For due diligence, TPR and QC firms

Income recalculated on every loan in the pool, to your rules.

Rapidio does the income component of the review, to your rules. Load the pool, and every loan comes back as the same worksheet: the figure, the options, the page and line behind every number, and what is missing. Your reviewer compares, grades and writes the finding.

A 30-minute demo, then 20 loans your team has already reviewed, free, to your rules.

A sample pool, drawn from the web app. Open any loan: the worksheet, the options, the trace, the findings.

In the news

HousingWire Business Wire Mortgage Bankers Association Trend Hunter

By hand vs Rapidio

One loan, by hand and with Rapidio.

What the reviewer does today, and what changes. Everything else in the review stays with your team.

Step By hand With Rapidio
Time to the income figure 2–6 hrsOn a self-employed loan. Customers report 2 to 4 hours, published cases 1 to 81 3 minAs little as. Bank statement loans about 10 minutes
What the reviewer does Builds itReads the returns and statements, rebuilds the worksheet, notes the sources Checks itA finished worksheet: 3 options with the method, the page and line behind every figure
The calculation rules In each reviewer's headThe program guide, the overlays and the conventions, applied from memory Yours, on every loanYour program guide and overlays set up in your account once; the report names the rule set
Worksheets in the pool One per reviewerEach in that reviewer's format 1 formatThe same on every loan, the guideline set named
Price of the income piece Reviewer hoursPaid on every loan, every time the loan is reviewed From $9.93A loan, any income type, in a bundle. $20 pay as you go. Pools priced by volume
A cured document Review againThe loan goes back into the reviewer's queue $0Add it to the loan, it runs again, the finding updates

Your pool

Put your own numbers in.

By hand

400reviewer-hours

50reviewer-days of 8 hours

$18,000of reviewer time on the income piece

With Rapidio

from $1,986for the income piece on the whole pool, at $9.93 a loan; $4,000 pay as you go. Pools priced by volume

0worksheets for your reviewers to build

3 mina loan, as little as. Your reviewers check and write the finding

Your minutes and your rate, for the income component only. Rapidio's side uses the public prices: from $9.93 a loan in a bundle to $20 pay as you go. Pools on an enterprise account are priced by volume.

The reviewer still makes the call. Rapidio does the reading, the arithmetic and the trace. DTI, grade and compensating factors stay with the reviewer.

1 Time by hand: JetMo, a Rapidio customer, reported up to 4 hours on a self-employed loan; another customer reported 2 to 3. Published lender cases: a six-hour self-employed workflow (National Mortgage News), up to four hours saved per loan (HousingWire, 2021), one to eight hours of income and document review per loan (lender case studies published by income-automation vendors). Rapidio: as little as 3 minutes a loan, bank statement loans about 10 minutes.

How a pool runs

Load the loans. Get the worksheets. Write the findings.

Four screens, drawn from the web app with a sample pool. Click a step, or let it play.

Drawn from the web app with sample loans. When the seller cures a missing document, add it to the loan and it runs again at no charge.

Your rules

Give us your rules. We calculate the way you do.

Send the program guide, the overlays and the conventions your reviewers apply: which average on a declining income, the expense factor and the ownership share, what counts as a large deposit, which transfers are excluded. We set them up in your account before the pool, and every loan is calculated the same way, with the rule set named on the report.

  • Agency and non-QM guideline sets out of the box, your program guides and overlays on top
  • Set up once, applied on every loan in the pool
  • The rule set named on every loan report
  • A rule changes: tell us, it applies from the next loan
Questions about rules and overlays
Rule set · your firmSample
Guideline setNon-QM full doc, 1 year
Declining self-employed incomeMost recent year
Bank statement expense factorPer program, 50% default
Large depositOver 50% of monthly deposits
Applied onEvery loan in the pool

Scope

Rapidio is the income component of the review. The rest stays with your team.

From Rapidio, per loan

  • Qualifying income to the guideline set and the rules you gave us, named on the report
  • 3 options, each with its method, one recommended
  • The page and the line behind every figure
  • Missing documents and income flags, with the reason
  • Who selected which option, and when
  • PDF, DOCX, or the result through the API

With your reviewer

  • The comparison with the originator's figure and method
  • DTI, the grade and the compensating factors
  • Reverification: transcripts and employment
  • Assets, credit, compliance and property
  • The exception report and the cure with the seller
  • A program we do not cover yet, such as DSCR: ask us before the pool

Rapidio started in 2021 as a due diligence team, reviewing closed loans for lenders and investors. This is the tool we needed then.

Where the income component fits

Wherever the review happens.

Third-party review firms

Pre-securitization and pre-purchase review, on every loan in the pool or on the sample.

QC firms and lender QC

Post-closing quality control. The income on the sample, recalculated from the documents.

Investors and aggregators

Pre-settlement review on whole-loan purchases, the same report on every loan.

Correspondent investors

Pre-purchase and non-delegated review, by a reviewer who did not originate the loan.

The pilot

20 loans, your rules, side by side. Free.

  1. A 30-minute demo

    Your guideline sets, your program guide and the conventions your reviewers apply. Then 20 loans your team has already reviewed, as PDFs or archives.

    Guideline setsProgram guide20 loans

  2. We set the rules up and calculate

    Every loan comes back as the same worksheet: the figure, the options with their methods, the page and line, the findings. No contract.

    Worksheet per loanPDF or DOCXFindings

  3. Your reviewers compare

    Their worksheet next to ours, loan by loan. If the fit is there: an enterprise account priced by volume, pools, the API and your logo on the report.

    Enterprise accountPoolsREST API
Book a demo Write to us

Security

  • SOC 2 Type 1 report
  • Encrypted in transit and at rest
  • Role-based access with 2FA
  • Documents seen only by the assigned internal underwriter, under NDA
Security in detail

Pricing

From $9.93 a loan for the income piece. Pools priced by volume.

The price covers the income component of the review, any income type, to your rules, no setup fee: $20 a loan pay as you go, from $9.93 a loan in a bundle. Pools run on an enterprise account, with the price set by the volume you send. Start with 20 loans, free.

Book a demo See pricing
  • The income component, any income type, to your rules, one price per loan
  • The worksheet, the options and the flags on every loan
  • Loan report as PDF or DOCX
  • REST API for pools, white-label with your logo
  • Human review when a loan is flagged
  • Documents added later go into the same loan, at no charge

More about the product

FAQ

Questions review teams ask.

Have another question? Write to service@rapidio.com or book a 30-minute call.

Does Rapidio replace our underwriters?

No. Rapidio reads the documents, calculates the income and shows the trace. Your underwriters check the worksheet, compare it with the originator's figure and write the finding. The grade stays with you.

Can we give you our own rules and overlays?

Yes. Send the program guide, the overlays and the conventions your reviewers apply, and we set them up in your account before the pool. Every loan is then calculated the same way, and the loan report names the rule set. When a rule changes, tell us, and it applies from the next loan.

Which loan types can we run?

Wage earner, self-employed on Schedule C, partnership with Form 1065 and Schedule K-1, and bank statement loans for 12-month and 24-month programs, to the Fannie Mae, Freddie Mac, FHA, VA, USDA and non-QM full doc guideline sets. For DSCR, 1099-only, P&L-only and a program guide with different rules, ask us before you run the pool.

How do loans get in and out?

In: loan by loan in the web app, with roles for your reviewers, or in bulk through the REST API, as PDFs or archives. Out: the loan report as PDF or DOCX for each loan, or the result through the API by webhook or polling, into your own review platform.

How fast is a pool?

Loans come back in as little as 3 minutes each, bank statement loans in about 10 minutes. A loan that needs a human eye is flagged and checked by Rapidio's assigned internal underwriter before it comes back. For a pool with a date on it, tell us the size and the date before you load it.

Is the calculation independent of the originator?

Yes. Rapidio works from the documents in the loan only. The report names the guideline set, lists the options with their methods and links every figure to its document, so the finding stands on its own in front of an investor or a rating agency.

Who at Rapidio sees the documents in a loan?

Only the assigned internal underwriter, under NDA, when a loan needs a human eye. Data is encrypted in transit and at rest, access is role-based with 2FA, and Rapidio has a SOC 2 Type 1 report, shared under NDA.

What does the pilot look like?

Send 20 loans your team has already reviewed, as PDFs or archives, with the guideline set and the rules your reviewers applied. We set the rules up, calculate the 20, and you lay your own worksheet next to ours, loan by loan. If the fit is there, we set up your enterprise account, priced by volume, with the API and white-label reports.

Send 20 loans your team has already reviewed. Put the worksheets side by side.

With your rules set up first. Free, no contract. If the fit is there, your enterprise account is priced by volume.

Book a demo Write to us