LoanScorecard Enhances Bank Statement Analyzer

IRVINE, Calif., June 20, 2022 - LoanScorecard®, the leading provider of non-agency automated underwriting systems (AUS) announced today that its advanced Bank Statement Analyzer™ is now available as a standalone platform (previously it had been a feature in the company’s Portfolio Underwriter AUS). Bank Statement Analyzer allows lenders to efficiently review income deposits in less than half the time it takes to manually calculate income for non-QM mortgages: approximately 3 hours vs. 5-8 manually.

 

Now as a standalone platform, lenders can now use Bank Statement Analyzer at different stages of the life of a loan. At the beginning of the process, originators can use the tool to properly qualify income and during the approval stage, underwriters can validate and accept the verified income.

Bank statement loans enable lenders to qualify borrowers who are either self-employed or participate in the gig economy and, therefore, lack traditional forms of income documentation. Typically, lenders calculate their income using 12 or 24 months of personal bank statements, instead of tax returns, W-2s, or pay stubs.

The new enhancement of Bank Statement Analyzer gives lenders more control of the source files. Now lenders can go through line items on the bank statement and include or exclude certain items and give reason behind it. Lenders can search across values and keywords (such as Venmo) and track deposits from a variety of sources, such as small businesses, professional practices, sales commissions, and gig-economy employers, like Uber and DoorDash. Once the data is collected, Bank Statement Analyzer creates a detailed report of allowable deposits for each month and then compiles an average monthly income based on the lender’s guidelines. Lenders can now also run an Analysis Report that can be uploaded to their LOS that provides a detailed, time-stamped summary of the income calculation. Multiple reports can be saved as an audit trail on how income was derived.

“Bank statement programs are one of, if not the most, popular non-QM program and has become even more popular over the past year. However, originating bank statement loans is a time-consuming, error-prone process,” said Bao Huynh, Business Development Director at LoanScorecard. “Bank Statement Analyzer gives lenders more control over the process and eliminates the need to manually go through pages and pages of bank statement documents, allowing lenders to qualify more borrowers accurately and efficiently.”

About Loan Scorecard
LoanScorecard is the leading provider of non-agency automated underwriting technology, which includes a product and pricing engine, a market-leading automated underwriting engine (AUS), and a bank statement analysis tool designed to meet today's regulatory challenges and capitalize on market opportunities. LoanScorecard helps institutions address CFPB regulations and supports banks and credit unions to streamline their portfolio lending. For more information, visit loanscorecard.com or call 800-617-0892.

  

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