Effi, an Australian mortgage broking Platform, has launched a new Product Search API that will provide access to home loan product data spanning offerings from over 100 lenders. The new API aims to meet the demand created by recent open banking legislation that has been enacted in the country.
In addition to providing access to a broad range of mortgage product data, Effi also intends the API to Function as the most up-to-date Resource for specific product details. The company has found that many products are poorly labeled and it can be cumbersome for consumers to understand what options are available to them. By offering this data via API, developers will be better enabled to provide tools that direct customers to the appropriate solution.
The press release quoted Mandeep Sodhi, Effi’s Founder and CEO, as saying that:
“It’s great that we are now live with open banking, but it’s becoming very clear that more still needs to be done for the system to be effective for its intended purpose. Two out of five products in the Consumer Data Right don’t have the basic information filled out – no right loan purpose, no loan rate type etc. This makes the data mining functionality very limited and creates concern for the level of trust we can place in the data that is actually provided.”