FirstClose announced the rebrand of its point-of-sale (POS) experience as XpressEquity, along with a refreshed Encompass by ICE Mortgage Technology integration that delivers an end-to-end digital workflow for home equity originations. Together, the platform is designed to help Encompass lenders close home equity loans in as little as five to 10 days.
The platform combines a borrower-facing digital application and borrower portal with a back-end Order Management System (OMS) for valuation and settlement services, so lenders can deliver a consistent experience from application through closing. Lenders can deploy the full platform end-to-end or implement standalone components based on their specific needs.
Results from lenders using these three platforms include up to a 77 percent reduction in time to close from application to funding, a 35 percent increase in online applications submitted and a 25 percent improvement in conversion and pull-through rates.
“Today’s borrowers expect speed and simplicity when accessing home equity,” Tedd Smith, co-founder and CEO of FirstClose, said in a release. “With XpressEquity as an anchor front-end experience and our refreshed Encompass integration connecting the operational workflow on the back end, we’re helping lenders automate key steps, improve operational consistency and deliver a more efficient experience from application through closing.”
FirstClose’s OMS connects lenders with providers that offer settlement services, including title. Using intelligent automation and an order logic flow based on lender-defined business rules, the system can automatically select vendors, and administrators can also auto-assign by product, loan type and geography, while supporting flexible ordering options ranging from one-click à la carte ordering to fully automated ordering.
The platform also includes a secure borrower portal.