HOWELL TOWNSHIP, NJ—Eastern Union Funding is launching “FirstLook,” a new feature on its existing smartphone app, at the Mortgage Bankers Association's CREF18 Conference this week.
Its purpose is to eliminate clutter and inefficiencies that currently prevent bankers from reviewing deals, the company says.
FirstLook will digitally match and send mortgage deals to lenders via an artificial intelligence portal, from a proprietary database of active borrowers.
“Technology is revolutionizing the commercial real estate industry, and Eastern Union is ahead of the curve with our game-changing solutions,” says Ira Zlotowitz, president of Eastern Union Funding. “FirstLook is the perfect digital bridge to seamlessly connect clients to lenders, and opens the playing field for all lenders to do more business with Eastern Union.”
Lenders log into FirstLook using encrypted authentication. Each lender completes a lending profile form, and receives access to real-time deals based on their specified deal criteria and geographic preferences. Lenders get key facts on each deal to evaluate whether they want to pursue it. Clients and lenders can see all activity surrounding a deal until it is placed.
Eastern Union received more than 500 loan requests in January through its Affiliate Broker Division. Deal flow from thousands of affiliate brokers nationwide has exceeded 6,000 listings and is growing by 200 real estate opportunities per day, the company says.
FirstLook allows mortgage bankers to review client assets, recently closed deals from their bank; current listings for sale; and recent comps.
FirstLook is managed by Moshe Feiner, who implemented QTS (Quotes & Term Sheets), the in-house banking division at Eastern Union. Feiner partnered with Shimmy Pianko, a financial technology expert, to leverage QTS data for FirstLook.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
