LenderClose Deploys HEx to Accelerate and Simplify Home Equity Lending
Automated technology enables community financial institutions to process home equity transactions faster, more efficiently, and provide a better experience for borrowers
LenderClose, a fintech committed to providing technological solutions to credit institutions, launched Express Home Equity (HEx), a cloud-native technology for placing collateral verification data and reporting through a smart, automated workflow, reducing the time it takes for credit unions and community banks to process a home equity loan. With HEx, lenders can spend significantly less time per case, with some existing clients reporting that their setup time has been reduced by as much as 60%.
HEx launched by LenderClose gives loan officers, processors or underwriters the flexibility to process and issue at a much faster rate than traditional methods of collecting subject property collateral data. The technology is built with a certain level of algorithmic intelligence to ensure that exceptions in the data collected are allocated for underwriting and portfolio risk tolerance purposes. The process of automating real estate warranty data is as easy as pressing “GO”. The resulting instant gratification through a single user interface (UI) for home equity loan teams reduces friction in the loan origination process.
“LenderClose and its HEx solution have built-in functionality through an automated workflow providing a consolidated user experience in a single user interface loaded with collateral verification data and reports critical to the home equity loan process,” said Andrew Deignan, Vice President of Product at LenderClose. “The technology is self-contained, which is radically different from how most loan processing is done today. Our focus on innovation remains in line with our brand promise of speed, efficiency and a better borrower experience ”.
“The pandemic has triggered a global trend of ‘nesting’,” Deignan added. “Many homeowners are reinvesting in their home office, kitchen and backyard. With HEx, community lenders have a tool to help them effectively reintroduce a new edge into the home equity lending space through more focused back-office technology and process. to give consumers what they expect, instant gratification. “
About LenderClose, Inc.
LenderClose is a technology-driven home mortgage and mortgage lending platform that injects speed and efficiency into the lending process, dramatically improving the borrowing experience. Based in Des Moines, Iowa, the rapidly growing financial technology company is focused on providing innovative lending solutions and automated workflows to credit unions and community banks. To learn more, visit lenderclose.com.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20210317005116/en/
Charlyne McWilliams / Ayesha Jamil
301-933-5567 / 678-781-7230
charlyne @ williammills.com / ayesha @ williammills.com