Mortgage Cadence has integrated LoanBeam’s income calculation service into its end-to-end loan-origination solution, the companies announced.
The integration helps Mortgage Cadence customers eliminate hours of manual document review, accelerate time to close, and provide systematic income calculation and verification for self-employed borrowers.
“We’re pleased to add LoanBeam to our growing list of world-class integrated service providers,” Mortgage Cadence Executive Manager of Services Brian Benson said in a release. “LoanBeam is a groundbreaking service that helps reduce loan production times and improve the overall borrower experience, especially for self-employed mortgage applicants that are traditionally difficult to process. We’re excited to extend these new capabilities to our lender clients.”
LoanBeam uses optical character recognition technology to export data from scanned tax return documents to automatically calculate a borrower’s income, drastically reducing the time it takes for loan officers, underwriters and processors to review borrower qualifying income.
“Our mission is to provide the lending industry with data integrity by producing an output that is auditable, consistent and transparent,” said Jerry Melia, chief operating officer of Navesink Mortgage Services LLC, LoanBeam’s parent company. “Our collaboration with Mortgage Cadence builds upon this mission, and we look forward to providing Enterprise Lending Center users with this capability.”