Lender Toolkit partnered with income analysis provider Blueprint to launch Prism, an AI-driven income calculator.
Prism, which integrates with Encompass by ICE Mortgage Technology, shortens cycle times and increases profitability by streamlining the income process, according to company leaders.
Blueprint creates advisories that are automatically uploaded to Prism as loan conditions. If income is used that is outside of the recommended calculations, AI Underwriter generates conditions advising the underwriter. All types of income can be analyzed, including income based on bank statements for self-employed borrowers. Prism then automatically syncs the results with the correct income fields in the borrower’s Uniform Residential Loan Application 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. By automating and streamlining the often-difficult process of calculating a borrower’s income, Prism is a real game-changer,” said Brett Brumley, CEO of Lender Toolkit.
This automation workflow includes built-in agency guidelines, optical character recognition for extracting document data, and a human-in-the-loop workflow to augment that technology.
By using Prism with AI Underwriter, a loan file can be underwritten at any point in the mortgage manufacturing process, allowing faster closing times with accuracy, company leaders said.
“With Prism, mortgage lenders can simplify and streamline one of the most challenging and time-consuming tasks involved in loan production,” Brumley added.
Lender Toolkit introduced Prism Plus at the same time, featuring the same capabilities but with the added perk of automated data extraction from income documents. It also provides domestically sourced human reviews, ensuring data accuracy as well as security and privacy for both mortgage lenders and borrowers.
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