Automated Income Analysis and Verification for Underwriters

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Automating Mortgage Underwriting

Mortgage underwriting is a challenging and time-consuming task. Underwriters are responsible for approving or denying loan applications by carefully reviewing financial documents for completeness and accuracy. As part of this review process, underwriters must perform a cash flow analysis of the borrower’s income  
 
With SoftWorks AI's income analysis and verification module, underwriters can double their productivity without sacrificing accuracy. SoftWorks AI's module automatically parses financial documents, including most IRS tax forms. To better streamline the loan cyclethe income analysis and verification module automatically fills out the required cash flow analysis forms, including Freddie Mac’s Form 91 and Fannie Mae’s Form 1084. 

 

Understanding Complex Financial Forms

A growing number of borrowers have multiple streams of income from freelance projects, temporary positions, and entrepreneurship initiatives. As a result, these borrowers are now including more complex tax documents, such as Schedule K-1 forms, in their loan application.  

As part of SoftWorks AI’s state-of-the-art Trapeze for Mortgage Automation solution, the income verification module also includes a sophisticated machine learning algorithm to consistently return better results and achieve clear ROI. It then organizes the files into specific stacking and grouping order to better support downstream processes. 

Forms Supported:

  • W2
  • 1040 Schedule B - Interest and Ordinary Dividends
  • 1040 Schedule C - Profit or Loss from Business
  • 1040 Schedule D - Capital Gains and Losses
  • 1040 Schedule E - Supplemental Income or Loss
  • 1040 Schedule F - Profit or Loss from Farming
  • Schedule K-1 Form 1065 - Partner's Share of Income
  • Form 1065 - Adjustments to Business Cash Flow
  • IRS Form 1120S - S Corporation Earnings
  • Form 1120S - Adjustments to Business Cash Flow
  • Form 1120 - Regular Corporation

Benefits

Improve Underwriter Productivity

More than double your underwriter productivity and reduce processing time with automated data extraction and classification of financial documents.

Minimize Seasonality Costs

Our agile solution lets you easily scale up to meet demand and keeps processing costs flat even as the volume of applications increase.

Better Customer Experience

Provides borrowers with much faster response time on loan applications, with loan process times less than five minutes.