Technology continues to make loan origination and management system easier for the customers and more profitable for the businesses using it. One aspect of loan origination and management systems that has transformed the entire lending world is an application programming interface (API). What exactly does an API do?
APIs act as the middleman within loan origination software. When a user requests a certain function, the API will communicate this request, and the app will send the response back to the user.
Further, APIs allow systems to communicate to each other and either retrieve information or input data. When a borrower submits a loan application via your website, the Allied Business System’s APIs allow for the application to enter into your database and will show up in the branch’s application queue. In addition, APIs can be used for online lending for the entire loan process.
With the implementation of APIs, businesses are maximizing their efficiency and decreasing frustration. Let’s dive into how APIs can help your business succeed, and how Allied Business Systems is here to help.
How APIs Can Increase Profit & Decrease Frustration
APIs can help you serve your customers in a more efficient way, optimizing the loan origination process and essentially earning more customers’ business in less time. APIs expedite the loan origination process due to the fact that they can pull critical loan information and auto-populate it into the correct fields. Manual work is drastically reduced, and your customers can receive answers to their loan inquiries faster. It’s a win-win for everyone involved.
Here are just a few things that you can expect from loan origination software, like absVision, that utilizes an application programming interface:
- Add an applicant\borrower
- Calculate a test loan
- Book a loan
- Release funds for a loan
- Retrieve loan information and loan transactions
- Post payments and payouts
- & More
How Allied Business Systems Can Help
If time is money, we want to help you get the most out of your time which, in turn, puts money back in your pocket. That’s why we have implemented APIs into our loan origination and management software. Our software is rich with features and is extremely user-friendly. It will maximize your employee’s time, so your team can focus on other important tasks.