Mortgage technology service provider FirstClose has expanded its Portfolio Review Service for current home values, liens and encumbrances by giving lenders access to a detailed asset valuation.
The asset valuation meets compliance requirements but also exceeds expectations with a summary of the featured properties' transactional histories, the company claims in a press release. The result is a comprehensive solution for lenders that documents the strength of their portfolios through additional data.
An expanded review process is available on first and second mortgages, as well as HELOC-specific portfolios.
FirstClose's Portfolio Review Service includes detailed information about factors that negatively or positively influence the assets' value or negatively affect the lender's lien position such as new liens, judgments, foreclosures and other encumbrances.
Lenders submit property addresses in a simple spreadsheet format; the spreadsheet is then reviewed and annotated within 48 hours. Additional information, such as changes of ownership and property tax history, can also be provided.
‘What sets apart FirstClose's Portfolio Review Service is the unique level of detail that's all-encompassing,’ says Tedd Smith, CEO of FirstClose. ‘That roundtrip history of the assets reviewed underscores the true value of lenders' portfolios with data that's accurate, up to date and critical to making short-term and long-term decisions.’