California Bankers Association and FirstClose™ Introduce Closing Services Through CBAClose

March 26, 2007

SACRAMENTO -- The California Bankers Association (CBA), through a strategic partnership with FirstClose™, a service of First Lenders Data, Inc., is introducing CBAClose, a closing and fulfillment system that provides credit reports, flood zone determinations, lien reports, title reports, income verification reports, document preparation, closing services, recording services, title insurance, tax tracking services, and other mortgage related services.

CBAClose is designed to provide CBA members with time and cost savings. Time savings are achieved by eliminating duplicate data entry and offering niche products that speed up the entire mortgage origination process. Cost savings are achieved through bundling multiple mortgage settlement services, niche product offerings and aggregating the CBA Member buying power to achieve high volume discounts. Increased buying power helps the CBA members compete more effectively with the larger banks and mortgage companies that experience similar volume based discounts.

“CBAClose, the latest addition to our Member$aves program, offers an efficient approach at bundling settlement and closing services. Our members benefit from discounted pricing by adding more products into the bundle and enjoy improved choices and flexibility. Virtually any product from any service provider can be added to a bundle and integrated into the CBAClose platform. Our lending institutions can create their perfect bundle of services or rely on recommendations of proven product bundles,” noted Larisa Gurnick, SVP, Strategic Partners and Membership Development for the California Bankers Association.

“The development of CBAClose with the team at the California Bankers Association was a natural fit for us. Their capabilities coupled with our vendor management platform provide the ultimate solution for CBA members,” said Tedd R. Smith, CEO of First Lenders Data, and Inc. “Their philosophy is very similar to ours… think about the consumer first with a “member focused” mentality to provide them with lower fees, faster closings, no hassles, and an enjoyable experience.”

Source: California Bankers Association

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