Digital mortgage closings are getting renewed attention with the industry forced into social distancing to contain the coronavirus. Remote online notarization can help, though it’s not allowed in all states yet.
Credit unions tend to offer mortgages with lower interest rates than other lenders. However, their share of originations is relatively low and the gap between them and banks in terms of interest rates has narrowed.
The homeownership rate hit a six-year high at the end of last year, with low interest rates helping homebuyers even as prices increased at a steady pace. Low inventory of homes for sale could lead to affordability issues this year.