marketanalysis

Credit Union To Boost HELOC Business

United Heritage Credit Union has chosen The FirstClose Report to support all of its Home Equity Lines of Credit (HELOCs) and Home Equity Loans. The patent-pending FirstClose Report provides credit union lending operations with instantaneous title search, flood certification, valuation and property information with $500,000 of lien protection insurance. Headquartered in Austin, Texas, United Heritage Credit Union serves communities in Austin, Tyler and Central Texas, and is the next in a long list of financial institutions who view The FirstClose Report as a way to gain a competitive edge.

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Because The FirstClose Report delivers everything that it needs to approve these loans instantly, United Heritage Credit Union can dramatically reduce closing times from 40+ days to less than 10 days. At the same time, The FirstClose Report helps cut costs by an average of 40% and reduces risk with $500,000 of A+ XIII rated lien protection insurance per loan.

“United Heritage Credit Union saw our product as a way to get on the express lane to lower costs, reduced turn-times and shortened closing windows,” said Timothy R. Smith, Chief Revenue Officer of First Lenders Data, Inc. (FirstClose).

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“By utilizing The FirstClose Report, we are now better positioned to effectively streamline our costs and services for United Heritage Credit Union Members. Their unique solution offers us all the instant data we need to close our home equity loans and lines more efficiently,” stated Keith Varney, VP of Real Estate Lending at United Heritage Credit Union.

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.