LoanLogics, a mortgage loan quality automation provider, announced the integration of two of its document processing tools with Finastra‘s MortgagebotLOS solution on Wednesday.
This integration aims to enhance lender capabilities and facilitate document processing and income calculation, the statement said.
“These integrations demonstrate our commitment to providing mortgage lenders the tools they need to excel,” Mary Kay Theriault, director of product management for Mortgagebot at Finastra, said in a statement. “Users of the Mortgagebot platform can process loan documents through automation and complete one of the more challenging tasks of calculating income for self-employed borrowers with ease. Being able to do both within the Mortgagebot user interface streamlines these tasks while giving borrowers a faster, smoother experience when buying or refinancing their home.”
LoanLogics’ cloud-native digital assistant for document processing, IDEA OnDemand, brings automation and data accuracy to the mortgage origination process, the statement said. The integration also facilitates data reconciliation between Finastra Mortgagebot and IDEA OnDemand, using a side-by-side table to compare LOS data with extracted data.
Finastra Mortgagebot also integrated LoanBeam Tax, a solution that helps determine qualifying income for self-employed borrowers right from within Finastra Mortgagebot. It automatically extracts all income data, checks for missing documents and calculates borrower’s qualifying income according to Investor guidelines.
“Both integrations bring a new level of efficiency, accuracy, and automation to Finastra’s Mortgagebot users, who can use LoanLogics’ advanced technology to streamline processing and underwriting workflows, improve data quality, and enhance the borrower experience,” said Terrell Cassada, evp, product architecture & innovation at LoanLogics.