With rising interest rates and home prices, many homeowners are planning to stay put. Enter the Home Equity Line of Credit (HELOC). Unlike a first lien, a HELOC leverages the home’s equity as a source from which homeowners can borrow against for any number of reasons from home improvement projects and college tuition, to paying down other lines of debt.
Because we’ve been servicing HELOCs for years, LoanCare has a comprehensive understanding of the special nuances involved. Such as knowing what’s required to appear on monthly statements, ensuring interest calculations are accurate, and setting up the HELOCs correctly when the loans are on-boarded.
Specifically, LoanCare can accommodate segmented, fully amortized, and interest only HELOCs. We provide interim servicing and other capabilities to include:
- Private label checkbooks for customers to access their draws
- Customized monthly statements
- Assistance with line of credit management
- Lien monitoring assistance
- Ability to service non-property secured lines of credit such as artwork, car, etc.
“Mortgage lenders are turning over rocks for cross-sell opportunities within their existing portfolios, and we expect home equity lending to grow remarkably in the next few years,” said Dave Worrall, President of LoanCare. “LoanCare’s proven capability to subservice open-ended home equity lines of credit allows our clients to confidently offer this important product to their customers.”