Covid-19 Solutions for Lenders

We know first-hand that current world events are disrupting your business operations. You can count on FirstClose to help you navigate through these uncertain times. We have a full line of products that will enable you to continue serving your borrowers, while providing them peace of mind, and exceeding their expectations… All with no direct borrower contact.

“No Contact” products addressing county closings:

Instant Property Report: FirstClose’s proprietary flagship product to produce current mortgages, judgments, liens, tax status, the vested owner, and a PDF copy of the Deed instantly, if available. No need to rely on whether the county clerk’s office is open.

Equiguard: Equiguard is an instant report that includes an affidavit where the borrower attests to the fact that there are no other liens on the subject property other than what is contained in the credit report.

Instant Property Reports and Equiguard come with an enhanced E&O policy to protect against any loss due to superior liens, judgments, or other encumbrances missed on the report or during the underwriting process.

“No Contact” products addressing social distancing:

*Valuation Products

Verisite: This product utilizes a mobile application allowing a homeowner to produce current interior and exterior photos of the subject property for faster loan processing and decision making. Can be used with AVMs, Desktop Evaluations, and other valuations to eliminate contact.

Automated Valuation Model (AVM): A service that can provide real estate property value instantly using mathematical modeling combined with real-time MLS data and comps.

Desktop Evaluation: FirstClose’s proprietary E-valuation tool that uses manual research methods, from our in-house team, as well as automated valuation tools to produce a more accurate value and higher confidence score when compared to an (AVM)

Property Condition Report (PCR): Includes a full external inspection of the home including current condition, neighborhood influences, any appearances of damage an also will come with several current photos from each angle of the property including a street view address verification

Exterior Restricted Appraisal Report (RAR): Fully USPAP compliant valuation. An inspector will drive by and take photos and send to the appraiser. An appraiser will complete a sales comparison approach and determine a value.

*All Valuation Products come with the option to include enhanced E&O insurance to protect against loss due to inaccurate valuation results.

Closing Products

Curbside Closing: This is the same as mobile signing, except for the notary signing agent, and the consumer will not conduct the signing or notarization in the same room. To abide by the CDC and social distancing guidelines, Curbside Closing allows signer(s) to sign documents without the need for a signing agent to enter the signer’s home or meet face-to-face. The signing agent will meet the signer(s) at the desired location, but the signing will be held with a barrier between the signer(s) and signing agent.

Client | We are delighted to partner with FirstClose. As CEO, my philosophy is to work smarter, not harder. This product allows us to minimize the time spent on preparing a loan for underwriting. We are excited to have this feature available for our lending department.

Janet H. Tidwell, CEO, Holston Methodist Credit Union