MReport April 2018

TheMReport — News and strategies for the evolving mortgage marketplace.

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42 | TH E M R EP O RT SPECIAL ADVERTISING SECTION FirstClose KEY PERSONNEL Tim Smith Co-Founder, Chief Revenue Officer Tedd Smith Co-Founder, CEO Corey Smith COO Chuck Bloodgood CIO Matt Veitch VP of Sales - Operations CONTACT INFORMATION 10800 Pecan Park Blvd., Suite 310 Austin, TX 78750 Phone: 512.418.8989 Website: Contact: Leigh Richey CORPORATE PROFILE FirstClose provides technology solutions to mortgage lenders nationwide and serves as a middleware application that offers access to a host of national and local real estate service providers via the web or through direct integration into various loan origination systems. By utilizing the latest technology, combined with aggregated volume from its national client base, FirstClose offers customized solutions that increase efficiencies, reduce costs, and ultimately help lenders close more loans. FirstClose serves over 250 banks and credit unions while processing hundreds of thousands of transactions per year. The FirstClose reporting suite is the first comprehensive solution with capabilities to deliver title, flood, valuation and other essential data elements in one report. COMPANY HISTORY FirstClose was founded in 2000 and is headquartered in Austin, Texas. Both the FirstClose Report and FirstLook Report, were the first instant, automated solutions of their kind in the mortgage industry. The idea to provide comprehensive data in one, instant digital package, was that of the innovative FirstClose team enabling the company's growth as a top technology solution provider for the mortgage industry. • End-user categories: • Lender/servicer • Outsourcer • Service provider BUSINESS LINES, SERVICES, AND PRODUCTS • FirstClose Report: The FirstClose Report is the first and only comprehensive home equity and refi tool to provide everything consumer lenders need to close on home equity, HELOC, and refi loans faster and at a better price. Credit, valuation, flood, tax, and title data is compiled into one easy-to-read report and returned to the lender within 30 seconds. FirstClose offers a proprietary, patent-pending software platform designed to deliver lenders end-to-end solutions from loan application to closing. • FirstLook Report: The FirstLook Report is the first and only comprehensive pre-qualification tool to provide everything mortgage lenders need to make an instant decision on a borrower's complete creditworthiness. Credit, valuation, flood, tax, and title data is compiled into one easy-to-read report and returned to the lender within 30 seconds. Once pre-qualified, lenders can add their own title companies, appraisers, appraisal management companies, and other settlement providers at the click of a button, with options to pass data and reports back into their loan origination system when available. COMPETITIVE ADVANTAGE Companies like Flagstar Bank, Bethpage Federal Credit Union, Umpqua Bank, NEFCU, Dollar Bank, and hundreds of other lenders now utilize the FirstClose middleware software solutions to increase processing efficiencies, close loans faster, and provide a better experience for credit union members and borrowers. Adoption into the mainstream industry started off slow and steady, but word of mouth and additional promotional efforts from the company have increased awareness and adoption significantly last year with 65 new customers implementing the technology in 2017 alone. ADDED VALUE TO CLIENTS In 2017, FirstClose added 65 new deals. The instant title search component of the FirstClose Report contributed to delivering title searches within seconds instead of the standard three-to-four-day turnaround. The addition of the FirstLook Report to the company's product offerings also contributed as clients began vetting the new technology. The average turn-time for the FirstClose Report in 2017 was 2.5 days, compared to the industry average of 14 days for the same components lenders receive for flood, valuation and title searches, reducing turn time by 12.5 days. One lender compared costs on 334 HELOC applications and found that before implementing the FirstClose Report, costs would have been $210,420. After implementing the FirstClose Report, costs were $97,101, resulting in a savings of $113,319. INDUSTRY AWARDS, ACCOLADES, AND MILESTONES • MPA Hot 100 2017 • HW Tech 100 2017 • MPA Hot 100 2018 TESTIMONIAL "We have been extremely pleased with the services we have been receiving from FirstClose and are looking forward to a continued partnership in which we can utilize even more loan report amenities." —Khanh Dang, Senior Retail Credit Operations Manager, Fulton Financial

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