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The FirstClose Report, an instantaneous, bundled report developed by First Lenders Data Inc. (FirstClose) that delivers a title search, flood certification, valuation, and property information with $500,000 of lien protection insurance on every loan, is helping loan officers effectively address the steady stream of Home Equity Lines of Credit (HELOCS) that are resetting through 2018. The patent-pending FirstClose Report enables lenders to order the documents they need to quickly and effectively refinance resetting HELOCS—all delivered within 30 seconds, within one report.
“When considering the sheer number of resetting HELOCs, we saw a real need to help mortgage lending operations lower costs, reduce turn-times and shorten closing windows,” said Timothy R. Smith, chief revenue officer of First Lenders Data (FirstClose). “Our FirstClose Report offers lenders who are proactively reviewing their loan portfolios with an eye toward refinancing those HELOCS a way to reduce closing times from 40-plus days to less than 10 days by delivering an instant report that includes everything lenders need, while reducing costs by an average of 40 percent, and decreasing risk with $500,000 of A+ XIII rated lien protection insurance per loan.”
The unique solution enables lenders to offer their customers a better “application to closing” experience by virtue of its shortened length, improved accuracy and increased efficiency. At the same time, the drastic reductions in time, money, and risk improves the lender’s ability to better serve their customers and compete more successfully in an industry filled with compliance hurdles and increased costs.
Specifically, the FirstClose Report instantly provides lenders with: Instant owners and encumbrance/property reports, including $500,000 of lien protection insurance; instant property valuations including quarterly AVM validation; and instant flood certifications–including life of loan monitoring and a copy of the flood map.
Lenders can choose from a myriad of property valuation providers and any of the top flood certification companies in the industry. In addition, lenders can customize the report to include add-on services including property condition reports, desktop valuations, 2055 drive-by appraisals, 1004 full appraisals, and full ALTA Title insurance for larger loan amounts and lower FICO scores. By design, The FirstClose Report satisfies all the risk and compliance requirements placed on lenders.
“Our FirstClose Report is an effective way for lenders to address the resetting HELOCs in their loan portfolios,” Smith said. “By delivering everything their lending operations need within 30 seconds and for significantly less than what they pay today, we’re achieving our goal of helping lenders reduce their closing times, increase their efficiencies, and drastically reduce their cost and risk.”