Home Equity Lending News

Integration Improves HELOC Experience at Banks

FirstClose Chief Revenue Officer Tim Smith


A pair of technology service providers have teamed up to help financial institutions provide home-equity lending customers with the same experience that they have when using the banks’ other products.

FirstClose Inc. said Wednesday that its ONE Equity end-to-end digital home-equity origination solution has been integrated into MeridianLink Inc’s One platform.

Austin, Texas-based FirstClose says it is a fintech that provides technology for lenders who make home-equity loans and home-equity lines of credit. Its platform reportedly includes a borrower-facing point-of-sale solution that provides prospective borrowers with instant online feedback on home valuation, available home equity and loan options, while credit decisions are provided in minutes. Automated workflows enable lenders to complete the application-to-closing cycle in five to 10 days compared to the industry average of 45 to 60 days.

“Lenders using our ONE Equity solution have experienced overall time savings as high as 77 percent, 35 percent increases in online applications, and 25 percent improvements in pull through,” FirstClose Chief Revenue Officer Tim Smith stated in the news release.

FirstClose previously reported that its client list exceeds 200 banks and credit unions, and it processes hundreds of thousands of transactions a year.

MeridianLink, a publicly traded company based in Costa Mesa, Calif., says its One platform makes it possible for financial institutions to ensure their digital solutions are communicating and sharing with each other. It reports more than 1,900 customers.

By developing lifelong financial management relationships with their customers, banks can provide customers with a single journey even as they navigate through the bank’s different products — like deposits, consumer loans and mortgages — and the different processes accompanying each product, according to MeridianLink. Banks can  turn lending automation, cross-selling, and loan optimization into transformational experiences for staff and consumers.

“In the current lending environment, offering more home equity lending capabilities to our customers can help them better meet consumer expectations,” MeridianLink SVP, Partner Marketplace Amy Daniels said.