As the revitalization of Worcester brings new developments, housing and even a minor league ballpark to the city, community banks in the region have entered 2022 optimistic about potential commercial lending opportunities.
If ever we needed a crystal ball, it would be now. Since the start of the pandemic, banks have dealt with unprecedented disruptions and challenges. It appears that 2022 may be no different.
I’ve been in the business long enough to remember when the prime rate was set at 22 percent. I’m not saying that’s going to happen, but even if the prime rate doubles, companies’ ability and desire to borrow would change dramatically.
With the busy 2020 refi and purchase markets looking set to continue into 2021, lenders hope to lean on the investments they made last year.
For the mortgage industry, 2020 was a year filled with challenges coming at us from seemingly every angle. Moving forward into 2021, adjusting our strategies to meet these challenges will be the key to our success, and the success of our customers.
Prospective homeowners are likely to be eager for our help in 2021, and the industry is set to reap the benefits of investments made in software and hardware that have dramatically improved the customer experience.
