Income Calculation: Automate data extraction from borrower documents and income calculation with tools such as Ocrolus. For borrowers with non-traditional employment who cannot provide traditional income verification documents like W-2’s and paystubs, you have to analyze their cash flow to qualify them for a loan. You’d have to manually review 12 to 24 months of bank statements to extract deposits for income valuation. There is also higher fraud risk for bank statements.
Automating document processing will help lenders:
- Validate whether the bank statements are authentic
- Find NSF transactions
- Extract and analyze transaction details
- Calculate borrower income
- Discover cash flow trends
- Calculate average daily balance
Other automatable processing tasks:
- Order flood – order flood certificate and attach it in LOS
- Order title – identify appropriate title company and enter order details into respective company website
- Order credit – order Undisclosed Debt Notification (UDN) report within LOS
- Order appraisal – once an intent to proceed (ITP) is submitted by a borrower, a bot can populate all necessary data in the LOS and order appropriate appraisals
- Appraisal status monitoring – communicate with appraisal management company (AMC) and send status report
- Order tax transcripts – order 2 years of 1040 and W-2 verifications within LOS
- Property address validation – validate address at USPS.com and save result in appropriate fields in LOS
- Title request – generate Title Commitment Request and send email with 1003 and Agreement of Sale
- AKA verification – validate outstanding credit and application documents to ensure funding is provided to appropriate person
