Today, FirstClose Inc., provider of lending solutions, announces their integration with MeridianLink Consumer, the loan origination system formerly known as LoansPQ. The companies have teamed up to create a first-of-its-kind home equity solution for lenders, combining the power of both teams to streamline lenders' entire fulfillment process.
As a single loan origination system, MeridianLink consolidates and streamlines applications from all channels to ensure an easier process for bank and credit union staff, as well as an improved experience for customers.
About 62% of all properties saw their equity jump by 20% in the first quarter of 2021 from a year earlier, according to CoreLogic. This represents a collective cash gain of close to $2 trillion. The average gain per borrower was $33,400.
Frank Martell, president and CEO of CoreLogic, said, “Homeowner equity has more than doubled over the past decade and become a crucial buffer for many weathering the challenges of the pandemic. These gains have become an important financial tool and boosted consumer confidence in the U.S. housing market, especially for older homeowners and baby boomers who’ve experienced years of price appreciation.”
Lenders who have already begun using this solution saw a 35% increase in online applications, a 25% increase in pull through, and a 30% reduction in turn time.
Tim Smith, chief risk officer of FirstClose, said, “The demand for a simple and easy way to get instant feedback on a home value, available home equity and instant loan decision while applying for a Home Equity Line of Credit has become a business imperative. We could not be more pleased with our partnership with MeridianLink and our combined ability to meet the home equity needs of our joint members and customers.”
For more information on the integration between MeridianLink Consumer and FirstClose Inc., please visit www.firstclose.com.
