Borrowers Can Tap Substantial Home Equity With a HELOC or a HEL
U.S. home equity has reached a new record high. Nationwide, the total home equity is $28 trillion, with an astounding $6 trillion added in the past two years.
OpenClose is committed to serving lenders that are seeking qualified prospects for a home equity line of credit (HELOC) and Home Equity Loans (HEL). When equity is riding high, a HELOC or HEL is an attractive proposition. At OpenClose, we can provide a streamlined digital HELOC or HEL solution for our clients. Many consumers have a need to draw funds from the equity they have amassed in their home and use that money for special projects. Some homeowners are looking to make home improvements to their property. Others are realizing college tuition is higher than they expected, and they need the cash. Either way, many homeowners are considering tapping their home equity in the form of a home equity loan or a home equity line of credit.
Simple and Seamless
To make the process as simple and seamless as possible for the lender, OpenClose has built the ultimate equity lending system necessary to meet the needs our customers’ and their borrowers.
Our system was built with simplicity for the borrower in mind. This includes, prepopulated fields for known borrowers; automated credit-related workflow so the borrower doesn’t need to complete repetitive fields; automated income and asset verification and streamlined loan conditioning according to rules set in place by the lender. All of this is accomplished in a real-time collaboration portal.
Today’s borrower is too sophisticated to wait for multiple layers of approval when they are a known commodity to the lender. In many cases, this is not their first loan and if the lender is successful at repeat business, this is not their first loan with your institution.
Borrowers Can Apply from Any Device
Your borrowers can apply for a HELOC or HEL from their desktop, laptop or hand-held device within your lending ecosystem. With such ease of use, borrowers don’t want to wait days to receive approval. By adding home equity lending conditions to your LOS from OpenClose, the consumer can be serviced almost immediately.
Now is the time to seize your existing customers with an equity product. At OpenClose, we can add HELOC and HEL lending to your platform as soon as you tell us to build-out the tech stack. Don’t wait another minute, contact us, today.