EAST MEADOW, N.Y., Oct. 15, 2021 /PRNewswire/ -- Sprout Mortgage is strengthening its robust line of automation tools for a fully digital mortgage experience with the release of its third originator-focused mortgage tool. Sprout will unveil iAnalyze, the first non-QM bank statement analyzer tool of its kind, at the annual gathering of the Mortgage Bankers Association in San Diego, CA, October 17-20, 2021. iAnalyze helps mortgage brokers and correspondent lenders receive immediate analysis of a borrower's qualifying income and is the latest in a series of industry-leading process digitization and AI-based tools from Sprout.
The new iAnalyze tool from Sprout Mortgage, the innovative force in jumbo and non-QM residential lending, analyzes up to two years of bank statements to determine qualifying income in a process that can take less than an hour. iAnalyze digitally consumes bank statements that are easily and securely uploaded. Its proprietary machine learning algorithm reads the bank statements and produces an automated income calculation from the transaction history. It is designed for third-party loan originators to eliminate the tedious and time-consuming process of income analysis required for bank statement-based loans. Bank statement loans have long been a staple of the non-QM market and are designed to help individuals with non-traditional income sources to achieve home ownership for residential or investment purposes.
"Once again, Sprout Mortgage technology is making it easier for mortgage brokers and correspondent lenders to grow their business by helping them meet the needs of their clients with less effort," said Michael Strauss, Sprout Mortgage Chief Executive Officer.
"iAnalyze is an easy-to-use, secure, AI-driven analysis solution that replaces a process which until now could involve a team of analysts and require a day or more to receive the results," said Henry Santos, Sprout Chief Information Officer and Executive Vice President.
Growing Suite of Easy-to-Use Solutions for Mortgage Professionals
iAnalyze is the third and newest addition to the growing suite of Sprout technology, part of a line-up of automation tools planned to be released over 12 months. iAnalyze joins two other iconic and innovative tools that Sprout Mortgage provides to fulfill its commitment to deliver speed and simplicity to the home financing business. The first, iQualifi, enables mortgage brokers and bankers to easily determine the most appropriate loan program and to instantly price scenarios for customers. The second, ACORN, is Sprout's proprietary automated underwriting system (AUS) used to originate Prime Jumbo and non-QM loans with the ease of DU and LP. The full line is designed to streamline loan processes for mortgage brokers and correspondent lenders, helping them fuel the growth in their own business from the burgeoning demand for non-QM financing.
iAnalyze will be unveiled at the annual MBA conference. It is expected to be widely available to the Sprout client network in early November.