Credit Union Turns To Technology To Boost Its HELOC Business

Technology Credit Union (Tech CU) has chosen The FirstClose Report to support its home equity products. The FirstClose Report provides title search, flood certification, valuation and property information with lien protection insurance instantly and offers credit union lending divisions all they need to review and approve these loans.

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As one of the Bay Area’s largest credit unions, Tech CU provides innovative financial products for all stages of its members’ lives, including personal banking, wealth management, private banking, commercial lending and business banking. The company serves more than 75,000 members including employees from many of Silicon Valley’s top companies. It’s one more, from a long list of financial institutions that view The FirstClose Report as a tool that can help them compete more successfully.

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With The FirstClose Report, lending institutions can receive all the data they need to qualify applicants instantly, thereby reducing closing times from 40+ days to less than 10 days, lowering costs by 40% on average, and reducing risk with $500,000 of A+ XIII rated lien protection insurance per loan.

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“Tech CU wanted to get on the express lane to lower costs, quicker turn-times and shorter closing time frames and saw The FirstClose Report as a way to make that happen,” said Timothy R. Smith, Chief Revenue Officer of FirstClose.

“The FirstClose Report will enable us to work more efficiently and effectively, which ultimately benefits our members — helping to improve their experience,” stated Angie Hernandez, SVP, Retail Credit Administration at Tech CU.