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Lender Support Program Announced

Management consulting firm, BlackFin Group, who specializes in mortgage banking, launched a COVID-19 Lender Support Program. The program provides up to 10 hours of advisory support to a mortgage lender.

The Lender Support Program assists mortgage lenders with the identification and development of business strategies to more effectively cope with the impact of the COVID 19 pandemic. Mortgage lending is critical to the overall US economy and BlackFin Group recognizes that each lender is facing unique and unprecedented challenges navigating the hurdles brought on by COVID-19 and the unintended consequences of the recent federal stimulus package. The Lender Support Program is available now and currently has no expiration date.

Keith Kemph, CEO of BlackFin Group, said, “unfortunately, COVID-19 is impacting every aspect of mortgage lending. And, when considering Mortgage lending is historically recognized by Wall-Street as the backbone to the US economy, coupled by the fact that one U.S. mortgage loan requires the single largest data set and compliance requirements to complete a transaction—in the world; leadership at mortgage lenders nationwide are facing unprecedented challenges. Added to those complexities, lenders are now called on to triage, process, and close each mortgage loan application in a mostly remote work environment with limited approval by states for on-line notary services and limited county e-recording availability. These seismic challenges coupled with fluid and unpredictable operational and lender issues mean that lenders are truly struggling.”

Kemph added, “I’m proud to say that our team of veteran mortgage industry consultants recognized these challenges and wanted to do something about it. Without hesitation, our conclusion was that during unprecedented times like these, we are all called to pull together and meet the moment and that is what our COVID-19 Lender Support Program is intended to do. We want to be here for the industry at a time when they need us most.”

To expand on the challenges lenders face, Lloyd Booth, COO at BlackFin Group said, “in the new COVID-19 work from home lending environment, challenges now range from customer explanations of forbearance with little long-term understanding of its actual implications to appraisals, to remote operations, remote notary services, various technology gaps, and potential security risks. The continued exodus of mortgage investors is impacting consumer loan availability, loan program requirements, pricing and a lender's overall position in their marketplace. It’s fair to say that lenders, by no fault of their own, have been called on to jump full force into crisis management. And, it’s not like they’ve had months leading up to this, it’s been a matter of weeks. If our COVID-19 Lender Support Program can help the lenders in our industry then mission accomplished.”

BlackFin Group indicates they have a team of expert industry consultants ready to help remotely on a wide range of topics including crisis management, leadership strategies, business planning, sales, marketing, operations (HR/Comp), technology, remote notary (RON), and secondary optimization.

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.

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