FirstClose(TM) Launches Private Real Estate Auction Sites in Tandem with $300 Billion...

FirstClose(TM) Launches Private Real Estate Auction Sites in Tandem with $300 Billion in Available Investor Funds

AUSTIN, Texas--(Business Wire)--
FirstClose, a service of First Lenders Data, Inc., an Austin,
Texas-based provider of technology services for the mortgage lending
industry, announced today that it has launched private real estate
auction sites in tandem with strategic partner investor groups ready
to purchase Real Estate Owned (REO) and Short Sale properties from
lending institutions. With over $300 Billion in available investor
funds and over $3 Billion per month required to be invested, the
Auction Sites offer an immediate solution for lenders desiring to sell
properties.

The FirstClose Auction Sites allow lenders and/or realtors to post
properties quickly and easily. Lenders or realtors simply set the
price, upload pictures from a current appraisal or BPO, and the
auction begins. Subsequently, investors log into the system to conduct
due diligence, which may include ordering a new appraisal. Although
auction times may vary, a 5-10 day window is typically allowed for
investors to conduct their due diligence. If the investor decides to
purchase the property, they simply bid above the reserve price and
wait for the auction to end or click the "buy it now" price and the
closing process commences.

One significant advantage of FirstClose auctions are that the
investor groups are ready to immediately buy properties at competitive
prices, with a high probability that purchase offers will be equal to
net proceeds required by most lenders. The company is also
entertaining additional investor groups willing to bid under similar
terms.

Although most FirstClose auctions are private, the company has
developed a free demo auction site to enable interested parties to
create accounts, post sample listings, bid on sample properties, and
discover features of the system.

Since REO sales do not involve a homeowner or a new borrower given
that the investor is paying cash, much of the red tape and regulations
associated with a typical mortgage purchase are eliminated.

For lenders interested in using the auction systems for Short
Sales, the process is a little more involved, but still very easy.
Since a realtor and borrower must be involved in the transaction, a
trained short sale realtor simply collects all of the documents
required by the lender and posts the listing in the private auction.
If the property does not sell to an investor in the private auction,
the realtor has the option to post the property in a FirstClose public
auction and sell the property using MLS and other traditional means.

Strategic title partners are utilized for title transfers,
closing, and settlement services to help streamline the entire process
for both REO and Short Sale transactions.

"We have never been more excited about one of our service
offerings," said Tedd R. Smith, President and Chief Executive Officer
of First Lenders Data, Inc. "Given current market conditions and the
desire for lenders to sell their REO properties quickly and easily,
our solution couldn't be more timely. The industry is in desperate
need of a solution just like the one we are offering and we hope to
have a positive impact on lenders and the economy as a whole."

For more information about buying or selling REO and Short Sale
properties, visit www.firstclose.com/auction.php or contact Van G.
Hill at 512-514-6609 or Tommy Board at 512-917-4023. Alternatively
e-mail Van.Hill@FirstClose.com or Tommy.Board@FirstClose.com.

About FirstClose(TM) and First Lenders Data, Inc.

FirstClose is a service of First Lenders Data, Inc., a privately
held company based in Austin, Texas. Founded on March 22, 2001, the
company provides cutting-edge technology solutions to mortgage lenders
nationwide. FirstClose offers real estate auction systems, loan
origination systems with automated underwriting and automated
decisioning capability, as well as a wide variety of mortgage
settlement services... all bundled into one platform to increase
efficiencies, eliminate duplicate data entry, and help lenders close
more loans. Settlement services include; credit reports which feed the
automated underwriting and decisioning systems, automated valuation
models (AVMs), guaranteed AVMs, AVM validation and back-testing,
appraisals, gap valuation services, BPOs, flood determinations, flood
insurance, hazard insurance, property reports, legal and vesting
reports, guaranteed lien reports, title insurance, income
verification, tax tracking, document preparation, fraud detection,
closing and recording services, mortgage leads, foreclosure data, and
more. For more information about FirstClose, visit www.FirstClose.com
or contact Van G. Hill, National Accounts Manager, at 512-514-6609 or
Van.Hill@FirstClose.com.

FirstClose(TM),
a service of First Lenders Data, Inc. (FLDI)
Van Hill, 512-514-6609
Van.Hill@FirstClose.com

Copyright Business Wire 2008