NEW YORK, March 16, 2021 / PRNewswire / – Spruce, the proptech company that powers online real estate transactions with technology, today announced its integration with FlexClose ™, a warehouse financing service from FirstFunding®. FlexClose Financing is a new process that provides certainty of funds, extended financing times, and cost savings for lenders and borrowers. The partnership with FlexClose Funding follows on from other innovations and offerings from Spruce in the industry, including shortening transaction times by 25% and saving homeowners up to 20% on closing costs.
Traditionally, lenders have used a warehouse unrelated to the escrow company. As a result, loan funds must be sent through the Federal Reserve wire system and are subject to bottlenecks and delays. With FlexClose ™, Spruce is able to tightly integrate the escrow process with the warehouse lender, allowing loan funds to flow out of the Federal Reserve. This results in longer hours of operation, lower risk and lower costs for lenders. In turn, settlement agents close transactions faster, while borrowers can avoid delays.
“FirstFunding is dedicated to being a valuable and forward-thinking financing partner,” said Nate Clear, National Sales Director at FirstFunding. “We are excited to be working with Spruce and their advanced technology platform to reduce risk, save time, and reduce costs and risks for lenders and borrowers. Integration alleviates much of the pressure that accompanies closing a purchase or refinancing, adding more flexibility to an otherwise rigid process. “
Spruce is the first title agent to offer this service, with active partners including Loan monkey.
“At Loan Monkey, we are committed to providing a simple and transparent process and we believe in always putting our customers first,” said Sean marsh, CEO and Founder of Loan Monkey. “By delivering this new process through Spruce, we are able to further exceed this promise by providing flexibility and reduced costs to our customers.”
Spruce has fueled tens of thousands of deals to date for leading tech companies, lenders and real estate investors nationwide, and is growing 450% annually.
Spruce digitizes real estate transactions for forward-thinking real estate companies and mortgage lenders. By leveraging proprietary technology and best-in-class operations, Spruce offers a seamless and affordable solution. Spruce was founded by Andrew Weisgall and Patrick burns in 2016, and is headquartered in new York with hubs across the United States Learn more about how Spruce can take your business digital: www.spruce.co.
FirstFunding® is a wholly owned subsidiary of First American Financial Corporation (NYSE: FAF), providing warehouse finance facilities to non-delegated lenders, correspondent lenders, community banks and credit unions. FirstFunding is committed to being a valuable financing partner for mortgage investors and warehouse lenders serving the non-delegated and delegated correspondent channel. For more information visit www.firstfundingusa.com.