In recent years, the necessity for private lenders has skyrocketed, as consumers grow weary and frustrated with traditional spaces for loans. In fact, Bobby Montagne argues that the limitations of traditional avenues for loans in the mortgage market has, “created a growing national market for private money lenders and a lucrative opportunity for investors in private loan investment funds.” This growing market has further necessitated the need for innovation in technology for lender platforms and services.
FCI Lender Services is an important Non-QM and lender platform that provides and develops different types of loan servicing programs and offers for lenders.The company is based in California, but provides services at a national level. Now, the company has developed an API service that will improve and innovate the lender market.
What is an API?
IBM states that an API (Application Programming Interface), “enables companies to open up their applications’ data and functionality to external third-party developers, business partners, and internal departments within their companies. This allows services and products to communicate with each other and leverage each other’s data and functionality through a documented interface.” This illustrates the importance of APIs, as they perform an integral function for applications.
Consumers interact with APIs in various ways that they are often unaware of. Just by scrolling through social media, or utilizing other mobile applications, consumers are making use of API technology. APIs are vital for the continued innovation of applications, and they ensure higher levels of security and optimization.
FCI Lender Services on their API Service
In recent news, FCI Lender Services has developed an innovative API service at no additional cost to their customers. FCI recognises the imperative for innovation and efficiency in the lender market. The company states that, “customers can now connect their loan management software to FCI’s system to directly pull and push information between FCI’s live database to their own existing databases or internal CRM (Customer Relationship Manager) programs to generate customized reports.” This will serve as an additional benefit to clients, and optimize their experience with FCI.
FCI states that the pull API will allow every customer to request data from FCI to be placed directly into their system. The push and pull features provides customers with 24 hours coverage to bypass accessing their website, emailing, or even calling FCI in order to gather loan information, such as loan charges. FCI states that, “by using our API technology to input and update the data directly into or from our system for seamless integration, customers can enhance their timelines and experiences by using FCI’s state of the art technology and services.”
The pull capability allows consumers to pull specific information into a specific report or database that the customer desires. In addition to this, FCI gives consumers free Excel API templates, which allows customers to, “pull all the desired loan information from FCI’s system at the press of a button, while keeping the desired report format.”
FCI’s API PUSH capabilities operate in a similar way to their pull capabilities, however, they allow the lender to push information from their databases and report it into FCI’s system. FCI states that, “In the instance where loan charges are incurred by the consumer, rather than manually emailing individual charges to FCI, customers can press a button in the system to automatically send the new charge for FCI to review and attach to the lender’s note. Further, when FCI is in need of certain documents for boarding or other servicing matters, customers can directly send this information via the PUSH API to immediately be attached and applied to the note.”
As the lender market continues to grow, it is vital that the technology behind lender platforms and services evolve and innovate. APIs are an integral technology that can offer lender platforms and services the security, efficiency, and communication capabilities that they need. FCI Lender Services has now released their own proprietary API service with push and pull capabilities to allow for swift and efficient data management and acquisition.