Nationwide opens API sandbox for mortgage processing
UK-based Nationwide Building Society has launched an API sandbox for the creation of new mortgage processing systems.
According to Nationwide, brokers currently use separate systems to client information, source their mortgage and then submit the application.
“As the systems are all separate, the process can be inefficient due to duplication of work since information needs to be inputted multiple times,” it writes in a news release.
The firm has worked closely with a selection of third parties over the past few months, it adds. The new sandbox will allow third party systems to connect with Nationwide’s credit risk and back office systems via APIs and aims to speed up the process by reducing the time it takes mortgage brokers to source and submit client applications.
“Technological advances in all sectors increases people’s expectations of what they want from a business and it is important we are able to serve brokers on their terms,” says Ian Andrew, director of intermediary relationships at Nationwide.
“Brokers generate a significant proportion of our mortgage lending, so it’s important we also invest in our services.”
He adds: “The launch of our API sandbox is a significant moment for Nationwide and the sector and we’re excited to be innovating and learning in partnership with a number of third parties in a test ahead of rolling out this new technology to the whole market.