Closepin, a data services provider for the mortgage industry, announced its rollout of a new API to assist lenders in reducing purchase loan turn-times when working with a borrower’s preferred local closing agent, the company stated.
ClosepinAPI provides instant access to over 65 validated and commonly requested data points from closing agents that can be integrated with any loan origination system (LOS). The closing agent provides data to Closepin for verification, giving lenders a “continuously updated source of truth.”
“Purchase loans are a challenge for lenders because borrowers bring their own preferred vendors to the closing table,” Closepin Senior Vice President Brian Ostrowiak said in a release. “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.
“We believe in the value of a trusted local title agent and aim to make closing with any agent as simple and integrated as a refi transaction.”
The API eliminates the time spent on rudimentary tasks, such as email-based communication, manual data entry, PDF forms/surveys, and the correction of duplication errors. This translates into a more efficient process with simpler closings for closing agents.
Closepin offers the API free to title agents, attorneys, and escrow agents. The company also provides a success team offering consultations on how to maximize the free profile and ensure accurate data is provided to the lender network.