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Mortgage technology provider Roostify has partnered with automation expert Indecomm to help lenders streamline the process of verifying the income of self-employed and “gig economy” workers applying for home loans.
Roostify had previously rolled out Analysis Assistant, a new automated income, asset, and credit analysis tool, for its Roostify Beyond offering in April. Analysis Assistant uses data extracted from documents uploaded by borrowers and other application data to analyze assets and income, speeding time to close and reducing loan origination costs.
The new partnership integrates Indecomm’s automated income calculation technology, IncomeGenius, into the Roostify Beyond platform to deliver a self-employment income analysis conforming to guidelines issued by Fannie Mae and Freddie Mac. By using standardized rules and algorithms, IncomeGenius minimizes risks created when data and calculations are entered manually, the companies said.
“In middle-office mortgage operations, associates spend a painstaking amount of time verifying, validating, and comparing data and docs,” said Indecomm CEO Rajan Nair, said in a statement. “When this happens, you know that your associates are moving away from the purpose of serving the borrower.”
Indecomm — which employs 1,500 workers worldwide and claims more than 200 mortgage industry customers — also offers IncomeGenius and other lender automation solutions including Decision Genius (underwriting automation) and BotGenius (task automation), as part of its GeniusWorks platform.
With rising interest rates curtailing their refinancing business, many lenders are looking for ways to cut costs and provide a better borrower experience as they compete to make less profitable purchase loans to homebuyers.
Google Cloud’s purpose-built mortgage solution, Lending DocAI, launched in 2021, helps partners like Roostify and Mr. Cooper automate data entry and create and customize document processing workflows. Roostify offers intelligent document processing to any lender via an application programming interface or API.
In May, Roostify announced expanded digital closing and eSign capabilities directly within the platform through a partnership with DocMagic, and integration with the Covered Insurance Marketplace to streamline the homeowners’ insurance buying process.
Last summer, Truework said it would speed up income verification for gig-economy workers with Credentials, a new service that lets employees log into their payroll provider and share verified data with a few clicks.
FormFree announced in April, the integration of its AccountChek automated asset, income and employment verification solutions into Take3Tech’s cloud-based mortgage origination system, LoanMAPS.
Black Knight’s AI-powered mortgage solution, Underwriter Assist, runs on AWS, using Amazon Textract and mortgage-specific algorithms developed by Black Knight, to extract data from documents like W-2s and pay stubs.
Microsoft Cloud for Financial Services integrates cloud services across Microsoft’s public cloud offerings for partners including Mortgage365 and Finastra, the developer of the Fusion Mortgagebot platform.
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