Lender Toolkit™ Launches Automated Income Calculator for Encompass® Users

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Sep 26, 2023, 11:00 ET

Game-changing Prism^™ covers all income types, saves mortgage lenders time and money

SALT LAKE CITY, Sept. 26, 2023 /PRNewswire/ -- Lender Toolkit^™ a leading provider of automated mortgage technology solutions powered by artificial intelligence (AI), announced the launch of Prism^™, the company's latest innovation that streamlines the income calculation process for lenders, resulting in shortened cycle times and increased profitability.

Prism integrates directly with Encompass^® by ICE Mortgage Technology^®. It provides a simplified income automation workflow for all income types and includes built-in agency guidelines, optical character recognition (OCR) for income document data extraction, and a human-in-the-loop workflow to augment OCR technology.

Prism is integrated with Lender Toolkit's AI Underwriter^™, the mortgage industry's only automated system that can underwrite a loan in 90 seconds or less. AI Underwriter leverages the speed of AI to enhance the customer experience, increase margins, reduce operating expenses and streamline workflows. It also allows for customization of conditions based on the lender's needs. With the addition of Prism to AI Underwriter, a loan file can be underwritten at any point in the mortgage manufacturing process, allowing faster times to close while maintaining accuracy throughout the process.

"With Prism, mortgage lenders can simplify and streamline one of the most challenging and time-consuming tasks involved in loan production," said Brett Brumley, CEO of Lender Toolkit. "By integrating an automated income calculator into AI Underwriter, we're helping lenders improve the overall loan experience for their borrowers."

Lender Toolkit has partnered with Blueprint, a leading provider of fast, compliant, documented income analysis for underwriters, to provide the income calculator. Prism enables the automatic uploading of advisories created by Blueprint as loan conditions. If income is used that is outside of the recommended calculations, AI Underwriter will generate conditions advising the underwriter. By leveraging the Prism advisories as conditions, AI Underwriter gives underwriters a greater line of sight for final determinations, as well as ensuring accuracy prior to the closing.

Lender Toolkit also introduced Prism Plus, which includes all the features of Prism and goes even further with automated data extraction from income documents. If a borrower's income documents are of high quality, Prism Plus can reduce income calculation turn times from as much as 4 hours to as little as 10 minutes. Prism Plus also provides domestically sourced human reviews, ensuring data accuracy as well as security and privacy for both mortgage lenders and borrowers.

Prism provides an innovative workflow for all income types, including income based on bank statements and for self-employed borrowers, and features an intuitive interface and secure integration to upload income documents. After capturing borrower and employer information, rental income from real estate owned (REO) properties and other income sources, Prism automatically syncs the results with the correct income fields in the borrower's Uniform Residential Loan Application (URLA) in Encompass^®.

"At Lender Toolkit, we understand the challenges faced by mortgage lenders—particularly in today's market, where cutting costs while still providing excellent customer service is paramount," Brumley said. "By automating and streamlining the often-difficult process of calculating a borrower's income, Prism is a real game-changer."

About Lender Toolkit
Lender Toolkit is a leading provider of automated mortgage technology solutions powered by artificial intelligence (AI), offering innovative and comprehensive solutions that streamline the mortgage origination process for mortgage lenders. The company's software plug-ins, add-ons and programs can be integrated and run in tandem with Encompass, where tasks that have traditionally been performed manually can be automated and customized. With Lender Toolkit's Responsible Mortgage AI, the company is quickly bringing mortgage lending into the future. For more information, visit www.lendertoolkit.com.

About ICE Mortgage Technology
ICE Mortgage Technology^® is part of ICE (NYSE: ICE), a global data, technology and market infrastructure company that designs, builds and operates digital networks to connect people to opportunity. Backed by ICE's global resources, we offer a truly differentiated digital platform that provides straight-through processing for a more comprehensive end-to-end workflow than any other provider in the market. We reach almost every mortgage in the U.S. by combining the native automation of Encompass^® with the e-collaboration and e-recording capabilities of Simplifile^®, along with the national electronic registry for nearly 90% of the U.S. mortgage market in MERS^®. Ultimately, our technology enables people across the industry to focus on personal connections when they need it most, and support borrowers for a better journey of homeownership. Visit icemortgagetechnology.com to learn more.

About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading "Key Information Documents (KIDS)."

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on February 2, 2023.

SOURCE Lender Toolkit