LoanCare, a ServiceLink company, announced last week that added new technology and enhanced processes that will allow the company to service open-ended home equity lines of credit.
According to the company, LoanCare will use the Consumer Loan Workstation, a part of the LoanSphere MSP servicing system offered by Black Knight.
Through the system, LoanCare can accommodate different characteristics of HELOC programs, including variable and fixed interest rates, promo rate capabilities, flexible draw periods, after-draw period rolling into a repayment period, and flexible draw options.
“The commitment to servicing such loans is a key strategic initiative of LoanCare, enabling us to service both closed-end mortgage loans and HELOCs,” Dave Worrall, president of LoanCare, said in a release.
“Our new fulfillment offers expanded servicing products to our clients and provides us with market differentiation,” Worrall added. Additionally, our investment in technology and training, coupled with our experience in default services, allow us to service both performing and non-performing HELOCs.”