Make Paperwork Work Like a Data Integration: How Underwriting Document Automation Works

First, a quick intro to how SOLO’s Paperwork Automation works:

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

Extracted data is standardized to your logic. Agentic AI 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.

Activate data with workflows, calculations, and automations to sync insights to your workflows and systems.

Run calculations on top of your documents directly in SOLO, automate report creation and updates, and enable decisions through workflows that sync data across systems.

AI for ISO Applications: Essential Setup

SOLO’s Document Intelligence is fully customizable at every step, giving lenders control into 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 how to interpret 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 (1 Time Task)

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

You’ll set up this type 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 already send their potential new deals.

4. Extract and Activate Next Steps: 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 to your automated underwriting spread.

• Automate report creation to generate any missing financial docs 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. 

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.