The Big Home Equity Comeback in 2022: Are You Ready?

Written By Legnd

By Nick Bauer, Marketing and Implementation Manager

2021 was a big year for new home loans and refinance lending. Lenders faced many challenges in closing these loans with the shortage of appraisers, agents, and brokers available to complete appraisals, evaluations, and property condition reports.

As the Federal Reserve Bank increases interest rates this year, borrowers will be turning away from refinances and look to home equity loans and HELOCs to borrow from. In fact, refinances comprised over 70% of the non-first mortgage loans and Home Equities comprised 28% in 2021, and it is expected that those numbers will flip heavily in favor of home equity loans in 2022.

Lenders are developing competitive home equity processes to take advantage of these opportunities to streamline and close their home equity loans faster and look for new products to combat the on-going evaluation and appraisal challenges.

Taking advantage of the latest in technology as well as consolidating vendors and utilizing compliant, alternative products will be crucial in creating a competitive edge with the increase in home equity lending which is happening right now.

Here at New Vista Solutions, we recognize these challenges and provide the lending community with an end-to- end settlement solution with cutting-edge products such as our FastTrack Home Equity Bundles, RON closing services, warranted AVMs, evaluations, and title searches, LoanProtect report, and a new, exclusive product called SmartView.

SmartView is a cost-effective product that is available in all 50 states and is an all-in-one evaluation and property condition report that allows the homeowner to take pictures of their property via an integrated app that sends the pictures back to speed up the completion of the report and geocodes the property location to eliminate any chance of fraud while eliminating the need for an agent to go to the property.

Vetting new vendors is costly and time consuming. New Vista Solutions has done all the work for you by vetting multiple, best-in-class providers that offer lenders continuity and reduce turn-times and time to close drastically.

Don’t get left behind. Contact New Vista Solutions for your free consultation today.

New Vista Solutions
14101 Highway 290 West
Austin, Texas 78737
866-721-9295
info@newvistasolutions.com

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SmartView™ - A New Game Changer For Home Equity Lending
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New Vista Solutions Attributes Success in 2021 To Innovation & State-of-the-art Technology — New Products slated for 2022