Sprout this week unveiled iAnalyze, the first non-QM bank statement analyzer tool, during the Mortgage Bankers Association’s annual convention and expo in San Diego.
iAnalyze helps mortgage brokers and correspondent lenders receive immediate analysis of a borrower's qualifying income and is the latest in a series of process digitization and AI-based tools from Sprout, the company said.
The iAnalyze tool analyzes up to two years of bank statements to determine qualifying income, in a process that can take less than an hour, the company said. It digitally consumes bank statements that are easily and securely uploaded, Sprout said.
Its machine-learning algorithm reads the bank statements and produces an automated income calculation from the transaction history, the company said. The tool is designed to help third-party loan originators eliminate the time-consuming process of income analysis required for bank statement-based loans.
Bank statement loans are a staple of the non-QM market and are designed to help individuals with non-traditional income sources achieve home ownership for residential or investment purposes.
Sprout Mortgage CEO Michael Strauss said the technology makes it “easier for mortgage brokers and correspondent lenders to grow their business by helping them meet the needs of their clients with less effort.”
Sprout Chief Information Officer and Executive Vice President Henry Santos added that iAnalyze is “an easy-to-use, secure, AI-driven analysis solution that replaces a process which until now could involve a team of analysts and require a day or more to receive the results."
iAnalyze is the third and newest addition to Sprout’s suite of technology, part of a lineup of automation tools planned to be released over 12 months.
In addition to iAnalyze, the other technology Sprout has created includes:
- iQualifi, which enables mortgage brokers and bankers to easily determine the most appropriate loan program and instantly price scenarios for customers, and
- ACORN, an automated underwriting system used to originate Prime Jumbo and non-QM loans.
Sprout said the full line is designed to streamline loan processes for mortgage brokers and correspondent lenders, helping them grow their business from the burgeoning demand for non-QM financing.
iAnalyze is expected to be widely available in early November, the company said.
Founded in 2016, Sprout Mortgage is a national jumbo and non-QM lender whose products, technology, and precision underwriting deliver home-financing solutions to consumers, investors and brokers.
