As a financial technology company, Lendsmart provides complete solutions for lenders, credit unions, banks, and non-bank lenders. One of the programs we have a solution for is a home equity line of credit or HELOC.

The loan origination process is time-consuming and costly for both lenders and borrowers. The booming real estate market, partially pushed by low-interest rates that also generate a demand for refinancing, creates even more reason for lenders to speed up the process while remaining compliant with regulations.

New technologies like artificial intelligence (AI) create a user-friendly environment for customers and provide high-performance, behind-the-scenes data analytics for banks and credit unions.

As we move from an unprecedented year to one of unclear mortgage rates and lending requirements, many lenders will be looking for new opportunities to better meet their clients' needs.

Home buyers and lenders alike await receiving a clear to close status, meaning all loan documents have been approved by the underwriter and that any conditions required for the loan to be approved have been met, so that a closing date can be scheduled.

Some borrowers may receive their down payment as a gift. While this is acceptable, it does require a gift letter from the person who gifts the funds. The gift letter is one of the important documents for the approval process. Lenders will need to ensure that the letter includes the…