It has been said many times over the past few months, but it must be repeated: This is a time like no other – especially in the mortgage industry.
On the positive side, mortgage volume reached an 11-year high in the second quarter thanks to very low interest rates. The property market saw its fastest-ever rise in sales in July, and building applications rose the fastest in three decades that month.
At the same time, the number of major crime mortgages rose to 2.24 million in July, and FHA crime loans hit a record high, while Freddie Mac and Fannie Mae's refinance fee of 0.5%, now due for implementation on Jan. Scheduled for December, the landscape will change even more if it progresses after the federal elections.
To put it simply, things are a bit chaotic these days.
At the first virtual conference of this kind on September 14th at Digital Mortgage 2020, those responsible from many well-known credit and fintech companies will come together to find out what the mortgage market will look like after COVID-19.
Here's a look at some of the biggest issues the field is facing today and the planned discussions we'll have around them: