Close loans faster with instant bank statement conversion. Perfect for asset verification, bank statement mortgages, and self-employed borrowers.
Mortgage loan officers waste hours manually reviewing PDF bank statements for asset verification and income calculation. EasyBankConvert converts bank statements to Excel in 30 seconds—perfect for faster pre-approvals, bank statement loans, and self-employed borrowers.
Close More Loans: Provide same-day pre-approvals in competitive markets. Process bank statement mortgages 10x faster. Increase your monthly volume without working longer hours.
In today's competitive real estate market, speed wins deals. Buyers expect pre-approval letters within hours, not days.
Result: Borrower loses the house to faster competition
Result: Your borrower wins the bidding war
Down Payment + Closing Costs
Check ending balances across all accounts. Sum total liquid assets.
Reserves (if required)
2-6 months PITI depending on loan type. Quick Excel formula to calculate.
Red Flags
NSF fees, negative balances, suspicious large deposits that need sourcing.
Income (Self-Employed)
Filter deposits, calculate 12-24 month average for bank statement loans.
Bank statement mortgages are perfect for self-employed borrowers, gig workers, and business owners who can't document income with W-2s or tax returns. Processing these loans requires analyzing 12-24 months of bank statements to calculate qualifying income.
Market Opportunity: Bank statement loans represent a massive underserved market. Self-employed Americans number 16+ million, and most can't qualify for traditional mortgages despite strong income.
Most bank statement loan programs require 12 or 24 months of personal and/or business bank statements. Convert all PDFs to Excel in minutes.
Pro Tip: Create separate Excel tabs for each month. Makes it easier to track seasonal income variations.
Use Excel to filter for deposits only (credit column). This shows all money coming into the account.
Exclude: Transfers between own accounts, refunds, returns, and non-income items
Sum all qualifying deposits for each month. Create monthly summary.
Lenders apply an expense ratio to account for business costs. Typical ratios:
Example: $168,400 total deposits ÷ 12 months = $14,033/month
With 50% expense ratio: $14,033 × 50% = $7,017 qualifying income
Use qualifying income to determine max monthly payment and loan amount.
Qualifying Income: $7,017/month
Max DTI: 45% (typical for bank statement loans)
Max Total Debt: $7,017 × 45% = $3,158/month
Existing Debts: $500/month
Available for Housing: $2,658/month (PITI)
Estimated Max Loan: ~$450-500K (varies by rate/taxes)
Note: Each lender has slightly different expense ratios and program guidelines. Always verify with your specific lender's requirements.
All mortgage programs require asset verification for down payment, closing costs, and reserves. Converting statements to Excel makes this verification instant instead of tedious.
Conventional (Fannie/Freddie)
FHA
Jumbo
Investment Property
Issue: Large Deposits Need Sourcing
Underwriters flag deposits over $500-1000 (varies by lender). Must prove it's not a loan.
Solution: Use Excel to filter and highlight all large deposits. Create worksheet showing source of each (paycheck, gift, transfer from savings, etc.)
Issue: Assets Spread Across Multiple Accounts
Borrower has checking, savings, and investment accounts at different banks.
Solution: Convert all statements. Create summary tab in Excel showing total liquid assets = Sum of all ending balances.
Issue: Balance Decreased Between Statements
Month 1: $50K → Month 2: $35K. Underwriter will ask what happened to $15K.
Solution: Excel makes it easy to track large withdrawals between statements. Document legitimate uses (paid off credit card, bought car, etc.)
Issue: NSF Fees or Negative Balances
Red flag for underwriters. Suggests financial instability.
Solution: Use Excel to search for "NSF" or "overdraft". If found, get borrower's explanation before submitting to underwriting.
Self-employed borrowers, gig workers, and commission-based income earners often struggle to document income. Bank statements provide an alternative when tax returns show low income due to write-offs.
1. Independent Contractor / 1099 Worker
Examples: Uber/Lyft drivers, freelance consultants, contractors
Strategy: Analyze 12 months personal account. Filter for income deposits (Uber payments, client invoices). Calculate average monthly income minus 25-50% expense ratio.
2. Small Business Owner (S-Corp, LLC)
Examples: Restaurant owners, retail shops, service businesses
Strategy: Analyze business account deposits. Use higher expense ratio (50-75%) since business accounts include all revenue, not just profit.
3. Commission-Based Sales (Real Estate Agents, Insurance, etc.)
Examples: Real estate agents, insurance brokers, salespeople
Strategy: Track commission deposits in personal account. Calculate 12-24 month average to account for irregular income. Lower expense ratio (15-25%) since commissions are typically net of expenses.
4. Multiple Income Streams (Gig Economy)
Examples: Someone with Uber + DoorDash + freelance work
Strategy: Excel makes it easy to categorize deposits by source. Sum all income streams and apply blended expense ratio.
// Filter deposits only
=SUMIF(E:E, ">0", E:E)
// Calculate monthly average (12 months)
=SUM(deposits) / 12
// Apply expense ratio (50%)
=monthly_average * 0.50
// Annualized income
=qualifying_monthly_income * 12
Morning: Pre-Qualification Calls
Borrower sends statements during call → Convert live → Verify assets instantly → Provide pre-qual numbers before call ends
Midday: Full Applications
Convert all borrower statements → Create asset summary → Calculate income for self-employed → Upload to LOS with analysis
Afternoon: Underwriting Conditions
Condition: "Source deposit of $8,500 on 03/15" → Open Excel → Filter by date → Find transaction → Provide explanation in 2 minutes
End of Day: Pipeline Management
Review tomorrow's closings → Verify all asset conditions cleared → Quick Excel check confirms everything documented
Time saved per loan (with bank statement analysis):
• Manual PDF review: 2-3 hours per file
• With EasyBankConvert: 15-20 minutes per file
Time Savings: 2+ hours per loan
Monthly Volume Impact:
Close 8 loans/month × 2 hours saved = 16 hours/month
Use saved time to prospect → Close 2-3 additional loans/month
Potential: 25-30% increase in monthly units
Test with a real borrower file. No credit card required. Convert 2 statements and see how much time you save.
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