Despite record-high home equity levels in the fourth quarter of 2018, HELOC volume has tumbled this year. Rising interest rates and new tax laws are suppressing demand for home equity loans, further fueling the competition among lenders.
In this environment, lenders need efficient and economical HELOC solutions to compete effectively while offering the products homeowners want.
Altisource, a leading mortgage services provider, offers a suite of products, services and solutions that streamlines the HELOC process, including valuation, title, settlement, tax, end-to-end loan fulfillment, loan certification and insurance — all from a single provider.
Altisource launched its hybrid HELOC valuation and title product, HomeVal, in April 2019. HomeVal satisfies title, tax and valuation requirements by providing an alternative to traditional title insurance policies at a much lower cost. The product also helps with margin constraints on HELOC loans.
“Originators want to speed up the underwriting process on a HELOC loan and need to keep closing costs well below traditional refinance and purchase transactions,” said Ben Hall, vice president of origination services, Premium Title at Altisource. “HomeVal is an economical alternative to traditional title insurance policies and appraisal reports,” Hall said.
Altisource also offers a range of services to meet the evolving needs of loan originators and correspondents. These include:
Trelix Mortgage Fulfillment Services: Combines mortgage experience, customer service and tech — collaborating at key stages of the mortgage lifecycle from application through servicing.
Premium Title: Customizable title and settlement solutions, including bulk services, construction lending, HELOC, purchase and refinance and reverse mortgage loans.
Springhouse: A national appraisal management company offering a full range of valuation products and services for today’s origination, loan servicing, default, REP and secondary markets.
“Originators are looking to diversify their product offerings, moving from a fixed cost to a variable cost operating model and digitizing the loan lifecycle on a consumer-facing and self-serve platform,” Hall said. “Looking forward, our biggest opportunity will be meeting these needs through our suite of products.”
John Vella, Chief Revenue Officer
John Vella began his financial career with the FDIC and Freddie Mac, later serving as chief sales officer for H&R Block's mortgage company, CEO of Household International's Automotive Business and president and CEO of Bear Stearns' EMC Mortgage Company.
Phil Huff, SVP Professional Services
Phil Huff brings experience with sales, operations, technology and strategy as CEO at mortgage technologies companies such as eLynx and Platinum Data Solutions.
Benjamin Hall, VP Origination Services, Premium Title
Benjamin Hall has over 15 years of national operations experience in title and settlement, specializing in product development, centralized fulfillment, system integrations and digitized solutions.