How Underwriting Document Automation with SOLO Works

Before going more in-depth into how to make paperwork work like a data integration, let’s take a quick look into how SOLO’s Paperwork Automation works.

Step 1: Ingesting documents

SOLO processes documents according to your workflow, whether it’s uploaded to a loan application, or synced from a shared email inbox. 

Step 2: Extracted data is then standardized to your logic

SOLO reads, classifies, and comprehends documents according to your custom logic, only pulling the details you need, and standardizing calculations to your lens of credit. 

Data interpretations are powered by the customized spreading engine to give your underwriting workbook wings.

Step 3: Activate data

After data extraction, it’s time to activate the collected data using SOLO’s workflows, calculations, and automations to sync insights to your own workflows and systems.

With SOLO you can: 

• Run calculations on top of your documents

• Automate report creation and updates

• Enable decisions through workflows that sync data across systems.

AI for ISO Applications: A Step-by-Step Setup

SOLO’s Document Intelligence is fully customizable at every step, giving lenders control over what documents are processed, how they’re interpreted, and what they mean for next steps in the workflow.  

1. Define Your Logic

Before any ISO applications are uploaded, set custom calculations for interpreting each data point based on your underwriting spread and workbook. SOLO will use this logic to standardize structured data (like bank statements) and unstructured data (details from a business plan or contract) into your preferred format or view.

2. Setup ISO Application File Types (One-Time Task)

Upload your first ISO Application to SOLO and verify every field extracted. 

You’ll set up this type only once. SOLO will automatically pull the data you define any time a file is uploaded and automatically categorized as an ISO application.

3. Identify Ingestion Point for ISO Applications

Decide where ISO documents are being submitted. Lenders may have ISOs upload their PDFs to an online application, powered by SOLO.

SOLO can also ingest files directly from a shared mailbox where ISOs can send their potential new deals.

4. Extract and Activate Next Steps

Use SOLO to automate ISO Application Processing through Workflows, Sync Systems, and Trigger Manual Tasks.

Decide how data from the ISO application will be used. Lenders can use any number of rules and calculations to trigger custom workflows and actions:

• Run calculations on top of ISO applications to efficiently pull critical underwriting ratios, like the borrower’s DSCR, and send them to your automated underwriting spread.

• Automate report creation to generate any missing financial documents for the borrower.

• View a borrower’s total eligibility across your product portfolio with decisioning flows completed in SOLO or through a connected credit decision engine.

• Build a workflow in SOLO to automate deal creation in your CRM, trigger email sequences, and send out term sheets automatically.

• Set manual stop gaps for ISO Applications, triggered when data is flagged as missing or insufficient.

• Automate additional requests via email to ask for additional details or clarification on the points in question.

Introducing: Flag & Follow Up Template by SOLO

Lenders keep on complaining that 65% of broker-submitted loan applications arrive incomplete and they are tired of chasing down brokers to fill in missing information. 

On top of this, they have to deal with inconsistent formats and many follow-up emails, which leads to underwriters having to waste hours cleaning up the mess. 

This is why we built our Flag & Follow-Up Template inside SOLO — to help MCA lenders speed up their operational processes by relying on automation to: 

• Flag missing documents automatically

• Send personalized emails automatically instead of manual follow-ups 

 Our brand new template will be available soon. Here’s how it works.

Want to try it out? Join our waitlist and answer a few questions to receive a customized template – ready to use. 

Additional Use Cases: Automate MCA Borrower Onboarding to Underwriting and Portfolio Monitoring

Process any document as seamlessly as any other data source to automate paperwork as if it were an API connection. 

MCA and direct lenders can use document intelligence to:

• Flag Missing Borrower Details in Documents and Automate Emails to Borrowers with How to Complete

• Calculate DSCR from Bank Statement Uploads and Accounting Software Integrations

• Automate Task Creation from Document Readings and Flag Complex Deals for Manual Review

Demo SOLO’s Paperwork Automation

From ISO Applications to borrower-submitted contracts, SOLO enables lenders to run calculations on top of a file, build reports directly from an upload, and enable decisioning that syncs across platforms to scale underwriting power.  

Book a consultation to try it on your documents.