"Our members can now complete a home equity closing in minutes whether in-branch, with a mobile notary, or remotely, said Austin Coleman, senior vice president of mortgage lending at America First Credit Union. We've turned what was once a slow, paper-heavy process into a seamless, fully digital experience that's faster for our members, easier for our staff, and consistent across every loan type."
"As homeowners tap into record levels of equity, home equity loans have become a core growth and retention strategy for many lenders, said Camelia Martin, vice president of eMortgage strategy and industry affairs at Snapdocs. Digitizing home equity closings allows lenders to meet that demand while improving efficiency and delivering the experience consumers expect."
"According to the Mortgage Bankers Association (MBA)'s most recent Home Equity Study, cited by Snapdocs, originations of open-ended HELOCs and closed-end home equity loans rose 7.2% year over year in 2024, while total outstanding home equity debt increased by more than 10%. Nearly 40% of consumers are using home equity loans for debt consolidation, the association reported."
Snapdocs and MeridianLink integrated systems to automatically return signed documents after closings, reducing manual work, improving accuracy, and shortening cycle times. America First Credit Union implemented the integration to digitize home equity closings and reported a Net Promoter Score of 100 following implementation. Members can complete home equity closings in minutes in-branch, with a mobile notary, or remotely, transforming a paper-heavy process into a seamless, fully digital experience that is faster for members, easier for staff, and consistent across loan types. Home equity originations rose 7.2% year over year in 2024 and outstanding home equity debt increased over 10%, with nearly 40% of consumers using equity loans for debt consolidation. The integration aims to help lenders meet growing demand and improve operational efficiency.
Read at www.housingwire.com
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