How Commercial Underwriters Can Save Time With Technology

If you underwrite SBA, CRE, C&I, small business, consumer mortgage and auto loans, here is how you can save time with software. 

Cash Flow Mastery: FlashSpread's Dynamic Bank Statements Feature

Commercial underwriters have a painstaking process that requires a lot of time and attention. Manual processes and inconsistencies in data are just a couple of small pain points that make underwriting a much longer and more tedious process than it needs to be.

Thankfully, technology is redefining many aspects of commercial lending, including underwriting. By digitizing key processes, underwriters will find themselves saving a good deal of time and, in turn, money for their businesses. If you underwrite SBA, CRE, C&I, small business, consumer mortgage and auto loans, here is how you can save time with software. 

Eliminate Manual Entry for Commercial Underwriters

Too much of the application and underwriting process in commercial lending has remained tethered to manual entry. Entering information manually introduces all kinds of problems into the underwriting process, not the least of which is racking up labor hours.

Commercial underwriters need to review a ton of financial information to assess risk. To do so, they need to enter all of this information manually, piece by piece, into a spreadsheet, which takes up valuable time that could be better spent on more important tasks. With a digital solution that eliminates manual entry, underwriters and other commercial lending professionals can focus on higher goals for banks, including revenue goals and enhanced customer service.

Reduce Human Error for Commercial Underwriters

The sheer amount of information (financial, legal, personal and otherwise) that’s needed to originate a loan and comply with lending regulations makes the whole process vulnerable to human error. Human error not only introduces risks to the value of the underwriting, but extends the entire origination process. If an error is made, underwriters are left scrambling to find how and where, making remediation difficult. If an institution is unable to discover and address these errors, it can cause financial risks that hurt a financial institution’s bottom line and reputation, and threaten customer relationships.

Technology offers a way to mitigate the likelihood of human error causing serious problems. Software such as FlashSpread can instantly convert scanned tax returns into digital data, ensuring data consistency and eliminating the potential for mistakes. FlashSpread also uses the fluidity of the tax return and proprietary algorithms to catch any errors or omissions due to poor image quality, watermarks or incorrectly prepared tax returns.

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Create Consistent Data for Commercial Underwriters

Once data is digitized, it can be accessed by the relevant employees at a financial institution. Clean, consolidated and consistent data is visible from one department to the next. Digital information also provides a clean audit trail that underwriters can use as support for their processes and decisions when necessary.

Consolidate Different Document Formats

One of the most significant pain points in underwriting is that each required document comes in a different format. Software that uses optical character recognition (OCR) can compile and organizes data from multiple sources with different formats. 

Consolidating this disparate data that you can view through a single pane of glass. FlashSpread instantly scans data from various documents and extrapolates them into the software for analysis, eliminating information silos and quickly turning analog information into actionable data.

Financial Spreading Made Simple for Commercial Underwriters

Lenders have navigated the complexities of analog underwriting for too long. FlashSpread uses OCR, AI and proprietary algorithms to automatically convert scanned financial documents into comprehensive, detailed reports on cash flow, balance sheets, etc., and can generate an accurate DSCR in minutes. This drastically reduces the time, cost and complexity of underwriting. 

To learn more about what FlashSpread can do for your underwriting process, schedule a demo today.