People, Processes & Technology During the COVID-19 Pandemic
These are extraordinary times for both the real estate finance industry and the borrowers the industry serves. In only a matter of a few weeks, 22 million people have filed for unemployment insurance, been forced to social distance from friends and loved ones, and live in a world with an uncertain future. What people are experiencing now is in many ways more distressful than what occurred in 2008 and everyone who interacts with a borrower, no matter the stage in loan lifecycle, needs to demonstrate empathy and an understanding of what people are going through.
Industry leaders will speak to the data that provides the context for what the population is feeling and then provide a blueprint for serving the borrower in the most effective and considerate way possible. Lenders and servicers need to be consistent in their messaging, leverage impactful technology that was not available during the last crisis, and assure borrowers that there is a path forward and our industry is here to help them on that journey.