LenderClose, a fintech engaged in providing technology solutions to lending institutions, has launched Home Equity Express (HEx), a cloud-native technology for placement of collateral verification data and reports through an intelligent, automated workflow, reducing the time it takes credit unions and community banks to process a home equity loan. With HEx, lenders can spend significantly less time per file, with some existing clients reporting their origination time has reduced by nearly 60%.
HEx launched by LenderClose gives loan officers, processors or underwriters the flexibility to process and originate at a much faster rate than the traditional ways of collecting subject property collateral data. The technology is built with a certain level of algorithm intelligence to ensure exceptions in the data collected are earmarked for underwriting purposes and portfolio risk tolerance. The process of automating real estate collateral data is as simple as pressing “GO.” Resulting instant gratification via a single user-interface (UI) for home equity lending teams to operate in, reduces friction in the process of loan origination.
“LenderClose and its HEx solution has built-in functionality via an automated workflow providing a consolidated user-experience into a single user-interface loaded with critical collateral verification data and reports for the home equity lending process,” said Andrew Deignan, vice president of product at LenderClose. “The technology is self-driven, which is drastically different from how most loan processing is done today. Our focus related to innovation remains in line with our brand promise, speed, efficiency and a better borrower experience.”
“The pandemic kicked off a global ‘nesting’ trend,” Deignan added. “Many homeowners are reinvesting in their home office, kitchen and backyard spaces. With HEx, community lenders are given a tool to help them effectively reintroduce a new edge to the home equity lending space through a back-office technology and process which is more focused on giving consumers what they expect, instant gratification.”
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