In today’s lending environment, verifying assets and income can be a time-consuming, cumbersome process. Borrowers are often asked to locate, scan, or photograph bank statements, which may result in skewed, incomplete documents that are difficult to read. For lenders, the process of requesting, receiving, and processing these statements creates extra work, leaves room for error, and increases the risk of fraud.
LoanCraft’s Digital Solution Simplifies Verification
LoanCraft revolutionizes the way lenders verify assets and calculate income. With our secure, digital solution, borrowers can easily authorize access to their bank account data from any device, whether phone, computer, or tablet. Once authorization is complete, LoanCraft instantly retrieves and processes the data to deliver two comprehensive reports: an Asset Report, which provides a detailed view of the borrower’s accounts, and an IncoSure income report, which can integrate seamlessly with W2 or paystub data for a complete income picture.
Smart Automation for Greater Efficiency and Accuracy
Our automated process eliminates the need for manual data entry, streamlining the entire verification process. LoanCraft’s platform categorizes deposits for easy review, presents sophisticated summaries and trend analyses, and provides a detailed view of bank transactions. The result? More accurate data, less room for fraud, and a significantly faster process, with a fully calculated report available to lenders within seconds of authorization.
Empowering Lenders and Borrowers Alike
Beyond the convenience for borrowers, LoanCraft empowers lenders by minimizing time-intensive tasks and reducing the risk of errors. Our override feature also allows underwriters to apply documented judgment when needed, making it easier for them to make confident lending decisions with complete transparency.
Key Benefits of LoanCraft’s Solution
Customer Convenience: Borrowers can grant access to their bank statements from any device, eliminating the need to locate or upload documents.
Speed: With access to calculated reports within seconds, LoanCraft’s solution accelerates the lending process.
Enhanced Accuracy: Automated data retrieval ensures accuracy and minimizes fraud risk.
Comprehensive Analysis: LoanCraft’s reports provide a holistic view of assets and income, potentially uncovering additional income sources.
Underwriter Support: The override feature allows underwriters to apply judgment with detailed documentation.
Conclusion
With LoanCraft’s solution, lenders can expect more accurate, reliable, and insightful asset and income verification — all while making the process quick, easy, and secure for borrowers. In an industry where efficiency and accuracy are paramount, LoanCraft provides a powerful tool to simplify underwriting, elevate customer experience, and enhance decision-making for financial institutions.