Nationwide building society opens up systems through mortgage API

The project, which aims to speed up the mortgage application process, will trial connecting third parties such as brokers with Nationwide’s credit risk and back office systems, via an application programming interface (API). 

The goal is to speed the process for brokers to submit applications for mortgages with the building society. 

Traditional mortgage brokers, who sell to the public on behalf of lenders, currently connect to different systems to collect information about the customer, the mortgage and to send an application to Nationwide. 

Nationwide said this involves duplication because the same information is put into the system more than once. Using the API, the information can be shared between systems after being inputted once.