Mortgage brokers can earn 1.5% on HELOC draw amount
Symmetry Lending, a mortgage lender focused on home equity lines of credit (HELOCs), has increased broker fee payouts on its standalone HELOCs, creating income opportunities for mortgage professionals.
Approved mortgage loan officers and brokers can now earn 1.5% on the draw amount of standalone HELOCs, with no maximum payout limit. Symmetry will also maintain the option for a $500 broker fee on their Piggyback close and post-close HELOC offerings.
However, Symmetry noted that the broker processing fee is unavailable in Iowa due to regulatory restrictions.
According to the company's press release, the move aims to provide financial flexibility to homeowners and income opportunities to mortgage professionals.
"HELOCs continue to gain a lot of interest among homeowners, offering financial flexibility and options to those who aren't looking to buy right now," said Kurt Wheeler, vice president of strategic partnerships. "Increasing the payouts on Symmetry's Standalones offers a big opportunity for our clients to increase their income while the first mortgage market remains challenging."
Read more: HELOC providers must do more to compete with alt lenders
Symmetry Lending specializes in providing HELOCs to mortgage brokers, wholesalers, and retailers across the United States. Since its establishment in 2018, the Atlanta-based lender has facilitated the origination of nearly 50,000 HELOCs, with a total funded amount exceeding $7.2 billion. The company serves as the master servicer of the loans originated and currently manages a servicing book of over $4 billion.
In addition to Georgia, Symmetry Lending has additional offices in Arizona, California, Colorado, Florida, Hawaii, Minnesota, and Nevada.
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