Physical piles of income verification forms and questions about self-employment income calculations are a thing of the past. With AutomatIQ™ Borrower Income Analysis, mortgage loan officers and underwriters can automate income validation within a single workflow for an accelerated loan qualification process.
In fact, results are so fast and so accurate that lenders can now focus their time on expeditiously qualifying more borrowers and fielding exceptional applications.
Uncover ways to increase a borrower’s qualifying potential by increasing loan officers’ time spent analyzing applications rather than tallying up income sources. Our technology keeps up-to-date records of income documents, so regardless of which team member generates an income calculation report, the results will remain consistent and reliable.
Avoid costly loan repurchases while increasing the number of borrowers that you can qualify with confidence — including self-employed borrower income calculations. Our solution allows for instant insight into income add-back opportunities to unlock better pricing and reduce debt-to-income ratios for borrowers. And you can do this all earlier in the mortgage workflow.
With upfront Rep & Warrant decisions from Freddie Mac and Fannie Mae, underwriters, processors, and loan officers can compare income data, meet investor-specific needs, and generate reports highlighting verified income sources and custom calculations. Records are securely stored in cloud-based LOS files for easy future access.
Choose report fields and order them however you need. Multiple users can work simultaneously on the same file, allowing teams to collaborate in real-time. And with continuously updated income data, you can feel confident that your automated income calculations are up to date every time.
Multiple income sources? That’s easy. Calculate self-employed income? No problem. With a streamlined mortgage workflow interface and productivity gains of up to 100%, AutomatIQ Borrower Income Analysis is an all-in-one solution to help quickly qualify borrowers and reduce the risk of loan repurchases.
AutomatIQ Borrower Income Analysis uses an easy-access and secure web-based interface (SSO enabled) to safely store borrower income calculations, mortgage applications, and qualification files.
– Our secure system stores all interactions, calculations, and documents in a single, searchable location.
– Our system maintains an audit trail for each user’s actions to ensure complete, secure compliance with GSE, FHA, and ATR rules.
Whether you’re fielding a mortgage income calculation request at the eleventh hour or you’re doing a last-minute check on an application, you need to ensure your data is current at any given moment. Access AutomatIQ Borrower Income Analysis instantly via ICE Encompass, the AutomatIQ Borrower Portal (Web UI), or directly integrated into any proprietary LOS or software workflow using the solution API.
Receive documents, retrieve calculations, and review a file’s status in the integrated interface designed to reduce human error.
Although many individuals need to review an income calculation report, not everyone needs to see the same thing. Our solution makes workflow adjustments to provide loan officers and underwrites with a guided experience that simplifies the complex income verification step of the mortgage workflow.
The view designed for loan officers promotes simplicity, giving ready access to the necessary documentation and application status. Complex calculation details are reserved for the underwriter view that provides extensive insight into the figures behind the findings as well as an array of custom calculation options and built-in calculators.
Experience organized document retrieval and efficient loan processing. AutomatIQ Borrower Income Analysis boasts a user-friendly interface where innovation is defined by simplicity. The wizard-driven task lists and custom viewing options provide users with an intuitive experience, simplifying the complexities of income analysis.
Especially when it comes to situations where a self-employed income calculator is needed or if a borrower has alternative sources of income, knowing what income should be used at the time of a loan application is vital. AutomatIQ Borrower Income Analysis helps loan officers compile a list of documentation that is needed upfront to reduce turn times for a better borrower experience.
Power your mortgage workflow with a modern approach. Mortgage loan origination is already a lengthy process, so don’t wait to know if Fannie Mae or Freddie Mac agree that a loan application complies with their standards.
With AutomatIQ Borrower Income Analysis, the legwork is done for you. Our solution is pre-certified for both the Fannie Mae and Freddie Mac Rep and Warrant relief program so you can have confidence in the quality of a borrower application from day 1.
“Our loan officers are extremely happy to know what income they can use to qualify a customer upfront; and underwriters are happy to see that they’re not having to educate processors and loan officers on the documentation that’s required for self-employed borrowers.”
SVP, Citizens Bank
“We needed a tool to do the OCR [optical character recognition] input for our underwriters and present an income that they can then analyze as part of the transaction,” said the Chief Risk Officer at this top U.S. lender. “Instead of making their work about getting to that calculation, they needed to be able to use calculations to analyze the overall quality of file and the credit decision.”
Chief Risk Officer, U.S. Lender
“CoreLogic continues to raise the bar with new and innovative products like AutomatIQ Borrower Income Analysis that put the power, speed, and simplicity of Encompass Partner Connect (EPC) on full display. Additionally, their ability to leverage EPC’s highly-configurable automated service ordering throughout their product line has allowed us to transform and streamline our operations workflows.”
VP, Head of Innovation, Prosperity Home Mortgage
Income Analysis helps mitigate risk by leveraging its rigorous and consistent rule engine, allowing lenders to protect themselves and their investors from unwanted financial compliance and regulatory risks. All calculations are transparently displayed with a complete user change history available.
Yes, AutomatIQ Borrower Income Analysis is integrated with both Freddie Mac and Fannie Mae, ensuring a seamless transfer of data and compliance withregulations for Rep and Warrant relief for certain transaction income calculation types. Additionally, AutomatIQ Borrower Income Analysis provides all the required raw income data in an accessible format, enabling the GSEs to perform their computations and efficiently ensure Rep and Warrant relief.
Income Analysis is a single underwriting solution for all income types — including self-employed income calculations. Reports do not need to be keyed into another spreadsheet or calculator. Wages, Commission, Bonus, Rental, Retirement, Investment, Asset, and Self Employment can all be underwritten in one tool that generates a singular, compliant PDF report with all qualifying calculations.
Income Analysis is an intelligent solution using advanced algorithms to analyze income data and provide accurate results that drive lender workflows and efficiencies. This technology adapts to different income scenarios across all income types.
Yes, Income Analysis can be used for both simple and complex loan profiles. The solution can handle complex income scenarios and provide detailed analysis for various income types. It is designed to simplify the complex income calculation process and provide accurate results for all loan profiles.
Fill in the form below to contact us.
Remove the bottlenecks and human error associated with essential mortgage origination processes like employment and income verification.
As part of CoreLogic’s collection of borrower data and verification services, 4506-C offers a fast, reliable verification of income and delivers an easy-to-read report that includes all IRS schedules.