AUSTIN, Texas, May 14, 2024 –FirstClose™, Inc., a leading fintech provider of data and workflow solutions for mortgage and home equity lenders nationwide, announced today that it has formed a strategic alliance with leading bank, secondary market and exchange players to create a new liquidity network that will provide great financial efficiency for lenders in the home equity market.
The new network, known as the Partner Liquidity Network, initially includes a major money center bank, a Wall Street investor, a large warehouse lender and a digital asset exchange, FirstClose said. It will provide warehouse lines to joint non-bank clients, such as mortgage banks and fintechs moving into the home equity space as well as offer takeout for home equity assets for both depository and non-bank lenders.
Joint clients will be able to access FirstClose’s advanced technology, which is tightly integrated with Encompass® by ICE Mortgage Technology® and the MeridianLink® One platform to offer their customers a modern home equity experience, and at the same time create high quality digital assets. Using the FirstClose Equity platform, lenders can reduce closing times from an industry average of 45 to 60 days to just 10 days or less.
FirstClose lenders will execute home equity specific Mortgage Loan Purchase Agreements (MLPAs) with their preferred investors and gain access to the rate schedule and underwriting guidelines to enable the best revenue generation opportunities for their organization.
“At FirstClose, our mission has always been to help lenders efficiently capture home equity opportunities,” said Tedd Smith, Chief Executive Officer of FirstClose. “Our advanced technology enables banks and credit unions to offer their customers and members a digital home equity experience, marked by unparalleled speed and convenience. Now, through our collaboration with innovative secondary market leaders, we are adding new options that will enhance efficiency and liquidity in the home equity financing process.”
About FirstClose
Headquartered in Austin, Texas, FirstClose, Inc. provides fintech solutions to HELOC and mortgage lenders nationwide. The company’s mission is to increase profitability and reduce cost for mortgage lenders. FirstClose makes this possible through offering systems and relationships that enable lenders to assist the lender’s borrowers more effectively, reduce closing costs, and ultimately shorten closing times. For more information, visit firstclose.com.
