Lending technology solutions provider FirstClose has debuted a new API as part of its partnership with software provider CRIF Lending Solutions.
FirstClose and CRIF Lending Solutions developed an intuitive and user-friendly interface that enables lenders to process home equity loans from one software solution, the company said.
With one press of a button, lenders can launch the FirstClose web interface directly from CRIF's ACTion solution. According to the company, when orders are placed from the FirstClose/ACTion interface, data points from the FirstClose Report are sent back to ACTion, automatically populating the appropriate fields.
“We are thrilled to partner with CRIF Lending Solutions to offer all of the features available within the FirstClose interface to CRIF customers,” said Tedd Smith, chief executive officer of FirstClose. “We believe that this integrated interface is a must-have for lenders processing home equity loans.”
The companies explained in a press release that with the integrated platform lenders are now able to:
· Order all settlement services from CRIF without needing to go to a variety of outside websites;
· Utilize current FirstClose vendors at a reduced cost;
· Maintain and use current vendors;
· Allow FirstClose to manage the vendor turnaround time on their behalf;
· Expect all returned reports to be automatically imaged in the CRIF system;
· Expect all data points, such as property value and flood determination, to be automatically populated into the CRIF system;
· Experience a reduction in human error and duplicate data entry due to increased automation; and
· Experience reduced processing and closing times.
“We are excited about how CRIF ACTion’s newest integration to the FirstClose settlement services platform will help our mutual clients improve efficiency, slash processing time and remove paper from the real estate lending process,” said Kyle Kehoe, president of CRIF ACTion division. “Our mission is to help our clicks remove friction from the loan process, and this upgraded integration is another big step in that direction.”