AUSTIN, Texas –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 credit unions and their members effectively address the steady stream of Home Equity Lines of Credit (HELOCS) that are resetting through 2018. according to the company. The patent-pending FirstClose Report enables credit unions to order the documents they need to quickly and effectively refinance resetting HELOCS – all delivered within 30 seconds, within one report, the company said.
“When considering the sheer number of resetting HELOCs, we saw a real need to help credit union lending operations lower costs, reduce turn-times and shorten closing windows,” said Timothy R. Smith, Chief Revenue Officer of First Lenders Data, Inc. (FirstClose). “Our FirstClose Report offers credit unions who are proactively reviewing their loan portfolios with an eye toward refinancing those HELOCS a way to reduce closing times from 40+ days to less than 10 days by delivering an instant report that includes everything credit unions and their members need, while reducing costs by an average of 40%, and decreasing risk with $500,000 of A+ XIII rated lien protection insurance per loan.”
The company said the unique solution enables credit union lenders to offer their members 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 credit union’s ability to better serve their members and compete more successfully in an industry filled with compliance hurdles and increased costs.
Specifically, the FirstClose Report instantly provides credit unions with:
- Instant owners and encumbrance/property reports, including $500,000 of lien protection insurance
- Instant property valuations including quarterly AVM validation
- Instant Flood certifications – including life of loan monitoring and a copy of the flood map
Credit unions can choose from a myriad of property valuation providers and any of the top flood certification companies in the industry. In addition, credit unions 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 credit unions.