A warehouse financing and closing service has marked a major milestone in less than a year.
First American Title Insurance says that the FlexClose service has successfully funded and closed more than $1 billion in in residential real estate transactions from FirstFunding, a wholly-owned subsidiary of First American Financial Corporation.
The service enables lenders and real estate agents the ability to control the exact time funds arrive for a residential real estate transaction closing, even after the daily Fedwire cutoff.
Surpassing $1 billion in real estate transactions funded with FlexClose reflects First American’s commitment to innovation and the company’s ongoing efforts to enhance the closing and settlement process for lenders, settlement agents, real estate agents, homebuilders and consumers,” said Chris Leavell, chief operating officer at First American Title Insurance Company. “Because we can bring together First American Title, First American Trust and FirstFunding, we can offer the real estate industry the ability to fund and close anytime, providing a level of service and flexibility that cannot be matched.”
FlexClose combines settlement services from First American Title Insurance Company, banking from First American Trust and warehouse financing services from FirstFunding.
“Reaching this $1 billion milestone in less than a year validates that FlexClose resolves a customer inconvenience that the real estate industry had until now accepted as the norm,” said Jim Dunkerley, president of FirstFunding. “The feedback we’ve received has been overwhelmingly positive and we’re excited to expand our work with First American Title to deliver this one-of-a-kind service to our customers.”
More market update: