FirstClose, a fintech provider of data and workflow solutions for mortgage and home equity lenders, announced on Monday that it has formed a strategic alliance with property data provider Cotality to help lenders streamline home equity originations and close loans in as little as seven days.
The integration combines FirstClose’s point-of-sale and order management technology with Cotality’s property data, valuation, flood, tax, title and property condition services. The platform is designed to support the entire home equity lending process, from application and automated decisioning through valuation, title, closing and funding.
The companies said the integration allows banks, credit unions and independent mortgage banks (IMBs) to manage the origination process through a single workflow, with automated ordering and fulfillment of services.
The platform also integrates with several leading loan origination systems, helping lenders reduce duplicate data entry by automatically populating borrower, property and closing information. Document synchronization and integrated workflows are intended to reduce manual tasks, limit reliance on disconnected vendors and improve operational efficiency.
The alliance also gives lenders access to property and portfolio data to identify potential home equity lending opportunities among existing customers. The companies said the combined data and valuation insights can help lenders strengthen customer retention, engage borrowers proactively and develop more targeted lending strategies.
“Home equity lenders are under pressure to deliver a faster and more seamless borrower experience without increasing operational complexity,” said Tedd Smith, CEO of FirstClose. “Our relationship with Cotality brings together best-in-class property intelligence, workflow automation and integrated data tools to help lenders modernize originations and achieve a true seven-day close.”
Cotality’s property intelligence platform includes ownership history, valuation data, lien information, tax records, flood determinations and property condition insights covering more than 99% of U.S. residential properties, according to the company.
“Our collaboration with FirstClose reflects a shared commitment to putting people first by delivering a smoother, more intuitive home equity lending process through a more intelligent workflow,” said Adam Krahn, vice president of mortgage strategy and alliances at Cotality.
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.
