LoanBeam is a Product of Navesink Mortgage Services
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