aboutMYmortgage.com announced today that it has entered into a strategic collaboration with Spring EQ to be the preferred provider of Home Equity Loans. Now any aboutMYmortgage.com Preferred Servicer not currently providing home equity loans will have a turn-key solution to better retain their current portfolio and create more opportunity with their existing customer base. Spring EQ helps both the customer and the servicer win – customers can keep their below market rates on their first mortgage while still accessing the equity in their homes and the servicer retains the underlying account by avoiding the refinance.
“aboutMYmortgage.com is extremely excited to enter into a relationship with such a distinguished company as Spring EQ,” said Tim Allen CMB, Founder and CEO. “This arrangement not only helps homeowners searching for financial alternatives to free up the equity in their homes but also mortgage loan servicers dedicated to providing the best service for their customers.”
According to a recent study by Black Knight, homeowners with an existing mortgage with at least 20% home equity held an additional $5.4 trillion in home equity in 2017, an increase of $735 billion from the previous year. In addition, 75% of the nation’s accumulated equity is held by borrowers with first-lien rates well below prevailing refinance rates.
“Spring EQ has already seen a beneficial impact for the mortgage loan servicers we are working with, and we are excited to extend these benefits to a wider audience of aboutMYmortgage.com’s servicers,” said Jerry Schiano, Spring EQ’s CEO. “Our focus on home equity and leveraging technology lets our investors win because our people, process, and platform can cost effectively generate high quality products. Most importantly customers enjoy a simple and easy process from start to finish, where Spring EQ has been consistently closing and funding loans to the delight of our customers in under thirty days, often in less than two weeks.”
Tim Allen added, “With the rise in interest rates for first mortgage loans, home equity loans in many cases are more beneficial than refinancing for homeowners. They are quickly becoming an important portfolio retention tool for mortgage servicers.”
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