First American Title Co. announced that it has funded and closed more than $1 billion of real estate transactions using FirstFunding’s FlexClose in less than one year.
FlexClose is a warehouse financing and closing service that gives lenders and real estate agents the ability to control the exact time funds arrive for a residential real estate transaction closing. FirstFunding is a wholly owned subsidiary of First American Financial Corp.
“Surpassing $1 billion in real estate transactions funded with FlexClose reflects First American’s commitment to innovation and the company’s ongoing efforts to enhance the closing and settlement process for lenders, settlement agents, real estate agents, homebuilders and consumers,” First American Title Co. Chief Operating Officer Chris Leavell said in a release.
“Because we can bring together First American Title, First American Trust and FirstFunding, we can offer the real estate industry the ability to fund and close anytime, providing a level of service and flexibility that cannot be matched,” Leavell added.
FirstFunding said FlexClose enables settlement agents to close transactions faster, and homebuilders to save money and improve the buyer experience with immediate funding.
“Reaching this $1 billion milestone in less than a year validates that FlexClose resolves a customer inconvenience that the real estate industry had until now accepted as the norm,” FirstFunding President Jim Dunkerley said. “The feedback we’ve received has been overwhelmingly positive and we’re excited to expand our work with First American Title to deliver this one-of-a-kind service to our customers.”