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Home equity lenders chase faster turn times amid data and process gaps
The article says top-performing lenders can close under 10 days, while many others are still waiting due to fragmented visibility into valuation, title, and flood certification steps.
Mortgage News Daily highlights how home equity lending can stall when key loan information is split across separate systems, leaving processors to log into multiple files manually to check loan status and track valuation, title, and flood certification.
The outlet also ties the bottleneck to a broader visibility problem, saying lead data, loan officer activity, and pipeline status often live in different places, which can prevent lenders from getting a complete picture of performance and customer flow.
While demand for borrowing against near-record home equity is strong, Mortgage News Daily reports that lenders already closing in under 10 days are moving ahead, while “everyone else” is still on hold.
The piece points to technology aimed at streamlining the process, including ICE Business Intelligence with Velocify for unified reporting, Truework for income and asset verification, and eLEND’s new eXPRESS HELOC for borrowers seeking to access home equity without refinancing an existing first mortgage.