Hightechlending Hires Two Industry Veterans To Expand Home Equity Platform

National mortgage lender HighTechLending has hired Gina Donaldson and David Yslas as account executives from First Tech Federal Credit Union to grow its home equity line of credit (HELOC) platform.

Donaldson and Yslas bring extensive experience in home equity and nonqualified mortgage (non-QM0 lending. They will focus on expanding EquitySelect, a home equity product designed to function more like a credit card. Launched in September as a first-lien HELOC, the product added a second-lien version in January.

“Gina and David are seasoned, highly respected HELOC experts who understand both how these products work and who they are meant to serve,” David Peskin, CEO of HighTechLending, said 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 annualized loan balance, subject to 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 will not exceed the property’s value. The second-lien version enables homeowners to access home equity without disturbing their existing first mortgage.

“Equity-rich homeowners were often being declined due to one-size-fits-all underwriting,” Donaldson said in a statement. Yslas added that he’s 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 aligns underwriting with real-world borrower cash-flow profiles, while maintaining disciplined credit standards.

The product is distributed HighTechLending’s wholesale platform, which includes brokers, nondelegated lenders, banks and credit union

“We’ve received strong feedback from brokers on 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.”