The new API enables mortgage lenders and servicers to incorporate automated underwriting technology into any application.
FREMONT, CA: "Our GSE API is a real game changer. By pulling AUS logic upstream as far as possible and enabling real-time feedback, our GSE API saves both lenders and borrowers time and money during the application process." says Adam Kalamchi, Co-founder and CEO of Staircase.
Staircase unveils a new application programming interface (API) that enables lenders and servicers to embed automated underwriting technology into any application and sync to their point of sale (POS) and loan origination systems (LOS), thereby saving time and money.
Most POS and LOS products include integrations to automated underwriting system (AUS) technologies provided by government-sponsored organizations (GSEs). These linkages are often static and offer set functions. Staircase's same-day GSE interfaces erase impediments and enable lenders to synchronize AUS results across all systems. It allows them to shift loan decisioning upstream in the origination process.
The new API eliminates the 6- to 12-month AUS application procedure for start-ups and provides them with quick automated underwriting capabilities without needing IT and procurement reviews. There are no integration fees charged by Staircase, merely a $1 per API call fee.
Lenders have the option of integrating Staircase's GSE APIs into their web and mobile applications. For instance, they can implement AUS logic into their online loan applications and deliver real-time feedback to applicants via the borrower's web browser or mobile device. It allows loan officials to contact borrowers instantly after they apply, rather than calling or texting them later.
For making GSE integrations simple and quick, Staircase also makes AUS findings and alerts machine-readable to automate the origination process further. The GSE API includes queuing methods to accommodate for repeated system downtimes.
