One of the new features available in our Enhanced Loan Application is an application template to support HELOC and Home Equity Loan Applications. 

This template allows for lenders to digitally support their Home Equity market as interest rates rise and inventory. 

1. Turning on Home Equity Templates 
2. Key Differences in the Home Equity Template 
3. How to modify your Home Equity Template to your preferences 

1. Turning on Home Equity Templates 

By default, Home Equity templates will not be available to borrowers until your organization turns them on. You will need your organization admin to do this. Prior to turning the Home Equity Template on we recommend you click on the edit pencil to customize your template configurations. 

1. Logged in as an Org Admin - go to your account avatar in upper right-hand corner of your browser
2. Select Settings 
3. Go to Loan Applications
4. Toggle the Home Equity Template to On (Blue) 

2. Key Differences in the Home Equity Template

The backbone of the Home Equity template is built off the URLA template used for Purchase and Refinance Applications. This allows us to map the majority of the questions and data to your LOS and the 3.4 MISMO spec. 

What we've done to update the application is to change all question language references from Purchase or Refinance to Home Equity so there isn't any confusion to the borrower on the purpose of their application. To further streamline the application experience we hid several questions that are not applicable to Home Equity and HELOC applications.  

New Home Equity Questions

• The reason you are looking for Home Equity Financing 
• The total amount requested 
• Approximate property value 

Questions Hidden 

• US Military Service 
• Occupation
• Second Mortgage or Subordinate Lien
• All standard URLA declarations

Data Mapping 

• Loan Purpose maps to other in the Mismo/URLA spec 
• All standard URLA questions map to the 3.4 spec
• Reason for Home Equity Financing does not map to URLA, but is listed in the final review for lender benefit. 

3. Customizing Your Home Equity Template 

If you would like to further customize your Home Equity template you can do so by clicking on the edit pencil and using our template editor. 

• Adding custom questions
• Showing/Hiding available questions 
• Require/Make Optional questions. 

You can learn more about how to use our Loan Application Template Manager Guide.