LoanBeam

LoanBeam is a technology platform that specializes in automated income calculation and verification for mortgage lending. It is designed to streamline and simplify the income verification process by leveraging advanced optical character recognition (OCR) and artificial intelligence (AI) technologies. LoanBeam's primary focus is on analyzing and extracting income data from tax documents, such as tax returns and W-2 forms, to determine the borrower's qualifying income.

Here are some key features and benefits of LoanBeam:

• Automated Income Calculation: LoanBeam uses OCR technology to scan and extract relevant income data from tax documents. This eliminates the need for manual data entry and significantly reduces the time and effort required to calculate a borrower's income.

• Tax Return Analysis: LoanBeam can accurately analyze various types of tax returns, including individual tax returns (such as IRS Form 1040) and business tax returns (such as IRS Form 1120). It examines the income, deductions, and other relevant sections of the tax return to determine the borrower's qualifying income.

• Enhanced Accuracy: By leveraging AI algorithms, LoanBeam helps minimize errors and improves the accuracy of income calculations. It can handle complex scenarios, such as self-employment income, rental income, and other non-standard income sources, ensuring precise and consistent calculations.

• Compliance and Risk Management: LoanBeam helps lenders adhere to regulatory requirements and mitigate risk. The platform applies consistent income calculation methods, ensuring compliance with lending guidelines and reducing the chances of errors or discrepancies.

• Integration Capabilities: LoanBeam integrates with various loan origination systems (LOS) and other mortgage technology platforms, allowing seamless data transfer and workflow integration. This enables lenders to incorporate LoanBeam's income calculation capabilities into their existing processes without disrupting their workflow.

It's important to note that LoanBeam is a specialized tool for income verification and calculation, primarily focusing on tax documents. While it can significantly streamline the income analysis process, lenders may still require additional documentation and manually review other aspects of a borrower's financial profile during the mortgage underwriting process.