PhiladelphiaAnd Jan 19 2022 /PRNewswire/- peaceAnd The company that builds an integrated digital infrastructure to accelerate technology-enabled mortgage loans has launched a low-code marketplace that allows lenders to quickly build applications that automate mortgage processes. The first model available on the low-code Staircase marketplace is PreApproval which lenders can use to create a customized, white-label, web- and mobile-enabled pre-approval process for borrowers in just 30 minutes.
The CEO and Founder of Staircase said Adam Calamchi, “It also saves time, reduces underwriting costs, generates superior documentation, and lowers the risk of default and default. It’s so easy to publish that lenders can do it themselves.”
The Staircase Low Code Marketplace is unique in enabling lenders to automate the most complex mortgage workflows in minutes and provide flexible business applications that integrate systems, technology and people. Over the next several months, the company plans to release other templates that will enable lenders to automate mortgage processes with far less time and effort than they would otherwise spend acquiring and integrating new technologies.
The Staircase pre-approval form requires lenders to upload their logo and brand colors, enter their LOS credentials, and specify the sequence of questions and options offered to the borrower. The pre-approval then creates the application flow and provides a custom web link that lenders can use on their websites and send to potential borrowers.
Lenders who use pre-approval can close loans more quickly at lower cost and lower risk. By enabling borrowers to self-qualify quickly for loans, it eliminates the usual exchange that occurs between lenders and potential homebuyers before the lender knows if the borrower qualifies for financing. Staircase PreApproval integrates with over a dozen major income, employment and asset verification providers, as well as mortgage products, pricing drivers, the Lender’s Loan Creation System (LOS) and both Fannie Mae and Freddie Mac.
Pre-approval allows lenders to take advantage of three methods of data collection—borrower-mentioned information, PDF uploads, and through API digital sources—allowing the borrower’s gradual adoption of digital tools. A payment is collected from the borrower and allocated to closing cost which increases the borrower’s commitment and closing rates. This addresses the issue that lenders often encounter when dealing with said information against confirmed statements. The information stated is less accurate, which makes it less likely that lenders will be able to pre-approve a mortgage early in the process or convert leads into loan applications.
Pre-approval is now available on api.staircase.co. Call peace for more information.
around the stairs
Staircase is a low-code, API and marketplace that automates and self-serves complex technologies for the US residential mortgage industry. Focuses on providing automation for complex mortgage functions, allows integration and coordination of all US mortgage industry technology providers, and enables all parties through mortgage creation, insurance and services to communicate easily without any friction. The staircase is located in Philadelphia, with employees in more than 20 countries.
For more information visit https://www.staircase.co/
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