Credit, Valuation, Flood, Tax, & Title in 30 Seconds
Instant Prequalification • Faster Loan Decisions • Eliminate Costly Appraisal, Title, and Settlement Costs by Obtaining Data Earlier in the Process
Instant Data Elements included:
The FirstLook Report is the first and only comprehensive pre-qualification tool to provide everything mortgage lenders need to make an instant decision on a borrower’s complete credit worthiness. All data is compiled into one easy-to-read report and returned within 30 seconds. Once pre-qualified, users have the ability to add their own title companies, appraisers, appraisal management companies, and other settlement providers at the click of a button with options to pass data and reports back into their loan origination system when available.
The FirstLook Report provides FICO credit scores from TransUnion with the option to include a full tri-merge credit report with scores from all three bureaus, including TransUnion, Experian, and Equifax. In addition to credit scores, the FirstLook Report provides OFAC terrorist watch alerts and fraud alerts. Since the FirstLook Report provides valuation data and outstanding loan balances, users also receive a preliminary look at loan-to-value and combined loan-to-value ratios required to make an informed decision to proceed with the next evolution in the underwriting process.
The FirstLook Report provides an instant market value of the subject property, supported by confidence scores, FSDs, high, low, and tax assessed values, land values, and improved values from the leading automated valuation models in the industry. The valuation is completed automatically utilizing sophisticated algorithms, market data, MLS data, recent sales, and comparable properties with additional supporting subject property details, including the number of bedrooms, bathrooms, square footage, and other important data to help lenders make an informed decision to proceed with ordering a full appraisal.
FirstLook also provides last market sales data, current listing status, active foreclosure status, association information, including estimated association dues, amounts, and frequency. Additional property details include land use, zoning, year built, lot size, stories, living area, whether there is a basement, pool, fireplace, garage, and other data in order to provide a comprehensive and complete overview of the property. Comparable sales, listing history, and nearby listings include the number of miles from the subject property, the addresses, sold dates, sold for amounts, square footage, year built, lot size, and a full map of all of the comparable properties so the user can see where the comps lie in relation to the subject property.
The FirstLook Report delivers a basic or life-of-loan flood zone determination in seconds from the largest flood determination company in the industry. Flood data is summarized on the first page of the report and a PDF copy of the certificate is attached as well. When available, the system automatically transmits the data and the PDF into the lender’s loan origination system where flood data fields are automatically populated with the appropriate flood and HMDA data.
The FirstLook Report contains tax data, including the status of whether or not the borrower has paid their property taxes. The report includes the amounts owed and/or paid in various installments or tax periods. The report also includes tax assessed values, land value, improved value, the assessed year, and data regarding tax exemption status. If taxes are delinquent, the report will display the delinquent tax amount, the delinquent tax year, and the jurisdiction.
The preliminary title search section of the FirstLook Report contains a myriad of ownership, encumbrance, and current owner data. The report includes the owner name, the vesting information, mailing address, current owner open liens, lenders, borrowers, high credit, balances, voluntary and involuntary liens, prior loan history with loan type, loan amount, lender, borrower, loan type, and term. Transfers and conveyances on the current owner are also provided and include document and deed transfer data, transfers from and to the various owners, and the amounts. Ownership history and full value transfers of all owners include the document, type, buyer, seller, date, and amount.
The FirstLook Report is everything lenders need to pre-qualify their borrowers faster, better, and less expensive than ever imagined.
Expert By empowering vendor partners to integrate their solution into our product suite, we’re giving our clients access to a wider variety of services to meet their needs, including new categories like borrower asset verification and document aggregation.
Are you ready to schedule a demo? Want to see a sample report? Contact us today: