Indecomm Global Services recently announced the rebranding of its web-based income analysis platform as IncomeGenius.
The rebranding reflects significant advances in its breakthrough technology for electronically reading and analyzing borrower income documents and calculating qualifying income associated with the mortgage loan.
New features include an automatic income calculation as soon as the user logs into the system, an enhanced interface, and a new streamlined workflow. These are productivity enhancers designed for sales and operations to identify the right income early in the loan process. IncomeGenius provides alerts and feedback based on current agency rules and best practices.
“IncomeGenius establishes a new standard for lending efficiency,” Financial Services CEO of Indecomm Global Services Rajan Nair said. “It offers an enhanced level of digitized income analysis, especially for self-employed borrower loans. It generates consistent and accurate results in a standardized and compliant fashion, allowing the user to immediately identify the probability of a successful loan application.”
IncomeGenius generates a comprehensive analysis of self-employed income applications and is robust in identifying risks to the loan. IncomeGenius is integrated with self-employment training through Indecomm-Mortgage U. Together they represent a total self-employed borrower income calculation solution. IncomeGenius is available as a SaaS solution.
In addition, Indecomm and LendingQB, a provider of 100% web-based, end-to-end loan origination software (LOS), announced a technology and integration partnership. The partnership provides mutual clients seamless access to Indecomm’s IncomeGenius, a groundbreaking tax return analysis platform, along with LendingQB’s credit underwriting, pricing, compliance, and other services.
IncomeGenius’s Optical Character Reader (OCR) driven platform adds certainty and simplicity to the challenge of self-employed borrower calculations. The web based integration of documents and data from LendingQB to IncomeGenius is an effective way for clients to improve their underwriting process. It simplifies the task of calculating income for self-employed borrowers and highlights problem areas requiring the underwriter’s attention. This replaces traditional Excel calculations and macros, resulting in significant time-savings for underwriters, and boosts their throughput with more loans processed in a day.
IncomeGenius’s logic enables those not necessarily trained as an underwriter to have the same thought process and approach as one. This allows a lender to move the income calculation upstream to loan officers and processors, facilitating smoother validation by underwriting.
“Client needs rise to the top of our priority,” said Nair. “Integrating the intelligence of Indecomm’s IncomeGenius with the reach of LendingQB will give our clients precision, accuracy, and lower costs in loan origination.”
“The integration with LendingQB merges IncomeGenius seamlessly into the lending workflow,” said Tim Nguyen, President of LendingQB. “Partnering with Indecomm is an extension of our best-of-breed technology strategy because they share our goal of reducing the cost of originating mortgage loans. The integration of IncomeGenius accomplishes this by increasing the efficiency of the underwriting process.”
The regulatory pressure on lenders to underwrite consistently and error free continues to grow. Lenders using IncomeGenius within LendingQB will find the income calculation process quick and accurate, minimizing buyback risk.
“Our workflow enables an assembly line approach to income analysis,” said Nair. “It provides multiple versions of the income analysis worksheet, to meet all agency requirements.”