IncomeGenius Improves Underwriting Efficiency for Primis Mortgage: Automates 90% of Income Calculations

Background:

Primis Mortgage, a subsidiary of Primis Bank, provides a comprehensive suite of mortgage solutions. Operating in 43 states and the District of Columbia, Primis Mortgage offers a diverse range of loan programs, from homebuyer assistance and government-backed loans to jumbo mortgages and more. Committed to delivering an exceptional customer experience, Primis combines competitive pricing with streamlined, efficient processes to meet borrowers’ needs effectively.

Problem Statement:

Primis Mortgage wanted to streamline its mortgage income analysis process for enhanced efficiency and accuracy. Its goal was to improve underwriting decisions while ensuring compliance with industry regulations. Always tech-forward, Primis was sourcing automation and technology to optimize operations, expedite the review of non-traditional income documentation, and reduce friction in the mortgage underwriting process to ensure faster customer service.

Solution:

Primis selected Indecomm’s IncomeGenius solution as it solved a number of mortgage underwriting challenges:

• Enabled the review of self-employed borrower documentation. IncomeGenius accurately reads and extracts critical income data from alternative documentation.
• Delivered accurate, reliable income calculations in the mortgage origination process.
• Automated and accelerated a normally manual-heavy income calculation process.
• Flagged errors, missing documents, or data anomalies in real-time.

Key Benefits:

IncomeGenius exceeded expectations for Primis. An analysis of its self-employed mortgage loan population showed:

• Efficiency: Primis automated over 90% self-employed borrower income calculations, streamlining the income calculation process and increasing mortgage underwriting efficiency.
• Improved precision: IncomeGenius gave Primis the advantage of fast, transparent, and precise income calculations.
• Improved customer experience: Accuracy and speed in the income calculation process enabled Primis’ team with faster access to communicate back to the borrower.
• Enhanced operational feedback loops: IncomeGenius’ ability to quickly flag income calculation anomalies helped Primis capture risk and error and take corrective action. Moreover, it enabled better staff coaching, reinforcing the importance of these details, and preventing future errors.

The Result:

“Primis Mortgage has had a positive experience with IncomeGenius, especially in streamlining the mortgage underwriting process and ensuring accuracy. Primis Mortgage has a critical advantage with IncomeGenius’ integration with underwriters—it ensures that income calculations are both precise and fast, which can make the difference in whether a customer qualifies for a loan or not. For example, when the Sr. Underwriter overlooked the meals and entertainment expenses, IncomeGenius was able to catch that discrepancy, allowing for a swift and correct decision. It also gave the opportunity for staff coaching, reinforcing the importance of these details and preventing future errors.

This example speaks volumes about the value of real-time collaboration between technology and human oversight. By catching this issue early and maintaining speed and accuracy, IncomeGenius not only helped in making the right decision for the customer but also contributed to better training and process improvements for the team. This combination of efficiency, accuracy, and staff development is a great way to enhance both client experience and operational excellence.”

– Joseph Thompson, Underwriting Manager at Primis Mortgage