In a thorough, well-presented summary of an important summit of industry leaders, writer Eric C. Peck collects the comments of seven participants in a National Mortgage Professional panel discussion entitled “Where is the Industry Heading Post-Pandemic?” WFG Executive Chairman and Founder Patrick F. Stone is among this magnificent seven from across the spectrum of the industry’s disciplines. The assembled provide perspectives and encouragement as lenders prepare for a “new norm” in the wake of the COVID-19 pandemic.
The other panelists are Paul Anselmo, Founder and CEO, Evolve Mortgage Services; Paul Buege, President & COO, Inlanta Mortgage; James Cameron, Senior Partner, STRATMOR Group; Davis Engles, Finance Expert; Garth Graham, Senior Partner, STRATMOR Group; Jane Mason, Chief Executive Officer, Clarifire; and Faith Schwartz, President & Owner Housing Finance System Strategies.
Responding to an opening question regarding the short-term impact of the stimulus on loan originators and the industry as a whole, Pat Stone says, “The stimulus package has had an overall positive effect by assuring all businesses that the government was going to be proactive in addressing the pandemic. For smaller lenders and businesses, it provided a backstop and for large lenders with significant business outside of the mortgage industry, it provided assurance that their borrowers had some support.”
He adds that, even assuming the Fed comes through with lending for the mortgage servicing industry, “The Mortgage Bankers Association estimates one-quarter of borrowers could request forbearance for six months or longer, advancing requirements on mortgage services could exceed $74 billion.”