iQ Credit Union Partners with FirstClose to Support Growth
iQ Credit Union serves more than 100,000 members with 16 branches in Southwest Washington and Portland.
AUSTIN, Texas, Sept. 6, 2023 /PRNewswire/ -- FirstClose , Inc., a leading fintech provider of data and workflow solutions for mortgage and home equity lenders nationwide, announced today that iQ Credit Union, is using FirstClose Equity to power its home equity lending operations to meet the company's long-term growth goals.
iQ Credit Union serves more than 100,000 members with 16 branches in Southwest Washington and Portland. Last year, the organization experienced nearly 25% increase in overall member growth and expects 30% growth in home equity this year.
The credit union has used FirstClose Equity as its settlement services order management platform since 2018. Using this solution, iQ Credit Union has digitized their back-office and vendor management processes to significantly reduce turn times and take cost out of the process all while providing an exceptional member experience.
"At a time when origination costs have reached new highs, no one can afford inefficiencies that further compress margins, especially credit unions in the home equity space," said John Hapke, Vice President of Consumer Lending, from iQ Credit Union. "Knowing that FirstClose easily integrates with our vendors and offers a full suite of competitive products is helping us reduce cost while simultaneously growing our home equity offerings."
FirstClose Equity has built in workflows that streamline processes and builds efficiencies. The solution provides a single source for critical ordering settlement services such as credit, flood, valuation, title and recording. In just a few clicks, LO's can create an order "on demand" and connect to all parties involved in the ordering process while reducing phone calls and emails. Automation enables faster decisioning, making communications with members faster, more transparent and accurate.
"Credit unions, like iQ Credit Union, are looking for better ways to help their members reach their financial goals by tapping the $28 trillion home equity market," said Tedd Smith, Chief Executive Officer at FirstClose. "Whether our clients are using the end-to-end solution or just one of the components, like ordering, the technology is designed to reduce errors, mitigate risk and become a centralized resource for home equity origination. We are pleased to have iQ Credit Union as a client and look forward to helping them capitalize on this growing market."
About iQ Credit Union
iQ Credit Union is a full-service financial institution serving the Pacific Northwest since 1940. With more than 100,000 members in Washington and Oregon, the credit union is known for its deep commitment to financial education and community engagement — and for its signature red and black buffalo plaid colors. iQ helps Wanderers and explorers reach their financial goals by offering honest and friendly advice at any of its 16 branches. More information is available at iQCU.com.
About FirstClose
Headquartered in Austin, Texas, FirstClose, Inc. provides fintech solutions to HELOC and mortgage lenders nationwide. The company's mission is to increase profitability and reduce cost for mortgage lenders. FirstClose makes this possible through offering systems and relationships that enable lenders to more effectively assist the lender's borrowers, reduce closing costs, and ultimately shorten closing times. For more information, visit firstclose.com.
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SOURCE FirstClose
