Rapidio Announces the First Component of its FlexStack Component System™ to Streamline Income Calculation & Eligibility Assessment

MIAMI--(BUSINESS WIRE)--Rapidio, a pioneer of mortgage underwriting technology, officially announced the first component of its FlexStack Component System™: Income Assessment.

Income Assessment is an automated income verification feature that makes the process quick and hassle-free, ensuring accuracy and reducing processing time. Available across various types of loans, including GSE, FHA, and VA, Rapidio validates, verifies, calculates, and assesses guideline eligibility, and then presents the entire income story to underwriters for review who make the final assessment.

By removing the hassle and errors from income calculation and validation, Rapidio can seamlessly manage complex scenarios associated with the current economy. For example, Rapidio can access a scenario with multiple borrowers, each with multiple jobs, a self-employment side hustle, and rental income. The latest Income Assessment component provides income calculation and eligibility for different scenarios, including W2 and Self-Employed Income, as well as less common scenarios like rental properties, foster care, child support, tips, automobile allowance, and more.

Underwriters have access to loan trial logs and calculation logic, and can submit additional information on the loan, allowing them to make decisions with complete confidence. Furthermore, all loans are processed with accurate, reliable data. Using both its proprietary AI technology and platforms from Google and Microsoft, Rapidio double and triple checks for accuracy.

“Income assessment is a key factor in determining risk. We don’t take that lightly,” said Michael Tuch, Co-founder of Rapidio. “It’s also becoming a greater challenge. As one example, 1099 tax forms show that the number of people who collected an income from freelance work through apps like Uber, Lyft, DoorDash and Instacart has more than tripled in the last five years. With our Income Assessment component, we’re removing tedious, repetitive work, so underwriters can focus on making solid decisions.”

Rapidio’s Income Assessment component is part of its FlexStack Component System, providing financial institutions with the foundational architecture to revolutionize the underwriting process. Unlike other platforms that charge financial institutions to access their own data or for services they may not need, the FlexStack Component System provides Document Classification and Data Extraction at no cost, with no limits on borrowers, 1003s, W2 per borrower, 1099s per borrower, or employment type mix, and requiring no integrations. With more components to be introduced throughout the coming year, underwriters will gain complete control over the underwriting process.

Rapidio is also inviting financial institutions to try a free, two-week trial of its income component. To see Rapidio in action, visit their website for more information.

About Rapidio

Rapidio has been in the document classification and data extraction technology for more than 12 years, having processed more than 17 million consumer applications in European markets. Using this expertise, the company has developed a micro service architecture, the FlexStack Component System™, that works seamlessly within the mortgage manufacturing process to provide financial institutions greater loan level cost control and scalability of their operations. Built by underwriters, informed by hindsight, and backed by experience, Rapidio is transforming the underwriting process. Rapidio is SOC 2 compliant and committed to upholding the highest standards of security, data protection, and internal controls. For more information, visit www.rapidio.com.