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FirstClose Updates Its FirstClose Report

NationalMortgageProfessional.com
Sep 26, 2016
​First Lenders Data Inc. has announced that it has introduced a change to its Equity Protection Program for lenders using its FirstClose Report

First Lenders Data Inc. has announced that it has introduced a change to its Equity Protection Program for lenders using its FirstClose Report. Equity Protection Program is a unique credit risk management solution offered through a partnership with Van Wagenen Financial Services that gives lending institutions the ability to increase loan volume by expanding loan-to-value (LTV) thresholds and underwriting guidelines without increasing exposure to risk.

For a nominal fee, lenders can expand LTVs up to 133 percent, increase their loan/line amount up to $250,000, with a debt ratio limit of 43 percent and FICO scores as low as 660 on loans and 680 on Home Equity Lines of Credit (HELOCs) while covering the entire amount of the loan in the event of default.

“With Equity Protection Program, lenders can increase their home equity volume by 15 to 25 percent simply by expanding their loan to value and underwriting guidelines,” said Timothy R. Smith, chief revenue officer of First Lenders Data. “It’s a smart way for lenders to eliminate REO expenses and protect their balance sheet. And, no charge off or costly foreclosures are required.”

Published
Sep 26, 2016
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