LoanBeam is a Product of Navesink Mortgage Services
Automation Technology is Critical to the Mortgage Approval Process The mortgage approval process is complex and time-consuming. Slim profit margins, aggressive competition, risk-based decision making, and tight timelines challenge the mortgage industry today. As a result, mortgage lenders run the risk of reduced pipelines and decreased production with files that require in-depth level analysis. This is especially true of applications containing self-employed borrowers, which add additional layers of complexity to the underwriting process.
In an age where the virtual economy is a reality, the number of gig workers and self-employed is growing larger and larger by the day. According to a report published by JPMorgan Chase (JPMC), as much as 29% of inflow transactions (i.e., deposits) were the product of freelance (see report). Workers in this space look for flexible work hours, work-life balance, and greater control over their careers. How does increased control over career and earnings
In 2018, taxpayers will use a newly designed IRS form 1040, U.S. Individual Income Tax Return (1040). The most notable changes to the 1040 are: A reduction of size and information contained on the 1040. The new Form 1040 has 23 lines, down from 79, and is roughly the size of a postcard. An increase in the number of schedules in the 1040. The 2018 Form contains 6 new schedules (outlined below): Schedule 1 –
Think about the various apps on your phone. Maybe you have an app that hails a cab, or purchases movie tickets, or reserves you a table at a restaurant. Did you ever consider how these apps perform your request so seamlessly? Behind the scenes, a network of APIs (application programming interface) and webhooks facilitate the exchange of information required to perform these functions. An API allows one software application to securely communicate and exchange
The number of borrowers that qualify for a mortgage using income derived from self-employment is growing by the day. According to the “Freelancing In America” study conducted by Freelancers Union and Upwork, the number of people who do freelance work will increase from 57.3 million in 2017 to a staggering 86 million in the next decade – and surpass the number of people who do not freelance. A significant contributor to the growing number of