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October 14, 2020

Access mortgage data to help users better manage debt

Derlen Chiu

Updated on October 14, 2020

Last year, we launched Liabilities so developers can help consumers understand, and manage their student loan and credit card debt more effectively. Today, we’re taking that one step further by adding consumer-permissioned mortgage data to our Liabilities product–providing more comprehensive data to support consumers through debt management tools.

Mortgage debt is the single biggest debt category in America, accounting for $15.8 trillion in 2019¹. This is expected to grow even more with interest rates at record-lows. At the same time, high unemployment rates as a result of the pandemic, have made it even harder for borrowers to stay on top of their loan repayments—with nearly 4.7 million borrowers already participating in mortgage forbearance programs². Given the financial burden of owning and paying for a home during this period of uncertainty, digital financial services can play a big role in helping consumers to better manage their monthly cash flow and streamline mortgage payments.

Introducing mortgage data

With the goal of making it much easier for consumers to manage their finances digitally, developers will now have access to consumer-permissioned, real-time mortgage data via the /liabilities/get endpoint. This endpoint allows greater visibility to an individual’s financial obligations, which you can use to enhance the in-app experience with more personalized insights and product recommendations.

To access mortgage data, a consumer will need to connect their loan account using Plaid Link. Once an account is connected, consumers permission the following to be provided to developers:

  • Loan details: account number, loan type and term, origination date, and origination principal amount

  • Payment details: last payment date and amount, next payment due date, next monthly payment, year-to-date interest paid, and year-to-date principal paid

  • Terms: interest type, interest percentage, and next scheduled interest rate change

  • Balances: principal and escrow

  • Property address

A more complete financial picture

Today, fintech innovators are already using data about student loans and credit cards to empower consumers to do things like understand their debt, develop a plan for paying down loans faster, and access resources to further improve their financial health.

For Savi, a digital platform that identifies better student loan-repayment and loan-forgiveness options, allowing consumers to share their student loan account information via Plaid, has enabled the company to develop cost-saving tools for tens of thousands of borrowers. By providing debt management tools that take liabilities into account, developers can take their personal finance management apps to the next level and stand out from competitors by providing services that cover more aspects of a consumer’s balance sheet.

Get started

Check out our API docs to learn more about the liabilities data provided via Plaid. Consumer-permissioned mortgage data is available in the U.S. in the Sandbox, Development, and Production environments. If you haven’t already, sign up for a free account to begin testing in Sandbox. Customers using Liabilities today can access mortgage data with their existing integration and should reach out to their account manager with questions.

¹ World Property Journal, 2020, ‘Mortgage Debt in U.S. Hits a Record High of
  $15.8 Trillion in Late 2019’2
² CNBC, 2020, ‘Mortgage rates just hit another record low’