Electronic Tax Return Reader
Spread financial statements in minutes
For underwriting, data entry can take as much as 30 minutes per return, which is multiplied when years of data is required. Sageworks uniquely offers banks and credit unions the Electronic Tax Return Reader, which imports financial information from business borrowers’ tax returns that are electronically produced by a tax package.
- Save 10-60 minutes per return for new loans and reviews
- Reduce data errors that may occur during manual entry
- Ensure consistency of data entry between different analysts or lenders
Sageworks Electronic Tax Return Reader can help you save up to 1.5 hours per borrower, assuming 3 years of tax returns and reduce the risks of manual data entry errors, including skipped lines or transposed numbers.
Quantifying the 5 Cs of Credit
Commercial loan analysts can identify, based on financial characteristics of the business and borrower, the good and bad loans in their portfolio. In this paper, we look at the metrics most often used by analysts to quantify the 5 Cs of credit - capacity, capital, conditions, collateral, and character.
Hear from a Client
With a decentralized lending process, consistent credit analysis is a common challenge financial institutions face. Bank of Cadiz and Trust Company had this problem because their individual lenders completed their own analysis for their customers. The bank used one system for commercial loans but did calculations by hand for consumer loans. They knew they needed a solution that would accommodate both their commercial and personal loans.
Bank of Cadiz and Trust Company now has both a consistent input process and output because of Sageworks Credit Analysis. The bank mandates that all lenders use Sageworks for every loan. This allows them to keep a process in which the lenders do their own loan analysis and eliminates the need to hire another full-time employee as a credit analyst.
“Sageworks’ global analysis ensures accuracy, and the narrative reports provide time-savings and consistency. Our examiners have commented that they like the uniformity our software solution provides to our credit analysis.”
Executive Vice President
Bank of Cadiz and Trust Company