In its 2018 study, J.D. Power predicts a boom in HELOCs, stating the number of consumers taking out a home equity line of credit will double to 10 million in the next five years.
Are you prepared?
According to its recent new study – J.D. Power 2018 U.S. Home Equity Line of Credit Satisfaction StudySM – a high number of millennial homeowners see the advantage of HELOCs, with 59% of millennials gathering HELOC information via a desktop and 50% through smartphones or tablets.
So, how can you capitalize on the digital trend and attract this next generation of borrowers?
Focus on the Digital Experience
The J.D. Power study evaluated six factors of the HELOC process and key variables that influence consumer choice, satisfaction and loyalty: offerings and terms, application/approval process, closing, interaction with the lender, billing and payment, and post-closing and usage.
One of the key findings was the digital experience is the key to customer satisfaction for younger borrowers. To attract these borrowers, lenders need to increase digital and mobile offerings and revamp processes to accelerate turn times.
A large number of the Top Rated Home Equity Lenders in consumer satisfaction work with Accurate Group. Accurate Group leads the market in home equity solutions, offering the most comprehensive, technology-driven home equity product suite on the market today. Working with Accurate Group gives lenders turnkey digital solutions that accelerate loan cycle times across three key functions – appraisals, title and closing.
Home Equity Appraisals
ValueNet™ from Accurate Group is the industry’s leading home equity appraisal suite and is in use by 20 of the top 25 home equity lenders nationwide. ValueNet offers both exterior and interior appraisal options that can be used on all home equity and portfolio loans regardless of loan amount, while still conforming to FIRREA requirements. ValueNet could reduce your cost per loan by more than 10 percent, while also accelerating application-to-close cycle times – demonstrating why the ValueNet suite of products is the leading choice of Top Rated Home Equity Lenders in the J.D. Power Survey.
Home Equity Title
Closing loans faster means having the right solutions for streamlining both home equity appraisals and title information. With EquityClear™ from Accurate Group, we facilitate the title search and automate the review of lien and vesting history using both public and non-public data sources. EquityClear leverages an automated clearance engine to produce a more accurate and useful title report. The benefits of EquityClear extend beyond reduced cycle times, delivering less risk and a better borrower experience.
Home Equity Closing
NotaryWorks™ is the digital experience borrowers are clamoring for in today’s marketplace. NotaryWorks from Accurate Group combines closing documentation, process workflows, e-signature technology and e-notarization in a web-based solution that streamlines the closing process for everyone involved.
NotaryWorks is the #1 home equity closing solution, delivering a truly digital experience with increased transparency and electronic audit capture that benefit both consumers and lenders.
Benefits of Using Accurate Group
The faster a lender can implement digital products and platforms, the more likely they are to achieve a distinct advantage over their competitors.
Accurate Group offers a full spectrum of technology-driven home equity solutions that deliver the digital experience and speed borrowers demand and the value lenders need:
- The right appraisal at a lower cost
- Accurate title information & lien clearance
- Fully-compliant, digital closing experience
- One point of contact nationwide
Working with Accurate Group for your home equity needs can save time and money. Contact us today to discuss how we can help you rank higher in consumer satisfaction.
Back to Blog