Evolve Mortgage Services LLC, a provider of outsourced mortgage solutions and eMortgage technology solutions, is partnering with FirstClose Inc., a fintech provider of data and workflow solutions for home equity lenders nationwide, to automate the HELOC origination process. The new solution will enable lenders to approve HELOCs within seven minutes and eClose lines within seven days.
The new collaboration combines FirstClose EquityONE’s home equity application management system with Evolve’s SigniaDocument engine and its full eSign and eNotary (RON) capabilities.
The combination delivers a fully digital, paperless eOrigination and eClosing process from application to close. It gives consumers instant online feedback, including their home valuation, available home equity, loan options and , instant credit decision. The solution reduces time to close from weeks to days with automated workflows, including ordering of required settlement services. It uses RON eClosing to decrease closing time from 50 minutes to 15 minutes. In addition, it allows investors to eRegister and board loans the same day for quicker accurate funding.
FirstClose EquityONE is a home equity application management system that qualifies a consumer and continues to nurture them throughout the entire process. Consumers can explore loan options and once ready, apply and receive an instant credit decision. FirstClose offers everything from application to close, including the ability to order required settlement services such as credit, flood, appraisal, title, tax, income, employment and asset verification on one platform.
“While home equity products are experiencing something of a renaissance thanks to record home values, the market is nothing new to FirstClose. We were the pioneer in this space nearly two decades ago,” says Tedd Smith, CEO of FirstClose. “Lenders are continuously looking to optimize their closing processes and services, while borrowers want the white-glove service and seamless experience. Our partnership with Evolve’s SigniaDocument engine, to deliver the eClosing experience consumers and lenders desire, completes the cycle.”
Evolve’s SigniaDocuments, provides the electronic documents for initial and final closing as well as the full eSign and eNotary. SigniaDocuments’ proprietary doc engine produces a complete document library built entirely on native XML SMARTDocs. SMARTDocs include embedded enabled eSignature and eNotary tags eliminating need to OCR or create templates and manual tags. Its integrated compliance engine also ensures legally compliant, rep and warranted mortgage documents further reducing risk and expanding scalability.
“Mortgage market constituents need a forward-looking game plan to help position themselves to compete in this tightening and dwindling market for the remainder of 2022 and into 2023,” states Paul Anselmo, Evolve’s president and CEO. “This partnership allows us to digitize the entire process from app to close, reduce cost and risk and boost production and profitability.”