March 2020 is a month the real estate industry will never forget. In a moment’s notice the “nice to have” tasks on our to-do lists became the new crises du jour. Over the course of a few days, much of the private real estate sector transitioned from office buildings to home offices. The most prepared companies had pandemic and business continuity protocols in place. Still, none of us could have imagined what would be coming our way, and how to manage post-COVID.
In preparing this article, we asked mortgage, real estate and title professionals to share the experiences and challenges they face in dealing with compliance issues during this pandemic. Their answers were no surprise. What was interesting – even across different sectors of the industry – was that the expressed concerns pointed to a similar solution. Here is what we learned: For those who endured the 2007 crisis, market stability was the most immediate concern…and still continues to be.
Soaring demand for refinances almost overwhelmed the mortgage and title industries, and the purchase real estate market was disrupted by government restrictions without adequate instructions. Most important, when making day-to-day decisions, professionals did the best they could with the information in hand at the time. Some are forging ahead in whack-a-mole fashion. All would appreciate guidance on how to comply with the surge of legal and regulatory changes.
Throughout this article, you will see some of their shared insights as Professional Tips.
While we cannot predict market changes, this article offers best practices and suggestions on how one should approach compliance in this post-COVID-19 environment.