Enhanced broker fees and revised draw periods aim to boost competitive edge
Specialized lender Symmetry Lending has updated the rates of its Standalone Home Equity Line of Credit (HELOC) products.
In a strategic move, the company has also adjusted the draw period for all its HELOCs, reducing it from 10 years to five years. Symmetry said these changes are designed to provide more tailored solutions to borrowers who have closed on their first mortgage more than 120 days prior.
“Symmetry’s been working hard to adapt our programs to meet the current needs of our mortgage broker clients and their customers,” Symmetry president and chief financial officer Ken Zongor said in a press release. “I believe these rate changes and other program updates will help our clients to grow their business, increase their income, and remain more competitive in the market.”
The announcement follows the company’s recent moves, which have included enhanced broker fees on its Standalone HELOC and the introduction of its 1st Lien HELOC. These initiatives are part of the company’s broader strategy to adapt its programs to the evolving needs of mortgage broker clients and their customers.
Founded in 2018, Symmetry Lending LLC specializes in providing HELOCs to mortgage brokers, wholesalers, and retailers across the US. Symmetry also acts as the master servicer for most of the loans it originates, currently managing about $4.0 billion in its servicing book.
Stay updated with the freshest mortgage news. Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
