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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:
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.
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.
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.
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.
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
