The newest low-code API offering provides access to every credit provider in the market and enables lenders to easily switch between soft and hard credit appeals
PHILADELPHIA, August 18, 2022 /PRNewswire/ — Staircase, the company building an integrated, digital infrastructure to accelerate technology-enabled mortgages, has launched Credit Waterfall, a new application program interface (API) that empowers lenders to simplify originations by providing access for all credit providers serving the mortgage market.
Credit Waterfall enables lenders to easily switch between credit providers to get the best price every time and securely share a borrower’s credit data across their other systems. The new API also allows lenders to switch between soft and hard loan withdrawals so they can better control spending while protecting their customers from loan withdrawal alerts to other lenders.
Currently, most lenders order a borrower’s credit through hardwired connections between a single credit provider and their point-of-sale (POS) or loan origination (LOS) system. This strategy fails to provide lenders with the best loan option for a given scenario and prevents them from sharing a borrower’s credit data with their other systems, which increases costs.
“Pulling a borrower’s credit to determine their eligibility for a loan is an essential part of the mortgage process, but also one of the lender’s biggest sources of costs,” said. Sophie Safavi, Staircase co-founder and CTO. “With Credit Waterfall, lenders now have the full breadth of choices when it comes to drawing a borrower’s credit, with the best possible option chosen every time, automatically. There’s nothing else on the market like it.”
“Most lenders are struggling to keep costs down, especially given today’s tight housing market,” said Staircase CEO and co-founder Adam Kalamchi. “However, they are typically hampered by poor technology integrations and a lack of credit options when borrowers qualify. By performing a soft pull on a borrower’s credit, Credit Waterfall enables lenders to check a borrower’s credit earlier in the process.” application without informing competitors that the customer is in the market for financing.”
Credit Waterfall is available through Staircase’s low-code credit API, which allows lenders to switch from their current credit provider in just minutes. With Credit Waterfall, lenders are only charged $1 to access any credit provider. ABOUT 2 dollars, they can create a credit “waterfall”, which uses dynamic business logic to select the best solution from multiple credit providers. In less than a month, Credit Waterfall develops a logical sequence to provide lenders with the optimal loan workflow for their organization’s needs. Lenders pay nothing if Credit Waterfall returns no results.
“Our customers on average reduce their credit costs by 33% immediately and realize further savings with just a few weeks of fine tuning,” said Kalamchi.
Beyond Credit Waterfall, Staircase’s unique waterfall technology has multiple applications, enabling lenders and servicers to create automated and integrated loan processing workflows using the best servicing partner or partners. If a partner provides suitable results, Staircase automatically cascades to other partners until the process is complete.
For more information about Credit Waterfall, please get in touch [email protected].
Around the stairs
Staircase is a low-code API and marketplace that automates complex technologies and makes them self-service for the US residential mortgage industry. Focused on providing automation for complex mortgage functions, it enables the integration and orchestration of all US mortgage industry technology providers and enables all parties during mortgage origination, underwriting and servicing to communicate easily with zero friction . The stairs are located in Philadelphia, with employees in over 20 countries. For more information, visit www.staircase.co.
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