Pricing and Committing Loans through APIs
Using application programming interfaces (APIs) that connect to Loan Selling Advisor® allows your customers to quickly and easily access pricing and execute cash and guarantor commitments.
What Do APIs Enable a Vendor to Do?
- Seamlessly integrate a Seller’s technology vendor with Freddie Mac Seller data to improve the pricing and committing secondary marketing processes.
- Customize pricing requests to better meet the unique needs of each Seller.
- Introduce a new way for Sellers to take out Freddie Mac cash or guarantor commitments directly from a vendor’s platform.
- Increase efficiencies and shorten processing times. Eliminate the need for modifying automated scripts and system screen-scraping jobs to reflect Freddie Mac pricing changes.
- Eliminate client-specific vendor user IDs and passwords for Loan Selling Advisor by logging-in under a single system-to-system ID.
- Receive support from a dedicated team to guide each vendor through its integration effort.
How the Pricing and Committing APIs Work
- The Seller enters or imports data into the vendor system.
- The Seller selects the desired function within the vendor system.
- At the Seller’s instruction, and within the vendor system, the service request is submitted through APIs to Freddie Mac’s Loan Selling Advisor.
- Freddie Mac’s response is returned to the vendor system.
- The vendor system displays the results as derived from the data returned by Freddie Mac.
Vendor Integration Process
- Review the minimum eligibility requirements, which can include an executed Freddie Mac Seller/Servicer Guide Form 478 – Secondary Market Advisor Selling Agent Agreement or a Freddie Mac approved Mortgage Technology Vendor agreement.
- Request integration by emailing [email protected]
- Freddie Mac verification analyst assigned – We’ll set up an introductory and overview call to establish the integration plan and provide details on our verification process.
- Receive integration specifications − We’ll provide the Freddie Mac technical specifications to the vendor’s developers and integration team.
- Set-up in Test Environment – We’ll create secured test accounts for the vendor to use during development and testing.
- Development and Testing – Each developer’s timeline is different, depending on the vendor’s own systems and methodologies. The Freddie Mac verification analyst will establish regular checkpoints throughout the development process to assist with any technical questions.
- Freddie Mac Final Verification and Approval – The vendor will submit test cases to Freddie Mac for validation before receiving a formal verification letter.
- Go-Live – The Freddie Mac vendor technology support team will work with the vendor to complete the production onboarding process, set up the vendor’s API credentials and establish the appropriate client relationships. The vendor’s Freddie Mac Account Executive will also work with the vendor’s business teams to establish appropriate marketing and communication plans.