There’s more than $35 trillion in available home equity in the U.S.—and nearly 40% of homes are debt-free. Demand is strong, but in today’s lending environment, only about half of home equity applications close, and the average turn time is 45–60 days.
Lenders must modernize their home equity operations to capture demand, minimize costs, and deliver a borrower experience that drives conversion. FirstClose makes that possible.
72% of banks
cite workflow inefficiency as a top operational challenge
The key to unlocking efficiency and lowering operational costs is automation—through valuation, decisioning, and order management. While typical home equity processes can take months, FirstClose enables lenders to close in 5–10 days through automated order management and consolidated workflows—minimizing costs and getting borrowers their funds as quickly as possible.
The result:
With FirstClose XpressEquity, lenders can offer borrowers instant home equity quotes and personalized options through a quick pre-approval process—accelerating borrower decision-making and improving pull-through rates. From there, borrowers move seamlessly to application and closing in a single, secure portal. Rest assured, every workflow is designed to meet compliance, governance, and reporting requirements.
Before FirstClose, a simple home equity loan could take weeks just waiting for title or appraisal information.
Now, we get valuations back in hours and legal within days, which makes a huge difference.”
Melissa Mansfield, VP and Retail Lending Operations Manager at Mascoma Bank
Our platform integrates with leading loan origination systems and order management providers. All partners are meticulously vetted and held to stringent quality, timeliness, and cost metrics to ensure you and your members receive best-in-class service. What’s more, FirstClose can integrate with proprietary solutions, ensuring lenders of all sizes can utilize our platform to achieve their business goals.
