FirstClose, a data solution for mortgage and home equity lenders, has raised $35 million in equity funding from Lateral Investment Management to accelerate its product that enables lenders to compete and close more consumer loans.
Founded in 2000, FirstClose provides automated underwriting workflows and data services for home equity and mortgage markets in the United States.
The fintech hopes to grow its financial services arm by leveraging property data intelligence and partnering with industry leaders to accelerate loan closing times, increase loan volumes, and reduce costs overall for more than 400 banks and credit union customers.
FirstClose claims that lenders who use its solution experience a 35% increase in online applications, a 25% increase in pull through, and a 77% decrease in time to close an application.
This new round of funding represents FirstClose's first institutional equity investment round in the history of the company.
CEO Take: FirstClose provides its technology solutions to home equity line of credit (HELOC) and mortgage lenders nationwide.
The company’s mission is to increase profitability and reduce cost for mortgage lenders by providing data-driven systems that enable lenders to more effectively assist the lender’s borrowers and ultimately shorten closing times.
At Estated, we're always proponents of startups and forward-thinking companies using data and technology to drive key decision making to enhance their product offering and FirstClose is no exception.
Congratulations to FirstClose on your impressive self-funded operations for over 20 years and closing your first round of institutional investment.
If you are ever in the market for a property data provider to enhance your underwriting workflows and data services for home equity and mortgage markets, please reach out to us here!
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About Estated: Estated is a leading property data provider with records on over 150 million residential and commercial properties nationwide across the United States.