Case Study: Finance of America Mortgage achieves 3-day faster application-to-close times and 58% faster income calculations with ICE Mortgage Technology's Income Analyzer

Finance of America Mortgage decreases loan cycle times with Income Analyzer

Finance of America Mortgage LLC, a nationwide lender based in Horsham, PA with $16.6B in annual loan volume, faced a manual, error-prone underwriting process where staff extracted income data from pay stubs and W-2s into custom spreadsheets. With expected volume growth, the company needed to automate income calculations so its existing underwriting team could handle more loans without slowing cycle times or adding personnel.

Finance of America implemented the AIQ Income Analyzer across its Consumer Direct division (going live October 2020), mandating its use early in the loan process to auto-extract, map and calculate income and eliminate input errors. The tool cut income calculation time by 58%, reduced application-to-close times from 27.1 to 23.8 days (a three-day improvement), increased underwriter productivity (top underwriters now handle five to six loans per day), improved consistency and loan quality, and is being rolled out to wholesale and retail channels.

Finance of America Mortgage

Joseph Thompson

Vice President of Underwriting Consumer Direct Division