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What Should You Expect From A Commercial Loan Underwriter System

Loan underwriting is an important process and therefore requires more attention. Any process that requires attention to details often takes more time to complete. The same goes for commercial loan underwriting. However, you can save time, money and other resources by automating your commercial loan underwriter. Automation of commercial loan underwriters can help in making better credit decisions, reducing risks and speeding up closing.       

Loan underwriting software provides you with the following benefits: 

Increased Productivity

You can increase your productivity by reducing manual work in this area. It provides access to information in one place. 

Increased Visibility 

It provides a 360 view of prospects to the credit officer. As a result, you can secure better deals and make better decisions.    

Reduced Risk 

Credit risk automation raises red flags alerts. You can spot an issue on time and reduce commercial lending risks. 

Improved Turnaround   

A loan underwriting system comes with built-in tools allowing faster approvals. 

Powerful Underwriting  

A credit officer has to manage all loan decisioning aspects including: 

Risk Customization 

An automated commercial loan underwriter automatically applies a unique lender risk criteria to each deal. This speeds up approval by reducing manual work and revealing red flags.

Automatic Data Recovery 

The system automatically generates reports and searches for bankruptcies, liens, and judgments and criminal records. Every piece of information required for credit decisioning is easily accessible.

Financial Spreading  

It spreads financials via upload or from connected accounting systems. The borrower’s financial health assessment becomes super-easy. 

Bank Account insights

A good commercial loan underwriting system is connected to all major banks. This provides lenders with a snapshot of individual transactions and cash flow. As a lender, you can also see bank account owner identity information. Now you have real-time data for greater visibility. 

Lien Search & File 

A powerful loan underwriting system allows manual or automatic search. You can use your collateral language to file directly from the system. Claiming to collateral is quick and easy. 

Smart AI Upload 

AI powered optical character recognition facilitates: 

  • Customer lists 
  • Uploading invoices  
  • Profit and loss statements and balance sheet for fast processing and spreading 

Tax Monitoring 

You can easily file 8821 tax forms. The system also provides information about tax liens and unpaid federal taxes. Searching for this information manually is time-consuming. 

Red Flags & Risk Criteria 

All lenders have their own risk criteria and thresholds. An automated commercial loan underwriter displays red flags to inform you of the borrower’s financial health. 

Automated Checklist 

A loan underwriting system combines AI and mathematical algorithms to automate checklist. This ensures that each deal goes through the same criteria.