In a world fueled by technological advancements, it is no surprise that the “digital movement” has taken over the mortgage industry. Today, nearly all consumers begin the mortgage loan process online and have come to expect on-demand, transparent, consistent information at the immediate point of need.
These evolving consumer expectations paired with the industry’s highly competitive environment are causing a rush by originators to adopt digital capabilities. In the process, originators must grapple with how to integrate digital mortgage technologies, deliver information to the consumer in a real-time compliant manner, and ensure consumers have a consistent experience across channels and throughout the origination process.
To address these needs, Optimal Blue supports a wide array of third-party applications used in the digital mortgage process that enable originators to connect the product and pricing data within the Optimal Blue System with over 25 vendors. Now, for the first time, originators can rely on a single platform to power their digital pricing presentation, including CRM, mobile, point-of-sale, and marketing.
Because these applications are all connected using Optimal Blue’s common API framework, product eligibility and pricing is handled consistently by each application and APR calculations, payment disclosures, and mortgage insurance quotes are always correct. To ensure third-party applications comply with data and connectivity standards, Optimal Blue maintains a rigorous vendor certification process.
“By creating a platform supporting third-party applications, Optimal Blue has crushed the barrier to the digital mortgage,” said Scott Happ, CEO of Optimal Blue. “By connecting virtually every vendor in the digital mortgage space to the Optimal Blue platform, we have paved the way for originators to join the digital mortgage movement.”
Optimal Blue supports a wide variety of transactions for vendor partners through its API platform, including product eligibility, complete price results, and locking. Since the API platform was announced nine months ago, more than 70 clients have subscribed.
To further support the use of Optimal Blue as a single source for product eligibility and pricing data, the company has also invested heavily in integrating with LOS and lead generation sites, and now has a Quick Quote solution allowing originators to easily embed live price quotes on their website or mobile application.
With Quick Quote, an originator can provide live, personalized, and compliant pricing to borrowers visiting a lender’s website or to loan officers through a mobile-enabled link.
“The ability to quote accurate pricing with a mobile device empowers the loan officer to develop and maintain relationships outside of the office,” said Sue Baker, vice president of product at Optimal Blue. “Not only do they remain competitive, but they build a solid foundation to transition the consumer through the application process – electronically and compliantly.”
Originators can control what products and pricing are returned in the Quick Quote solution through configuration settings.
The digital mortgage wave has caught the imagination of our industry and has spawned innovative technology providers. At the same time, rapidly changing consumer preferences are pressing originators to become more transparent, responsive, and consistent throughout the mortgage origination process.
To help originators grapple with the growing array of technology choices and address consumer needs, Optimal Blue now supports the largest ecosystem of digital mortgage providers in the industry with an advanced API platform connecting third-party applications to Optimal Blue’s network. Clients are using these third-party applications along with native solutions like Quick Quote to jumpstart their entry into the digital mortgage arena, and are realizing operational and compliance benefits from using Optimal Blue as a single source for loan pricing.