Demand for home equity lending is surging, and borrowers expect a fast, digital experience. But for many lenders, a HELOC still takes weeks to close. That gap is why FirstClose and Cotality are expanding their long-standing relationship into a strategic alliance built around one goal: helping lenders close home equity loans in as little as seven days.
The alliance connects FirstClose technology with Cotality’s nationwide property intelligence. The result is a single workflow that takes a home equity loan from application to funding, with every settlement service ordered, tracked and delivered along the way.
Why home equity loans still take too long
Most loan origination systems (LOS) were built to process loans, not to guarantee that every settlement service ordered against them actually gets delivered. So processors fill the gap by hand.
A single HELOC can require a valuation, flood certification, title report and property condition report. Each often comes from a different provider, through a different system. Processors re-key the same borrower and property data, chase vendors for status updates and reconcile documents after the fact.
Every handoff adds time and risk. Delays stretch cycle times, errors trigger rework, and borrowers who wait too long often walk away. Industry averages still sit around 39 days to close.
Two strengths, one platform
The expanded alliance pairs what each company does best.
Cotality brings the data. Cotality supports 80% of real estate transactions in North America. Its property intelligence covers more than 99% of U.S. residential properties, including property records, ownership history, valuation data, liens, tax records, flood determinations and property condition insights.
FirstClose brings the workflow. The FirstClose Intelligent OMS consolidates the ordering and tracking of valuation, title, flood, verification and other settlement services onto a single platform. It integrates with leading LOS platforms such as ICE Encompass and MeridianLink, so orders and results flow directly into the loan file.
With Cotality’s data built directly into FirstClose, lenders get real-time access to the information and services they need. They can manage the whole origination process in one place: application, automated decisioning, valuation, title, closing and funding.
Home equity lenders are under pressure to deliver a faster and more seamless borrower experience without increasing operational complexity. Our relationship with Cotality brings together best-in-class property intelligence, workflow automation and integrated data tools to help lenders modernize originations and achieve a true seven-day-close.
– Tedd Smith, CEO, FirstClose
How it works
Enter data once. Borrower, property and closing data comes in from the LOS and populates every order automatically. No re-keying means fewer errors from the start.
Orders trigger on your rules. Settlement orders can fire automatically or on demand, based on business rules the lender sets. Providers are assigned by product type, geography, loan type or custom criteria. Lenders can order à la carte, with one click or fully automated.
Orders step up only when needed. Intelligent order cascades trigger automatically and step up only when underwriting rules call for it. A valuation can start with an automated valuation model (AVM), step up to a hybrid valuation, and escalate to a full appraisal only if criteria aren’t met. Title works the same way, moving from a legal and vesting report to a title report when required.
Results flow back automatically. Reports and documents route into the LOS with data mapped to the right fields. Scheduling, messaging and document exchange with providers all happen inside the platform.
Everything stays visible. Real-time dashboards show open, closed and action-pending orders at a glance. Standard reports track provider performance and trends over time.
Someone else chases the providers. FirstClose’s team acts as an extension of the lender’s operations staff. It monitors every order in the pipeline, follows up with providers and resolves exceptions before they cause delays.
The alliance also looks beyond new applications. By combining borrower, property and valuation insights, lenders can spot home equity opportunities within their existing customer base and engage those borrowers proactively.
The results so far
Lenders already using FirstClose order management are closing faster and doing less manual work.
| Lender | Result with FirstClose |
| Sharonview Federal Credit Union | Cut closings from 45 days to 7 days |
| Fortera Credit Union | Reduced manual processing time by 85% |
| Mascoma Bank | Shaved about a week off the loan timeline |
We’ve been able to shave about a week off our timeline. That’s a signifigant improvement in efficiency, espessially for our underwriters and borrowers.
– Lauren Schumacher, Senior Consumer Loan Underwriter, Mascoma Bank
The providers in the FirstClose OMS network perform, too. FirstClose continuously monitors their accuracy, turn time and pricing. OMS providers deliver 30.9% faster turnaround times and 55.8% fewer revisions, and they complete the revisions that do come up 2 hours faster.
What this means for lenders
For banks, credit unions and independent mortgage banks (IMBs), the alliance removes the trade-off between speed and control.
- Faster closings. Automated ordering and fewer handoffs put a seven-day HELOC close within reach.
- Fewer vendors to manage. Property data and settlement services come through one connected platform instead of a patchwork of disconnected providers.
- Less manual work. Staff stop re-keying data and chasing orders, and can focus on higher-value work.
- Better data, better decisions. Real-time property intelligence supports faster, more informed decisions, and helps lenders find new opportunities in their existing portfolio.
- Room to grow. A flexible, scalable delivery model helps lenders, especially IMBs and credit unions, expand access to home equity products.
As demand for home equity lending surges, combining FirstClose’s seamless platform with Cotality’s premier data and solutions will be essential for lenders looking to scale efficiently, simplify their operations, and build stronger, more trusting relationships with the homewowners they serve.” – Adam Krahn, Vice President of Mortgage Strategy and Alliances, Cotality
See it in action
The integrated platform is available now to FirstClose and Cotality clients. To see how a single connected workflow can bring your home equity closings down to days, not weeks, request a personalized demo.
Call 877-677-3282, email sales@firstclose.com, or visit firstclose.com.