AUSTIN, Texas–FirstClose, a provider of technology solutions, has announced the addition of the FirstLook Report, which the company said is the first instant prequalification tool for mortgage lenders.
The FirstLook Report allows lenders to efficiently prequalify borrowers by providing one instant multi-service report that includes credit, property valuation, flood zone indicator, title search, tax and MLS information, according to the company. This all-in-one report complements the FirstClose Report, which serves home equity/consumer lending departments at banks and credit unions.
“The FirstLook Report is comprehensive enough to provide lenders with all the information they need to make an informed decision about proceeding to the next level in the loan origination process with a potential borrower, while saving them valuable time and money,” FirstClose said.
The company added that lenders are armed with granular, detailed information about FICO/credit scores, current market value, property type and description, census tract data, historical photos of the property, satellite images, APN/Tax ID numbers, last sale/1st and 2nd mortgage loan amounts, LTV, CLTV, legal descriptions, confidence scores, tax assessed values, sales history, square footage and more.
“We created the FirstLook Report because we had not seen anything available to lenders that could help them in so many different ways at once during the complex loan origination process,” said Tedd Smith, CEO of FirstClose. “Not only does this report give them an idea of everything they will eventually need in order to extend credit on real estate secured loans, but it also empowers them to make faster decisions at a very minimal cost.”
For info: www.FirstClose.com.