In Fannie Mae’s Q2 2018 Mortgage Lender Sentiment Survey, cost-cutting was cited by 30 percent of lenders as one of their two most important goals, with business process streamlining also among their top priorities. First American Mortgage Solutions developed the Digital Gateway so lenders can access data earlier in the origination process and gain greater flexibility in the order placement and status events that are important to borrowers. Greater flexibility results in lower origination costs and a faster mortgage process.
“Recognizing our client partners’ focus on reducing costs, improving efficiencies and increasing customer satisfaction, we’re committed to investing across our business to empower innovation with proven data and digital solutions,” said First American Mortgage Solutions’ president, Kevin Wall.
The Digital Gateway’s interactive platform enables lenders and technology platforms to test and understand the various APIs offered for data and services across the larger First American enterprise that can help achieve digital transformation more quickly.
The various APIs may be deployed across the loan lifecycle from origination to servicing as needed by application developers from lending organizations, loan origination software (LOS) providers, Point-of-Sale (POS) solutions, document providers, and other technology platforms. APIs can be easily accessed for testing and development, and services can be accessed on demand, when and how customers need them.
Since the launch of the Digital Gateway in 2017, First American Mortgage Solutions continues to expand the platform’s capabilities to focus on multiple APIs: identity, property and ownership, liens and judgment, bankruptcy, watchlist, HOA, FEMA, fraud, verifications and compliance. The Digital Gateway provides a single point of access to all of First American’s data and services across the loan lifecycle, from origination to closing to post-closing and servicing.
“Our identity, property and ownership APIs enable lenders to quickly verify applicants and identify issues in order to make better lending decisions, while the liens and judgment, bankruptcy and compliance APIs help further mitigate potential risk and enhance compliance,” said Wall.
The integration of compliance APIs through the Digital Gateway allows customers to run multiple compliance checks on loans in order to alert lenders about any potential violations so corrections can be made in a timely manner. Compliance tests, such as ATR, QM, TRID and others, can be run independently or as a part of First American’s full compliance suite through the Digital Gateway APIs.
“Our customers’ appetite for digital solutions indicates that the transformation of the mortgage industry is set to accelerate, increasing the pressure on vendor partners to deliver solutions that are scalable, enable effective collaboration, simplify operational structures and help their clients remain compliant,” said Wall. “The Digital Gateway is a single-source solution designed to meet all these goals across the entire mortgage lifecycle.”
PRODUCT: Digital Gateway
SNAPSHOT: The Digital Gateway provides access to First American’s industry-leading data, analytics and services. First American’s APIs, along with its flexible architecture, create efficiencies for technology platforms and lenders looking for application components to assist with loan auto-population, data validation, ordering and receiving status updates. This allows lenders to deliver an improved online mortgage process and borrower experience from one of the industry’s most trusted and proven service providers.