Recent study shows lender who uses The FirstClose Report™
Reduced turn-times to 2.5 days and reduced cost by $100k in first 6 weeks
AUSTIN, TX (August 15, 2016) — First Lenders Data, Inc. (FirstClose) has released the findings of a study conducted by one of its banking clients earlier this year. The purpose of the study was to analyze the overall efficiency of The FirstClose Report during the initial review period of December 2015 through January 29, 2016. The study found that by utilizing The FirstClose Report, a banking client on the West Coast was able to drastically reduce turn-times and costs.
During the period studied, 334 Home Equity Lines of Credit (HELOC) requests were processed. The resulting analysis of them revealed that the average turn-time on The FirstClose Report with Property Condition Reports was just 2.5 calendar days, as compared to the average of 14 calendar days for an appraisal, thereby reducing turn time by 12.5 days.
In addition, the bank calculated that had appraisals been ordered on all 334 HELOC applications, it would have cost approximately $210,420. However, by using the FirstClose products for those applications instead, the actual cost was $97,101 – resulting in a savings of $113,319 in just over one month.
The patent-pending FirstClose Report offers lenders a proven way to significantly shorten closing times by delivering an instant report that includes everything they need, while drastically reducing costs and decreasing risk with $500,000 of A+ XIII rated lien protection insurance per loan.
“The results of this study show that our clients are experiencing distinct competitive advantages as a result of using The FirstClose Report.” said Timothy R. Smith, Chief Revenue Officer of First Lenders Data, Inc. (FirstClose). “By delivering everything they need within 30 seconds and for significantly less than what they pay today, we’re achieving our goal of helping lending operations reduce closing times and costs, which, in turn, increase their efficiencies,” Smith added.
For more information about FirstClose and to receive a sample report visit www.FirstClose.com.
FirstClose is a highly respected provider of best-in-class property & borrower data intelligence and settlement services nationwide. We specialize in delivering a powerful web app and LOS plugin that is the industry’s first and only home equity and refi tool that offers everything from application to servicing (credit score, valuation, title, tax, flood, closing and recording) on one easy-to-navigate platform. In addition, we deliver simplified vendor management by consolidating vendors and products on this one platform. FirstClose makes it easy to identify and repair the gaps where lender profits can be maximized. For more information on FirstClose, Your ONE Solutions for Property & Borrower Data Intelligence, call 877.677.3282 or visit www.FirstClose.com