LoanCraft

Poised for Growth: Close More Loans Faster with LoanCraft

By LoanCraft Team December 12, 2024

The Time Deficit in Mortgage Lending

With mortgage rates on the decline and housing inventory rising, the industry is primed for a rebound. The critical question for lenders is: Is your team ready for increased volume? Without the right tools, loan officers (LOs) and underwriters often find themselves bogged down by unnecessary paperwork instead of focusing on borrower relationships.

Supercharge Your Strategy with Patented Tools

LoanCraft provides a unique approach to income calculation by augmenting software and AI with expert QC analysts. This full-service solution increases efficiency and accuracy through several key features:

  • User-Friendly Interface: Borrowers can quickly connect bank accounts via laptop, phone, or tablet, reducing the time LOs spend chasing missing forms.
  • Streamlined IRS Access: Avoiding the hassle of the 4506T process leads to higher acceptance rates and faster data retrieval.
  • Flexible Analysis: Underwriters can customize analysis to include a blend of transcripts and provided financial documents, or utilize Bank Statement Express for a clear picture of self-employed profitability.

Accurate Information is Actionable Information

Complicated income streams often cause delays or uncertainty. LoanCraft's patented process ensures accuracy through a two-step method:

  1. OCR Technology: Transforming static images into searchable, usable data.
  2. Human Touch: Experts double-check every report to ensure it is ready for your team.

This detailed reporting allows underwriters to apply customized overrides and judgment decisions that are neatly documented for easy reference, ensuring compliance and peace of mind.

The Edge in a Competitive Market

With nearly 10 million self-employed Americans and millions more in the gig economy, the ability to document complex income is a significant competitive advantage. By providing LOs with the confidence to handle these files early in the process, lenders can open new growth channels and retain their best producers.