Mortgage Brokers Offered Fast HELOC Fundings, High Payouts

A newly launched mortgage broker-focused platform aims to streamline and enhance the digital home-equity line-of-credit process and deliver a combination of robust conversion ratios and the highest compensation in the industry.

MCM Holdings Inc., operating under the Wholesale Mortgage Direct brand, recently adopted Hitch’s lending technology to power its new digital HELOC platform, MyEQNow. MCM said it aims to transform the broker experience by simplifying the loan origination process.

Among the benefits brokers are promised online by MCM are applications that take as few as four minutes, fundings as fast as four days, and the “industry’s highest compensation.” In addition, broker loan originators are provided with their own unique link for prospective HELOC borrowers to apply and receive pre-approvals. A custom, branded landing page and point-of-sale page has underwriting embedded in it.

Denis Kelly

“Our mission at MyEQNow is to empower brokers with an easy-to-use next generation home-equity origination platform,” MCM Holdings Chief Lending Officer Denis Kelly said in the press release.

Kelly explained that they are targeting self-employed borrowers who don’t qualify for digital HELOCs. Although other non-qualified mortgage wholesalers are offering HELOCs, they reportedly don’t digitize their process, making it “slower and clunkier.”

Advanced artificial intelligence is combined with expert human oversight, which MCM said triples the application-to-funded loan conversion ratio compared to platforms that rely solely on automated underwriting. Bank statements can be digitally submitted for self-employed applicants to qualify.

Kelly projected monthly fundings at the Miami Lakes, Florida-based company will reach $30 million through the new platform by the end of the year, depending on market conditions, and potentially reach $100 million a month by the end of 2026.