With SOLO’s Paperwork Automation feature, you can easily automate loan paperwork processing by ingesting documents, flagging missing fields, and automating personalized communication with customers to guide them through what’s still needed to underwrite their loan.

What you’ll need:  

• SOLO's Paperwork Automation

• SOLO's Workflows

Here are five easy steps on how to do it: 

1. Ingest Paperwork 

Paperwork is received via:

• Online borrower applications

• Emailed ISO broker documents

• Officer uploads

The first step is to intake paperwork from where it’s already being sent, or launch an online application with document upload functionality.

With fully customizable file type categorization, SOLO can process any file you recieve, from unstructured data like contracts and lease agreements, to bank statements, complex financial reports, and profit and loss statements.

2. Use SOLO to Flag Missing Fields

Once documents are uploaded, SOLO extracts every relevant data point needed for a decision. Document data runs through rules-based logic, triggers workflows, syncs to other systems, and forms a system of record per customer for lenders to continuously view borrowers through their lens of small business financing.

With rules-based logic, SOLO flags essential fields needed for underwriting that are either:

• Missing

• Incomplete

• Or conflicting with the borrower documents.

3. Auto Draft Emails to Customers

After relevant fields are flagged, the next step is to let the borrowers know precisely what’s needed to complete their paperwork, and their time frame for resubmitting details to stay on track. 

This step can be very time-consuming if done manually.

With SOLO, you can automatically generate such emails to borrowers on behalf of underwriters with the exact fields that are missing. You can send these emails either through SOLO or connect your Underwriter’s inbox. 

Dynamic emails are personalized to each applicant and their documents, for the lender’s product-specific underwriting spread. 

4. Auto-Ingest and Update New Paperwork

When a borrower emails new paperwork back or sends additional documents, SOLO syncs them directly from the underwriter’s inbox. 

SOLO appends the customer’s information with their new details and verifies that nothing else is missing that’s critical for underwriting or workflows.

5. Trigger Automated Underwriting Workflows with SOLO

With SOLO, you can sync the borrower’s updated documents into automated underwriting spreads. You can also send prompt follow-up emails personalized for borrowers with an auto-generated term sheet and the next steps they need to take.

Completed borrower documents can also trigger any additional actions a lender may need to complete as part of their underwriting workflow, enabling end-to-end paperwork automation so banks can make a decision on their documents:

• Run rules to prequalify for other product matches. Send back to your LOS and borrower portal.

• Send additional emails with real-time offers for additional financing options. 

• Connect data across operating systems to unify borrower details and eligibility details. 

At SOLO, we are pioneering the future of digital lending by enabling banks and lenders to scale with paperwork automation. 

Want to see SOLO in action? Book a Demo with our Founder.