How the Pandemic Shifts Lenders’ Pain Points

COVID-19 has caused major shifts across all industries--and the lending business is no different.

In May and again in August of 2020, STRATMOR Group asked executives about what their biggest concerns are in the industry. The findings show that the pandemic has led to a number of major issues to weigh on the minds of those working in the mortgage industry.

According to the report, 38% of executives said that productivity and process-related issues were their top concern. The next biggest issue was working from home, as 21% said they were worried about how remote work would impact the industry. Forbearance was another key concern with 17% of those surveyed saying it was a cause for concern in the industry and 10% reported having technology concerns.

STRATMOR asked its August 2020 Operations Workshop attendees again to talk about what their main worries were six months after shelter-in-place rules began sweeping the country. 

By August, 41% of those surveyed said that capacity management was the number one concern. There were 24% who said retention and recruiting issues were a major problem and 16% were mainly worried about morale and burnout in the industry. Productivity and process concerns--which had been the main issue on executives’ minds just a few months before--was now a primary concern for 12% of those surveyed in August. 

The ways in which the industry has handled capacity management issues varies. In August, 25% of operations executives surveyed by STRATMOR said that they were managing capacity by increasing overtime. There were 15% of operations executives who had responded by hiring temporary staff and 13% who had shifted staff. 

When asked how they might address burnout and morale concerns, operations managers suggested solutions like virtual happy hours, a shorter week day once per week, assistance with benefits like childcare and dog sitting, and other solutions geared towards balancing employees’ work life and personal life.