FAQ
The questions we get, answered as we would on a call.
What brokers, processors, underwriters and lenders ask before their first loan and after it. Search, or jump to a group.
No card to start. Then $20 per loan, any income type.
- 9 groups, from the first loan to the API
- Answers taken from the product pages
- Anything missing: write to service@rapidio.com
Asked most
Six answers before you scroll.
Getting started
Before the first loan.
What Rapidio does and how long it takes. More for brokers and loan officers.
What does Rapidio do?
Rapidio calculates mortgage qualifying income from borrower documents. You upload paystubs, W-2s, tax returns or bank statements and get back the income, the calculation behind it with the source documents, and a list of what the loan still needs.
Do I need a call to start?
No. Sign up, upload the documents and run the loan. The first loan is free. Book a call when you want a demo for your team or a pilot for a lender.
How long does a loan take?
Loans come back in as little as 3 minutes. A full bank statement package takes about 10 minutes. Timing depends on the income type and on how complete the documents are.
Does my lender need Rapidio too?
No. You run the loan on your side and send the loan report with the loan. The lender sees the calculation, the guidelines used and the document behind each figure.
Can I run a loan before I have all the documents?
Yes. Run what you have. The missing documents come back as conditions, and when they arrive you add them to the same loan and run it again.
Income and guidelines
The number and the options.
Which income types, which guidelines, and why there is more than one number. More on income calculation.
Which guidelines and income types does Rapidio support?
Fannie Mae, Freddie Mac, FHA, VA and USDA guidelines, non-QM full doc for 1 and 2 years, and bank statement programs for 12 and 24 months. The income types are wage earner, self-employed on Schedule C, partnership with Form 1065 and Schedule K-1, and bank statement income. For rental income, capital gains, interest and dividends, or any other income type, ask us before you run the loan.
Why does Rapidio show more than one number?
Income can be calculated in more than one way, for example from the year-to-date figure and the prior year, or from the 2 prior years. Rapidio shows the options side by side and recommends one. The aggressive option is marked for review only.
Can I use a different option than the recommended one?
Yes. You can select another option and go back to the recommendation at any time. Rapidio records who selected an option and when.
Will the lender's underwriter reach the same number?
Not always. The lender's underwriter makes the final call and may apply the lender's own overlays. Rapidio shows the most conservative option next to the recommended one, so you know the range before you submit, and the loan report shows how each figure was reached.
Can I use Rapidio for pre-approvals, before the loan goes to the lender?
Yes. That is where most brokers and loan officers run it: upload the documents, see the qualifying income, the worksheet and the conditions, and submit a loan the underwriter can check line by line. Underwriters run it again on their side to confirm.
Can a loan hold multiple borrowers?
Yes. A loan can hold multiple borrowers, and each borrower can have more than one employer or business. Each income source gets its own line, and the loan gets one total.
What about a self-employed borrower with 2 businesses?
Each business gets its own lines, with its own years and add-backs, and the loan gets one total. Schedule C, Form 1065 and Schedule K-1 are covered.
What if I disagree with a figure?
Open the document behind it. Every figure links to the page and the line it came from, so you can see how the figure was reached and decide what to use.
How is declining income shown?
Both years sit side by side, so the trend is visible at a glance. The most conservative option gives you the floor, and the loan report names the years each option used.
Documents and conditions
What goes in, and what the loan still needs.
Uploads, formats, splitting a PDF, and Smart Conditions. More on document classification and Smart Conditions.
Which documents does Rapidio classify?
Rapidio classifies employment and income documents. These are paystubs, W-2s, written verifications of employment, and Form 1040 Schedules B, C, D and E. It does not yet cover asset, liability, credit, property, title and closing documents.
How do I get the borrower's documents in?
Upload them yourself, or send the borrower a secure upload link or QR code. The documents go straight into the loan, and combined PDFs are split and labeled.
Which loan formats can I upload?
PDF, and archives: .zip, .rar, .7z, .tar, .tar.gz and .tgz. Save a photo or an image as a PDF before you upload it.
What happens to a PDF with several documents in it?
Rapidio splits it into separate documents. Each one appears in the list under its own type, and the viewer shows which page of the original loan it came from.
What are Smart Conditions?
Smart Conditions are the items Rapidio lists for a loan after it reads the income documents. They cover documents to collect, items to review and notes. Rapidio builds them from the borrower's documents and the guidelines you chose, and shows them next to the income result. Each condition comes with a short explanation.
Do Smart Conditions cover assets, credit or the property?
No. Smart Conditions cover the income side of the loan, with a few general items such as a signed IRS Form 4506-C. The lender's underwriter reviews the whole loan and may have other conditions.
What happens when new documents arrive?
Add them to the same loan and run it again, at no charge. The conditions the new document answers close on their own, and the rest you can close by hand.
Bank statements
Deposits, months and the expense factor.
For 12-month and 24-month programs. More on bank statement income.
Which bank statement programs does Rapidio support?
12-month and 24-month bank statement programs. You choose the program when you create the loan. For another non-QM program, such as 1099-only or profit and loss, ask us before you run the loan.
Which deposits does Rapidio count?
Rapidio counts the deposits that qualify as income and leaves out the rest. Withdrawals are never counted. For every month you see each counted deposit by date, type and amount, and how many of the month's transactions were counted.
What happens if a statement is missing?
Rapidio names the missing month and puts a warning on the result. Until the statement arrives, Rapidio averages the income over the statements it has, and the result says how many that is.
Can I change the ownership percentage or the expense factor?
Yes. You set both on the result. When you change one, Rapidio recalculates the qualifying income.
Can I use personal and business accounts?
Yes. Rapidio supports personal and business accounts, and one loan can hold more than one account. Upload each account's statements as consecutive months, and the loan gets one total.
Does Rapidio flag NSF fees and large deposits?
Yes. Each one arrives as a Smart Condition with its date. Rapidio also flags transfers between accounts and balances that do not match from one month to the next.
Price and account
What it costs, and who can work in the account.
Pay per loan, or a monthly bundle. More on pricing.
What does Rapidio cost?
The first loan is free. Then $20 per loan for any income type. Monthly bundles lower the price: 3 loans for $49, 8 loans for $99, and 15 loans for $149, which is $9.93 per loan. Enterprise accounts are priced by volume.
What counts as one loan?
One loan covers all its borrowers and income sources. In your account it is one credit. A single W-2 borrower and a borrower with 2 businesses cost the same. For a bank statement program, one loan covers 12 or 24 months of statements, for one account or several, and the price does not grow with the number of pages.
Is there a setup fee or a monthly commitment?
No setup fee, no monthly minimum and no annual contract. Pay as you go has no commitment at all. A bundle is a monthly plan at a lower price per loan, and you can cancel it at any time.
How do bundles work, and when do they pay off?
You choose 3, 8 or 15 loans a month in your account and pay one monthly price. Loans beyond the bundle cost $20 each, and unused loans do not carry over. Compared with $20 a loan, the 3-loan bundle pays off from 3 loans a month, the 8-loan bundle from 5, and the 15-loan bundle from 8. The calculator at the top of the page shows the lowest cost for your number.
Do I need a card to start?
No. Your first loan is free, no card needed. After that, add a card and pay $20 per loan, or choose a bundle.
How do I pay?
By card. Rapidio uses Stripe, so you can add a card and run a loan the same day, with no invoicing.
What does an enterprise account cost?
A price per loan set by your volume, on a contract. It starts with a free pilot week on your own loans. Then we set up your account for your programs, guidelines and conditions, add roles for your team, and connect the REST API and reports with your logo if you want them. Lenders, banks, review firms and teams above 15 loans a month start this way. How the pilot week runs.
What if the worksheet is wrong?
Wrong worksheet? The loan is on us. Tell us the loan and the figure, from your account or by email. An underwriter checks it. If the worksheet was wrong, the credit for that loan comes back to your account, and the loan is run again at no charge.
Do you charge per page?
No. The price is per loan. Document classification, the worksheet, the conditions and the loan report are all included.
What happens when new documents arrive?
Add them to the same loan and run it again. Running a loan again is free. For a bank statement loan, the missing months are named, so you know which statements to ask for.
Is there an offer for NAMB, AIME and CAMP members?
Rapidio is an association partner of NAMB, AIME and CAMP. Sign up with your work email, run the first loan free, then write to us with your association and member ID. The member price, up to 10% off, goes on your account and applies to loans at the per-loan price, not to bundles.
People and security
Who looks at a flagged loan, and who sees the documents.
The 4 security facts, in the same words as everywhere on this site. Security in detail.
Does a person check the result?
Rapidio calculates the income from the documents. When a loan needs a human eye, it gets flagged for review and an experienced underwriter looks at it. You can also check the work yourself. The worksheet shows the source document behind each figure.
Does Rapidio make the lending decision?
No. Rapidio calculates the income and prepares the worksheet. Your team reviews it, applies its own requirements and makes the lending decision.
How is borrower data protected?
Rapidio has a SOC 2 Type 1 report. Data is encrypted in transit and at rest. Access is role-based with 2FA. At Rapidio, borrower documents are seen only by the assigned internal underwriter, under NDA.
Type 1 or Type 2?
Type 1 today: an auditor's opinion on the design of the controls as of a date. Ask us about Type 2 on the call.
Can you set retention and deletion for our account?
Yes, on request. Tell us the retention period your policy requires, and when loans and documents should be deleted.
Where can I read how data is handled?
In the Privacy Policy and the Terms of Use on rapidio.com, and in the security policies and procedures we share on request, under NDA. Retention and deletion can be set for your account on request.
Lenders and API
Pilots, overlays and the REST API.
For lenders, banks and platforms. More for lenders and the API.
Do we need a contract to start?
No. The pilot week is free and runs without a contract. The contract, at an enterprise price set by your volume, comes after it, together with your account setup and the integration if you want one.
Who should be in the pilot?
An underwriter who will compare the worksheets, someone from operations who will run the loans, and whoever will own the rollout. The pilot lasts a week, and the loans are yours.
Does Rapidio apply our overlays?
Rapidio calculates to the investor guidelines named on the loan report. Your overlays stay with your team. The most conservative option sits next to the recommended one on every worksheet.
Does Rapidio have an API for our LOS?
Rapidio has a REST API. You send documents, receive a job ID, and get the loan report and the conditions back by webhook or by polling. Your developers or your LOS vendor connect it to your LOS. You can start in the web app and plan the integration later.
Can a lender offer Rapidio to brokers?
Yes, through the REST API and white-label reports: a lender or a platform can put Rapidio inside its own broker portal. Book a demo and we will walk through it.
Can our users see the result under our brand?
Yes, on an enterprise account. Your logo goes into the admin panel and onto the loan report, for a platform's users or a lender's broker portal. We set it up together on a call.
Rapidio compared
Against the spreadsheet, the big platforms and doing it by hand.
No names here. Ask us on a demo for a side-by-side with the tool you use today. How we are different.
How is Rapidio different from other document AI tools?
It was built by underwriters, so it returns the worksheet with the page and line behind every figure, not only a number. A loan that needs a human eye goes to the assigned internal underwriter, under NDA. And it is priced per loan, with the first loan free and no contract, so a one-person shop and a bank start on the same terms.
Can Rapidio replace the income worksheet I build in Excel?
Yes, and it keeps the part you like: the worksheet. Rapidio builds it from the documents, names the guideline it followed, shows the calculation options and links every figure to its page and line. You still choose the option and apply your own requirements.
Do I need a new LOS, POS or platform?
No. Rapidio runs in the web app next to whatever you use today: upload the documents, get the worksheet, export the loan report as PDF or DOCX. Lenders can connect the REST API later, on an enterprise account.
Is Rapidio only for enterprise lenders?
No. Brokers, loan officers, processors and underwriters run it per loan, from the first loan free. Lenders and banks start with a free pilot week on their own loans and move to an enterprise account priced by volume. Due diligence and QC teams use it to recalculate the income on the loans they review.
What changes compared with doing income by hand?
The reading. Rapidio splits and labels the documents and reads them, then calculates the income to the guideline you chose. The judgment stays with you: the option, the overlays, the decision. Loans come back in as little as 3 minutes, and a flagged loan gets the assigned underwriter.
What are your hours?
Monday to Friday, 9 AM to 6 PM Eastern. Write to service@rapidio.com or book a 30-minute call.
Can I get help with a loan I am running?
Yes. After your first upload we call you and walk through the result. After that, write to service@rapidio.com any time with the loan name and the figure you are asking about. Our underwriters answer by email, or call you back.
Do you offer training?
After your first loan we call you and walk through the result: the options, the worksheet and the conditions. After that, support is by email, and an underwriter calls back when a loan needs it. Lenders get the walkthrough for their team during the pilot week.
How does a demo work?
30 minutes on a call. We run a loan, show the worksheet and the conditions, and answer your questions. Lenders can bring an underwriter and ask about a pilot on their own loans.
The rest is easier to see than to read. Run one loan.
Loans come back in as little as 3 minutes. The first loan is free.