Key facts
- FirstClose launched Lender Portal, a workspace for managing borrower leads.
- The portal integrates lead intake, eligibility checks, and borrower engagement tracking.
- Eligibility checks include soft-pull credit scores and home equity limits.
- The system aims to reduce application fallout, counteroffers, and underwriting rework.
- Loan officers can monitor lead status and borrower engagement within the portal.
- The portal can send automatic reminders to borrowers and allows continuity on stalled applications.
FirstClose, a fintech provider specializing in data and workflow solutions for home equity and mortgage lenders, has introduced its new Lender Portal. This workspace is designed to centralize the management of borrower leads for lenders utilizing FirstClose's XpressEquity digital application and borrower portal.
The Lender Portal combines several key functions into a single platform, including lead intake, eligibility verification, and tracking of borrower engagement. Loan officers can manage leads generated from phone or branch applications, as well as those initiated directly by borrowers. The system automatically assigns leads to specific loan officers based on application links, with unassigned leads available for claiming or reassignment by managers.
Before an application reaches the underwriting stage, the portal performs an early eligibility check. This involves comparing a borrower's soft-pull credit score against the lender's minimum requirements and assessing their home equity against the lender's limits. Based on these checks, applicants are presented with loan programs for which they qualify. FirstClose stated that this early verification process is intended to decrease application fallout, reduce counteroffers, and minimize the need for underwriting rework.
Loan officers can monitor the status of each lead and track when a borrower last interacted with the application. The portal also identifies stalled applications and can send automated reminders to borrowers. If a borrower resumes an application, the loan officer can pick up from the last completed step, avoiding the need to restart the process. Tedd Smith, CEO of FirstClose, noted that the portal aims to free up loan officers' time by reducing the need to switch between systems, allowing them to focus more on assisting borrowers and advancing applications.