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Industry News

FirstClose(TM) Announces The Launch Of Recordable, Instant Legal & Vesting Reports

August 30, 2006

AUSTIN, Texas--FirstClose, a service of First Lenders Data, Inc. (FLDI), an Austin, Texas-based provider of bundled mortgage settlement services, announced that it has launched a new proprietary product called Quick L&V. Quick L&V is an instant and recordable legal and vesting report now available through the FirstClose platform. Unlike other instant legal and vesting products available on the market today, Quick L&V is fully recordable in all lending areas.

Quick L&V taps multiple data sources and verifies instant information with copies of the last recorded deed. When instant data is unavailable, FirstClose institutes a cascading methodology to route orders to the top title companies providing manual legal and vesting reports. FirstClose also monitors the turn-around time on all title company manual reports to ensure the fastest results in the industry. Additionally, FirstClose offers a Quick L&V with Exhibit A for lenders requiring a separate Exhibit A word document containing the legal description only. Both the Quick L&V and Quick L&V with Exhibit A are backed by $1,000,000 in E&O insurance to protect lenders in the event of an error or omission.

The data contained in the Quick L&V reports can also be interfaced into any Loan Origination System (LOS), thereby eliminating duplicate data entry of short and long legal descriptions as well as vesting information into the respective LOS system fields.

"Quick L&V is another addition to the FirstClose bundled product set aimed at meeting the evolving needs of today's lenders," said Tedd R. Smith, CEO of FirstClose. "We believe that the Quick L&V product will help our customers get closer to the goal of an instant close by returning data faster than ever."

Source: First Lenders Data, Inc.



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