Speed, Functionality and Valuation Important for Home Equity LOS
Home Equity Lending News
By Tony Garritano
Jason Sorochinsky, DFCU
In the current challenging mortgage market, home-equity lending remains a bright spot. To get the most return out of this channel, more lenders are looking to their loan origination systems to automate home-equity line of credit and closed-end second lending. Speed, functionality, and integrated valuations are among key factors being analyzed by mortgage technology executives.
For the team at Digital Federal Credit Union, speed was a deciding factor when they decided to switch to the LOS developed by Blue Sage Solutions LLC. The traditional home-equity lending process took DFCU three to seven days to complete, but they envisioned a future where it could all be done in 30 minutes.
“Speed to originate was critical for us,” Jason Sorochinsky, head of mortgage lending at DFCU, said in an interview. He noted the Blue Sage LOS is a modern and flexible system that automates the loan origination process from application to post-closing. The platform was designed to be highly customizable, allowing lenders to tailor it to their specific needs and requirements.