FirstClose, Cotality form alliance to streamline home equity lending

FirstClose, a fintech provider of data and workflow solutions for mortgage and home equity lenders, announced on Monday that it has formed a strategic alliance with property data provider Cotality to help lenders streamline home equity originations and close loans in as little as seven days. The integration combines FirstClose’s point-of-sale and order management technology with Cotality’s property data, valuation, flood, tax, title and property condition services. The platform is designed to support the entire home equity lending process, from application and automated decisioning through valuation, title, closing and funding. The companies said the integration allows banks, credit unions and independent mortgage banks (IMBs) to manage the origination process through a single workflow, with automated ordering and fulfillment of services. The platform also integrates with several leading loan origination systems, helping lenders reduce duplicate data entry by automatically populating borrower, property and closing information. Document synchronization and integrated workflows are intended to reduce manual tasks, limit reliance on disconnected vendors and improve operational efficie...