FirstClose has collected $35m in funding to bolster its data and workflow solution provider for mortgage and home equity lenders.
Lateral Investment Management supplied the capital to the round.
With the capital, FirstClose plans to expand its financial services footprint to leverage property data intelligence, industry-leading partners, and technology.
Based in Texas, FirstClose offers underwriting workflow automation technology, point-of sale software and data services for the US home equity and mortgage markets. It claims its services reduce the time to close home equity lines of credit and mortgages for over 400 banks and credit union customers.
Lenders using FirstClose’s EquityIQ solution have experienced a 35% increase in online applications, a 25% growth in pull through and a 77% reduction in time to close from application to funding.
FirstClose co-founder and CEO Tedd Smith said, “Our mission has always been to improve the way that banks and credit unions serve consumers by accelerating loan closing times, increasing loan volumes and reducing costs.
“This year, as interest rates continue to rise and home equity lending volumes skyrocket, this funding will allow us to continue innovating faster and provide a superior customer experience, while delivering end-to-end solutions that are in high demand in today’s constantly changing lending environment.”
The company previously raised a ‘multi-million-dollar’ funding round from Cypress Growth Capital in 2018.
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