Notarize is excited to announce its newest product offering, which creates an even more efficient and streamlined process for its real estate customers.
Title and Lender customers now have the ability to create and send home equity loans directly from their respective Notarize for Real Estate portals without having to build or maintain an integration.
This new offering is the latest way in which Notarize is helping Real Estate customers respond to the needs of the moment with an all-in-one platform that supports every type of transaction.
Here’s everything you need to know about HELOCs on the Notarize platform and what it means for Real Estate customers:
HELOCs — or home equity lines of credit — allow owners to tap into and leverage the pre-existing value of their property. Trillions of dollars in equity are tied up in homes nationwide, and HELOCs have been on the rise as homeowners continue to navigate rising interest rates and a turbulent housing market.
With this enhancement of the Notarize platform, Title Agents and Lenders alike can build, send, and manage HELOCs with greater efficiency while also providing a better customer experience.
The HELOC transaction type is now listed as a transaction type for all users of the Notarize for Real Estate product. Users are responsible for ensuring this transaction type is performed in accordance with applicable state laws.
The product will support HELOC transactions for properties located in most states. Several states are excluded due to attorney closing or other state specific requirements and should not be attempted. These states are Connecticut, Delaware, Georgia, Massachusetts, South Carolina, and Texas.
Real Estate customers in these states are not encouraged to submit transactions for HELOC closings.
HELOCs cost $99 per transaction if serviced by the Notarize on-demand notary network, or $45 per transaction if served by a member of your in-house notary team.
Creating and sending HELOC transactions on the Notarize platform works similarly to other Real Estate transactions.
And, that’s it! The remainder of the transaction creation process and signer experience will remain exactly the same. Due to the nature of HELOCs, users will be able to skip the Title Agent and Underwriter checks required of other transaction types.
Place an Order is available for these types of transactions. However, HELOC transactions currently do not support document collaboration with other real estate parties.
For additional guidance in completing a HELOC transaction, check out our resources for Lender-initiated HELOCs and Title-initiated HELOCs, as well as our self-guided tour.