The COVID-19 pandemic has wreaked havoc on the mortgage industry, but it is pushing the market forward with changes and adaptation to better serve private borrowers. Despite the long list of challenges, the mortgage industry is resilient and has been determined to move forward.

The number of completed homes ready to be moved is, perhaps, a sign of resilience in the mortgage industry. The current tally of 76,000 completed homes ready to be moved is still below pre-COVID-19 levels, but shows signs of recovery and potential economic growth. This figure is steadily increasing with more lenders innovating and adapting to the new market.

The key components to the mortgage industry’s resilience in the current market include:
• Flexibility: Lenders are being more flexible in their loan requirements, tailored offerings, and other criteria.
• Adaptation: A variety of lenders from non-banks to government loan programs are innovating and adapting to the current market.
• Recovery: Steady increase of completed homes ready to be moved as the market recovers.
• Growth: Potential economic growth due to resilience in the current market.

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