Traditionally, most lenders issue Home Equity Line of Credit (HELOC) to borrowers via paper-based check.
Not only is this process costly and time-consuming for the lender, but borrowers must deal with check cashing hassles at a local bank in order to gain access to their HELOC funds.
This means lenders do not own the complete financial relationship with their customers, and accordingly can lose out on significant business and revenue opportunities.
Lenders require a cost-effective payment solution that enables the elimination of
check issuance, and allows them to own the complete financial relationship with
In addition, the solution should enhance borrower payment convenience and HELOC funds access, while helping reinforce lender brand awareness during a borrower’s everyday transactions.
Mobile account access
hyperWALLET's platform enables independent providers of Mortgage and Home Equity Line of Credit (HELOC) products the opportunity to develop broader and stronger financial relationships with their customers, while delivering a more comprehensive suite of account services to credit applicants.
Through hyperWALLET, borrowers can manage, use, and access their line of credit funds more effectively including: