After speaking with many lenders the MoneyThumb team discovered that one thing they all had in common was the issue of how to avoid fraudulent loan applications. It was easy to set the minds of these lenders at ease once we pointed out how our software provides fraudulent file detection. The MoneyThumb software specifically designed for lenders provides automated statement reconciliation, a feature which compares transaction totals to summary information on the statement. If all information on the statement is consistent, PDF Insights will identify the statement as reconciled, meaning you don’t have to spend time manually reviewing statements to identify inconsistencies.
As another stop gag to detect loan application fraud, our proprietary optical character recognition algorithms review questionable fields in bank statements and look for patterns to self-correct and flag questionable transactions. MoneyThumb provides lenders with the only OCR software developed specifically for bank statements.
If you are a lender who is not yet using PDF Insights as part of your loan application process, the Rules of Thumb blog from MoneyThumb highly suggest you watch the following video demonstration:
Not only will the Money Thumb software designed for lenders make your job easier, but it is also a great help to your loan underwriters. PDF Insights empowers underwriters with a side-by-side review complete with insights and calculations. This will dramatically increase the speed and accuracy of the loan underwriting process.
PDF Insights outputs captured data into a standard format for automated consumption into your bank system. As well as handling text-based bank statements in PDF form it also processes scanned or faxed image-based statements. MoneyThumb's proprietary OCR algorithms review questionable fields, looking for and flagging patterns or fields that need manual review.
After reading this post from the Rules of Thumb blog about PDF Insights and watching the video demonstration if you want to learn even more about how our software can help your lending institution follow this link.
The MoneyThumb team would greatly appreciate it if you would share this post with your peers. We believe every lender should be made aware of how PDF Insights can help make their job easier and avoid loan application fraud. Thank you in advance for sharing!