For just $1 lenders can integrate their systems of record with Fannie Mae and Freddie Mac and achieve greater loan decisioning capabilities
August 31, 2022 – NEW YORK, N.Y. – Staircase, the company building an integrated, digital infrastructure to accelerate tech-enabled mortgages, has launched 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), saving time and money.
Most POS and LOS products come equipped with integrations to automated underwriting system (AUS) technology provided by government-sponsored entities (GSEs) but these integrations are typically static and offer fixed functionalities. Staircase’s same-day GSE integrations eliminate these obstacles while empowering lenders to seamlessly synchronize AUS results across all of their systems, enabling them to move loan decisioning further upstream in the origination process.
For start-ups, the new API cuts out a 6- to 12-month AUS application process and gives them instant automated underwriting capabilities without spending time and money on IT and procurement reviews. Staircase does not charge any integration costs—only a $1 fee per API call.
Lenders have the option to embed Staircase’s GSE APIs into their other tools such as web and mobile apps. For example, they can embed AUS logic into their online loan applications and provide borrowers with real-time feedback through the borrower’s web browser or mobile device. This allows loan officers to reach out to borrowers immediately after a borrower fills out an application rather than call or text them later.
“Our GSE API is a real game changer,” said Staircase Co-founder and CEO Adam Kalamchi. “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.”
In addition to making GSE integrations quick and simple, Staircase also makes AUS findings and messages machine readable to create greater automation in the origination process. The GSE API even includes queuing mechanisms to compensate for downtime across multiple systems.
Like other Staircase products, the GSE API supports all data languages created by the Mortgage Industry Standards Maintenance Organization (MISMO). Staircase can translate any data language to a lender’s preferred language, eliminating the need for lenders to adapt to other data models.
For more information about the GSE API, email hello@Staircase.co.
Staircase is an API and low-code marketplace which automates complex technologies and makes them self-serve for the U.S. residential mortgage industry. Focused on providing automation for complicated mortgage functions, it allows for the integration and orchestration of all U.S. mortgage industry technology providers and enables all parties throughout mortgage origination, insurance, and servicing to easily communicate with zero friction. Staircase is based in Philadelphia, with employees in over 20 countries. For more information, visit www.staircase.co.