See how API-powered mortgage calculations help lenders stay compliant, reduce risk, and streamline the acceptance process.
A valuable step in the acceptance phase is the assessment of the financial situation of a consumer. The income, expenses and obligations are checked against the loans and the value of the property.
This step of the process is essential for multiple reasons: to ensure the consumer's ability to meet their mortgage obligations, to maintain an acceptable level of risk for the lender, and to comply with legal and regulatory requirements.
With legal and regulatory requirements changing every year, the desire of lenders to change their acceptance criteria and the need for precise and correct calculations to reduce risk mortgage calculations change often. As a result, mortgage calculations adjustments require a high level of expertise, maintenance, and the agility to respond quickly.
In this Akkuro identified an opportunity to simplify the mortgage acceptance process; standardized mortgage calculations as a service.