by Fuquan Bilal
The coronavirus has clearly had a massive impact on our daily routines and the overall economy. What will it mean for the mortgage lending industry?
Banks on the Run
Despite once again being among those receiving the most in bailout funds, they, as usual, don’t seem to have any intention of passing on the same help to their customers.
Many banks across the country have at least closed physical branches and their websites and call centers are overwhelmed as they shed employees.
When these institutions get swallowed up by their own fear and overreact, they cause exactly the outcomes they were fearful of.
It’s quite likely many banks and lenders will close before this is over. The real estate investor website, Connected Investors, says 30% of its private lenders have already fled.
We don’t want to be responsible for a run on the banks. Especially when online payments are more important than ever. While some will crash, this current administration seems to be all in on big bailouts. Banks may be bought and merged, but your money should still be there.
READ MORE: https://www.linkedin.com/pulse/covid-19-impact-mortgage-lending-industry-fuquan-bilal/
Fuquan Bilal is President of NNG Capital Fund. https://nngcapitalfund.com/
