Paperwork is almost always a major pain, which is why some companies try to automate it. GoDocs has been at it for some time — since 1997 with a focus on commercial real estate lending. It announced this week a new offering, GoDocs CommercialConnect, which allows for connectivity "between third-party and proprietary lending platforms," according to a company press release.
The company claims this is the first API in the industry "built specifically for commercial lenders" and that it can "reduce costs by streamlining the entire commercial loan process and continues the company's tradition of innovating and leading in the space."
APIs, shorthand for application programmer interfaces, allow communications of data and function between the two companies without the need to manually reenter data. One program can call upon the other to do specific functions. The approach to design can allow one system to have access to capabilities of another without having to duplicate the work, if the company that calls out for the functions even has the expertise and resources to reproduce it.
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The company says that this new CommercialConnect product provides a "dynamic structure encompassing the commercial lending ecosystem."
"The interface is designed for ease of use and a low-code deployment that enables complete customization and uses fewer resources — allowing commercial lenders to focus more on lending and less on managing their technology partners," it continued.
The product supposedly supports "hundreds of commercial lending data fields" — meaning it can understand the data requirements based on data field names common in the industry — to automate CRE transactions. It "delivers a self-guided workflow that asks the right questions at the right time based on the user's response."
"The system incorporates a variety of custom components including non-standard vesting, multiple security instruments, complex entity structures, and ancillary documents," the company continued. "All of these components are supported across all GoDocs commercial loan document packages." They say that the commercial lending API should accelerate system integration, lower costs, and make loan processing more accurate.
The platform is supposedly scalable and so able to support companies of many sizes. Users can customize data fields or employ standard ones for access to data and contents of documents.
The clear target is companies that use a variety of disparate systems without integration among them. CommercialConnect, with access to data and the API set, essentially becomes a data traffic officer, directing information where it's needed and helping programs get what they need, even if the data is held within a different program.
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