FirstClose, Cotality form alliance to streamline home equity lending

FirstClose, a fintech company specializing in data and workflow solutions for mortgage and home equity lenders, has announced a strategic alliance with property data provider Cotality. The partnership aims to enhance the home equity lending process by integrating their respective technologies, with the goal of enabling loan closings in as little as seven days.

The integrated platform combines FirstClose's point-of-sale (POS) and order management capabilities with Cotality's comprehensive property data, which includes valuation, flood determination, tax records, title information, and property condition insights. This unified system is designed to support the entire lifecycle of a home equity loan, from initial application and automated decisioning through to valuation, title processing, closing, and funding.

According to the companies, this integration will allow banks, credit unions, and independent mortgage banks (IMBs) to manage their origination processes through a single, streamlined workflow. The platform features automated ordering and fulfillment of necessary services, reducing the need for manual intervention and disconnected vendor management. It also integrates with leading loan origination systems, aiming to minimize duplicate data entry by automatically populating borrower, property, and closing details.

Beyond operational efficiency, the alliance provides lenders with access to property and portfolio data, enabling them to identify potential home equity lending opportunities among their existing customer base. This data-driven approach is intended to help lenders improve customer retention and develop more targeted lending strategies.

Tedd Smith, CEO of FirstClose, stated that the collaboration addresses the pressure on home equity lenders to offer a faster and more seamless borrower experience without adding operational complexity. He highlighted that the partnership brings together property intelligence, workflow automation, and integrated data tools to modernize originations and achieve a seven-day close. Cotality's platform reportedly covers over 99% of U.S. residential properties.

Adam Krahn, vice president of mortgage strategy and alliances at Cotality, emphasized the shared commitment to a smoother and more intuitive home equity lending process through intelligent workflows.