The following post is part of a series of blogs written by MeridianLink Partners who will be attending the MeridianLink LIVE! User Forum in May 2022. To learn more about the event, click here.
By: FirstClose, Inc.
“Homeowner equity has more than doubled over the past decade and become a crucial buffer for many weathering the challenges of the pandemic,” said Frank Martell, president and CEO of CoreLogic. “These gains have become an important financial tool and boosted consumer confidence in the U.S. housing market, especially for older homeowners and baby boomers who’ve experienced years of price appreciation.”
As borrowers look to tap the significant increase in their home values, FirstClose and MeridianLink have teamed up to build a dynamic home equity solution for lenders. FirstClose, Inc., a leading Fintech provider of lending solutions for banks, credit unions, and lenders nationwide, delivers a new integration with MeridianLink Consumer, the industry's leading loan origination system, providing a full loan product suite to banks and credit unions. As a single loan origination system, MeridianLink Consumer consolidates and streamlines applications from all channels, applying processes to ensure a streamlined process for bank and credit union staff and a world-class consumer experience for members and customers.
The solution combines the power of MeridianLink Consumer and FirstClose One’s EquityIQ to streamline lenders entire fulfillment process. The solution reduces operational touchpoints and improves the overall lending experience for members and customers.
Lenders using this solution have experienced: a 35% increase in online applications, a 25% increase in pull through and an astonishing 77% reduction in turn time (app to funding).
"The demand for a simple and easy way to get instant feedback on a home value, available home equity and instant loan decision while applying for a Home Equity Line of Credit has become a business imperative," said Tim Smith, CRO, FirstClose. "We could not be more pleased with our partnership with MeridianLink and our combined ability to meet the home equity needs of our joint members and customers."