"Eric Schuppenhauer stated that while a broker model is beneficial, it lacks the flexibility that borrowers desire. He emphasized that accessing home equity is a practical way to finance major expenses."
"Schuppenhauer noted that the lock-in effect of low mortgage rates is driving homeowners to seek HELOCs instead of cash-out refinancing, as they look for liquidity options."
"The Real Estate Advisory Council, consisting of over 50 industry leaders, aims to provide market insights and improve product development, ensuring that SoFi meets the needs of real estate professionals."
"SoFi's press release indicated that nearly three-quarters of homeowners plan to remain in their homes for the next two years, which is increasing the demand for home equity solutions."
SoFi is launching a Home Equity Line of Credit (HELOC) to meet borrower demand for flexibility in accessing home equity. The company recognizes that many homeowners prefer to maintain their low mortgage rates rather than refinance. HELOCs offer a practical solution for financing significant purchases like home renovations or education. Additionally, SoFi has established a Real Estate Advisory Council to gain insights from industry leaders, aiming to enhance its services and better support real estate professionals and their clients.
Read at www.housingwire.com
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