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Home equity loan turn times fall after credit union expands closing options
Everwise Credit Union cut average home equity loan closing times to about 15 days, a 65% improvement, after it worked with FirstClose and added mobile notary closings.
Mortgage News Daily highlighted how technology choices in the mortgage and home equity lending process can shift operations from “replace” to “help.” The outlet also discussed broader issues around AI use and compliance, including the question of accountability when automated advice leads to harm.
The report noted that many homeowners have near-record home equity and that roughly half hold sub-4% mortgage interest rates, making it unlikely they will refinance into higher rates. Instead, lenders are seeing increased demand for accessing equity, which has put pressure on closing timelines across the industry.
Everwise Credit Union is described as facing longer processing and closing times, with home equity loans averaging 40 to 45 days to close. It also cited the burden of in-branch signings that required some members to drive an hour or more.
To reduce delays, the credit union expanded its relationship with FirstClose, ordered settlement services directly through FirstClose’s MeridianLink integration, and added mobile notary closings. Mortgage News Daily said the changes reduced turn times to about 15 days, improving by about 65% and helping make home equity one of Everwise’s top lending products.