Loan Lookup API
With mortgage rates near all-time lows, the demand for mortgage refinancing remains high amid the COVID-19 pandemic. Borrowers are attempting to take advantage of the low rates, while lenders grapple with the surge in refinance volumes and the backlog of loan applications.
We are here to help with our new Loan Lookup API. This tool can expedite the mortgage loan origination process for eligible limited cashout refinances, enhance the customer experience, and help both lenders and borrowers realize time-savings.
What is the Loan Lookup API?
The Loan Lookup API determines – in real time – which loans in a lender’s portfolio are owned by Fannie Mae. Knowing this will help identify whether borrower is eligible for appraisal flexibilities at any point in the process, even as early as the point-of-sale or loan application.
The Loan Lookup API only needs minimal data to provide a response indicating whether a borrower’s loan is owned by Fannie Mae. This automatic ownership confirmation allows lenders to prioritize loans that may benefit from an abbreviated process due to potential appraisal flexibilities, which ultimately streamlines the loan origination process.
What this could mean for you
Integrating the Loan Lookup API within your customer-facing applications can influence lender decisioning, workflows, and other enhancements that will deliver immediate value to your customers. The Loan Lookup API reduces steps and increases efficiency by eliminating activities (i.e. appraisals).
A signed integration agreement is required. Visit the Developer Portal to get started.