ValueInsured, a company that provides down payment insurance for borrowers, is now also offering equity protection for borrowers who want to refinance their mortgage.
The company announced the new offering during the Mortgage Bankers Association Annual Conference in Denver this week.
Earlier this month, ValueInsured announced that it raised $6.5 million to fund the company’s growth, and now ValueInsured is growing beyond its flagship offering.
Through the +Plus Equity Protection program, borrowers pay a premium in exchange for ValueInsured agreeing to reimburse up to the full amount of their equity if the borrower needs to sell at a loss in the future and market home prices have fallen.
“Like down payments, home equity represents a large portion of homeowners' savings,” said Joe Melendez, CEO of ValueInsured.
“That’s why we’re excited to expand our mortgage coverage options and now offer equity protection on home refinances,” Melendez said. “As we continue to attract more lender partners, the addition of coverage for refinances rounds out our offering and protects the vast majority of all home loan transactions.”
According to the company, the +Plus Equity Protection program is now available immediately through ValueInsured's current network of retail loan officers, correspondent lenders and wholesalers nationwide.