SAN FRANCISCO, Oct. 20, 2017 /PRNewswire/ — LoanBeam and PointServ, two leading technology providers to the U.S. mortgage lending industry, are partnering to make it easy for Lenders to solve two of the toughest pain points they face during the underwriting process: (1) Delivering the complete digitized financial document set from borrowers and (2) Producing consistent and accurate Qualified Income Calculations.
Lenders can now use PointServ’s web service to access both borrowers’ digitized source financial documents as well as static .pdfs and other documents. LoanBeam’s Optical Character Recognition (OCR) and digital reading technology processes income related documents and combines PointServ-derived source data to provide the Qualified Income Calculations Lenders need to underwrite and sell mortgages to the Agencies and third parties.
“We’re excited to be partnering with LoanBeam — both of our companies have been innovators in the digitized financial document space and we share a focus on making the experience quicker and simpler for consumers and our customers. Our shared vision enables the buyer of any credit asset to instantaneously re-underwrite the file ahead of purchasing the asset and in return, our customers eliminate loan buyback exposure related to these financial documents. We believe this is a game changing solution for the mortgage industry,” said Jeremy Kelly, CEO of PointServ.
Highlights of the partnership:
Lender can collect all income and asset documentation from a borrower in a single ten minute session
Significant cost and turn time savings through a more efficient document collection process (current industry average is 9-20 days)
LoanBeam’s Qualified Income Calculations provide accuracy, consistency, and efficiency
Digital data allows loans to be efficiently re-underwritten by Agencies and Correspondent Lenders
Modernizes a workflow that is rated poorly by most borrowers
“This partnership is about leveraging each other’s core assets to enable simple, secure and truly transformative delivery of digitized financial documents and Qualified Income Calculations for our joint customers,” said Kirk Donaldson, LoanBeam’s CEO. “Lenders can now run all applications through our integrated platform, not just the loans with complex tax returns or a borrower willing to provide his or her source data. LoanBeam’s proprietary technology analyzes the data to provide the Qualified Income Calculations lenders need to underwrite a mortgage loan and then confidently portfolio it or sell it within Agency and investor guidelines.”
“Today’s homebuyers expect a fast and secure digital experience every step of the way when getting a home loan,” said Tim Elkins, PrimeLending EVP of Technology. “LoanBeam and PointServ working together to create a better and more seamless documentation and verification process is a win-win – our customers have fewer hassles when applying for a mortgage and we have quicker access to the accurate information we need to process their loans.”
Founded in 2008 and headquartered in Silicon Valley, PointServ provides access to source data across the complete set of consumer financial documents needed by U.S. consumer finance credit providers. PointServ improves the ecosystem of consumer finance in the U.S. by creating a better consumer experience, significantly improving the efficiency of our customers’ business processes and eliminating fraud.
For more information, visit pointserv.com