Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
735,718-296
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.94%0.02
MortgageTechnology

LoanLogics rolls out automated income calculation tool

The firm's LoanBeam Wage program integrates automation in evaluating borrower’s income

LoanLogics this week rolled out LoanBeam Wage, a new automated tool that enables lenders to calculate borrower’s income quickly by using paper-based paystubs and W2s.

The Jacksonville, Florida-based digital mortgage solutions provider combines machine learning with “layered optical character recognition technologies” to automatically extract and interpret income data in a paystub and W2 income documents without a lender’s human staff, the firm said in a release. 

“By automatically capturing income data from a borrower’s structured and unstructured documents, LoanBeam Wage empowers lenders to evaluate income early in the process, determine the need for verification of income and verification of employment, and make income calculation faster, less expensive, more accurate, and more reliable,” Roby Roberston, head of mortgage origination automation at LoanLogics, said in a statement.

Paper and PDF documents, such as paystubs and W2 forms, are used to qualify borrower income on roughly 70% of all applications containing wages. The program is connected to a lender’s system of record and integrated into a lender’s automated workflows, which converts paper-based income verification into system-based automation.

“While the majority of mortgage applications are qualified using wages, and some of this is certainly being automated through ‘digital’ income verification solutions, often not all borrower or co-borrowers’ income can be accessed this way,” said Roberston. 

Founded in 2005, the LoanLogics platform provides technology automation for mortgage document processing and data-driven audit software that improves efficiency, enhances transparency, streamlines commerce, and reduces risk. 


Lenders, are you prepared for upcoming changes from the IRS?

The IRS extended the deadline to conform to their new 4506-C clean form requirements to October 1, 2022. Although lenders now have an additional seven months to abide by the updated conditions, several other major changes on the horizon will cause a seismic shift in how lenders and borrowers interact with and submit tax return verification requests.

Presented by: CoreLogic

Two specific areas LoanLogics focused on in recent years include an on-demand document processing technology and enhanced automation for the Home Mortgage Disclosure Act reporting and generation of Loan Application Registers, which enable lenders to automate more than 90% of their HMDA review tasks. 

Private equity firm Sun Capital Partners acquired LoanLogics in 2021 for an undisclosed amount.

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please