Staircase launched a new application programming interface that allows lenders and servicers to embed automated underwriting technology into their applications and sync to their point of sale (POS) and loan origination systems (LOS).
The interface gives lenders an option besides the technology included in most POS and LOS products. The standard fare is equipped with AUS tech provided by the GSEs, which Staircase says are “typically static and offer fixed functionalities.”
Staircase offers same-day GSE integration that can be synced across multiple systems. As a result, lenders can push loan decisions further up in the origination process.
“Our GSE API is a real game changer,” said Staircase Co-founder and CEO Adam Kalamchi.
“By pulling AUS logic upstream as far as possible and enabling real-time feedback, our GSE API saves both lenders and borrowers time and money during the application process.”
Start-ups can eschew the 6- to 12-month AUS application process and instead get instant automated underwriting capabilities. Lenders can also embed Staircase’s GSE APIs into other tools, like web or mobile apps.
Staircase also makes AUS findings and messages machine-readable and incorporates queuing mechanisms to compensate for downtime across multiple systems.
It supports all data languages created by MISMO and can translate any data language to the lender’s preferred language.
Staircase charges $1 per API call, and no integration costs.