Sprout Mortgage [1] has released its third originator-focused mortgage tool, iAnalyze, an AI-based non-QM bank statement analyzer tool designed to help mortgage brokers and correspondent lenders receive immediate analysis of a borrower's qualifying income.
iAnalyze examines up to two years of bank statements to determine a potential borrower’s qualifying income in a process that can take less than an hour. iAnalyze digitally consumes bank statements that are easily and securely uploaded. Its proprietary machine learning algorithm reads the statements and produces an automated income calculation from the transaction history.
"Once again, Sprout Mortgage technology is making it easier for mortgage brokers and correspondent lenders to grow their business by helping them meet the needs of their clients with less effort," said Michael Strauss [2], CEO of Sprout Mortgage.
iAnalyze was designed for third-party loan originators to eliminate the time-consuming process of income analysis required for bank statement-based loans, a staple of the non-QM market.
"iAnalyze is an easy-to-use, secure, AI-driven analysis solution that replaces a process which until now could involve a team of analysts and require a day or more to receive the results," said Henry Santos [3], Sprout’s EVP and CIO.
The third and newest addition to Sprout’s growing suite of technology, iAnalyze joins iQualifi and ACORN to streamline loan processes for mortgage brokers and correspondent lenders. iQualifi enables mortgage brokers and bankers to determine the most appropriate loan program and instantly price scenarios for customers. ACORN is Sprout's proprietary automated underwriting system (AUS) used to originate prime jumbo and non-QM loans with DU and LP.