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Mortgage subservicer LoanCare has announced that it now offers an open-ended home equity line of credit (HELOC) servicing option to lenders nationwide.
The Virginia Beach-headquartered company subservices loans in all 50 states and is part of Fidelity National Financial, a leading provider of title insurance and transaction services to the real estate and mortgage industries. With the launch of its HELOC offerings, LoanCare now accommodates segmented, fully amortized, and interest-only HELOCs and provides interim servicing.
“Unlike a home equity loan where a homeowner borrows a specific amount and then makes regular payments during a fixed repayment period, a HELOC leverages a home’s equity, allowing the homeowner to obtain an open line of credit from which they can borrow up to a fixed amount as they need it,” LoanCare said in a statement. “It is a revolving debt instrument, meaning that as the loan balance is paid down, it can be borrowed again during the draw period.
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