Lender Toolkit, a provider of automated mortgage technology solutions powered by artificial intelligence (AI), has launched a new solution that streamlines the income calculation process for lenders, resulting in shortened cycle times and increased profitability.
The new automated income calculator, called Prism, integrates directly with Encompass by ICE Mortgage Technology. It provides a simplified income automation workflow for all income types and includes built-in agency guidelines, optical character recognition (OCR) for income document data extraction, and a human-in-the-loop workflow to augment OCR technology.
Prism is integrated with Lender Toolkit’s AI Underwriter, an automated system that can underwrite a loan in 90 seconds or less. AI Underwriter leverages the speed of AI to enhance the customer experience, increase margins, reduce operating expenses and streamline workflows. It also allows for customization of conditions based on the lender’s needs.
With the addition of Prism to AI Underwriter, a loan file can be underwritten at any point in the mortgage manufacturing process, allowing faster times to close while maintaining accuracy throughout the process.
“With Prism, mortgage lenders can simplify and streamline one of the most challenging and time-consuming tasks involved in loan production,” says Brett Brumley, CEO of Lender Toolkit, in a release. “By integrating an automated income calculator into AI Underwriter, we’re helping lenders improve the overall loan experience for their borrowers.”
Lender Toolkit has partnered with Blueprint, a leading provider of fast, compliant, documented income analysis for underwriters, to provide the income calculator. Prism enables the automatic uploading of advisories created by Blueprint as loan conditions. If income is used that is outside of the recommended calculations, AI Underwriter will generate conditions advising the underwriter.
By leveraging the Prism advisories as conditions, AI Underwriter gives underwriters a greater line of sight for final determinations, as well as ensuring accuracy prior to the closing.
Lender Toolkit also introduced Prism Plus, which includes all the features of Prism and goes even further with automated data extraction from income documents. If a borrower’s income documents are of high quality, Prism Plus can reduce income calculation turn times from as much as 4 hours to as little as 10 minutes.
Prism Plus also provides domestically sourced human reviews, ensuring data accuracy as well as security and privacy for both mortgage lenders and borrowers.
Photo: Joshua Sortino