This is a guest post written by Mike Krumholz of Fairway Mortgage:Mike Krumholz

I wanted to give you an update on where things are in the Mortgage World to date.  Our market is currently very fluid, so we are getting updates all the time.  These changes are not unique just to Fairway – this of course is industry wide.   

Summary of how servicers impact the mortgage business and what is causing them to pause

To be very transparent the mortgage business is in a tough place currently.  It’s not because of lack of business… it truly is because of a bottleneck that is forming at the servicer level.  The problem arose from the fastest ever economic adjustment the world has ever seen.  Here is a high level explanation of how the process works:

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Palm Beach County issued Emergency Order #2 on March 26 to minimize the spread of COVID-19 which requires all non-critical businesses to shut down in the county. Included is a provision for REALTORS® which states that we are permitted to see our current transactions through to closing in accordance with CDC and FDOH requirements, but all future work must be conducted remotely and electronically. What does this mean for us? We can continue practicing real estate including listing homes, but we are not allowed to meet physically with our clients or customers. All showings must occur virtually, with no other parties being present. 

Up until this order was effective, there were sporadic showings and activity taking place during the month of March. We will…

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For the past several years, we have shared monthly market statistics showing recent activity in our area comparing year over year data for a particular month. It doesn’t really matter what February 2020 numbers are: Sales are up! Prices are up! Inventory is low!  Whatever. Everything has changed.

As a real estate professional, my job is to advise the facts of the marketplace rather than just the emotions of the marketplace. While the real estate business has certainly changed (work from home, few or no in-person showings, no open houses, etc), people still need homes. We have active Buyers and Sellers who are continuing to show interest in a real estate transaction in the near future. Sure there have been a few deals canceled, and buyer showings…

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Make your home in this magnificent Golden Harbour estate on the water and live close to the beach, house of worship, downtown Boca, shopping and dining.

East Boca Raton is booming and has become an internationally recognized destination served by three major airports as well as the Boca Raton Executive Airport. It is home to landmark hotels such as the world-class Boca Raton Resort and Club and the Mandarin Oriental Hotel currently under construction.

Ideally situated in the heart of Palm Beach County, you are a short drive away to Delray Beach's Atlantic Ave, Palm Beach's Worth Ave. and Fort Lauderdale's' Los Olas Blvd.

Golden Harbour is one of the most sought after neighborhoods in Boca Raton, nestled within the Intracoastal and it's waterways…

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