Altisource's Premium Title and Springhouse recently announced the launch of HomeVal, a home equity line of credit (HELOC) hybrid solution that provides combined title search and valuation data for lenders. According to Altisource, consolidation of title and valuation information in one report can help lenders shorten the amount of time it takes to close a HELOC loan.
“Lenders originating HELOC loans often absorb consumer closing costs due to market demands on small balance transactions,” said ALtisource in a statement. “HomeVal provides lenders an economical solution to satisfy title and valuation requirements at a lower cost than traditional title insurance policies and property appraisal reports.”
Key features of HomeVal include:
- Tier I: Express – Provides estimated value, confidence score, last sold price and date, assessed value and year, current owner and full legal description.
- Tier II: Full – Provides features included in Tier I: Express, plus historical listing and sales information, sales comparable details, market analysis, property photographs and property taxes.
- Tier III: Complete – Provides features included in Tier II: Full, plus manual review of comparable selections to ensure property characteristics are relevant to the subject valuation and a full report of monetary liens recorded after the first mortgage.
“We are in a unique position to leverage two Altisource businesses, Premium Title and Springhouse, and provide a unified solution to support the HELOC lending market,” said Ben Hall, VP, Premium Title. “Receiving title search and valuation data in one report, at a low-cost and in a timely manner, helps lenders to be more efficient in underwriting HELOC loans. We continue to listen to and anticipate the challenges that arise for our customers.”