LenderClose, a U.S.-based proprietary, technology-focused lending platform, announced on Wednesday it has launched Home Equity Express (HEx), which is described as 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.
LenderClose reported with HEx, lenders can spend significantly less time per file, with some existing clients reporting their origination time has reduced by nearly 60%.
“HEx 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.”
While sharing more details about HEx, Andrew Deignan, Vice President of Product at LenderClose, stated:
“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. 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.”
Founded in 2015, LenderClose stated it was established with the key belief that innovative technology would empower community credit unions and banks. The company’s platform equips loan originators with the workflows needed to boost efficiencies and shorten the lending scale through “streamlined and meaningful” integrations.
“LenderClose’s forward-thinking platform and award-winning technology compile all of the information lenders need, in one, single hub. The LenderClose solution enables credit unions and community banks to streamline the lending process and shorten the lending cycle to generate a better borrower experience.”