According to the recent report released by TransUnion at the Mortgage Bankers Association’s 2017 Annual Convention and Expo, the number of consumers who originate HELOCs are expected to double over the next five years.
After the housing market crashed in the last decade, the homeowners have been extremely conservative with their housing debts. After the recession, HELOCs usually upsurge and plunge along with the home equity deviations, however that did not happen. There was a significant pullback in lending, as banks considered the loans too risky and too difficult to originate, given the stricter underwriting guidelines that were implemented. Due to lesser demand in the market, some of the lenders just got out of the business and the borrowers did not have the equity because the home prices had fallen.
However, the tables have turned now. The TransUnion report states, around 10 million consumers are expected to take out a HELOC from 2018 to 2022, doubling the count of 4.8 million consumers who took out HELOCs from 2012 to 2016. In the recent report, TransUnion projects 1.4 million new HELOC borrowers in 2017 & 1.6 million in 2018, which would be a 30% increase from previous two years of 1.1 million in 2015 and 1.2 million in 2016. Growing home prices and increase in home equity is beginning to fuel higher interest in HELOCs.
While lenders are getting back in the game to make up with the businesses they have lost in the refinance market with the new updates/forecast of the industry with HELOCs. In order to cash in on this market trend and satisfy their lender clients, Title Agents, must be able to deliver Title Searches across the nation using a robust network comprised of online databases and nationwide network of abstractors, as well as deliver at unbeatable turnaround times while maintaining 100% accuracy”. To meet lender’s expectations without an increase in fixed costs, Title Agents can leverage service providers who have the right mix of domain expertise and technology.
SLK Global Solutions’ flagship product SmartProp®, a technology enabled property title search solution for ownership and lien reports delivering property reports within 4 hours*. This web-based platform offers nationwide reach in placing and tracking of orders, assures quick transactions with complete visibility of the changing order status and can be integrated with leading title production platforms like ResWare™ too. In addition, SLK Global’s suite of products also includes SmartTrak®, a technology enabled solution for municipal lien search and property tax reports backed by a financial guarantee.
Title Agents can simplify their operations with one partner who delivers both property search and tax searches with SLK Global Solutions proprietary technology enabled platforms SmartProp® & SmartTrak®.
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