SharperLending LLC, provider of a secure Web-based platform that enables lenders to order, store and manage mortgage products at a single point of entry, announced that the company experienced its highest transaction volume in August with the ordering of home equity lines of credit products (HELOCs).
SharperLending reported 21 percent growth in HELOC products last month and 41 percent growth from the beginning of Q2 2005, according to the announcement.
The American Bankers Association Home Equity Lending Survey Report for 2004 reported that “Banks with HELOCs and HELs (home equity loans) average a 1 percent return on assets (ROA) overall, but earn 1.5 percent on their HELOCs and 1.25 percent on their HELs, which means that these two products are more profitable for banks than their average loans.”
“Bundled services platforms enable banks to strengthen their roles as lenders and create a sophisticated home equity lending environment. Home equity loans and lines of credit continue to rise in popularity, and so does the need and demand for more efficient methods in delivering these loans to borrowers,” said Dave Black, president and CEO of SharperLending. “The significant increase in our platform numbers since the beginning of the year is a reflection of the industry embracing home equity as a strategic business move, as well as the implementation of innovative technology solutions.”
SharperLending enables financial institutions and lenders to bundle ancillary services needed for a home equity loan and line of credit. The platform bundles all required data in a single environment for quick access. Reports are returned within seconds, allowing for the originator to provide a decision on the loan within minutes.
Headquartered in Spokane, Wash., SharperLending LLC, was founded in 1989 and offers a browser-based mortgage credit reporting system on the Internet. The company’s technology has processed more than 40 million secure credit-related mortgage transactions with more than 800 million trade lines. SharperLending LLC, has three divisions under its corporate umbrella: SharperLending Bundled Services Division, the bundled services platform; SharperLending Affiliated Credit Division, technology for the credit reporting industry; and EPN Solutions, the loan origination product packaging division.
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