FirstClose, Inc., a leading fintech provider of data and workflow solutions for mortgage and home equity lenders nationwide, announced today that Truliant Federal Credit Union (Truliant) is using the FirstClose™ Equity solution’s settlement services ordering platform to enhance and support its traditional, branch-level home equity origination program which is seeing strong year-over-year growth.
Headquartered in Winston-Salem, NC, Truliant is a full-service credit union with more than 30 branches across North Carolina, Virginia and South Carolina serving over 300,000 members. The credit union originates home equity products in-person in its branches. For the past several years, it has kept pace with growing home equity volume by using FirstClose’s settlement services ordering technology to automate back-office manual processes. This, in turn, has helped the credit union pass along savings to members and enhance member satisfaction by significantly reducing turn times.
“As our home equity transaction volume continues to surge year-over-year, FirstClose’s technology has allowed us to cut costs and standardize our home equity lending process across all channels,” said Jackson Braswell, Director of Credit Administration at Truliant. “We pride ourselves on having a ‘members’ first’ attitude and by implementing FirstClose’s technology we’ve been able to drastically improve our members’ borrowing experience and ultimately get them their funds in days rather than weeks or months.”
FirstClose Equity is a one-of-a-kind home equity origination solution that reduces operational touchpoints and improves the overall customer experience for borrowers, processors, and underwriters. Automated workflows, including the ordering of settlement services, enable lenders to complete the application through closing process in five to ten days versus the industry average of 45 to 60 days.
“Credit unions are in a unique position to capitalize on the growing home equity market but they need solutions that will help them make these transactions profitable and at the same time delight their members with a superior customer experience,” said Tedd Smith, Chief Executive Officer at FirstClose. “FirstClose Equity is designed to become a centralized resource for all things home equity and by implementing FirstClose Equity, Truliant has been able to cut costs and save time by automating manual processes. We look forward to our continued partnership with Truliant and being able to help them capitalize on this expanding market.”