New product enables mortgage industry participants to translate data between different data languages, including MISMO standards
March 31, 2022 – Philadelphia, PA – Staircase, the company building an integrated, digital infrastructure to accelerate tech-enabled mortgages, announced the launch of Staircase Language, which enables any company in the mortgage industry to instantly translate data from any data language into another language, including MISMO standards. MISMO is the real estate finance industry’s standards organization that develops essential standards to improve efficiency, reduce cost and improve the mortgage experience.
To do business with their partners, companies typically have to invest significant time and money updating their systems to work with different data languages their partners use. Using a single line of code, Staircase Language can translate any data language to MISMO standards or to a company’s specific data model across a company’s entire technology ecosystem. As a result, Staircase Language empowers lenders, servicers, software companies and third-party service providers to work seamlessly with each other without having to change their own data language.
“Data drives every loan manufactured in the housing market, yet it is often the industry’s Achilles heel because almost every company uses data differently,” said Soofi Safavi, Staircase cofounder and CTO. “Limitations in translating data between different business partners has many downstream impacts as well, such as the inability to optimize AI and marching learning tools to verify data quickly and properly.”
Staircase CEO and cofounder Adam Kalamchi added: “By applying blockchain technology principles, Staircase Language liberates data by automatically translating data used by a company into the language their business partners prefer—and vice versa. Our new product also keeps the sources of the data intact, so it can be verified and trusted at any point in the loan life cycle. Ultimately, Staircase Language creates an unlimited range of automation possibilities, so any company in the mortgage industry can operate more quickly, safely, and cost-effectively.”
Staircase Language also has the ability to take any data language or schema and translate it into a canonical language that can be used by any company working with Staircase. This enables any company to communicate with Staircase in their language and connect to a variety of software and service providers in the Staircase Marketplace. Information received back from a partner will be automatically translated back into the company’s own data language or schema.
In addition to Staircase Language, Staircase recently launched new click-to-deploy waterfall technology that enables lenders and servicers to create automated, integrated loan processing workflows using the optimum service partner or partners for borrower verifications, document classification and data extraction. If there are no results or incomplete results, Staircase automatically goes to other partners in waterfall fashion until the process is complete, which can potentially decrease application-to-closing times by up to a week.
For more information about Staircase Language, visit the Language product page.
Visit MISMO.org to learn more about MISMO standards.
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.