Automate Loan Underwriting with Docsumo’s Form 1008 Automated Data Extraction API
Process form 1008 with over 99% accuracy and approve loans faster. Docsumo’s automated processing solution helps you approve loans in real time eliminating the possibility of any error. Risk assessment made smoother with Intelligent OCR API.
Challenge
Form 1008 by Fannie Mae, also known as the Uniform Underwriting and Transmittal Summary, is often used by lenders to analyze the key summary data of an application, and make underwriting decisions based on that.
Extracting data from semi-structured form 1008 accurately in real-time poses some challenges for underwriters. On top of that, there are multiple alternatives to this form that can be used for the same purpose that make the data extraction difficult, even for automated data extraction solutions.
Solution
With Docsumo, free up your essential resources by automating form 1008 processing with 99% accuracy.
Standard fields that are extracted
You can easily add, delete and move any field.
Borrower’s & Co-borrower’s Names
Property Type
Project Classification
Occupancy Status
Additional Property Information
Loan Type
Amortization Type
Loan Purpose
Lien Position
Note Information
Mortgage Originator
Underwriter’s Name
Appraiser’s Name/License Number
Appraisal Company Name
Stable Monthly Income
Qualifying Ratios
Qualifying Rate
Risk Assessment
Representative Credit/Indicator Score
Seller Name & Address
Contact Name & Title
Seller Number
Investor Loan Number
Seller Loan Number
Borrower’s & Co-borrower’s Names
Property Type
Project Classification
Occupancy Status
Additional Property Information
Loan Type
Amortization Type
Loan Purpose
Lien Position
Note Information
Mortgage Originator
Underwriter’s Name
Appraiser’s Name/License Number
Appraisal Company Name
Stable Monthly Income
Qualifying Ratios
Qualifying Rate
Risk Assessment
Representative Credit/Indicator Score
Seller Name & Address
Contact Name & Title
Seller Number
Investor Loan Number
Seller Loan Number
Docsumo Advantage
Processing Time
Reduce turnaround time from hours to minutes.
Cost Reduction
Halve your cost of operations when processing 50k+ statements/month.
Accuracy
Reduce manual errors and get precise data
Features
Build an automated loan approval solution within minutes. Scan form 1008 and extract information in real-time without needing technical skills or coding.
Amazingly Fast Processing
It takes less than a minute to import a document, process it, extract all data fields from it and send the data to other apps.
Batch Uploads
Simply drag and drop documents from your local disk to upload your files in batches. You can also use our API or cloud integrations to automatically import your documents.
Easily Download Data
Docsumo converts PDF to CSV, Excel, JSON and XML files formats. You can download extracted data for any date range in the format you like.
Extract Tables
Extract multipage tabes from PDF bank statements and convert them to excel or JSON data for downstream processing.
Integrate with API or Webhooks
Docsumo makes it very simple to send extracted data to any other software with APIs & webhooks out of the box.
Amazingly Fast Processing
It takes less than a minute to import a document, process it, extract all data fields from it and send the data to other apps.
Batch Uploads
Simply drag and drop documents from your local disk to upload your files in batches. You can also use our API or cloud integrations to automatically import your documents.
Easily Download Data
Docsumo converts PDF to CSV, Excel, JSON and XML files formats. You can download extracted data for any date range in the format you like.
Extract Tables
Extract multipage tabes from PDF bank statements and convert them to excel or JSON data for downstream processing.
Integrate with API or Webhooks
Docsumo makes it very simple to send extracted data to any other software with APIs & webhooks out of the box.
Fill up the form to speak with an automation expert.
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