Frequently Asked Questions

Yes, home equity loans can be refinanced under certain circumstances. This can be beneficial if you want to secure a lower interest rate, access a larger loan amount, or consolidate debt. However, refinancing typically involves closing costs such as loan origination fees, appraisal fees, and title search insurance fees.

Coviance's cloud-based platform offers several benefits over traditional, on-premise solutions:

• Scalability: Coviance easily scales to meet your growing loan volume without additional hardware investment.
• Accessibility: Authorized users can access the platform securely from any internet-connected device, improving flexibility and remote work capabilities.
• Reduced IT Costs: Our cloud-based deployment model eliminates the need for expensive hardware and software maintenance, minimizing IT burden.
• Automatic Updates: Coviance handles software updates automatically, ensuring you always have access to the latest features and security patches.
• Enhanced Security: We offer robust security measures to protect sensitive borrower and loan data.

By leveraging cloud technology, Coviance offers a cost-effective, scalable solution for automating your home equity lending process.

Home equity loans are a type of loan secured by a borrower's home. The borrower receives a lump sum of cash based on the appraised value of their home minus their existing mortgage balance (equity). They repay the loan with interest over a fixed term.

Home equity loans typically offer lower interest rates than credit cards or other unsecured loans, saving borrowers a significant amount of money on interest charges over the life of the pre-consolidated loans. Additionally, consolidating debt into a single monthly payment can simplify budgeting and make it easier to stay on track with repayments.

Home equity loans offer a valuable service to your customers, allowing them to access funds for important expenses like home renovations, education, or debt consolidation. By offering home equity loans, your organization can deepen relationships with existing customers, attract new customers, and generate additional non-interest income.

Coviance's platform offers a number of features to lenders that can help improve the loan process:

• Automated workflows: Automated document collection and verification, freeing up lenders' time to focus on other tasks.
• Data validation: Ensure that all of the information submitted by borrowers is accurate and complete, reducing the risk of errors and delays in the loan process.
• Instant property condition reports: Borrowers submit photos of their home, helping lenders  make more informed decisions about loans.

Coviance's platform is designed to make the loan process faster, easier, and more efficient for both lenders and borrowers. By automating tasks and improving data validation, Coviance reduces the time it takes to close loans. These efficiencies empower lenders to originate more loans and get money to borrowers faster.

Coviance's platform uses data-driven communications and decision-making to streamline the loan process. Lenders close loans faster by automating workflows, data validation, and property condition reports.

Coviance's platform offers a number of operational benefits for home equity lending:

• Reduce errors: By automating tasks and improving data validation, Coviance reduces the number of errors in loan applications, saving lenders time and money by reducing rework.
• Improve efficiency: Coviance's platform streamlines the home equity lending process to close loans faster and increase loan origination volume and profitability.
• Reduce costs: By automating tasks and improving efficiency, Coviance reduces the overall cost of originating home equity loans.

Coviance’s HMDA Compliance Validation Tool actively incorporates the latest changes from the Consumer Financial Protection Bureau (CFPB) for HMDA submissions, automatically reflecting current requirements. Our solution is the only one that validates HMDA at the file level, saving hours, days, or weeks in data collection and submission. Coviance enables lenders to pinpoint errors and find gaps in reporting on a monthly or quarterly basis.

Coviance's platform delivers a strong ROI for home equity lenders in several ways:

• Increased Loan Volume: Faster processing times and streamlined workflows enable lenders to originate more loans and grow their business.
• Reduced Operating Costs: Automation lowers administrative costs by eliminating manual tasks, reducing errors, and improving efficiency.
• Improved Borrower Satisfaction: A smoother and faster loan process leads to higher borrower satisfaction and potentially increased loan referrals.
• Enhanced Regulatory Compliance: Automated data capture and validation minimize errors and simplify compliance with regulations like HMDA.

By optimizing operational efficiency and improving borrower experience, Coviance helps lenders achieve a significant return on investment.

Coviance's platform automates a wide range of tasks in the home equity lending process:

• Loan Application Processing: Coviance automates data collection, document verification, and initial eligibility checks.
• Underwriting Automation: Coviance leverages data analysis and pre-defined rules to automate parts of the underwriting process.
• Document Management: Our platform automates document routing, storage, and retrieval.
• Borrower Communication: Automated communication tools keep borrowers informed throughout the loan process.
• Closing Automation: Coviance automates task assignments, document generation, and e-signature capabilities.

By automating these tasks, Coviance empowers lenders to originate loans faster, reduce errors, and free up staff time to focus on building relationships with borrowers.

Contact our Sales Team. Our knowledgeable team can connect you with the right partners based on your specific organization’s needs and existing technology stack.

Coviance's Partner Ecosystem brings together a wide range of industry leaders to provide financial institutions with a comprehensive solution for home equity lending. Our partners include:

• Technology Providers: We integrate with leading loan origination systems (Encompass, MeridianLink, SyncOne) and other lending software to ensure a smooth workflow within your existing infrastructure.
• Settlement Services Providers: Connect with trusted partners for efficient title searches, appraisals, and closing services.

The Coviance POS integrates seamlessly with MeridianLink and Encompass. Application data flows directly into your LOS, eliminating redundant entries and improving your workflow’s efficiency.

Both! The Coviance POS is designed for mobile use, providing a responsive and user-friendly experience on smartphones. It is also fully functional on web platforms, offering flexibility to borrowers.

Our white-label setup extends to the borrower portal and the POS experience. This includes customization of the top banner, logo, and overall branding to match your institution’s identity.

The Coviance POS offers white-label capabilities with your lender’s branding, ensuring a seamless borrower experience. However, the prompts and questions on the application are standardized and cannot be customized.

The Coviance POS is specifically designed for home equity loans, including HELOCs. This focus ensures a streamlined, efficient process, eliminating unnecessary questions and simplifying the application for both borrowers and lenders.

Coviance’s POS simplifies your home equity operations by helping you process applications faster, capture higher-quality applicants, and make more informed lending decisions. This leads to improved overall performance and efficiency in your lending operations.

Lenders are often required to submit a single file per LEI (Legal Entity Identifier). With Coviance’s Easy File Appending feature, you can seamlessly merge external CSV files with those generated by our validation tool, making submissions smooth and error-free.

Yes! Our tool is updated annually with the latest requirements from the CFPB, ensuring that your submissions meet the most current standards. This proactive approach helps lenders stay compliant with evolving regulations.

Our tool offers the only loan-level validation in the market, allowing lenders to address potential errors as they occur. Additionally, it supports external CSV file appending, ensuring seamless, consolidated submissions for compliance. Coviance also delivers quarterly reports on missing data, providing ample time to correct errors before submission.

Coviance HMDA Validation simplifies the process through automated validation checks. This tool helps lenders identify errors in real time, ensuring that your HMDA reports are accurate and compliant. The tool reduces manual efforts, making it easier to submit reports on time.

HMDA (Home Mortgage Disclosure Act) is a regulation that requires lenders to report mortgage data to the Consumer Financial Protection Bureau (CFPB). The data helps regulators ensure that lenders are treating applicants fairly and in compliance with anti-discrimination laws.