Company’s bundled services streamline the second mortgage process and enable lenders to meet growing HEL demand
—Offerings help make lending decisions possible in as few as 1-3 days—
CANONSBURG, Pennsylvania – Aug. 8, 2022 – SingleSource Property Solutions, a leading provider of residential services supporting the U.S. housing industry, is celebrating the 20-year anniversary of the launch of its home equity service offerings. The company’s second mortgage services, which are available in economical bundles and include valuations, title products and online closings, are currently helping lenders meet growing demand for home equity loans (HELs) and home equity lines of credit (HELOCs).
Twenty years ago, SingleSource began offering services that helped providers of HELs and HELOCs better serve their borrowers while improving efficiency and reining in expenses. Today, those offerings have grown into a suite of services that are available in bundles to address the specific needs of each individual lender.
According to the Mortgage Bankers Association’s most recent forecast, residential mortgage volume during the second quarter was roughly 35% lower than the second quarter of last year and is expected to fall further in the third quarter. But home equity lenders are seeing phenomenal growth. For example, Bank of America Corp., one of the nation’s largest residential lenders, revealed in its second quarter earnings data that its quarterly HEL production has more than doubled from a year earlier.
Fortunately for junior lien lenders, loan requirements are less rigorous than for first mortgages, which allows SingleSource to provide bundled home equity offerings that make the loan process more efficient while reducing production costs.
“Over the years, our home equity offerings have been greatly enhanced with the latest technology to help lenders succeed in today’s growing market,” said SingleSource Chief Operating Officer Ed Austin. “With our specialized home equity bundles, lenders are significantly reducing the amount of time and expense associated with closing a second lien transaction.”
Loan valuations are one of the biggest sources of cost savings for second mortgages compared to first mortgages. With SingleSource, a Morningstar-accredited valuation provider, lenders can skip full appraisals and obtain less expensive alternative valuations, such as drive-by reports, broker price opinions and automated valuation models with property inspections.
SingleSource also offers title opinions with E&O coverage on home equity. Available reports include the Legal and Vesting Report, the Current Owner Report and the Enhanced Property Report. All reports offer warranties with coverage up to $1 million.
Additionally, SingleSource offers a range of solutions and closing services, including online closings, for home equity lenders through its national network of notaries and attorneys.
“Whether it’s valuations, evaluations, data products, title reports or online closings, our bundled offerings can help lenders capitalize on our nation’s record-breaking growth in home equity,” Austin added. “We have streamlined the home equity process so lending decisions can be made in as little as one to three business days.”
To read more about SingleSource’s bundled services for home equity loans, visit www.singlesourceproperty.com/home-equity/
SingleSource is a leading provider of property services supporting the U.S. housing industry. Founded in 2000, the company offers nationwide solutions in valuations, title & settlement, property preservation, REO asset management, and document management. SingleSource supports a broad cross-section of clients in the financial services industry including servicers, originators, banks, credit unions, investment banks, and hedge funds. The company has completed more than 5 million home valuations, facilitated over $4 billion in REO sales, and currently supports 40,000 closings a year and 250,000 field services units a year. The company stands apart for its superior experienced staff, sophisticated technology, and vibrant corporate culture that fosters diverse ideas in good times and bad. SingleSource is based in Canonsburg, Pennsylvania, near Pittsburgh. For more information visit www.singlesourceproperty.com.