Your customers are expecting a digitally forward, transparent, and unified home equity lending experience. At a time when origination costs have reached a new high, no one can afford more inefficiencies that further compress margins, especially in the home equity space. The way to overcome inefficiencies and mitigate margin compression is through automation - with FirstClose.
FirstClose is a one stop shop for home equity so banks can close loans quickly, maximize profit, and stand out from the competition. And the misconception that community banks need to be bigger and more resourced to identify, adopt and maintain newer technologies to compete in the home equity space? Well, it’s ripe for disruption - with FirstClose.
FirstClose is the only company with a platform built solely for home equity, which is why it’s smarter, better, and faster than any other solution on the market. Its flagship product, FirstClose Equity, makes home equity a low-friction lending experience that consumers have come to expect. Consumers have one experience via a private labeled POS and borrower portal while loan officers, underwriters and processors never leave their LOS.
What sets FirstClose Equity apart from the rest?
- Borrower-Facing POS Solution: Gives your clients instant online feedback on their home valuation, available home equity & loan options.
- Decisioning Engine: Delivers credit decisions within 5-to-7 minutes.
- Automated Workflows: Includes the ordering of settlement services and enables you to complete the application through closing process in 5-to-10 days, versus the industry average of 45-to-60.
- Auto-Configure Workflow Scenarios: Increases speed, efficiency, compliance, and quality. Examples: Lending footprint, credit score, CLTV, property type, lien position, DTI, AVM vs. appraisal, etc.
- Easy & Secure Borrower Experience: Populates all customer information directly into your LOS without the need for manual re-entries.
- Intuitive & Streamlined Experience: Task lists and status indicators keep you and your borrowers engaged on required action.
- Complements Your System of Record: FirstClose Equity does not store data as everything is procured from the LOS. Each call to action initiates a data map to the LOS.
- Business Intelligence: Allows you to track everything, including where and why fallouts occur so you can segment your customers into appropriate course(s) of action to remarket.
- Schedule Signing Based on Your Business Preferences: Enables you to schedule signing based on your business preferences, such as self-service scheduling where you manage your own notary network or self-service with the use of an open network of notaries.
- Flexible Signing Options: Choose from a variety of signing methods, including IPEN, RON and Hybrid.
Whether you are looking to capitalize on the growing home equity market or up your game, we are here to help. Hear firsthand how FirstClose is enabling community banks to achieve:
- 77% reduction in time to close from application to funding
- 35% increase in online applications
- 25% increase in pull through
Get ahead of the competition faster and experience a quicker ROI with FirstClose.