LoanCare, a ServiceLink company based in Virginia Beach, Va., is now servicing service open-ended home equity lines of credit (HELOC) through new technology and enhanced HELOC processes.
According to the company, LoanCare
will use the Consumer Loan Workstation, a part of the LoanSphere MSP servicing system offered by Black Knight Inc., to accommodate the 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.”
Separately, LoanCare announced it has begun utilizing DocMagic to add eVaulting capabilities to its process. This allows LoanCare to begin servicing loans registered with MERS as eNotes. The company said that its clients can now begin servicing loans stored electronically as eNotes, using an eVault that is secure, compliant and scalable while providing process transparency.