The current COVID-19 crisis has the nation gripped in the clutches of a curious mix of panic, fear and chronic anxiety. The effects of Covid-19 and the mortgage industry are no different.
The fact is, living through a crisis is never easy, and it is so much more challenging when the crisis is global.
The coronavirus pandemic has swept through all countries and impacted all industries.
For instance, for MLOs, this crisis has meant the implementation of new regulations to help them work remotely. According to this article in Housing Wire, most banks, non-bank lenders and mortgage funding agencies have instructed employees to work from home.
The CSBS has created a centralized link that shares the coronavirus-related business continuity plans for licensed mortgage loan officers.
The NMLS has also created a dedicated resource highlighting all the status updates relevant to the coronavirus crisis.
The mortgage industry has definitely stepped up to the plate to equip mortgage loan officers, MLOs and others to function as optimally as possible.
Not only that, while most other industries are reeling under the weight of layoffs and cutbacks, the mortgage industry is actually experiencing growth.
According to Guaranteed Rate Chief Operating Officer Nikolaos Athanasiou in Housing Wire, “the company is dealing with high mortgage volumes given the recent drop in interest rates and is managing it quite well.”
Donny Kirby, Vice President of Sales at Wyndham Capital is quoted as saying, “…We know that at the moment, rates remain at historic lows. This environment offers buyers more ‘buying-power.’”
All of this to say, the bleak situation offers a glimmer of hope for those in the mortgage industry.
Now, let’s take a look at the relationship between Covid-19 and the mortgage industry, and how MLOs can develop the skills they need to manage not only this crisis but any other that comes up during later times:
1. Get ready to be a part of the Mortgage Loan Industry. If you’re NOT an MLO right now, this is the best time for you to focus on self-growth and ensuring that you’re ready for the world when it opens up again.
What does this look like?
For aspiring MLOs, this is the perfect time to take your mandatory 20-hour pre-licensing class and then, ramp up with a powerful prep course so you’re leaving nothing to chance.
At Affinity, we offer LIVE WEBINAR versions for both the 20-hour pre-licensing class and the prep class. They’re exactly like attending an in-person class except you’re at home and #socialdistancing. Check them out at the following pages:
We also offer Online 5/day and 10/day Online Instructor-Led 20-hr pre-licensing classes and prep classes. These are more self-paced type courses. Check them out at the following pages:
2. Grow your skills and continue your training: If you are an MLO right now, consider taking your continuing education classes so you don’t have to scramble at the end.
Check out our ONLINE 8-Hour NMLS Continuing Education classes so you can be ready for your license renewal well before time.
3. Make working from home work for you: Working from home can feel stressful because you aren’t headed out to your office. The lack of routine and structure can throw your productivity for a loop.
Here are some simple yet effective tips to help you manage your time and actually, be more productive and focused:
- Stick to your regular wakeup and bedtime routines. Staying up too late or sleeping in isn’t going to help you here.
- Yes, you’re sheltering in place BUT get dressed. You may have to get on video calls or online conferencing but even if you don’t have to do any of those, simply getting dressed can put you in the right mindset of being able to get work done.
- Check in with your colleagues and coworkers: If you miss the office banter, set up “after-work” virtual drinks calls with your coworkers and colleagues. That’ll make being in lockdown less painful.
- Stick to your work hours. Working from home may mean working when you want to and for as long as you want to. That is a surefire recipe for feeling overwhelmed and burned out. Instead, stick to your work hours, but make sure that counts. Don’t hit up Candy Crush when you’re supposed to be working!
The COVID-19 crisis is definitely unprecedented and unforeseen but what it has taught us is this…
We are resilient and we can be better prepared.
Every catastrophe and calamity brings eye-opening lessons with it.
With the Coronavirus pandemic, the lessons are simple –
Be prepared, and
Keep moving forward.