Most of us are just finishing week seven of working from home. I’m not sure about you, but for me, this has been the most difficult week so far to stay focused on the work that needs to be done. But, seeing that over that same time period 30 million of our fellow Americans have lost their jobs, certainly jumpstarts the energy level. That, and the sunny weather forecast for the first week of May in Northern Michigan.
The good news is that so far, we are doing well given the challenges. Our North Olmsted teams have completed weeks of record volumes and done an excellent job. Similarly, our Michigan branch personnel have worked hard under circumstances placing them in the same proximity with customers. Although purchase volumes have been low, this past week brought improving news. Purchase transactions are up 12% from the previous week while rates dropped again to record lows.
As you all have been reading, life isn’t going to return to normal overnight. In fact, we all will have to learn new normals for months to come. We will have some bumps in our business as the full impact of the unemployment takes effect. Some borrowers who were approved before they lost their jobs won’t be able to close their loans. Credit standards for obtaining loan approvals are rising which will slow the volume of new loans. Some lenders are pulling back from making home equity loans.
Please know we are positioned to deal with these challenges as they arise. In the meantime, Kevin, Kyle and the Ops Team are working hard to bring in some new business for us to work on and our Administration team members continue to provide terrific support to all of our efforts to produce the desired customer results. So, keep the energy levels up! Stay productive like you have been, and we hope to see you all in the office again as soon as the health advisors indicate it is safe to do so. Thanks!