This cookie is set by GDPR Cookie Consent plugin. These cookies ensure basic functionalities and security features of the website, anonymously. Necessary cookies are absolutely essential for the website to function properly. “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.” “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. Your success is our success, and we work every day toward our common goals. A happy HELOC customer is much more likely to turn to you when it is time for a new home loan or another financial service. The quality service we provide and your customer’s experience with our online tools help retain your customer… your customers. Our superior loan servicing programs work for you and your customers. Ability to service non-property secured lines of credit such as artwork, car, etc.Assistance with line of credit management.Private label checkbooks for customers to access their draws.We provide interim servicing and other capabilities, including: Specifically, LoanCare can accommodate segmented, fully amortized and interest-only HELOCs. LoanCare has a comprehensive understanding of the unique 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. Since this type of product requires the consumer to take on more responsibility, it’s essential that they have access to reliable, easy-to-use services that can help them manage their new loan. Providing your customers with suitable HELOC loan servicing solutions is critical to successful lending. Why choose LoanCare?īecause we’ve been servicing mortgage loans and HELOCs for a long time, our experience and economies of scale help your bank or credit union offer HELOCs even if you are new to them. There’s also client relations, investor remittance/reporting, risk mitigation-the list goes on. Compliance: Federal, state, local, and investor regulations.Business administration: Quality control and quality assurance.Default administration: Collections, loss mitigation, foreclosures, electronic default reporting, etc.Loan administration: Customer service/call center, website, escrow, payment/payoff, and more.Servicing a loan is more than collecting monthly payments.Ī comprehensive mortgage loan servicing solution like LoanCare is responsible for many aspects of managing a loan, for example, administrative, compliance, and fiscal core functions, including:
In addition, line of credit monitoring helps you avoid non-performing HELOCs in your loan portfolio.
Therefore among our loan servicing functions is monitoring the borrower’s credit to alert you if it has changed in a way that would affect their ability to pay back the line of credit you have provided. Your loan customer’s credit position may also change during the life of the loan. Timely awareness of other liens protects the equity supporting the line of credit you are providing. LoanCare can provide life-of-loan lien monitoring. For example, as homeowners engage in remodeling projects, it is normal for contractors and suppliers to attach liens to the property. Your risks in offering HELOCs:Īs is the case of any loan, but especially one as dynamic as a HELOC, there are ongoing challenges financial institutions will need to meet. Unlike a first lien, a HELOC leverages the home’s equity as a source from which homeowners can borrow for any number of reasons, from home improvement projects and college tuition to paying down other lines of debt. Enter the HELOC opportunity! But do you have HELOC loan servicing solutions that you are confident in using? However, homeowners are still interested in updating their living spaces, and more choose to enhance rather than replace. Many homeowners are delaying the sale of their homes due to the current market conditions, and this is affecting your loan volume. Enter the Home Equity Line of Credit (HELOC). With rising interest rates and home prices, many homeowners plan to stay put.
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