Specialist Mortgage Group (SMG), a group of specialist finance brokers, has announced that its Lenderlink API is freely available to all second charge mortgage packagers. Lenderlink acts as a single platform that programmatically connects second charge mortgage packagers to second charge lenders. Lenderlink, as a standardized industry API, hopes to rid the industry of integrating a new API for every lender.
Currently, the Lenderlink API provides access to nine second charge lenders. They include Optimum Credit, Together Money, Prestige Finance, Paragon Bank, Shawbrook Bank, Precise Mortgages, United Trust Bank, West One Loans, and 1st Stop Loans. While there is no shortage of APIs in the space, according to SMG, no API previously existed to bring all industry players together.
Lenderlink enables packagers to save quotes and then transfer the quotes to multiple lender portals for underwriting. Next, through the Lenderlink, the lenders can return fully underwritten decisions. Additional features include forms to initiate quotes, white labeling capability, access to additional SMG products, and cross-platform support.
Additionally, Lenderlink expects to add a free CRM module later this year. Lenderlink is free to join.