Mortgage technology provider FirstClose has partnered with CRIF Lending Solutions, a software provider for financial institutions, for a new application programming interface that allows lenders to process home-equity loans from a single software product.
Under the integration, lenders can launch the FirstClose web interface directly from CRIF Lending Solutions’ CRIF ACTion platform. Orders placed through the interface feature automatic population of appropriate data fields in ACTion based on FirstClose Report data points.
The companies said that the integrated platform allows lenders to order all settlement services from CRIF without needing to go to a variety of outside websites; utilize current FirstClose vendors at a reduced cost; maintain and use current vendors; and allow FirstClose to manage the vendor turnaround time on their behalf.
Additionally, the companies said lenders can expect all returned reports to be automatically imaged in the CRIF system and expect all data points, such as property value and flood determination, to be automatically populated into the CRIF system. The companies also claim that the increased automation reduces duplicate data entry as well as processing and closing times.
“We are excited about how CRIF ACTion’s newest integration to the FirstClose settlement services platform will help our mutual clients improve efficiency, slash processing time and remove paper from the real estate lending process,” said Kyle Kehoe, president of CRIF ACTion division. “Our mission is to help our clicks remove friction from the loan process, and this upgraded integration is another big step in that direction.”
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