Mortgage Cadence, an Accenture (NYSE:ACN) company, has integrated LoanBeam’s income calculation service with Enterprise Lending Center (ELC), Mortgage Cadence’s end-to-end loan-origination solution. The integration helps Mortgage Cadence customers eliminate hours of manual document review and accelerate time to close while providing systematic income calculation and verification for self-employed borrowers.
LoanBeam revolutionized the mortgage income calculation process by using optical character recognition technology to export data from scanned tax return documents to automatically calculate a borrower’s income, drastically reducing the time it takes for loan officers, underwriters and processors to review borrower qualifying income.
Facilitating lending in all forward and reverse mortgage channels, ELC integrates with the industry’s leading service providers to give lenders an on-platform process that creates a better borrower experience and helps increase profitability through improved efficiency for lenders nationwide.
“Our mission is to provide the lending industry with data integrity by producing an output that is auditable, consistent and transparent,” said Jerry Melia, chief operating officer of Navesink Mortgage Services LLC, LoanBeam’s parent company. “Our collaboration with Mortgage Cadence builds upon this mission, and we look forward to providing Enterprise Lending Center users with this capability.”