Closepin, a company that provides mortgage industry data and analytics, has added a new API that is intended to reduce purchase loan turn times. This advancement tackles a component of mortgage lending that is exceptionally fought with time delays.
In the press release announcing the new API, Brian Ostrowiak SVP of Closepin outlined the challenges behind processing purchase loans expeditiously:
“Purchase loans are a challenge for lenders because borrowers bring their own preferred vendors to the closing table. These new closing agents and their data often pass-through manual processes with the lender’s vendor management, processing, and funding teams. This adds several days to overall turn times and creates growing data management problems for LOS administrators.”
By leveraging the Closepin API, lenders gain access to over 65 data points that closing agents regularly use in processing loans. By integrating this data into existing lending systems, Closepin hopes that its customers will be able to see significant reductions in processing time.