Austin, TX – August 20, 2019 – FirstClose, an industry-leading Fintech company with a unique technology platform that delivers best-in-class property data and intelligence to banks, credit unions, and mortgage companies nationwide, announced the release of SMART Select for Title Search Reports and O&E Reports.
SMART Select uses intelligence logic to automatically select the title vendor with the best service, best price, and best turn-time for each financial institution’s unique lending footprint. This exciting new technology chooses from six approved and vetted national title vendors to deliver title search reports.
In today’s fast paced and ever-changing mortgage market, lenders are faced with rising cost to originate loans, which is impacting their bottom line. This is especially true when trying to handle vendor due diligence and select the right title vendor for your business. Many factors need to be taken into consideration, such as service levels, pricing, and turn times.
What happens when a lender’s current title provider doesn’t meet their level of expectation in any of these areas? Do they have the time and resources to begin a new selection process or do they just settle for inferior service levels or higher prices? Lenders no longer have to settle. FirstClose SMART Select instantly eliminates lenders’ title vendor selection headaches with the introduction of SMART Select.
“Think of SMART Select like cellular coverage,” says Corey Smith, Chief Product Officer at FirstClose, why choose only one provider when you can have the top 6 cell phone providers all under one plan, you’d have the best possible coverage everywhere you go. That’s the essence of SMART Select, it delivers the best coverage, pricing and turn-time for each customer.”
SMART Select can be enabled as a single product or as a cascade from the FirstClose Instant Property Report when coverage is limited.
- Single Order: If a user orders a SMART Select Property Report, the system will look at the county and select the best provider out of the pool.
- Instant Property Report: If the Instant Property Report has limited coverage, the system will cascade to the SMART Select technology and automatically select the best provider in that county.
Why only work with one vendor that may only be strong in certain footprints but not in others? SMART Select does the choosing for the lender. FirstClose can guarantee the best possible service based on the footprint. SMART Select will also shield lenders from rising industry costs. If a provider decides to raise rates, the pool of providers will be updated accordingly and not select the higher priced provider.