In the mortgage industry, API-enabled software allows lenders to integrate different functionalities into their mortgage portal, meaning they bring together systems that were previously siloed. Not only does API adoption boost operational efficiency, but it improves the client experience, leading to increased revenue, expansion into new mortgage markets, and greater access to company resources. Open banking (data sharing between lenders), loan pre-qualification, application processing, and digital identification are the most used APIs in the mortgage industry.

2. Big data and analytics

To create holistic profiles that include their clients’ information, behaviors, and payment habits, mortgage lenders often use data analytics. Profiles created in this way allow financial institutions to provide a more personalized customer experience and make client-focused decisions.

Some mortgage companies, for example, combine AI and big data to perform automated client profile checks when there is a credit score update, home equity, or mortgage inquiry. Other benefits of making big data and analytics a part of your digital infrastructure include future proofing, i.e., shifting focus from products to clients.

3. Blockchain and NFTs

Digital mortgages that are NFT based enable lenders and borrowers alike to store lien information, as well as borrower information, on the blockchain. Since NFTs are non-fungible, home buyers can own digital assets which cannot be duplicated, which provides an added layer of protection from fraudulent transactions compared to more traditional routes.

4. Business intelligence systems

Thanks to business intelligence systems’ big data tools, mortgage companies can leverage data visualization and mining, as well as business analytics. Business intelligence systems can organize all the data owned by your mortgage company and offer insights that can better your decision-making abilities.