Quick question: what is the one thing that you can’t buy or create, and never seem to have enough of?
Time.
With mortgage rates on the decline, housing inventory and affordability on the rise, the mortgage industry could be primed for the beginnings of a rebound in Q4 or early 2025.
Is your team ready to take advantage of increased volume, or will your loan officers and underwriters find themselves bogged down with unnecessary paperwork? Will your LOs spend time speaking to borrowers or spend time chasing down tax forms and wondering if their borrowers will qualify?
That’s where LoanCraft’s patented income reporting and analysis tools can supercharge your company’s strategy to close more loans faster.
We provide a unique approach to calculating income using data capture and QC analysts to augment software and AI to offer a full-service solution to income.
How does this benefit mortgage lenders and their teams? By increasing efficiencies, providing fast and accurate data for decision-making, and increasing LO retention and generating new growth. Let’s take a closer look.
An efficient, speedy process = more closed loans
LoanCraft’s income analysis reporting tools start with a simple, user-friendly interface—available on laptop, phone or tablet—that allows the borrower to quickly connect to their bank accounts and provide financial information with ease.
That means your LO spends less time chasing down missing forms, waiting for files, or having to ask for borrowers to resubmit documents.
Additionally, utilizing LoanCraft’s streamlined access to IRS transcripts avoids the hassle of the 4506T process, and provides LOs a higher acceptance rate.
Getting the data is important, but quickly providing LOs and underwriters with detailed income analysis is key. Our tools pull the data using a unique data retrieval and calculation process that leverages two patented processes to assure accuracy and robust calculations.
Underwriting teams have the flexibility to customize transcript analysis to smooth out workflows. A full income analysis from data collected directly from transcripts is available, or a blended analysis of transcripts and provided financial docs.
LOs and borrowers can also opt for Bank Statement Express, providing a clear picture of a borrower’s income using statements provided by the borrower’s bank. For some lending programs, it can provide better data than tax returns. It can be used in various business lending situations to precisely evaluate current profitability.
Bottom line: your team is in the driver’s seat, and the streamlined process brings critical intelligence back to the LO earlier in the process for better decision-making.
Accurate information is actionable information
A self-employed borrower or one with complicated income streams can cause an LO to lose sleep wondering if the loan will qualify or not. Having access to accurate income information early on allows the LO to target loans that will close and move on from those that won’t.
LoanCraft’s patented process produces clean and accurate files using a two-step process. Documents are evaluated using OCR technology—transforming static images into searchable files and usable data. Then, we add a human touch to double-check and prepare the report for your team.
With a detailed report at hand, underwriters can then utilize overrides to apply customized judgement decisions, which are neatly categorized and documented for easy reference.
Most importantly, you’ll have peace of mind knowing that your data is accurate, decreasing your risk and keeping you in compliance.
Are you ready to grow?
As you look ahead to a potential period of growth, are you providing your LOs with the tools they need to succeed? Or will you lose your best producers to a competitor that helps them close more loans faster?
That’s the edge that LoanCraft can provide. Complicated or hard-to-document income streams can scare away LOs, but they don’t have to. Given the confidence that they can get accurate information early in the process, your LOs will open up new channels and build relationships that they would have had to otherwise turn away.
According to the U.S. Bureau of Labor Statistics, close to 10 million Americans are self-employed—roughly 10% of the workforce. Interestingly, tens of millions of additional workers freelance each year, and lenders that are able to serve the growing “gig” economy will be well-positioned for any market conditions.
Click here to schedule a demo of LoanCraft’s income analysis tools, call (248) 743-1700, or go to loancraft.net for more info.