AUSTIN, Texas — FirstClose, Inc., a leading provider of technology solutions for banks and credit unions nationwide, has launched automated ordering as the latest addition to its flagship FirstClose ONE platform. The new feature is designed to allow lenders to fully automate current underwriting guidelines and streamline loan fulfillment.
As market indicators point to an increase in second mortgages, home equity loans and HELOCs, presenting borrowers with a high level of efficiency in the process is imperative. With automated ordering, lenders can configure their account with key loan characteristics such as loan amount, loan to value and FICO. Once this information is configured, the system will automatically select the correct products or services to order for each loan. This level of automation saves the lender processing time, eliminates key strokes and dramatically increases efficiencies.
“We are eliminating the need for lenders to refer to a matrix to determine what products or services they need to order,” said Tedd Smith, CEO and co-founder of FirstClose. “Our new automated ordering software allows lenders to input key underwriting metrics into the system one time. The software subsequently knows which services to order and automatically does so at the appropriate time with no human intervention.”
With fully-automated underwriting guidelines used for the selection of loan services, lenders can reduce manual errors and reduce operations costs. Automated ordering also gives lenders the peace of mind of knowing they are compliant with the latest regulatory requirements.
“More homeowners are going to turn to lenders for home equity loans and they are going to work with lenders who are responsive and able to quickly move through the process,” Smith added. “Our latest automated ordering feature gives lenders the tools they need to get consumers from ‘hello’ to ‘here is your money’ faster and more efficiently.”