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Automate Loan Application Paperwork: Flag and Send Emails for Missing Document Fields

Automate Loan Application Paperwork: Flag and Send Emails for Missing Document Fields

Automate Loan Application Paperwork: Flag and Send Emails for Missing Document Fields

With this paperwork + email automation, banks can ingest borrower documents, trigger review rules, flag missing fields needed for underwriting, and automate emails to borrowers asking for the exact missing information.

With this paperwork + email automation, banks can ingest borrower documents, trigger review rules, flag missing fields needed for underwriting, and automate emails to borrowers asking for the exact missing information.

CATEGORY

FEATURED

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Index
Index
CATEGORY

FEATURED

Learn how to use SOLO’s Paperwork Automation feature to automate credit paperwork processing by ingesting documents, flag missing fields, and automate personalized communication with customers to guide them through what’s still needed to underwrite their loan. 

Featured SOLO Products:

example automated underwriting workflow using SOLO to automate loan application documents for back office underwriting processes
  1. Ingest Paperwork 

Intake paperwork from the places it’s already being sent, or launch an online application with document upload functionality.

Paperwork is received via:

  • Online borrower applications

  • Emailed ISO broker documents

  • Officer uploads

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

illustration of document automation to flag missing fields in a loan application document and email the borrower for missing details
  1. Flag Missing Fields

Once it’s uploaded, SOLO extracts every relevant data point needed for a decision. Documents 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 credit.

With rules based logic, SOLO flags essential fields needed for underwriting that are missing, incomplete, or conflicting from borrower documents.

  1. Auto Draft an Email to Customers

SOLO generates emails to borrowers on behalf of underwriters with the exact field that’s missing. Send through SOLO or connect your Underwriter’s inbox. The delivery method is up to lenders.

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

Tell borrowers exactly what’s needed to complete their paperwork, and their time frame for re-submiting details to stay on track. 

  1. 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 nothing else is missing that’s critical for underwriting or workflows.

example automated underwriting workflow using SOLO credit document automation to intake loan applications from an email inbox, automate underwriting, and generate a loan offer for the borrower
  1. Trigger Automated Underwriting Workflows

Sync the borrower’s updated documents into an automated underwriting spreads. Prompt follow up emails personalized for borrowers with an auto generated term sheet and next steps.

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 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. 

SOLO enables banks and lenders for scale with paperwork automation for today’s processes and the future of digital lending. To demo SOLO on your credit paperwork, book a meeting with the founder:

DEMO SOLO

Automate Bank Borrower Document Processing

Industry leaders using this credit paperwork automation:

  • Commercial Lenders

  • Fintech Lenders

  • Mortgage Lenders

  • Community Banks

  • MCA and Revenue Based Financing Firms

Explore more use cases for SOLO.

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