Credit Union Uses Technology To Bolster Its HELOC Business

Holston Methodist Federal Credit Union has selected The FirstClose Report for its Home Equity Lines of Credit (HELOCs) and Home Equity Loans. With instantaneous title search, flood certification, valuation and property information with lien protection insurance, the patent-pending FirstClose Report provides credit union lending operations everything they need to approve these loans.

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Holston Methodist Federal Credit Union, located in Knoxville, Tennessee, has served pastors, churches, staff, church organizations, select employee groups and members within Holston Conference since 1956, and is joining a growing list of financial institutions who regard The FirstClose Report as a means to more effectively compete within the industry.

The FirstClose Report delivers all necessary documents instantly, which allows lending operations to reduce closing times from 40+ days to less than 10 days, reduce costs by an average of 40% and reduce risk with $500,000 of A+ XIII rated lien protection insurance per loan.

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“Our product was viewed as a way for Holston Methodist Federal Credit Union to get on the express lane to reduced costs, faster turn-times and shorter closing windows,” said Timothy R. Smith, Chief Revenue Officer of First Lenders Data, Inc. (FirstClose).

“We are delighted to partner with FirstClose. As CEO, my philosophy is to work smarter, not harder. This product allows us to minimize the time spent on preparing a loan for underwriting. We are excited to have this feature available for our lending department,” stated Janet Tidwell, CEO at Holston Methodist Federal Credit Union.