, an Accenture company, has integrated LoanBeam
's income calculation service with Enterprise Lending Center (ELC), Mortgage Cadence's loan origination solution. The integration will help 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 uses optical character recognition (OCR) 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.
"We're pleased to add LoanBeam to our growing list of world-class integrated service providers," said Brian Benson, Executive Manager of Services at Mortgage Cadence. "LoanBeam is a groundbreaking service that helps reduce loan production times and improve the overall borrower experience, especially for self-employed mortgage applicants that are traditionally difficult to process. We're excited to extend these new capabilities to our lender clients."