Mobile Device Technology Is Changing Home Equity Lending

It’s hard to believe that only 30 years or so ago, the Internet was relatively new to the general public. Back then, we were using dial-up modems and desktop computers running 100 megahertz processors, and the world was opening up to us through our keyboards. Little did we know then how technology would explode and allow us to do things that we couldn’t even begin to wrap our minds around.

Today, we can send and receive information in the blink of an eye, order daily necessities, trade stocks, pay bills, and more on our smartphones, tablets, and even watches. Truly amazing if you think about how far we’ve come, and now artificial intelligence is on the doorstep, potentially taking technology to even loftier heights.

Borrowers can now apply and get pre-approved for a home equity loan or HELOC through the convenience of their mobile devices. Lenders are now keen to leverage and embrace today’s technology to take their lending process to the next level to keep pace with competitors, enhance the borrowing experience, and close loans quickly and efficiently.

The GSEs have also recognized that technology has advanced and made practical the adoption of alternative property evaluation products and services. The COVID pandemic certainly had a profound influence on the GSEs as well as lenders receiving in a timely way appraisals, drive-by evaluations, and property condition reports. Social distancing made them challenging to complete, thereby delaying the delivery of the appraisal or evaluation.

Now, technology exists for borrowers to take an active role in accelerating the home equity lending process to fund their loan faster than ever before. Using a smartphone and a mobile app, borrowers can take geocoded, timestamped pictures of their home and instantly return those photos to the evaluation provider, drastically saving time and reducing costs.

New Vista Solutions is excited about the positive feedback coming from lenders who have adopted this technology and offers these new applications for interior and exterior evaluations, property condition/evaluation reports, and hybrid or desktop appraisals. New Vista Solutions partners with best-in-class property valuation providers and invites you to learn more about how to implement this cutting-edge technology.