LoanBeam is a Product of Navesink Mortgage Services
Most businesses aim to improve their bottom lines by growing revenue and cutting costs, and mortgage lenders are certainly no different. Today’s economic climate demands that lenders continuously improve their processes if they want to cut costs by increasing efficiency and performance. Our customers have been telling us from day one that LoanBeam helps to reduce the amount of time loan officers, processors and underwriters spend on a loan application, so we know that the
In our conversations with hundreds of lenders over the last few years, there has been a recurring theme: Nobody enjoys or is particularly comfortable with analyzing the tax returns of self-employed borrowers. Then, a few weeks ago, we participated in an MBA Risk Management roundtable where we discussed just that. Analyzing the tax returns of self-employed borrowers is time consuming and fraught with potential errors. It takes experienced people throughout the application and underwriting process.
LoanBeam is a software solution that uses Optical Character Recognition (OCR) technology to extract data from tax documents and automatically calculate income. Users submit 1040s, 1065s, K-1s and many additional tax documents (for a complete list visit the FAQ page) then select from standard income calculation formats like Form 1084, Form 91 or a custom format for output. In minutes, users have a preliminary income amount that can be used to begin moving the borrower