Feature Requests

Develop an automated pre-approval system in LendingWise to perform a preliminary underwriting of borrowers and loan requests, offering instant eligibility determination along with an estimated pre-approved rate and term. This feature would leverage multiple APIs for data validation and verification, streamlining the loan application process.

Description:
This automation will simplify and accelerate the pre-approval process, enabling borrowers to download term sheet/LOIU and Pre-approval letter, which allows them to confidently submit offers on properties, while lenders get complete, pre-screened loan applications. The system would combine various data sources and AI tools to verify borrower eligibility, track record, and correct required documentation scanned by AI

Key Components:

Borrower and Entity Validation: Use APIs for soft credit checks to assess borrower creditworthiness without impacting their credit score.
Validate entity information for business borrowers, confirming legitimacy and registration status.

Asset Verification: Integrate with Plaid or similar services to verify borrower bank account balances and asset liquidity in real time.
Track Record Verification: Use property ownership databases and APIs to confirm the borrower’s track record of real estate transactions (e.g., fix & flip or buy-and-hold deals). Identify completed projects, purchase prices, sale values, and durations.

Document AI Validation: Leverage AI-powered document processing tools to analyze uploaded documents such as tax returns, pay stubs, or business financials for completeness and accuracy. Ensure documents meet basic underwriting standards and flag missing or inconsistent data.

Pre-Approval Assessment: Combine data from soft credit checks, asset verifications, track record insights, and document analysis to determine loan eligibility.
Generate estimated rates, terms, and loan-to-value (LTV) ratios based on borrower and property criteria.

Instant Feedback: Provide borrowers with a pre-approval letter detailing estimated loan terms and conditions, boosting confidence when submitting property offers.
Notify lenders of pre-approved applications with all relevant borrower data and supporting documentation.

Why This Is Valuable:

-Streamlines the loan application process by automating initial underwriting tasks.
-Reduces back-and-forth communication between borrowers and lenders for preliminary eligibility checks.
-Increased Confidence: Provides borrowers with a competitive edge by securing pre-approvals quickly, improving their ability to act on property deals.
-Gives lenders a high-quality, pre-screened application to expedite the underwriting process.
-Improved Decision-Making: Leverages data from multiple sources to make informed pre-approval decisions, minimizing errors and risks.