platforms, eliminating the need to manually re-enter the information.
Regulatory compliance remains one
of the leading challenges within the
mortgage industry today. Luckily, APIs
can facilitate compliance with changing regulatory requirements.
APIs can be used to efficiently ex-
Enhancing the experience
ecute programs and transmit data or
collect additional required data, in ac-
cordance with your various reporting
requirements. APIs further support
compliance by scheduling various tasks
to ensure that programs adhere to a
certain order and criteria and are run on
specific dates to meet deadlines.
Through integration between LOS
and servicing software, the servicer and
the originator benefit by being able to
easily access current and historical infor-
mation across systems. This capability is
essential for organizations whether they
retain servicing or outsource it.
Increased automation provided by APIs
improves the lending experience for
borrowers as well as mortgage profes-
sionals. Today’s borrowers desire trans-
actions that are as quick and conven-
ient as possible.
By utilizing APIs, lenders and servicers can expedite their processes
and eliminate much manual labor,
allowing them to more quickly and
accurately deliver loan information
to borrowers. Instead of waiting up
to 24 hours to see changes reflected
in their online banking application or
servicing portal, for example, borrowers would be able to receive real-time
loan-status updates and access to
statements and disclosures.
APIs allow for the exchange of data
and execution of programs between
applications. On the servicing side,
borrowers gain immediate, real-time
access to their specific loan data and
statements and can conveniently make
online payments 24/7.
API benefits test
Most mortgage professionals will ben-
efit from implementing APIs because
they can help them more easily build
on existing functionality and automate
processes to create custom solutions
without the need to switch or upgrade
platforms. To see if APIs may be right
for your business, answer the following
n Are there any repetitive tasks that
my team and I have to take care of
n Is there information I’d like to
share with my customers that isn’t
accessible in real time today?
n Is there any additional function-
ality or workflow we’d like to add
to one of the applications we’re
n Would I like to use automation to
give my staff more time to better
serve the customer?
If a lender, servicer or originator
answered “yes” to any of the above
questions, the institution would likely
benefit from an API. Ultimately, APIs
can provide significant benefits, both
internally and externally, for mortgage
professionals and borrowers.
n n n
The key to is to leverage technology
changes available to the mortgage industry by choosing software systems
that work together seamlessly. The end
result is a much more efficient and enhanced process for lenders, servicers,
originators and their borrowers alike. n
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