Leading provider of real estate appraisal, title and compliance services bundles technology, processes and data analysis to accelerate home equity line of credit renewals
CLEVELAND, OHIO – July 31, 2014 – Accurate Group, a leading provider of real estate appraisal, title and compliance services, today announced the launch of its EquityRenew solution. EquityRenew is designed to help banks accelerate processing of the approximately $167 billion in home equity lines of credit (HELOCs) that will reset over the next three years. The solution is expected to help banks protect profits from HELOC defaults, reduce internal costs and time spent on analysis, and ensure regulatory compliance.
Consumers are facing the potential of a huge jump in monthly payments when the original terms, often interest only, of their home equity lines of credit expire. This puts banks in the difficult position of determining how to best handle billions of dollars in home equity loans to minimize delinquency or default. Under new guidelines from the Office of the Comptroller of the Currency (OCC), in order to issue new terms to borrowers, banks must treat each expiring HELOC as a new loan. This means title analysis, property valuation and underwriting on thousands of home equity lines.
Accurate EquityRenew combines technology, processes and data analysis to quickly and thoroughly evaluate each HELOC, identify red flags related to title and property liens, issue an accurate and compliant appraisal on each property, and provide the bank with a report and online dashboard to help them take the appropriate action needed for each HELOC.
“Our goal with the EquityRenew solution is to offload the tedious and voluminous task of evaluating each HELOC and provide banks the data they need to notify the borrower of their options well in advance of the HELOC reset date,” stated Paul Doman, president and CEO of Accurate Group. “As the leading home equity appraisal, title and compliance company nationwide, Accurate Group is uniquely positioned to help banks tackle this problem. We have proven technology, processes and experts in place, so banks can be confident in handing off HELOC assessments to us, allowing them to keep their internal resources focused on client service and growing their business.”
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