“Lendsmart predicts the credit and underwriting conditions required in the loan origination process by matching them to a borrower’s data in real-time, rather than making the borrower wait over a month to hear from the underwriter,” says AK Patel, founder and CEO of Lendsmart.
Lendsmart’s optical character recognition (OCR) technology will provide the mortgage broker with access to necessary source data, allowing for instant verification of assets, income and employment, as well as auto-completed 1003 and loan application forms.
“With Lendsmart, we can provide a higher level of service to our clients and significantly improve the onboarding experience,” states CEO Michael Mikhail. “We can also approve clients faster and broker out more deals.”
The partnership will allow Lendsmart to further its goal of supporting lenders with the latest in technology and help more borrowers get a loan in record time.