Borrowers everywhere are seeking new ways to tap into their home equity. But with rising mortgage costs and high interest rates, refinancing doesn’t always make the most sense. That’s where HELOCs come in for many homeowners. HELOCs allow homeowners to borrow smaller amounts when they need it, helping to keep monthly payments lower and helping avoid unnecessary debt.
To help homeowners explore their home equity options, lenders, investors and others in the industry should consider leveraging tech-backed services. Timely, cost-effective and more accurate property pricing estimates are an important part of any institution’s strategy to help minimize risk in residential markets.
By leveraging selective data and cutting-edge technology, the solutions from homegenius Real Estate help lenders make informed and efficient decisions. As a result, turn times may not only be faster, but also may result in more accurate value estimates as well as potentially saving the borrower money.
The HELOC solutions provided by homegenius Real Estate include:
Automated Valuation Model (AVM): The AVM, known as geniusprice, allows users to estimate a home’s price by leveraging homegeniusIQ, homegenius Real Estate’s proprietary AI, image recognition and computer vision technology. The technology is designed to analyze images as well as predict objects of value and room conditions within a house. geniusprice is one of only five AVMs approved for Fitch-Rating RMBS transactions. The supporting real estate data is updated as frequently as every 15 minutes and offers confidence scoring at the property level.
Broker Price Opinion (BPO): The BPO provided by homegenius Real Estate allows users to obtain thorough pricing strategies and quality reviews from local and licensed real estate agents or brokers, along with the detailed property and neighborhood information they need to make quick and informed decisions. With an average turnaround time for both interior and exterior BPOs of five business days from order placement, users have the option of placing high-volume bulk orders to single order reports.
Amplified Appraisal Report (AAR): The AAR is a USPAP compliant hybrid appraisal solution provided by homegenius Real Estate and is designed to help reduce costs with faster average turn times than a standard appraisal at 5 business days or less. The AAR consists of an onsite property inspection completed by a local and licensed real estate agent or broker. That information is then provided to a licensed appraiser in the state who reviews the pertinent information within the inspection to set and support an opinion of value on the property.
Property Inspections: Property inspections, provided by homegenius Real Estate, offer users an onsite inspection completed by a local and licensed real estate agent or broker. Through this inspection, users receive an analysis of the property’s condition and neighborhood attributes, allowing them to make more informed decisions when it comes to HELOCs.
In an ever-shifting market, the suite of valuations solutions provided by homegenius Real Estate for managing valuations on large residential portfolios leads the way in their hybrid appraisal offering. With a focus on ease of use, accuracy, nationwide coverage and more, homegenius Real Estate clients have continued to use these solutions year over year.
Finally, by leveraging homegenius Real Estate’s proprietary technology, lenders and investors have access to more accurate information about the property when evaluating for HELOC eligibility. Through this suite of services that can be used in a waterfall approach to value, homegenius Real Estate helps homeowners take full advantage of their equity while helping mitigate risks for lenders.