How Clik.ai Blends in Your Underwriting Workflow
If you are considering expanding your underwriting team because there is too much work for your current team, you might instead consider how technology can be “hired” to improve your underwriting workflow and productivity.
The first step you can take in order to improve your underwriting workflow is identifying the core problems, then trying to find the optimal solution. The major problem the underwriting teams face is the collection and organisation of data and that process can take days before moving to the decision making stage. Although the underwriting processes involves a great deal of analysis of the documents to analyse the financial health of the borrower/business itself, the time and effort is now put into doing the non-value add work.
A product which is best suited to boost the productivity of your team can be used. If you are a broker, then the struggle is the hunt for the right product which gives you error-free and accurate information to analyse a deal. If you are an underwriter or an analyst, the need is for information to be in a more wholistic manner and in a format much easier to digest than a massive spreadsheet which could lead to errors while transferring the data from to a template.
The right product can get you ahead in the market by saving the cost which can be invested in useful resources like analysts, who are experts in reeling out the market data and make strategic decisions.
Eliminating the Roadblock with Automation
Almost every CRE Broker and lender firm has underwriting teams who live within spreadsheets and outdated interfaces gathering data. It seems okay in theory until you calculate the hundreds of hours per month spent manually tracking & updating data, creating one siloed database after another, before they even get to analyze it.
Examine your workflows and speak with your team to learn where inefficiencies or tedious tasks exist. Now, look for a tool that can help mitigate these.
Using automated data extraction technology, underwriters can complete checklists in seconds, cutting the time it takes to evaluate loan files by up to 80 percent. These highly flexible models can fit easily into the workflow by eliminating the costly and time-consuming “stare and compare” approach to verifying data across several documents and reduces the multiple verifications used today to ensure data integrity. This allows underwriters to focus on loans that require more careful scrutiny.
Clik.ai is one such tool which uses artificial intelligence to create error-free and highly accurate excel-based loan sizing models within minutes for commercial real estate loan underwriting.
It’s proprietary technology, cuts hours of manually extracting financials from Operating Statements, Rent Rolls, Trailing 12 and third-party reports to perform loan sizing and populates industry standard loan models instantly.
Fitting conveniently into the workflow and reducing hours and hours of manual work, Clik serves as a prerequisite tool for Commercial Real Estate analysts.
CRE tech companies are making their way into firms faster than some might realize. In an industry where “time kills deals,” the value of such tools is crucial to getting ahead today.