This early trigger solution gave the Global sales team the ability to calculate borrower income in a structured, standardized and repeatable way, without bias or risk of human error. The solution also eliminated the need to engage their underwriting team when presenting pre-approval and approval letters to borrowers. The end result of having solid income calculations early on was a faster, more efficient approval process.
2024 ICE Innovation Award Winner
Global Credit Union won the 2024 ICE Innovation Award for Best End-to-End Efficiency. When analyzing processes in search of ways to gain efficiency, Global Credit Union found that pre-qualifications were not triggered soon enough to take full advantage of Income Analyzer. To enable the sales team to initiate income calculation earlier in the process, loan level flags were set that “listen” for specific documents to be uploaded into the loan. The data was then extracted by automated document recognition, triggering Income Analyzer in one smooth, behind-the-scenes move. Now there’s no delay in the pre-qualification process, and the efficiencies are further compounded when coupled with automated employment and income verification through Encompass Consumer Connect®.
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