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How Does the API Decide Which Clients to Import into Ownwell?

The rules for the Ownwell Finmo and Velocity APIs.

Julie Edwards avatar
Written by Julie Edwards
Updated over 3 weeks ago

Ownwell APIs use certain rules to decide which clients to import into Ownwell - and which clients to prioritize for import.

First and foremost, Ownwell APIs will always import clients based on soonest maturity.
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EG) if there are two clients "in line" to be imported - one is maturing in 2027 and one is maturing in 2030, it will prioritize and import the mortgage maturing in 2027 first.

Here are the other rules that determine which clients get imported:

  1. The Application Status:
    πŸ‘‰ In Finmo, clients must have an application status of "Funded".
    πŸ‘‰ In Velocity, clients must have a status of "Funded and Awaiting Payment" or "Complete".
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  2. The Closing Date must be in the past: This is because we don't think it makes sense to send clients a report on their home until after they've moved in.
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  3. The Maturity Date must be in the future: Ownwell imports only active mortgages (i.e., mortgages that haven't matured).
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  4. Payment Schedule: Ownwell currently does not import interest-only mortgages, as they are not supported yet.
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  5. Payment Frequency: Ownwell currently does not import accelerated weekly or semi-monthly payment frequencies, as they are not supported yet.
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  6. All required fields must be complete in Finmo or Velocity: The following fields are necessary for a successful import...

    1. Borrower details - required

      • Primary borrower first name

      • Primary borrower last name

      • Primary borrower email address

      • Household income

    2. Subject property details - required

      • Use type (owner-occupied, rental, etc.)

      • Property type (detached, condo, etc.)

      • Original value (i.e. purchase price, estimated value, etc.)

      • Unit

      • Street number

      • Street name

      • Street type

      • Street direction

      • City

      • Province

      • Postal Code

    3. The original mortgage details - required

      • Transaction type (purchase, refinance, etc.)

      • Closing date (must be in the past)

      • Original mortgage amount

      • Original mortgage rate

      • Original mortgage rate type

      • Term

      • Amortization

      • Lender

    4. Optional but recommended

      • Primary borrower phone number

      • Primary borrower credit score

      • Subject property property taxes

      • Subject property Heating

      • Subject property condo maintenance fee
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      Note: Clients imported into Finmo or Velocity via CSV uploads or deals pushed to Expert may lack some of this required information.

Important: A client import via API (Finmo or Velocity) is a snapshot in time.
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Once a client record is in Ownwell, any edits should be made directly in Ownwell. If you make changes in Finmo or Velocity AFTER the import, they will not sync to Ownwell.

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