Without these funds, they couldn’t start the renovation for the nursery—and the baby didn’t wait. The slow place and lack of transparency made them feel helpless, and ultimately meant that they were stepping over tarps and dealing with construction noise in their baby’s first weeks home. Why wasn’t the HELOC processing more efficient?”
Oftentimes, the home equity underwriting process for a HELOC prevents folks from getting approvals (and funds) quickly—which can be extra challenging when consumers are relying on the funds for immediate needs like welcoming a new baby home.
The speed and efficient processing of HELOCs could be greatly expedited with digitization efforts. But how will the digitization of underwriting platforms and blockchain utilization affect the home equity lending process? There are new technologies enabling the HELOC process to be done in one-tenth of the average time. These digital upgrades also enable greater transparency, easier servicing and distribution and better recordkeeping. Here’s how it works.