AI for mortgage underwriting
Ultramarine Work reads the loan file in your folder and returns the Form 1084 cash flow analysis, a condition log with owners and dates, the cures owed on the CD and the appraisal review. Every figure cites the document it came from.
Mendez-condition-log.xlsxExampleMendez purchase, open conditions
- PTD-04CreditBorrowerFlagged
A Nov 3 inquiry from Ashby Motors needs an explanation, since a new car payment would push DTI past 45%.
- PTD-07AssetsBorrowerOpen
Source the $14,500 deposit of Oct 2 with the transfer statement before it counts toward reserves.
- PTD-09AppraisalUnderwriterCleared
The revised report corrects the GLA to 1,912 sq ft, which clears the condition.
- PTF-02EmploymentCloserOpen
Complete the verbal VOE within 10 business days of the note date by calling the employer on Nov 19.
How it works
- 1
Load the loan file
Put in the 1003, tri-merge credit report, pay stubs, W-2s or tax returns, bank statements, the DU findings PDF, the appraisal, the LE and CD, and your investor guide excerpts, whether they came out of the LOS or were saved as they arrived.
- 2
Ask for the work in front of you
The cash flow analysis ties every add-back to a tax line, the condition tracker carries owners and dates, and the memo checks the file against the findings. Whatever it cannot reconcile, it says so rather than filling in a number.
- 3
Review it like a submission
Rerun the AUS in your LOS, recheck the VOE clock against the note date, confirm the decline reasons name the factors you weighed, and issue the corrected CD yourself. Ultramarine Work does the reading, and the call stays with you.
Inside the Mortgage & Consumer Lending mode
Mortgage qualification and underwriting
Takes the 1003 and works up qualifying income, DTI and reserves, then reads the DU or LPA findings against the file and drafts the compensating-factor memo.
Mortgage processing and closing
Keeps the condition log current and an eye on the VOE and document expirations, and flags the LE and CD timing windows and fee tolerances when terms change.
Consumer loan application review
Send in a consumer, auto or HELOC application and get back a DTI worksheet and a decline memo with reasons taken straight from the file.
Credit report review and disputes
Reads the tri-merge for real errors, flags dispute comments that must come off before the AUS runs, and drafts the bureau letters and the mid-score plan.
Real estate appraisal and review
Runs the URAR desk review for comp distance and dates, adjustment direction and consistency, net and gross percentages, and bracketing.
- Office skills
- Excel, Word, PowerPoint, PDF
- Tools
- Read, edit and write files, Search files, Run code, Search and read the web, View images
- Connectors
- SharePoint, Google Drive, Gmail, and additional custom connectors
- House style
- Your fonts, layouts and rules, on every file
Ask it for
“Build the Form 1084 cash flow analysis for the Mendez file from the 2023 and 2024 1040s with Schedule E, add back depreciation, and give me qualifying income.”
Mendez-1084-cash-flow.xlsx“Compare the three Loan Estimates on the $384,000 Maple St purchase: net lender cost after credits, payment, 5-year cost, and the 1.5-point lender’s break-even.”
LE-comparison-384k.xlsx“Recheck the fee tolerances between the March 3 initial Loan Estimate and the final CD on the Avery refinance, and list every cure we owe the borrower.”
Avery-CD-tolerance-cure.xlsx“Underwrite the $42,000 auto application, calculate income from the pay stubs and W-2, add the $791 payment to DTI, and draft decline reasons if it tops 40% DTI.”
Auto-underwrite-and-decline.docx“Draft the bureau dispute letters and the rapid rescore request for the two collections reporting balances after payoff, with the mid-score effect of each.”
Tradeline-dispute-letters.docx“Review the URAR on the 312 Laurel file for comp distance and sale dates, adjustment consistency, net and gross percentages, and whether the comps bracket.”
Appraisal-review-312-Laurel.pdf
Who it’s for
Mortgage loan officers, processors, underwriters and closers, and consumer, auto and HELOC underwriters, at banks, credit unions, mortgage lenders and brokerages.
Questions
Can I trust its answers to the agency guides?
No, not without checking the citations. Each figure names the guide section, document or file it came from, and it states what it could not find or reconcile instead of guessing. Verify anything that drives a condition, an overlay or an investor delivery, the way you would check a new underwriter’s first pass. ChatGPT is not Fannie and Freddie, and a cited answer can still say more than its source does.
Can we load borrower files before our compliance team reviews it?
No, the vendor review comes first. Borrower files are nonpublic personal information under GLBA, so a bank, credit union or mortgage lender has to clear Ultramarine Work through information security and vendor management before anyone points it at borrower data. Our compliance page has the security details that review will ask for. If you are an individual or a small brokerage working your own files, you are not blocked.
Will it draft the adverse action reasons for our declines?
Yes, it drafts them from the application, the credit report and the decision you made. CFPB guidance requires the notice to state the principal reasons that match the factors actually considered, so 'insufficient credit history’ is not enough when the file was declined because the payment pushed DTI past your limit. The underwriter or lending officer confirms the reasons before anything is sent.
Where does borrower data go?
Ultramarine Work changes files only in the project’s folder. When a request needs it, it can read files elsewhere on your computer, never passwords, keys or app data, and you can turn that off in settings. The model runs on Paper Instruments’ servers, so the content it works on is sent there to be processed. Paper Instruments is SOC 2 Type II, and our security and compliance details are on our compliance page.