Optimal Blue has rolled out a new application programming interface (API) initiative that will enable an ecosystem of third-party developers serving Optimal Blue customers.
“Our goal is to support integration through contemporary and best-in-class API technology with any third-party or in-house system that our customers may choose to deploy,” says Scott Happ, CEO of Optimal Blue, in a release.
During Optimal Blue’s 2017 Client Conference, it was announced that several vendors have already agreed to utilize the new APIs.
The first batch of these APIs allow for secure access to pricing for eligible products for both consumer direct and loan officer implementations.
The APIs may be used by customers who wish to integrate product and pricing data with proprietary website, mobile or point-of-sale solutions and by vendor partners whose solutions are enhanced through the integration of originator-specific price data for eligible products.
Optimal Blue’s API products leverage Microsoft Azure’s API management platform.
The company reports that it is already working on the next set of APIs, as part of its new “API-first” strategy, and expects to deliver locking and historical pricing functionality later this year.
“While we are happy for customers to utilize the native Optimal Blue user interface, we are equally supportive of customers who would prefer to use third-party or proprietary systems whose UI/UX is supported by our API,” says Sue Baker, vice president of product for Optimal Blue.
In a separate but related development, Optimal Blue has introduced a new business intelligence tool that provides real-time visibility into a lender’s market share.
The new Market Share Insight tool provides lenders with the ability to review and analyze current and historical market share by lock request volume in comparison to all other lenders using the Optimal Blue platform, the company says.
Lenders can track their ranking by metrics such as price, rate, loan amount, FICO and product type and can also compare changes in their volume against overall market performance.
Market share can be evaluated over any time period based on MSA and loan attributes, and lenders can view results online or schedule reports for automatic delivery via email.
“The Optimal Blue customer base originates roughly one in four loans in the industry,” Happ explains. “Market Share Insight provides a meaningful measure of a lender’s relative share in specific markets. Because of Optimal Blue’s broad market coverage, this capability is unique, enabling lenders to compare their lock activity to a significant cross section of the market for all loan types and lock scenarios.”
“The release of Market Share Insight is a game-changer for those institutions looking to track real-time changes in their lock share percentage,” adds Danny Earley, senior vice president of revenue optimization at PrimeLending. “Gone are the days of waiting on stale, lagged, funded data that does not provide an apples-to-apples comparison of loans locked in a similar time frame. By combining real-time share with Optimal Blue’s Insight application, lenders can easily track the impact of targeted pricing moves on their share garnered.”