FirstClose “No Contact” Products Assist During COVID-19
Posted on April 14, 2020
AUSTIN, Texas, April 14, 2020 – FirstClose, Inc., a leading provider of technology solutions for banks and credit unions nationwide, has enhanced existing and created new offerings for a new suite of “no-contact” products. These offerings are designed to assist lenders adapting and struggling through the COVID-19 Crisis.
“We realize this is a challenging time in the industry and companies want to continue to offer great service to their clients in the safest manner possible,” said Tedd Smith, CEO and co-founder of FirstClose. “We want to remind the industry that several of our products enable everyone involved in the financing process to work safely during COVID-19 Crisis by obtaining what they need through new and existing instantaneous and “contact-less” products and services.”
The suite includes:
“No Contact” products addressing county closings:
Instant Property Reports: FirstClose’s proprietary flagship product that creates an instant report with current mortgages, judgments, liens, tax status, the vested owner, and a PDF copy of the Deed, when 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 or discovered during the underwriting process.
Instant Property Reports and Equiguard Reports come with an enhanced E&O policy to protect against any loss due to superior liens, judgments, or other encumbrances missed on the reports.
“No Contact” products addressing social distancing:
Verisite Mobile Appraisal Solutions: 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. It includes efficient fraud-deterring technology, including time, date, and geo-location software showing where and when the pictures were taken on a subject property map within 2 feet of accuracy, plus 3D room-scanning and validation of room depth, all included on a professional and verified report. Verisite can be used with AVMs, Desktop Evaluations, and other valuations to enhance the ability to eliminate contact.
Automated Valuation Model (AVM): A service that can provide real estate property value instantly using mathematical modelling combined with real-time MLS data and comps. FirstClose provides access to 13 different national and reputable AVM models.
Desktop Evaluation: This proprietary e-valuation tool produces more accurate values and higher confidence scores by using manual research methods including an in-house team and automated valuation tools.
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, determine the value, and include a signature.
*All Valuation Products come with the option to include enhanced E&O insurance to protect against loss due to inaccurate valuation results as well as the option to add “no contact” interior and exterior mobile photos via Verisite.
Curbside Closings: Curbside Closing 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.