Unlocking Home Equity For Your Clients Quickly And With Certainty
JULY 19, 2024 | 3-MINUTE READ
AUTHOR: KEVIN RANDOLPH
In June, Rocket Pro TPO launched an AI-powered home valuation process on home equity loans that gives instant certainty in home value, closes 5 – 7 days faster and saves clients $500 – $900 in appraisal costs. Let’s dive further into what an automated valuation model is and the value of considering your clients for a Home Equity Loan with Rocket Pro TPO when they need some fast cash.
When homeowners look to leverage their home equity for major expenses, renovations or debt consolidation, the accurate valuation of their property is crucial. This is where automated valuation models (AVMs) come into play, offering significant value to mortgage brokers and their clients, especially for those partnering with Rocket Pro TPO.
What is an Automated Valuation Model?
An automated valuation model is a technology-driven method that uses mathematical modeling to determine property values. AVMs draw data from various sources, including recent sales of comparable properties, tax assessments and specific property characteristics. This automated approach provides a quick and cost-effective way to determine a home's market value.
Why AVMs Matter For Mortgage Brokers And Their Clients
Efficiency And Speed: Traditional appraisals can take several days or even weeks to complete. AVMs, on the other hand, can generate property valuations within seconds. For mortgage brokers working with Rocket Pro TPO, this speed translates into faster loan processing times and a quicker path to funding for their clients.
Cost-Effectiveness: Manual appraisals can be costly due to the involvement of licensed professionals who must inspect the property and analyze the market. AVMs reduce these costs significantly, making the loan process more affordable for clients and more efficient for brokers.
Consistency And Objectivity: AVMs, by relying on data and algorithms, offer consistent and objective valuations. This drives certainty in the amount of equity the client will receive at the closing table.
Enhanced Client Experience: By integrating AVMs into the home equity loan process, mortgage brokers can provide a smoother, faster and more reliable experience for their clients. Quick valuations mean quicker decisions, which enhances client satisfaction and builds trust. Clients will appreciate the streamlined process and the ability to access their home equity promptly.
Conclusion
In the competitive landscape of home equity lending, leveraging automated valuation models offers mortgage brokers a significant edge. The efficiency, cost savings and objectivity of AVMs not only streamline the loan process but also elevate the overall client experience. By partnering with Rocket Pro TPO and embracing such innovations, mortgage brokers can stay ahead and meet the needs of today's savvy homeowners.
For more information on how AVMs can benefit your brokerage and clients, give your account executive a call or login to the Rocket Pro TPO portal and explore the future of home equity lending.
About the Author
