan officer or inquire with us!

CDC Guidelines for Cleaning During COVID-19

Keeping you and your clients SAFE! Take a look a the full guidelines here. A partial list below:

• Wear disposable gloves to clean and disinfect.

• Clean surfaces using soap and water.

• For sofit surfaces such as carpet, drapes, and rugs, clean the surfaces using soap and water or with cleaners appropriate for these surfaces.

Check with the cdc.gov/coronavirus for other guidelines, suggestions, and resources! Stay healthy and safe.

Resources for Real Estate Agents to Increase Learning

We’ve got some time on our hands right now so even if you’re juggling a child at home working on distant learning (I do!) there’s time we can carve out to learn and build our business! With all the information coming out from lenders regarding the second half of this year predicted to bring a surpuls of business as we recover worldwide, it’s a no-brainer that we continue to learn and grow so that our business may thrive in any economy.

1. FREE Online Ivy League Courses. Click here. There are a ton of subjects to explore and build your knowledge and expertise in.

2. Udemy-Personal Finance 101. Brush up or learn a new skill set: Financial Literacy for FREE. Click here.

3. Training Companies Offering Free Products and Services during pandemic. Click here.

Here’s a list of virtual concerts to keep you in the groove…Click here.

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