FirstClose Products & Services
The FirstClose Report instantly delivers:
- Title Search
- Life of Loan Flood Certification
- Property Tax Status
- Photos of the Property
- Copy of the Deed
- Integrated with Equifax® to provide Verification Services: Instant Income & Employment Verification through The Work Number Database and Tax Filing Transcripts
- And Much More…
The industry is changing and there are now more valuation options that can fund your loans faster and reduce cost. FirstClose can help you tier your valuation types to fit your individual lending needs, including the following:
Automated Value Model
Ideal for most loans, our AVM instantly delivers an estimated value, high and low values, as well as a confidence score based on comps in that geographical area.
This proprietary product is completed by our in-house evaluation team. It includes an automated value as the AVM, but the comps can be modified by our evaluation specialists. This can lead to a more accurate value and overall higher confidence score.
Using traditional and electronic methods, this product is USPAP compliant and delivers an opinion of value from a certified appraiser like traditional Fannie Mae forms such as 2055 and 1004, only at a much lower cost.
Drive-By Appraisal (2055)
An appraiser will inspect the exterior of a property and provide an opinion of value.
Full Interior Appraisal (1004)
An appraiser will inspect the interior and exterior of a property, then provide an opinion of value.
Property Condition Reports
A full external inspection of the home details the current state of the property, including photos from multiple angles and street address verification. The report also includes notes about the neighborhood and any visible damage. An interior report is also available with additional detail.
FirstClose offers multiple service options that can be tailored to meet your underwriting guidelines:
Instant Property Report
In 30 seconds, you’ll obtain information about current mortgages, judgements, liens, tax status, the vested owner and a PDF copy of the Deed if available.
Manual Property Report
When the instant property report isn’t available, the manual option will be ready in 1-3 days. You’ll receive all the same information as the instant report along with full legal and vesting information, which is completed by our strategic partners.
Errors & Omissions Coverage
Included with the instant property report product, optional with the manual product. The default value is $500,000 for the instant property reports but can be increased on the manual property report.
Title Policy (Jr. & Full)
A traditional Lender’s Title Policy according to the American Land Title Association (ALTA). You can get this through one of our integrated providers or specify a company of your own choosing.
Bring Down Report
Your bring down report will reverify data previously obtained from your property report to ensure you’re moving forward with the most up-to-date information.
Life-of-Loan Flood Tracking
Get life-of-loan or basic flood zone determinations in 30 seconds from your choice of five vendors. This includes details of whether the property is in a flood zone as well as when the determination was made. You’ll also see whether the National Flood Insurance Program is required or available in that area, and if so, if the regular program or the emergency program is available. The report further discloses whether the property is in a Special Flood Hazard Area.
The flood zone certificate will be attached to your completed report.
FirstClose offers a variety of closing and recording services that can be tailored to your specific lending footprint.
When you need a signing agent to complete a transaction, let us know. We can arrange this meeting with the correct professionals through our network of service providers.
Tell us when you need to conduct an attorney or escrow closing. We’ll work with our network of service providers, who will arrange the meeting with you.
Our e-recording capabilities are growing county by county, and for those in which it’s available, lenders can record their loans electronically in a quick and easy process.
We have a network of providers that let you record security instruments like mortgages.
Send us your Deeds of Trusts or mortgages, and we’ll record them quickly for you in bulk through our partner provider.
We strive to help your company be successful. An important aspect of this is having the right documents to remain compliant. We can provide you with the necessary documentation to procure loans, including disclosures and closing documents, making the origination process easier for you.
With our Bulk AVM service, you can access automated value models for multiple properties or loans at once. This can save you time and money, and keep important information organized.
You can track whether a borrower has unpaid property taxes, how much they owe, and the tax year and jurisdiction in which they were delinquent. If they’re up to date in their tax payments, you can see the amount paid in various installments and tax periods. Additionally, you’ll see tax assessed values, land value, improved value, the assessed year and tax exemption status data.
You can also see valuation data and loan balances, which gives you a good idea of a customer’s loan-to-value ratio.
Our system can also provide terrorist watch alerts from the Office of Foreign Assets Control as well as fraud alerts, furthering your ability to make as informed a decision as possible.
After lenders submit a list of property records to be evaluated, our team processes the information within 2-3 days and provides a high-level summary of the portfolio health. FirstClose also delivers the raw data output containing 225 unique datapoints per property record, including the following key lien-related alerts that could negatively impact a lender’s portfolio:
- Foreclosure/default activity
- Tax delinquency
- ARM reset
- Lien status changes
- Value changes
- New liens and shotgun mortgage
Equifax Verification Services are now available in FirstClose ONE
These services include: instant income, employment verification, and Tax Filing Transcripts. Our integration allows FirstClose clients to be able to verify income in real time and also be able to order these ancillary services provided through Equifax.
- Instant income/employment verification through The Work Number database
- Includes payroll data direct from the employer
- If instant data is not available manual verification is available
- All tax filing information is available
- Reduce borrower conditions
- Close loans faster
- VOI – Provides instant verification of income and employment. Includes employment information as well as income.
- VOE – Provides instant verification of employment. Includes employment information
- RVVOI – Manual verification of income and employment. Equifax’s team will work directly with borrower’s HR and will obtain a completed 1005 (Fannie Mae – Verification of Employment)
- RVVOE – Manual verification of employment
- 4506T – Returns transcripts of IRS filed forms. Available forms include 990, 1040, W2s, 1065, 1099, 1120, 1120s.