PreApproval for Lenders’ Need to Automate Mortgage Processes

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Staircase has launched a low-code marketplace that allows lenders to quickly build applications that automate mortgage processes. The first template available in Staircase’s low-code marketplace is PreApproval which lenders can use to create a customized, white-labeled, web- and mobile-enabled pre-approval application process for their borrowers in just 30 minutes. Staircase is a company building an integrated API and low-code marketplace integrating digital infrastructure to accelerate complex technologies and makes them tech-enabled self-serve for the U.S. residential mortgage industry.

“Empowering borrowers to self-qualify by uploading their own information via third-party verification providers and authenticating their bank accounts makes for a much better borrower experience,” said Staircase CEO and Founder Adam Kalamchi, “PreApproval also saves time, reduces underwriting costs and generates superior documentation, lowering the risk for defaults and putbacks. And it’s so easy to deploy that lenders can do it themselves.”

Staircase’s low-code marketplace is unique in enabling lenders to automate their most complex mortgage workflows within minutes and deliver flexible process applications that integrate systems, technologies, 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.

Staircase’s PreApproval template requires lenders to upload their logo and brand colors, enter their LOS credentials, and decide on the question sequence and options offered to the borrower. PreApproval then generates the application flow and provides a custom web link that lenders can use on their own websites and send to prospective borrowers.

Lenders using PreApproval can close loans much more quickly at a reduced cost and with less risk. By enabling borrowers to quickly self-qualify for loans, it eliminates the typical back-and-forth that occurs between lenders and prospective homebuyers before the lender knows whether the borrower even qualifies for financing. Staircase PreApproval integrates with more than ten leading income, employment, and asset verification providers, as well as mortgage product and pricing engines, a lender’s loan origination system (LOS), and both Fannie Mae and Freddie Mac.

PreApproval enables lenders to leverage three ways to collect data – borrower-stated information, PDF uploads, and through API digital sources – allowing for gradual borrower adoption of digital tools. A payment is collected from the borrower and allocated to the closing cost which increases borrower commitment and close rates. This addresses the problem lenders often face when dealing with stated information versus confirmed data. Stated information is less accurate, making it less likely lenders will be able to pre-approve a mortgage early in the process or convert leads into loan applications.

PreApproval is available now at api.staircase.co

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