The underwriting process is at the heart of the lending process. As an underwriter, you engage in detailed work that involves verifying income, assets, debt and property details in order to ensure that a deal is as valuable and secure as possible for your financial institution. For years, doing your due diligence in underwriting meant engaging in time-consuming, analog workflows. Today, underwriters now have the advantage of automated underwriting solutions, such as FlashSpread.
Using FlashSpread for Your Automated Underwriting
FlashSpread’s automated underwriting solution can give underwriters a faster and more efficient way to engage in the underwriting process and ensure that loans are the best fit for a lender.
With FlashSpread, you can:
- Streamline the document intake process
- Digitize customer data automatically
- Analyze data from customer documents automatically
- Engage in more efficient and more precise workflows
Let’s take a moment to walk through all of this in detail.
Automating Document Intake With FlashSpread
One of the biggest struggles any underwriter will face is working with a customer to ensure that they have submitted all the necessary paperwork. When that paperwork comes in, it is often in multiple formats, ranging from spreadsheets and PDFs to scanned images of analog documents.
FlashSpread excels at making this part of the underwriting process as quick and easy as possible. Unlike other companies, FlashSpread can handle any PDF document, whether your customer sends in a scanned document or a digital copy. The software is also capable of reading “unreadable” values that might be hidden by watermarks. In this way, onboarding all the documents associated with a loan happens much more quickly and all of that data is instantly digitized for analysis in the financial spreading platform.
The process is straightforward. Here is how it works:
- Upload scanned copies of documents to FlashSpread
- Drag and drop the files into the FlashSpread platform
- FlashSpread will automatically populate information with a combination of OCR, AI and proprietary algorithms
- The software will also alert you to mistakes or missing information, making remediation quick and easy
Handling Updated Tax Forms With FlashSpread
Another pain point for many an underwriter stems from the fact that tax forms change every year. Ensuring that you have the right, updated form on hand is time consuming, as is the fact that you often have to wait during tax season for the IRS to actually release the latest updates.
FlashSpread accepts both business and personal tax returns, and all the most frequently used supporting schedules, including:
Personal Returns: 1040
- Schedule 1
- Schedule A Through F
- Schedule K-1
- Form 4835
- Schedule L
- Schedule M1/M2
- Schedule K-1
- Form 1125-A
- Form 8825
What really saves you time and effort? The fact that this financial spreading software also updates its templates every year. You never have to spend any time worrying about year over year differences in these critical underwriting docs.
Analyzing Data in FlashSpread
Once all of your customer’s data is uploaded into the FlashSpread system, the solution excels at analysis. After “scraping” the data off of the uploaded documents, FlashSpread then presents that data to for review and make it instantly accessible in a variety of financial reports, including global analysis.
This allows you to enjoy a more productive business lending cycle, determine applicant qualification in seconds and give your waiting customers instant feedback. You can also feel more confident that you are only approving the most qualified deals based on the clear and consistent data provided to you by FlashSpread.
Reducing Human Error in Workflows With Automated Underwriting
Even the most professional and experienced underwriter can fall prey to the inevitable — human error. Human error can just be a small blip, but in worst case scenarios, it can leave you analyzing incorrect data and making the wrong decisions for your financial institution.
FlashSpread has implemented several layers of business logic that deal with errors. The solution checks to make sure all totals balance and ensures that numbers are not recognized as letters. This automated spreader also has a proprietary algorithm so robust that it has been known to spot CPA errors.
By leveraging FlashSpread, you have a significant line of defense against mistakes. Knowing that all your data is clean and consistent will likely have many underwriters breathing a sigh of relief.
Ready to start exploring what FlashSpread can do for your underwriting process? Take a moment to head over to FlashSpread and schedule a demo. We’ll walk you through the ins and outs of using this automated financial spreading solution and show you just how impactful it can be on your underwriting process.