Mortgage software provider Maxwell has introduced ApplyID, a new API that is used to aggregate borrower information and auto-populate the 1003, dramatically reducing the time it takes to complete a mortgage application.
The new release will enable clients – from brokers to national mortgage lenders – to pre-populate loan application data and develop new customer intelligence capabilities, Maxwell says in a release.
ApplyID unifies a consumer’s data fragments from a host of sources into a structured loan application, enabling data-driven organizations to quickly build profiles of their customers.
By collecting their consent and verifying the consumer’s identity with their mobile carrier, ApplyID gathers the borrower’s information from its network of data providers to pre-populate fields in a loan application including personal information, employment history, income, real estate owned, financial assets and more.
With this new API, clients receive a completed Fannie Mae 3.2 file with minimal input from a consumer.