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The FirstClose Report reduces costs and closing times

Refinance and home equity loan solution gives lenders everything they need to close in one file

With innovation and customer feedback top of mind, FirstClose developed a refinance and home equity loan solution, the FirstClose Report, that gives lenders everything they need to close within one file.

logoThe FirstClose Report offers a fully customizable interface that can be used on home equity loans, home equity lines of credit, second mortgages and refinances from any bank, credit union or mortgage lender. It is also applicable to lenders’ servicing divisions for portfolio reviews, REO properties, default and loss mitigation.

“The FirstClose Report is all about enhancing efficiency, streamlining operations and ensuring compliance for lenders,” said FirstClose Chief Executive Officer Tedd Smith.

“Many of the innovative solutions that we have implemented are customer-driven, including the FirstClose Report. Lenders wanted information quickly and succinctly, and FirstClose worked hard to make that happen.”

The report utilizes multiple data sources and proprietary algorithms to deliver current market values, interior and exterior property photos, flood certifications, copies of the deeds, liens, judgments, transaction history, subject property data and tax information — instantly.

The ability to get accurate, compliant information in one place allows lenders to save time and money. In one case study, the FirstClose Report was able to reduce application-to-fund turn times by 10 days. In 2017, the average turn time for the report was less than 30 seconds, with ancillary manual services delivered in 1.8 days.

The FirstClose Report can also reduce traditional property report costs by an average of 40%. One lender compared costs on 334 HELOC applications and found that after implementing the FirstClose Report, they were able to save $113,319.

“FirstClose customers love that the technology of the FirstClose Report is easily implemented via the web or through their loan origination system and has the ability to be tailored to their own unique underwriting guidelines,” FirstClose Chief Revenue Officer Tim Smith said.

Customers also appreciate that they can receive all necessary information instantly, within one comprehensive report. And, the report allows them to choose from nationally recognized providers, as well as keep local vendors. The fact that the FirstClose Report dramatically reduces both costs and closing times is icing on the cake.

“The FirstClose Report is truly the first of its kind. The report uses cutting-edge technology and nationwide data sources to achieve the optimal balance between costs and efficiencies, while maintaining regulatory compliance in the mortgage lending industry,” Tedd Smith said.

The report is the product of the environment FirstClose has cultivated which allows innovation to thrive internally at the employee level and externally through customer feedback.

“Innovation is a driving force within FirstClose and is the foundation of our success. As one of our corporate core values, the desire for use of technology to streamline lending pushes our ongoing innovation to ensure we continue to progress and remain ahead of the competition,” Tim Smith said.

PRODUCT: FirstClose Report

SNAPSHOT: The FirstClose Report is the first comprehensive refinance and home equity loan solution with capabilities to deliver title, flood, valuation and other important data in one report. By tapping multiple data sources and utilizing proprietary algorithms, the FirstClose Report keeps lenders in compliance while reducing both costs and closing times.

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