Austin-based fintech company, FirstClose has announced the release of its SMART Select platform for Title Search Reports and O&E Reports.
SMART Select uses intelligence logic to automatically select the title vendor with the best service, best price, and best turn-time for each financial institution’s unique lending footprint. This new technology chooses from six approved and vetted national title vendors to deliver title search reports.
Giving an overview of the need for this technology for lenders, FirstClose said that in today’s ever-changing mortgage market, lenders are faced with rising cost to originate loans, which is impacting their bottom line. This is especially true when trying to handle vendor due diligence and select the right title vendor for your business. Many factors need to be taken into consideration, such as service levels, pricing, and turn times. FirstClose's SMART Select instantly eliminates lenders’ title vendor selection headaches.
“Think of SMART Select like cellular coverage,” said Corey Smith, Chief Product Officer at FirstClose. “Why choose only one provider when you can have the top six cell phone providers all under one plan? You’d have the best possible coverage everywhere you go. That’s the essence of SMART Select, it delivers the best coverage, pricing, and turn-time for each customer.”
SMART Select can be enabled as a single product or as a cascade from the FirstClose Instant Property Report when coverage is limited:
- Single Order: If a user orders a SMART Select Property Report, the system will look at the county and select the best provider out of the pool.
- Instant Property Report: If the Instant Property Report has limited coverage, the system will cascade to the SMART Select technology and automatically select the best provider in that county.