Applying for a home loan is a daunting process across all income groups. Yes, that is true. One may think that well-heeled borrowers are given an easy pass….. Well think again.
The amount of paperwork and due diligence done by the underwriter is applicable to all.
The only loans with the least amount of paperwork are hard money loans. Go figure!
Fortunately, open banking API’s have come to the rescue to make the home loan process a bit friction-less.
Open Banking Enhances Access to Financial Data
In the US, more than 3 million customers and businesses today utilize products that support open banking, and the success of the mortgage industry in the future will depend on lenders’ capacity to adopt and apply open banking tools to boost productivity, customer service, and scalability.
APIs to Provide a Seamless Mortgage Experience
APIs are rapidly increasing across all industries but are particularly noticeable in financial services. For example, the annual RapidAPI Developer poll, performed at the end of 2020, found that 69% of respondents thought that using APIs in the financial services industry increased in 2020 compared to 2019 and that 77.3% expected that trend to continue in 2021-22.
APIs can be created to, among other things, query data, update databases, or add functionality to software applications. Their functionalities vary.
How Can AgileSoft Systems Inc. Help You?
We at Agile Soft Systems know the importance of interconnectedness between different technological areas, how they operate, and how we can support your company in taking advantage of them. As a result, lenders boost productivity, cut expenses, raise customer satisfaction, and successfully manage future market shifts by implementing the most recent API technology.