Mortgage Lenders

 

Payment Challenges for Lenders

 

Owning the complete customer relationship

 

Traditionally, most lenders issue Home Equity Line of Credit (HELOC) to borrowers via paper-based check.

Not only is this process costly and time-consuming for the lender, but borrowers must deal with check cashing hassles at a local bank in order to gain access to their HELOC funds.

This means lenders do not own the complete financial relationship with their customers, and accordingly can lose out on significant business and revenue opportunities.

 

Instead, Financial Institutions process and capture revenue from the borrower’s transactions, keep the HELOC float interest, and generate additional business via the up selling of financial products and services – all while reinforcing the FI's brand and deepening their financial relationship with the lender’s customer.

 

Reducing payment cost, enhancing funds access

 

Lenders require a cost-effective payment solution that enables the elimination of check issuance, and allows them to own the complete financial relationship with their borrowers without involving 3rd parties.

In addition, the solution should enhance borrower payment convenience and HELOC funds access, while helping reinforce lender brand awareness during a borrower’s everyday transactions.

 

 

The hyperWALLET Solution

 

 

	Mobile account access
	Brandable Prepaid Cards >

Home Equity Line of Credit Payment Solutions

 

hyperWALLET Systems allows independent providers of Mortgage and Home Equity Line of Credit (HELOC) products the opportunity to develop broader and stronger financial relationships with their customers, while delivering a more comprehensive suite of account services to credit applicants.

 

Online & Mobile: The hyperWALLET solution allows lenders of credit to deliver a brandable electronic payment service to its borrowing customers over both online and mobile channels.    Prepaid Cards: In addition to the customer self-servicing capabilities, hyperWALLET also offers integrated and branded prepaid card services that offer customers an easier, more direct method of accessing their line of credit funds for real-world spending. The branded prepaid card solution functions the same way as any common banking card issued by financial institutions. Borrowers may use the card at ATM or POS locations to make purchases and access their line of credit funds directly. For added spending convenience, multiple cards may also be issued for single line of credit account.

 

 

Features

 

Through hyperWALLET, borrowers can manage, use, and access their line of credit funds more effectively including:

 

Transfer funds from the HELOC to their bank account at any financial institution Online and Mobile access to view line of credit transactions Retrieve account statements anytime, anywhere Make bill payments directly from their HELOC Payroll deposits directly to the borrowers line of credit account hyperWALLET administration applications allow customer service agents to conduct transactions at the request of the borrower.