WFG’s latest article for MBA NewsLink explains why rising interest rates and record property appreciation are spurring a resurgence in home equity lending interest and activity.
With the road to refinancing now freighted with higher tolls, homeowners are shifting to home equity lending to fund renovations, pay down higher-interest debt or to meet other needs, including a long-postponed vacation.
As homeowners who seek to access funds shift from home refinancing to home equity borrowing, lenders will need to be ready to help with the knowledge and tools they need to service these consumers efficiently and with minimal As homeowners who seek to access funds shift from home refinancing to home equity borrowing, lenders will need to be ready to help with the knowledge and tools they need to service these consumers efficiently and with minimal added costs.
Finding a reliable vendor with which to partner will be valuable, and WFG has the technology and expertise to help.
WFG Enterprise Solutions, a division of Williston Financial Group, has a range of products and services in place to help home equity lenders serve their homeowner clients across the country, including traditional title insurance, junior loan policies, and master equity line loan policies with coverage up to $1 million. WFG also offers warranted informational products, such as legal and vesting reports and property reports for lenders looking for a cost-effective alternative to title insurance.
Supplementing these offerings are valuation services that can be coordinated for home equity lending purposes. Offered through WFG’s Appraisal Management Company, Valutrust Solutions®, a Williston Financial Group company, these home equity lending valuations include automated valuation services; desk reviews; and field valuation services, such as property condition reports and the recently introduced ValuTrueTM, a property evaluation report that gives lenders a complete suite of valuation services.
Valutrust Solutions’ services are available through the web-based Valutrust platform, which can be integrated with any loan origination system and industry partner. The Valutrust platform allows customized, single-source ordering and lender-controlled, rule-based product selection. The platform dashboard allows monitoring of the progress by the client throughout the transaction. Lenders can also order WFG Lender Services’ title and closing services through the Valutrust platform.