Rapidio, a mortgage underwriting technology provider, on Monday released the income assessment component of its underwriting product, FlexStack Component System.
The new tool is an automated income verification feature, which is available across various types of loans, including conventional loans, FHA and VA loans. It validates, verifies, calculates and assesses guideline eligibility before presenting the entire income story to underwriters who make the final assessment.
Additionally, Rapidio says it processes the loans using reliable data, found both on its proprietary AI technology and on Google and Microsoft platforms.
“With our Income Assessment component, we’re removing tedious, repetitive work, so underwriters can focus on making solid decisions,” Michael Tuch, co-founder of Rapidio, said in a statement.
The new income assessment tool also has the capacity to manage complex scenarios, including multiple borrowers, each with multiple jobs, a self-employment side hustle and rental income, according to the company.
This latest iteration is part of FlexStack, which provides other services such as document classification and data extraction. The company expects to release additional components in 2024.
Making underwriters more productive will help lenders begin to bring down the cost of originating new loans. This may be another example of AI helping to mitigate costs in the industry.