Automated Bank Statement Income Calculation
Maximize Speed, Minimize Errors!
Transform how you calculate income from bank statements
Underwriters can spend up to 3 hours calculating income for 12- and 24-month bank statements, often facing challenges with accuracy due to high data volume. Our automated Bank Statement Income Calculator completes this task in 30 minutes or less with 100% accuracy. With human-in-the-loop verification, you can rely on our system to deliver quick, error-free results.
Why Choose Our Bank Statement Income Calculator?
Speed and Efficiency
Our technology reduces bank statement analysis from hours to minutes, saving you valuable time. Whether it’s a 12- or 24-month statement, our system ensures completion in 30 minutes max.
Unmatched Accuracy with Human Support
Leveraging advanced AI and machine learning, our system maintains 100% accuracy. Additionally, our human-in-the-loop process allows for expert oversight, minimizing errors and increasing reliability.
Streamlined Workflows and Reduced Costs
Our automated solution improves workflows, cutting down the time and expense associated with manual income calculations. With our system, underwriters can focus on high-value tasks without the risk of calculation errors.
Frequently Asked Questions
How does the Bank Statement Income Calculator identify deposits?
We consider any transaction with a credit amount greater than $0 a deposit.
How does Rapidio’s system identify deposits and know which deposits can be used to qualify?
Rapidio’s system extracts all deposit data from bank statements, evaluates each source, and verifies eligibility per program guidelines. It then applies specific formulas based on the selected bank statement program to calculate results.
What level of accuracy can we expect?
Our solution maintains up to 100% accuracy, combining machine learning with human validation to handle complex bank statements and ensure precise results.
How long does it take to process a bank statement?
Our automated Bank Statement Income Calculator processes both 12- and 24-month statements in under 30 minutes, significantly speeding up your underwriting workflow.
Can I use personal bank statements for a Business Bank Statement Loan?
Yes, if your business income is regularly deposited into a personal account, you can use personal bank statements. However, this could complicate approval if the account is shared, such as with a spouse. We strongly recommend using business bank statements when possible for a smoother process.
Can I submit a mix of personal and business bank statements to meet the 12/24-month requirement?
No, to meet guideline requirements, all statements must either be personal or business, not a mix.
