Under the partnership, lenders can use PointServ's web service to access borrowers’ digitized source financial documents as well as static PDFs and other documents. Meanwhile, LoanBeam's optical character recognition and digital reading technology processes income-related documents and combines PointServ-derived source data. This allows the companies to provide qualified income calculations which lenders use to underwrite and sell mortgages to the agencies and third parties.
The companies said their partnership allows lenders to collect income and asset documentation from a borrower in a single 10-minute session. Additionally, the digital data allows agencies and correspondent lenders to re-underwrite the loans.
LoanBeam and PointServ said this allows for significant cost and turn-time savings through a more efficient document collection process and modernizes a workflow that is rated poorly by most borrowers.
"We're excited to be partnering with LoanBeam – both of our companies have been innovators in the digitized financial document space and we share a focus on making the experience quicker and simpler for consumers and our customers,” said PointServ CEO Jeremy Kelly. “Our shared vision enables the buyer of any credit asset to instantaneously re-underwrite the file ahead of purchasing the asset and in return, our customers eliminate loan buyback exposure related to these financial documents. We believe this is a game-changing solution for the mortgage industry.”
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Digital revolution is speeding up mortgage process
Mortgage tech providers LoanBeam and PointServ have partnered to improve the mortgage underwriting process.