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The coronavirus outbreak has belted mortgage lenders with a ripple effect the size of a perfect storm: record refinancing demand, time-consuming credit checks and lots of questions about workouts for existing loans that could be in jeopardy.
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Some banks have shifted employees to help process a backlog of loan applications. These workers will have to reverify income and employment during a time when many borrowers are no longer working. Others must handle a deluge of calls from panicked customers asking for forbearance on their current loans.
https://www.americanbanker.com/news/virus-scare-creates-perfect-storm-for-mortgage-lenders
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