WOBURN, Mass. – Credit unions that use MortgageClick's Web-based platform to provide members with mortgage services now have access to a new home equity feature of the platform. The new home equity component provides a customized program that allows both members and staff to originate credit lines and loans over the Internet. Home equity loans can be offered in conjunction with first mortgages or as a stand-alone feature. Loan decisions are based on the CU's lending parameters and can be any combination of loan-to-value, FICO score, and underwriting ratios. MortgageClick's Web platform, powered by Prime Alliance technology, also offers a cross-sell function that automatically runs first mortgage approvals against the CU's home equity criteria.
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