The new feature is designed to allow lenders to fully automate current underwriting guidelines and streamline loan fulfillment.
As market indicators point to an increase in second mortgages, home equity loans and HELOCs, presenting borrowers with a high level of efficiency in the process is imperative. With automated ordering, lenders can configure their account with key loan characteristics such as loan amount, loan to value and FICO. Once this information is configured, the system will automatically select the correct products or services to order for each loan.
This level of automation saves the lender processing time, eliminates key strokes and dramatically increases efficiencies, FirstClose says in a release.
“We are eliminating the need for lenders to refer to a matrix to determine what products or services they need to order,” says Tedd Smith, CEO and co-founder of FirstClose. “Our new automated ordering software allows lenders to input key underwriting metrics into the system one time. The software subsequently knows which services to order and automatically does so at the appropriate time with no human intervention.”