LoanBeam extracts data from scanned tax documents and automatically calculates income
- Automates income calculations
- Drives standardization
- Streamlines workflow
This is What LoanBeam Does For You
Automates Income Calculations
Manually calculating the income of a residential mortgage applicant is error prone and introduces credit risk. Today’s regulatory landscape requires technology that minimizes calculation variances and errors. LoanBeam’s automation helps to minimize fraud and more successfully identify credit quality.
In order to compete in today’s increasingly complex mortgage industry you need technology solutions that support dependable, repeatable processes. LoanBeam standardizes income calculations so three people with different skill sets and credit policy interpretations arrive at the same number.
Required documents like K-1s and tax returns are often received piecemeal and late in the process. LoanBeam identifies K-1s still needed from the borrower. When provided, LoanBeam uses the K-1 ownership percentage to determine if the related business returns are required to calculate income.
Submit the borrower’s scanned tax documents through the LoanBeam Dashboard and choose from industry standard income templates (Form 1084, Form 91, MGIC SAM, MGIC AGI, etc.) or your organization’s custom format.
LoanBeam identifies K-1s that may still be needed from the borrower. When the missing K-1s are provided, LoanBeam uses the K-1 ownership percentage to determine if the related business tax returns are required to calculate the borrower’s income.
Cash Flow Analysis
LoanBeam’s income calculation is easy to review using the references to the borrower’s tax documents. Loan processors and underwriters can make adjustments to income based on their professional expertise.
LoanBeam extracts complete details from the business tax returns to present an accurate cash flow.
What Customers Are Saying About LoanBeam
LoanBeam has taken the mystery out of analyzing tax returns and has established a standardized platform. Our Origination and Underwriting teams have embraced its value to enhance both customer experience and loan quality.
John Holland Envoy Mortgage
I was amazed at the results but still being skeptical I looked for errors or omissions. It worked perfectly. I will not manually calculate a self employed borrower’s income ever again!
Chasity Goodson Pinnacle Capital Mortgage Corporation