Indecomm Global Services, a leading provider of automation, outsourcing and compliance services and technology for the U.S. mortgage industry, has partnered with ability-to-pay fintech FormFree® to introduce Business Health Check, an automated analysis of self-employed loan applicants’ current business income and expense streams that helps mortgage lenders make better-informed loan qualification and underwriting decisions.
When assessing the creditworthiness of self-employed loan applicants, lenders must ascertain whether borrowers’ income is stable. The financial impacts of COVID-19 on small businesses and households in the United States only underscores the importance of this assessment, which has traditionally been a manual and subjective process. With the newly released Business Health Check solution, mortgage lenders gain access to intuitive analytics, trends, inferences and red flags on self-employed borrowers’ income. Calculated using Indecomm’s IncomeGenius® and validated against business bank account information via FormFree’s AccountChek®, Business Health Check provides mortgage lenders with a uniform, document-free approach that encourages consistency while reducing risk and delivering key insights.
“Mortgage lenders must review business bank account information for self-employed borrowers who provide unaudited profit-and-loss statements,” said Rajan Nair, CEO, Indecomm Global Services. “Our new Business Health Check, powered by IncomeGenius and FormFree’s AccountChek, gives lenders confidence in their underwriting decisions by adding an up-to-date view of these borrowers’ business cash flows.”
“In these uncertain times, both borrowers and lenders are looking for assurance. Borrowers want to know what they can really afford, and lenders want a rock-solid understanding of the true risk profile of every loan they originate. Business Health Check — a powerful combination of Indecomm’s IncomeGenius and FormFree’s AccountChek — delivers that assurance,” said FormFree Founder and CEO Brent Chandler.
IncomeGenius enhances the loan origination process, reducing tax return review time by as much as 50%. It simplifies the task of calculating income by using advanced data extraction technology and offers digital transcripts to provide a complete picture of a borrower’s income. The system can read and analyze borrower income documents and calculate qualifying income associated with the mortgage loan in a consistent manner. IncomeGenius alerts users of possible red flags to allow pre-emptive intervention.
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FormFree’s AccountChek provides real-time insight into borrowers’ asset, income and employment to enable better credit decisioning and promote financial inclusion. By using augmented intelligence and over 1,000 proprietary algorithms to analyze borrower ATP, AccountChek helps lenders and borrowers skip the paper chase and reduces time to close by up to 20 days.
