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We’re proud to announce our partnership with FirstFunding’s FlexClose, which enables our team to extend funding times, lower costs, and reduce risks for lenders and borrowers.
We started Spruce to make buying and selling real estate simple, affordable, and effortless for everyone involved. This partnership helps take that vision one step further, and we’re pleased to offer a new solution to make our clients more competitive and help alleviate pain points for homeowners.
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 delay.
“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. 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.
“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.”
If you’re a current client and have any other questions, please reach out to your dedicated service leaders or our Client Success team via success@spruce.co. If you’re not a Spruce client and you’re interested in learning more, request a demo with our Partnerships team here!
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