FirstClose and Stewart Lender Services Form Strategic Partnership
FirstClose, a fintech provider specializing in data and workflow tools for mortgage and home equity lenders, announced a new partnership with Stewart Lender Services, a division of Stewart Information Services Corp. This collaboration aims to enhance home equity fulfillment capabilities within the FirstClose Order Management System (OMS).
The integration will provide FirstClose OMS users with access to Stewart’s comprehensive suite of home equity title, valuation, and closing services. This includes data, property reports, title insurance, and an errors and omissions (E&O) policy specifically tailored for home equity loans.
Streamlining Home Equity Loan Processes
The partnership introduces automated title decisioning and a streamlined process designed to accelerate eligibility checks and clear-to-close timelines. By consolidating ordering and fulfillment within a single workflow, lenders can reduce manual steps and speed up loan decisioning.
According to Beth Fowler, president of Stewart Lender Services, “Our home equity fulfillment solutions are designed to help lenders move with speed and confidence.” She emphasized that the integration equips lenders with tools to improve operational efficiency and provide borrowers with a modern, streamlined home equity experience.
Benefits for Lenders and Borrowers
The collaboration offers several advantages for lenders, including unified access to data, title, valuation, and closing workflows. This consolidation enables lenders to shorten cycle times, better manage risk, and support growth in the evolving home equity market.
Tedd Smith, CEO of FirstClose, highlighted the value of the partnership, stating, “Partnering with Stewart Lender Services enhances the power of our Order Management System by giving lenders direct access to a broader set of integrated home equity solutions.” He added that the unified platform improves the borrower experience by delivering a more seamless process.
Expanded Valuation and Closing Services
FirstClose OMS users will also gain access to Stewart Valuation Intelligence, which offers desktop and field appraisals, automated valuation models, hybrid inspections, and analytics. These tools provide lenders with robust data to support accurate property valuations.
In addition, Stewart’s closing services include mobile notary, remote online notarization, and in-person electronic notarization options. These services further enhance convenience and flexibility for borrowers during the closing process.
Implications for the Home Equity Market
This partnership reflects a broader trend toward digital transformation in the mortgage and home equity lending industry. By integrating advanced technology and comprehensive services into a single platform, lenders can respond more quickly to market demands and borrower expectations.
For homebuyers and homeowners seeking to tap into home equity, the streamlined processes and enhanced service offerings may result in faster loan approvals and a smoother overall experience. Investors and market observers can also anticipate increased efficiency and reduced risk in home equity lending operations.
Overall, the FirstClose and Stewart Lender Services partnership represents a significant step toward modernizing home equity loan workflows and improving outcomes for all parties involved.
Source: https://www.housingwire.com/articles/firstclose-stewart-home-equity/
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