Want to Speed Up Your Commercial Loan Underwriting? Smart Scan Technology Automates the Process

Want to Speed Up Your Commercial Loan Underwriting? Smart Scan Technology Automates the Process

In Commercial Lending, Featured, Small Business Loan Underwriting, Underwriting Automation by Yulia GnatyukLeave a Comment

Read time: 5 minutes


MonJa’s automated underwriting system is the biggest value we provide to banks and credit unions. We help your financial institution to speed up commercial loan (C&I, CRE, commercial vehicle, SBA and other small business loans) underwriting by 70%. We do it with the help of MonJa smart scan technology. All that credit officers need to do is upload the tax returns to the MonJa’s portal, and they will have the spreads as well as the credit memo draft generated automatically within 24 hours, or overnight. There are other vendors in this space, but their scanning technology is restricted to digital, CPA-prepared files, which, as you may know, are not always available. Our product allows bankers the ease to upload scanned tax returns and financials – no format/file restrictions.

Want to Speed Up Your Commercial Loan Underwriting? Smart Scan Technology Automates the Process

How MonJa Smart Scan technology works

When we say we outdo the competition, we mean our technology can differentiate between file formats and image quality across different formatting to create unified extraction of customer financials  information for loan underwriting consideration. This is not largely available neither within traditional financial institutions, not in the FinTech industry yet.

Our process is simple and effective. You upload customers’ financial and personal information from tax returns, bank statements and enter basic borrower information (if online borrower application is available or entered in MonJa portal by credit officer). Within 24 hours, the data is pulled from financials and extracted to Excel spreadsheets and credit memo draft.  The necessary ratios are generated automatically, and the credit memo process is fully automated.

The information can then be introduced into an automated loan processing underwriting platform for fast evaluation of any-sized commercial loan. Automated decisioning utilizing artificial intelligence (AI) with best practice underwriting rules and scores improves the health and stability of your organization financially.

Want to Speed Up Your Commercial Loan Underwriting? Smart Scan Technology Automates the Process

Top benefits of automating loan processing

Your lending organization may want to improve the underwriting process to remain competitive and obtain market share. Traditionally, commercialm, or small business loans were considered too cumbersome and costly to process. When the system is automated, these loans become quite lucrative since they are simple and straightforward. Of course, the advantages also extend to mortgage and personal lending options, also improving your entire loan services portfolio. The use of FinTech such as automated underwriting and smart scan technology has several distinct advantages:

  • Accuracy. Manual data entry is risky due to inevitable errors. This increases loan processing time and increases financial risks if erroneous information is not fixed. You could also lose potential customers.
  • Labor hours. Chances are your staff currently spends a lot of time manually entering data into your platform for loan processing. Digital extraction and statement spreading frees employee labor hours to be used towards bank’s goals and improved customer service.
  • Customer service. Small business and consumer loan options are growing as consumer trust of online processing increases. You can improve your loan response time when utilizing the proper automated system.
  • Costly formatting adjustments. All of the documents and forms necessary to process loans are of different quality and formatting. You save time and money because Smart Scan Technology can read and decipher the information.
  • Compliance. You decide what parameters are used for approving loans based on best practices. When these loans are processed via previously defined criteria, the potential for biased decisions is removed. Loan details are tracked automatically and are conveniently accessible for audits as needed.
Want to Speed Up Your Commercial Loan Underwriting? Smart Scan Technology Automates the Process

How to get started

Getting started with MonJa Smart Scan Technology is easy and requires very little time or effort on your end.  You waste no time processing or preparing documents for upload since we support a wide range of file formats and document/image quality. Our team will demonstrate how you can use automation to improve loan processing and increase loan servicing for your institution.

Contact us today to learn more. We will be offering free underwriting consultations and our statement spreading software demonstrations at the Credit Union National Association Business Lending Roundtable, the ABA Conference for Community Bankers and ICBA Live National Convention. We would love for you to stop by and meet us in person or schedule a screenshare demo. If you are interested ito see how our statement spreading software works, email your request to [email protected] or [email protected]. You are always welcome to schedule the free demo here at your convenience: https://calendly.com/james-wu-1/demo/

Request MonJa's Statement Spreading Software Demo

MonJa Smart Scan Technology speeds up commercial loan underwriting by up to 70%.

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