Use our Home Equity Valuation Savings Calculator to see your potential savings in under a minute.
As the real estate market continues to face headwinds for purchase originations, home equity lending is an opportunity many lenders are leveraging. Because home equity lending is typically a no- or low-cost offering by most lenders, AVMs have grown in popularity since they deliver valuations quickly and inexpensively. Homeowners across the U.S. have an average of more than $320,000 in equity, and, all told, about 90% of homeowners have some level of “tappable” equity available for withdrawal. Moreover, homeowners with historically low first mortgage rates often opt for home equity products for renovations and debt consolidations rather than refinance their mortgage.
“Given continued tight mortgage market conditions, home equity lending is a bright spot for many lenders with expectations that it will only increase over the next several years,” said Ashley Jelinek, CEO of Corporate Settlement Solutions. “The key to profitable home equity lending though is efficient, accurate and cost-effective valuation of properties. Our analysis shows that lenders continue to see and take advantage of the value—both from a cost and timing perspective—of using AVMs.”
About Corporate Settlement Solutions
Corporate Settlement Solutions (CSS) provides title, valuation and closing solutions for commercial and residential real estate transactions. The company’s real estate settlement solutions combine the personal touch and responsiveness of local providers with the geographic scale and technological superiority of large national providers. Its mission is to foster long-term partnerships that enable customer growth. Learn more at www.visitCSS.com