Foundation Home Loans API goes live with OMS – exclusive

The application programming interface (API) link provides two-way communication between Foundation’s server and the OMS software allowing auto population of fields.

It is active for submitting decisions in principle (DIPs) at first but there is the potential it to go live for full application submission in due course.

The firm expects to save brokers around 30 minutes per DIP by replacing re-keying of data, with the API taking 35 seconds to show the products available.

Earlier this month Foundation completed a link with the Buy to Let Business – the first such connection for both firms.

OMS already has several lenders with live API links including Precise Mortgages, Shawbrook Bank, Together Loans and Kent Reliance.

Full application integration

Foundation Home Loans commercial director Andrew Ferguson told Specialist Lending Solutions that it had taken around six months to put the link together and that brokers would see the benefit immediately.

“OMS was always going to be one of the early partners as we have a strong relationship with the team and we conduct good volumes of business,” he said.

“Initially we’re working on DIPs and will continue to see if we will have a second phase where we do the full integration to application as well.

“So our longer term vision is making it easier for our brokers to work with us and we see API technology as one of the key levers to do that.”

Foundation also has further firms lined-up to integrate its interface with over the next year.

“Our vision was to build an open-API capability as we want to have this as an option for key partners in terms of service enhancement,” he added.

Broker input

OMS managing director Neal Jannels said the integration process had been largely straight forward thanks to Foundation’s in-house IT team and the up-to-date system the lender uses.

However, he highlighted that the biggest issue delaying these projects is the quality and accuracy of data inputted by brokers and customers into systems.

“The biggest issue we have, and this is a global issue within the industry, is making sure what’s actually inputted in the system is correct,” he said.

“It’s not the connection between lender and OMS, its making sure what the broker and client are putting in the system is correct and has been put in the right fields.

“Once that was put in place the build with FHL was simple – they put the documentation together and it was all mapped out for us so we could inter-link straight away,” he added.