“Gina and David are seasoned, highly respected HELOC experts who understand how these products work and who they are for,” said David Peskin, CEO of HighTechLending, in a statement. “They recognize the growing need for more flexible home equity solutions and bring the experience and credibility needed to help our broker partners deliver solutions that better align monthly payments with real-world cash flows.”
EquitySelect allows borrowers to set monthly payments as low as 1% of their annual loan balance, with a cap. Any unpaid interest is added to the loan balance and repaid when the home is sold or through a final balloon payment that does not exceed the value of the property. The second lien version allows homeowners to access the equity in their home without disrupting their existing first mortgage.
“High equity homeowners were often turned away due to one-size-fits-all underwriting,” Donaldson said in a statement. Yslas added that he has seen “thousands of loans declined over the years under traditional underwriting frameworks, despite significant home equity and a borrower’s ability to repay.”
According to them, EquitySelect tailors underwriting to the cash flow profiles of real borrowers, while maintaining disciplined lending standards.
The product is distributed through HighTechLending’s wholesale platform, which includes brokers, non-agency lenders, banks and credit unions
“We have received strong feedback from brokers about the product and its flexibility in serving homeowners where traditional options fall short,” Eric Ellsworth, the company’s chief revenue officer and executive vice president of sales, said in a statement. “Now that our full suite of EquitySelect products is live, we are focused on expanding support across all our distribution channels.”
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