The Credit Industry in the Face of COVID-19: A Chat With Dave Chung of CreditXpert

▤ Summary

Given the current uncertainty, it is understandable lenders are beginning to think about life after the refi surge and how to stay in business and keep their workforce employed. That means looking at how their teams can best work remotely, how to help borrowers who already have mortgages keep from defaulting, and how to manage loans that were in process and are now at risk–without losing incoming applicants, knowing that a downturn may be coming. We highly recommend establishing a systematic process to help borrowers with credit issues to boost efficiency and follow through on every lead you can. Incorporating such a process is quick and easy, with some staff being reassigned as credit specialists and using appropriate tools and technology to work directly with the borrower. All of these actions not only serve borrowers during this extraordinary time, they will also prove to be invaluable when the crisis passes and we return to a relatively normal market.

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