Lender Toolkit Launches Automated Income Calculator For Encompass Users

Lender Toolkit, a provider of automated mortgage technology solutions powered by artificial intelligence (AI), has launched Prism, the company’s latest innovation that streamlines the income calculation process for lenders, resulting in shortened cycle times and increased profitability.

Prism integrates directly with Encompass by ICE Mortgage Technology. It provides a simplified income automation workflow for all income types and includes built-in agency guidelines, optical character recognition (OCR) for income document data extraction, and a human-in-the-loop workflow to augment OCR technology.

Prism is integrated with Lender Toolkit’s AI Underwriter, an automated system that can underwrite a loan in 90 seconds or less. AI Underwriter leverages the speed of AI to enhance the customer experience, increase margins, reduce operating expenses and streamline workflows. It also allows for customization of conditions based on the lender’s needs. With the addition of Prism to AI Underwriter, a loan file can be underwritten at any point in the mortgage manufacturing process, allowing faster times to close while maintaining accuracy throughout the process.

“With Prism, mortgage lenders can simplify and streamline one of the most challenging and time-consuming tasks involved in loan production,” said Brett Brumley, CEO of Lender Toolkit. “By integrating an automated income calculator into AI Underwriter, we’re helping lenders improve the overall loan experience for their borrowers.”

Lender Toolkit has partnered with Blueprint, a leading provider of fast, compliant, documented income analysis for underwriters, to provide the income calculator. Prism enables the automatic uploading of advisories created by Blueprint as loan conditions. If income is used that is outside of the recommended calculations, AI Underwriter will generate conditions advising the underwriter. By leveraging the Prism advisories as conditions, AI Underwriter gives underwriters a greater line of sight for final determinations, as well as ensuring accuracy prior to the closing.

Lender Toolkit also introduced Prism Plus, which includes all the features of Prism and goes even further with automated data extraction from income documents. If a borrower’s income documents are of high quality, Prism Plus can reduce income calculation turn times from as much as 4 hours to as little as 10 minutes. Prism Plus also provides domestically sourced human reviews, ensuring data accuracy as well as security and privacy for both mortgage lenders and borrowers.

Prism provides an innovative workflow for all income types, including income based on bank statements and for self-employed borrowers, and features an intuitive interface and secure integration to upload income documents. After capturing borrower and employer information, rental income from real estate owned (REO) properties and other income sources, Prism automatically syncs the results with the correct income fields in the borrower’s Uniform Residential Loan Application (URLA) in Encompass.

”At Lender Toolkit, we understand the challenges faced by mortgage lenders—particularly in today’s market, where cutting costs while still providing excellent customer service is paramount,” Brumley said. “By automating and streamlining the often-difficult process of calculating a borrower’s income, Prism is a real game-changer.”