To help lenders and fintechs achieve digital transformation more quickly, First American Mortgage Solutions recently unveiled a new API platform that it has dubbed its Digital Gateway.
“We’re providing a virtual key to unlock First American’s universe of data assets and services in their raw form to help lenders deliver a better, modern online mortgage experience,” says Kevin Wall, president of First American Mortgage Solutions, in a release. “By reimagining the digital loan process, it opens the door to innovation across the loan lifecycle.”
With this new API platform, application developers from lending organizations, loan origination system providers, fintech companies and point-of-sale solution providers can obtain and configure data and services on demand, when and how they need them.
First American Mortgage Solutions’ Digital Gateway features flexible architecture and a single platform to access APIs, which can be repurposed to create loan process efficiencies. Examples include loan application pre-population, custom workflows and automated data validations.
The initial First American solutions available as standalone services include granular data for identity, occupancy, property, liens and judgments and ownership.
Coming soon is transparency into major milestones in the fulfillment of services, such as status updates on appraisals, title and settlement, followed by compliance and vendor management, the company reports.
“We’re dramatically reducing the time it takes to integrate with our data and services,” added Wall. “First American is the only data provider to offer APIs spanning the entire mortgage spectrum, from application to closing. By going directly to the source, lenders can implement their digital mortgage strategies faster to gain competitive advantage.”