Sageworks, a financial information company that provides lending, credit risk and portfolio risk solutions to banks and credit unions, launched a new technology to make it easier for borrowers to submit information for loan applications and renewals.
Specifically, the No Data Entry technology from Sageworks allows the lender to build a personal financial statement without any data entry by the banker.
Sageworks users may already use Credit Report Access and Client Portal from Sageworks to aggregate credit bureau information and documents from borrowers. The new addition makes it possible for lenders to also aggregate asset account information from other institutions to get a more holistic picture of the borrower’s financial situation.
Through an API with Plaid Inc., bankers can connect their Sageworks spreads with real-time balance information from accounts with more than 9,000 financial institutions nationwide. This data, combined with credit bureau information and tax returns uploaded by the borrower through the Electronic Tax Return Reader, equips the lender to piece together a personal financial statement for the borrower
“In our last few release cycles, we have focused on eliminating data entry for our bankers. Their time is better spent with customers or in higher value functions at the institution. This No Data Entry technology is just our next step in that direction, giving bankers better information for decisioning and making it available more quickly,” explains Scott Ogle, CEO of Sageworks.