Staircase has launched new click-to-deploy technology that enables lenders to access a wider number of third-party service providers in waterfall fashion through their loan origination system (LOS).
The new technology removes the lengthy process of integrating new services and eliminates wait times when accessing automated borrower verifications and document classification and data extraction services. Currently, lenders often have to verify a borrower’s information manually when their chosen partner cannot fully complete the process. Many lenders also do not have access to machine learning-based document classification and data extraction technologies within their LOS that can pull data from scanned images and PDFs and use it to populate the loan application. This means they frequently have to pull information from various partners, email the borrower for more information, or type in information by hand, creating extra manual work that can add a week to the loan process.
Staircase’s click-to-deploy technology provides an automated, integrated loan processing workflow that starts with a lender’s preferred service partner 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. The result is an average reduction of 20 minutes of loan processing time and a reduction of four to six days in application-to-closing time.
“Countless lenders have loans ready to close that have been sitting in their pipelines for up to two weeks because they don’t have automation to determine the optimal service for each borrower scenario,” says Adam Kalamchi, founder and CEO of Staircase. “Staircase gives lenders the ability to create sophisticated workflows for every unique loan file, so their teams can focus on delivering the absolute best customer service instead of wasting valuable time on manual tasks.”
With Staircase, lenders are now able to configure their own waterfall of services based on their preferred partners or based on loans or loan statuses. Information that needs to be reverified for any reason – such as a closing date change – can be automatically reverified and updated without the lender having to do anything. Staircase provides verifications in the form of a PDF and directly through their LOS. All required data is also automatically extracted and updated in the loan file.
Staircase integrates with all technology providers in the U.S. residential mortgage industry. Integrating with the Staircase is a self-service process that takes no more than 30 minutes to complete.
Lenders can use their own pricing contract to access services from their service providers, or they can use Staircase’s per-transaction pricing. Lenders pay 95 cents for each borrower verification or $9.50 for an unlimited number of transactions, no matter how many services are required.
Staircase’s click-to-deploy technology also ensures that service providers that are not currently integrated with an LOS can get access through Staircase. Staircase also enables service providers to prioritize their service offerings to ensure that if another provider is unable to deliver the services a lender needs, they have an opportunity to provide it.