IncomeXpert
How we ensure error free income
Guidelines
Perfect income starts with adherence to agency guidelines. IncomeXpert ingests the guidelines from FNMA, FHLMC, FHA, VA, and USDA to provide a comprehensive suite you can use to qualify more borrowers. Our team keeps up to date on guideline changes and rolls out timely updates so your team has one less thing to worry about.
Advisories
All those guidelines can be daunting, so we provide advisories where necessary to help your team navigate the guideline. In total, we have over 200 underwriting advisories. These advisories indicate when a borrower’s income won’t qualify and meet agency guidelines, but also when further risk analysis by an underwriter may required to qualify the income.
Multiple Calculations
IncomeXpert calculates all of the averages, trends, and supporting calculations to necessary comply with agency guidelines. Not just one calculation, many are performed to arrive at our final recommendation.
Underwriters have the ability to override the recommended value if needed. The ability to override the recommendation is managed by a permission in our role manager to only allow authorized individuals to make this change..
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Identify deviations
We decorate income with an icon indicating when a user has deviated from the recommended income. This allows auditors and senior underwriters to quickly focus on that particular income to understand the underwriters justification for the deviation.
Roles and Permissions
Our role manager can control access and functionality between users. Functionality can be tailored across loan officers, processors, underwriting, IT, and administrative staff. Loan creation, user management, lock for underwriting, and recommended income deviation can all be controlled via role management.
Change Log
Who did what when? IncomeXpert has a complete change log history of every edit made to the loan file. This gives the utmost in visibility and transparency. Changes to add, remove, or edit borrowers, incomes, even down to the income field values are all tracked and time stamped for who made the change.
Full Reps and Warrants
Because Blueprint is so confident in our 10+ year track record and never having a repurchase demand, we can provide you full reps and warrants against calculation errors, and guideline errors.
IncomeXpert
A Complete Income System
What about data entry errors?
Blueprint has you covered with IncomeXpert PLUS. A human data entry error can ruin correct arithmetic and guideline compliance. We can remove the human error from data entry and provide full reps and warrants against data entry errors by using IncomeXpert PLUS.
IncomeXpert PLUS allows your team to upload tax returns, VOE, paystubs and other income documentation and our software will scan and extract the data from the form. Many companies can do this, scanning and extracting data is nothing new to the mortgage industry. Blueprint has refined this technology and gave it a smart workflow to ensure you get quality data.
OCR Isn’t Perfect
Scanning technology is not perfect. Everyone knows this, so how can we reliably use it? Blueprint created two independent scanning solutions using diverse technologies. We scan and extract each page twice. When we get a disagreement between the two, it is routed to a US-based human auditor to correct any discrepancy.
The end result is you get assurance, and full reps and warrants, that the income data is entered correctly. For a full list of income types and document types that we support, please consult this article.
Admin Support
IncomeXpert didn’t forget about the IT and admin teams. IncomeXpert comes with an integrated admin panel where users can be managed, passwords reset, roles and permissions assigned, usage reports can be downloaded, single-sign-on can be configured. Access to the admin panel is controlled by role assignment so only the users you designate can manage these settings.
A Complete Income System
IncomeXpert, IncomeXpert PLUS, and IncomeXpert API give your team complete coverage for all income types across the five major agencies, combined with full reps and warrants against income calculation error, as well as data entry error. Going further users can leverage our growing list of LOS integrations to further automate and error-proof workflows.
CLIENT CASE STUDIES
Building on our core income analysis technology, Blueprint provides additional integrations and interfaces to allow you to leverage our solution and enable new workflows. Our technology provides the ability to facilitate a number of different workflows, use cases, and solutions. Several of our customers are highlighted below and how they have utilized our products.
Case Study – Government Sponsored Enterprise
The nation’s largest GSE leverages IncomeXpert PLUS, and the IncomeXpert API to drive efficiencies in their auditing department. The GSE maintains a backlog of loans that must be audited and used the IncomeXpert API to pre-calculate the loan file days before the human underwriter gets the loan in their queue. Their in-house automation leverages the IncomeXpert API to create a new loan file, add borrowers, and upload all the tax and income documentation.
The loan file calculations are completed and ready for the GSE underwriter. This saves on human labor that would have had the underwriter doing all of the work the IncomeXpert API was doing.
Case Study – Large National Lender
A large national leader utilizes IncomeXpert and IncomeXpert API to increase the productivity of their teams. The lender’s IT team built automations using the IncomeXpert API to leverage information in their LOS to automatically create loan files in IncomeXpert. They recognized the LOS already had the necessary data and leveraged our API to unlock the siloed data, eliminate human data entry, and increase productivity.
Case Study – Regional Bank
A regional bank in the southeast uses IncomeXpert along with our Encompass integration to further streamline their workflow. Prior to the Encompass integration underwriters were dual-screening to create new loan files in IncomeXpert, and visually copy over information into IncomeXpert. They saw the value of leveraging the data they already had and automating repetitive operations by using the IncomeXpert Encompass integration. This integration allows they to set up new loan files with a click of a button. They can use IncomeXpert, as well as IncomeXpert PLUS, through the LOS, and stop the dual-screeing. Furthermore when the income analysis is complete the LOS can automatically be updated with the revised income analysis values and put a PDF report into the e-folder.
No Errors
Does your current solution ensure no errors on data entry, no errors on calculations, and no missed guidelines? We are confident that IncomeXpert and IncomeXpert PLUS is the best solution for progressive lenders looking to optimize their workflow, increase efficiency, and eliminate their errors.