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FirstClose Adds Desktop Valuations to Decrease Turn-Around Time & Reduce Costs

FirstClose, a provider of end-to-end technology solutions for refinance and home equity lenders nationwide, announced the addition of Desktop Valuations to its stable of bundled products.

Desktop Valuations are evaluations using interactive analytical methods and valuation tools. Lenders can choose to have the Desktop Valuation completed by FirstClose’s in-house team of licensed, real estate valuation specialists or completed and signed by a licensed appraiser ensuring USPAP compliance. Desktop Valuations replace costly expenditures associated with 2055 (drive-by) and 1004 (full) appraisals. Lenders can also add a Property Condition Report to a Desktop Valuation, which will provide an external inspection, current photos and overview of property condition.

“One of our customers decreased closing times by 25 percent and saved more than $1.1 million in the last 12 months by implementing Desktop Valuations in lieu of costly drive-by and full appraisals,” said Tedd Smith, co-founder and chief executive officer of FirstClose. “FirstClose is proud to offer these kinds of hard cost savings to ultimately give our customers a competitive edge as they reduce closing times for borrowers.”

Desktop Valuations service highlights include:

  • The option of ordering a Desktop Valuation within a FirstClose Report package, with a Property Condition Report, or à la carte;
  • Comparable sale search parameters that are consistent with appraiser-level criteria;
  • Delivery within 72 hours of order acceptance, including estimated value, low value, high value, confidence score and comparable sales used to determine value;
  • Nationwide coverage.

Client FirstClose’s unique, comprehensive solution provides an effortless way to process all home equity loans and home equity lines of credit.

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