The negative impacts of COVID renew the concerns of the corresponding lenders
The pandemic has spawned a new type of matching loan partner that provides a new set of standards.
– Jonathan Grafflin, Channel Executive Correspondent
ORANGE, CA, USA, September 10, 2021 /EINPresswire.com/ – Essex Mortgage announced today that the company’s correspondent division has released a new white paper that analyzes the impact of the COVID pandemic on correspondent lenders and what these lessons learned tell us about the type of lending partner these institutions are currently researching. The document is now available on the company’s website.
“From the start, we set out to create a company that places a high value on education. This has served us very well with mortgage borrowers and with this publication we are extending this service to correspondent lenders, ”said Roland Weedon, President of Essex Mortgage. “The dust is still settling on the COVID crisis and experts are only now beginning to understand all of the impacts of the pandemic on our industry. The story is already pretty clear in the correspondent lending industry and it points to many changes that will help ensure that the difficulties faced by these lenders over the past year will not be repeated in the future. “
In its article, Essex highlights the significant negative impacts related to liquidity and increased lending risk that the COVID health crisis brought to correspondents in March 2020. These negative impacts were more severe for these lenders than for brokers or brokers. direct lenders because the loans had already closed in the Correspondent’s name when the crisis pushed aggregators out of the market.
“Correspondent lenders suddenly found themselves in a very awkward position and without a good source of liquidity,” said Jonathan Grafflin, Channel Executive Correspondent at Essex Mortgage and co-author of the new document. “In light of everything that has happened over the past year, correspondent lenders have a much better idea of what exactly they need in an aggregator. They have thus created a model for a new kind of partner and Essex is proud to bring this concept to life with our new offering.
Grafflin pointed out that new variants of COVID and spikes in infection rates across the country are renewing concerns for clients and potential clients of Essex mortgage correspondents. “I have received numerous calls over the past month helping companies prepare for potential market disruptions, especially with their GNMA origins,” he added.
Ultimately, the authors concluded that the corresponding lenders have raised the bar and have new expectations for any potential partner due to the challenges they faced during COVID. In the newspaper, the company presents the qualities sought by correspondents and details a program specifically designed to meet these new requirements.
To receive a free copy of the new white paper, visit the company online.
About the Essex Mortgage
Founded in 1986, Essex Mortgage was founded on the premise that educating borrowers and empowering clients is the best way to serve and be a trusted advisor. Over the years, this philosophy has helped thousands of families achieve the goal of home ownership. Headquartered in Orange County, Calif., Essex operates a national retail and correspondent platform and is a lead agent for down payment programs nationwide. Essex is a permanent winner of the Orange County Register Top Workplace Award. Discover the company by visiting www.essexmortgage.com Where www.essexcorrespondent.com/media/.