First Lenders Data

FirstClose, operating since 2000, is a fintech firm providing data and workflow solutions tailored for the U.S. mortgage and home equity lending market. The company was established in Austin, Texas, by brothers Tedd and Tim Smith, who serve as CEO and Chief Strategy Officer, respectively. Their prior experience includes roles at Flood Zones, Inc., a technology platform for automated flood zone determination that was later acquired by TransUnion, which provided them with a foundation in property data and mortgage services.

The firm targets banks and credit unions, offering technology designed to streamline and accelerate the lending process, particularly for home equity loans (HELoans) and home equity lines of credit (HELOCs). Its business model centers on its proprietary software-as-a-service (SaaS) platform, which integrates with lenders' existing Loan Origination Systems (LOS). This integration provides a centralized hub for ordering and managing required settlement services, accessing property data intelligence, and automating workflows from application to closing. Revenue is generated through this technology solution that aims to reduce operational costs, minimize risks, and shorten loan closing times for its clients.

FirstClose's flagship product, FirstClose Equity (formerly FirstClose ONE), is an end-to-end platform that manages the entire home equity lending lifecycle. It features a borrower-facing point-of-sale (POS) solution where consumers can receive instant feedback on their property's value, available equity, and loan options after completing a short questionnaire. For lenders, the platform includes a decisioning engine that can deliver credit decisions rapidly, along with automated workflows that trigger orders for settlement services. The company reports that its solutions can reduce the time to close from an industry average of over 45 days to as few as five. A significant milestone for the company was securing its first institutional equity investment of $35 million in 2022 from Lateral Investment Management to accelerate growth and product development. In 2021, FirstClose acquired Home Buyers Marketing 1, Inc. to form HomeScout, a subsidiary focused on real estate engagement.

Keywords: home equity lending, HELOC origination, mortgage technology, fintech, loan origination system, settlement services, workflow automation, property data intelligence, digital lending, credit unions, banking technology, point-of-sale lending, loan closing, underwriting automation, mortgage data, financial software, real estate technology, FirstClose Equity, Tedd Smith, Tim Smith