How Zoom is Helping the Mortgage Industry

February 18, 2021
Kourtney Manley

When the Covid-19 pandemic broke out, in many countries, strict social-distancing guidelines were enforced to help control the virus and its effects. Many businesses were forced to close their workplaces and send their employees home to work virtually. This change, even though protective in thought, hurt many businesses and their operations. One aspect of operations that was hurt the most was the ability to communicate with peers and customers. The mortgage lending industry, specifically, saw this as a huge problem, as most of their business is done in person. Banks and lenders were forced to seek alternatives to solve this problem. A solution to the problem was the introduction of Zoom, a virtual meeting software, that became very popular in 2020. It has allowed mortgage lenders to effectively communicate with employees and customers, alike. This technology is really changing the way the mortgage process occurs, and this will only continue as we deal with the coronavirus. Let us look at what Zoom is and how it has helped the mortgage industry thrive, even during a global pandemic.

Zoom is known worldwide, and its renown has only grown since the beginning of the Covid-19 pandemic. Along with being used for business operations, it has also been used for virtual schooling.  I have personally used Zoom for both school and work, and I can vouch for its ease and reliability. It was very hard to adjust to doing everything from home as I was used to most interactions being face-to-face. This technology has made this adjustment much easier, so much so, that I could see it becoming the norm for many businesses, including mortgage businesses.

As I stated before, Zoom has allowed lenders to effectively communicate with employees and customers without the risks that come with meeting in person at this time. Employees can schedule meetings to discuss operations as much as they would like. Meetings can also be recorded and distributed to employees who were not able to attend, an underrated feature. For customers, they can set up meetings and advisory appointments to discuss their mortgages, virtually. The convenience offered by this is a reason why I could see Zoom becoming a staple in this industry and many others. Being able to do things like this from home is something that will be desirable even after Covid-19 is gone. Customers can also go on virtual home tours using Zoom and look at prospective properties. These benefits show how valuable Zoom is and will be in the future. I expect its use to continue to grow in the future.

Written by Kourtney Manley, Business Analyst at OnlineApplication

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