Lender Toolkit, which offers automated mortgage technology
solutions powered by artificial intelligence (AI), recently launched the
company’s latest product, designed to streamline the income calculation process
– Prism. The result, according to a company press release, is shortened cycle
times and increased profitability for lenders.
Prism integrates directly with Encompass by ICE Mortgage
Technology, the release states, and 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 enhance the OCR technology it utilizes.
The new product also integrates with Lender Toolkit’s AI
Underwriter, an automated system capable of underwriting a loan in 90 seconds
or less. The AI underwriter harnesses AI’s rapid capabilities to improve the
customer experience, boost profit margins, lower operational costs, and
streamline workflows. Furthermore, it enables conditions to be tailored
according to the lender’s requirements. By integrating Prism with the AI
underwriter, a loan application can undergo underwriting at any stage in the
mortgage production process, leading to quicker closing times without
sacrificing accuracy in the process.
“With Prism, mortgage lenders can simplify and streamline one of
the most challenging and time-consuming tasks involved in loan production,” Lender
Toolkit CEO Brett Brumley said in the 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, which offers
fast, compliant, documented income analysis for underwriters, to provide an
income calculator, the release states. Prism enables the automatic uploading of
advisories generated by Blueprint as loan conditions. If income calculations
stray from the recommended criteria, AI Underwriter will generate conditions to
assist the underwriter. By using the Prism advisories as conditions, AI
Underwriter offers underwriters a clearer perspective for making final
decisions and ensures accuracy before the closing.
Lender Toolkit also recently introduced Prism Plus, which the company notes, 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 four 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.
The company advertises Prism as providing a workflow for all
income types, including income based on bank statements and for self-employed
borrowers, and features an intuitive interface and secure integration to upload
income documents. After capturing borrower and employer information, rental
income from real estate owned (REO) properties and other income sources, Prism
automatically syncs the results with the correct income fields in the
borrower's Uniform Residential Loan Application (URLA) in Encompass.
“At Lender Toolkit, we understand the challenges faced by
mortgage lenders—particularly in today’s market, where cutting costs while
still providing excellent customer service is paramount,” Brumley said. “By
automating and streamlining the often-difficult process of calculating a
borrower's income, Prism is a real game-changer.”