NEW YORK, March 16, 2021 /PRNewswire/ -- Spruce, the proptech company powering online real estate transactions through technology, today announced its integration with FlexClose™, a warehouse financing service from FirstFunding®. FlexClose Funding is a new process that enables certainty of funds, extended funding times and cost savings for both lenders and borrowers. The partnership with FlexClose Funding follows Spruce's other industry innovations and offerings, including shortening transaction times by 25% and saving homeowners up to 20% on closing costs.
Traditionally, lenders use a warehouse facility with no relationship 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 closely integrate the escrow process with the warehouse lender–allowing loan funds to move outside of the Federal Reserve. The outcome is longer business hours, lower risk, and reduced cost to lenders. In turn, settlement agents close transactions faster, while borrowers can avoid delays.
"FirstFunding is dedicated to being a valuable and forward-thinking funding partner," said Nate Clear, National Sales Manager at FirstFunding. "We're excited to work with Spruce and their tech-forward platform to reduce risk, save time, and lower costs and risks for lenders and borrowers alike. The integration alleviates much of the pressure that comes along with the closing of a purchase or refinance, 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 believe in always putting our clients first," said Sean Marsh, CEO and founder at Loan Monkey. "By offering this new process through Spruce, we're able to further exceed that promise by offering flexibility and lower costs to our clients."
Spruce has powered tens of thousands of transactions to date for proptech companies, lenders, and real estate investors nationwide, and is growing 450% annually.
ABOUT SPRUCE Spruce is digitizing real estate transactions for forward-thinking real estate companies and mortgage lenders. By leveraging proprietary technology and best-in-class operations, Spruce provides a seamless, affordable solution. Spruce was founded by Andrew Weisgall and Patrick Burns in 2016, and is headquartered in New York with hubs across the U.S. Learn more about how Spruce can bring your business digital: www.spruce.co.
ABOUT FIRSTFUNDING FirstFunding® is a wholly owned subsidiary of First American Financial Corporation (NYSE: FAF), offering warehouse funding facilities to non-delegated lenders, correspondent lenders, community banks and credit unions. FirstFunding is committed to being a valuable funding partner to the mortgage investors and warehouse lenders serving the non-delegated and delegated correspondent channel. For more information, visit www.firstfundingusa.com.