Hey everybody. It’s Jamie with the real four, one, one (411). On Sunday, I sent out a video talking about what the fed rate slash two 0% really meant for all of you and for us in the mortgage industry. So as the week has progressed, rates continue to increase. I want to give you an update on some of the challenges that have continued to come up in our industry. And the effect that the COVID-19 coronavirus is continuing to have on our interest rates. So, in addition to the fact that our industry has received an unprecedented volume of loans that had been locked over the last two weeks due to the 50-year lows that we saw in the market. Now we have a situation where certain areas of our country are on mandatory quarantine and shelter in place. So what’s happening is that schools are being closed.
And many of our lenders, some of whom have employees upwards of 5,500 people. Lenders who never had work from home policies before are having to adapt to getting their employees set up to work from home. So, in addition to an already over-encumbered staff, we now have a loss of productions coming into the mix. We have less staff than we did before. And the staff was acclimating to working from home. So we really have a lot going on right now. And a lot of banks and lenders are inflating their rates even higher than they did before just to hold off the loan volume so they can get caught up. Like I said on Sunday, we absolutely believe that this is going to correct itself and that it is temporary. We do not yet have any concept of how long that’s going to take, but here’s what I do know each and every one of our clients who is eligible for a refinance is on a daily rate watch.
If you are on a daily rate watch, I’ve already contacted you individually to let you know this. And to let you know; that when the market corrects. When we see rates go down, and when we know that it’s the opportune moment to lock in your rate. You’re going to get an urgent call or email from us. When you get that call, we would ask for your cooperation and your urgency because rates are changing hourly. We’re getting multiple updates on the market worsening or getting better; every hour on the hour. So when we make that phone call, that means that we have found the opportune moment to lock your rate. And it’s time to strike while the iron is hot. More important than anything is that all of our valuable clients, friends, and family stay safe and healthy during this difficult time. If any questions come up, please feel free to reach out to all of us at team Amerifund. We wish you a safe, healthy, and happy time during this challenge. Take care.