Lender Looks To Technology To Boost Its HELOC Business

Bethpage Federal Credit Union has selected The FirstClose Report to obtain instantaneous title search, flood certification, valuation and property information with $500,000 of lien protection insurance for all of its Home Equity Lines of Credit (HELOCs) and Home Equity loans. Bethpage Federal Credit Union, the 16th largest credit union in the nation and New York State’s largest with $6.8 billion in assets serving more than 300,000 members, joins an ever-growing list of financial institutions who have recognized the competitive advantages The FirstClose Report offers.

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The patent-pending FirstClose Report offers Bethpage Federal Credit Union a way to significantly shorten turn times by 47% by delivering an instant report that includes everything needed, while drastically reducing costs by an average of 20% and decreasing risk with $500,000 of A+ XIII rated lien protection insurance per loan.

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“We’re thrilled to be adding Bethpage Federal Credit Union to our long list of customers who 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 FirstClose.

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“We searched for a comprehensive provider and are excited to streamline our costs and services by utilizing the FirstClose Report. Their unique technology allows us to have instantaneous information at a fraction of what we were paying before,” stated Jorge Ponce, Home Equity Product Manager at Bethpage Federal 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.