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LendingQB and FirstClose Title Announce GFE Quoting Partnership
Feb 06, 2012

LendingQB and FirstClose Title have announced a partnership that combines instant "cash to close" quotes with real-time automated underwriting and loan pricing all within a unified loan origination platform. The integration enables mortgage lenders to reduce closing costs for borrowers and simulatenously populate guaranteed GFE data within the LendingQB loan origination system (LOS). “We actively seek out best pricing among major underwriters to deliver pure, unaltered comparative rate quotes,” said Cynthia Waterman, president and chief executive officer of FirstClose Title. “This allows us to present quotes which average $500 to $1,000 below competing GFE quotes, providing lenders with a ‘cash to close’ advantage that makes their offer more competitive and secures a relationship with a potential borrower more quickly.” The integration between LendingQB and FirstClose Title makes it easy for lenders to generate a Good Faith Estimate (GFE) quote directly within the LendingQB loan origination system. Lenders can quickly retrieve quotes for title insurance, settlement charges, recording charges, and transfer taxes and automatically populate the data to the GFE on their loan file. Lenders can save between 15 and 30 min. per loan file using the integration. But more importantly, FirstClose Title guarantees the accuracy of the GFE data, which protects lenders from having to cover costs due to poor GFE data entry. “As a loan origination system, our goals are to increase a lender’s efficiency and maintain data integrity,” said Binh Dang, LendingQB’s managing partner. “The integration with FirstClose actually goes beyond these goals and has a direct impact on a lender’s ability to drive revenue. It makes lenders more competitive by improving point of sale pricing and increasing consumer selection. When you combine FirstClose Title’s best-execution rate quotes with our automated underwriting and loan pricing technology all wrapped up in a web-based loan origination system, you’ve got a top-line technology platform that will have an immediate impact on a lender’s bottom line.”
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