VIRGINIA BEACH, Va., Oct. 20, 2017 /PRNewswire/ -- LoanCare, a ServiceLink company, announced today that it will now service open-ended home equity lines of credit (HELOC) through new technology and enhanced HELOC processes. With these recent developments to its technology and operations, LoanCare aims to create greater efficiencies and controls in the HELOC servicing lifecycle.
LoanCare will use the Consumer Loan Workstation, a part of the comprehensive LoanSphere MSP servicing system offered by Black Knight Inc. This workstation enables the company to accommodate many different features typically found with HELOC programs, including variable and fixed interest rates, promo rate capabilities, flexible draw periods, after-draw period rolling into a repayment period, and flexible draw options (conducted via wire, ACH to allow debit/credit access and check-writing access).
"The commitment to servicing such loans is a key strategic initiative of LoanCare, enabling us to service both closed-end mortgage loans and HELOCs," said Dave Worrall, president of LoanCare. "Our new fulfillment offers expanded servicing products to our clients and provides us with market differentiation. Additionally, our investment in technology and training, coupled with our experience in default services, allow us to service both performing and non-performing HELOCs."
About LoanCare, a ServiceLink company
LoanCare, a ServiceLink company, is a leading national provider of full service subservicing and interim subservicing to the mortgage industry and has offered its expertise and best practices in providing servicing solutions for others since 1991. At the present time, LoanCare subservices in excess of 1 million loans in 50 states, approximating $200 billion in loan balances. LoanCare has a seasoned loan servicing team with senior managers averaging nearly 30 years of experience in the mortgage and financial services industry.
Those interested in learning more about LoanCare's HELOC processes can contact Gene Ross, executive vice president of strategy and business development of LoanCare, at [email protected].
SOURCE LoanCare
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