Startup Idea: Automated Loan Consolidation Recommendation Software

Startup idea to develop a software toolkit that automatically processes client's credit reports, provides viable debt consolidation options and calculates potential savings. The objective is to optimize the loan approval process for loan originators at banks and credit unions.

I work as a loan originator at a Credit Union. Part of determining if we can offer a loan (auto, home equity, credit card)- is analyzing a client's credit report to determine their DTI (Debt to income ratio). There is already sofware in place to determine a person's DTI, and a person can get denied a loan based on this number. However, we can work around this by consolidating for example, multiple credit cards to only one card and paying off the rest of the credit cards and closing those account. All of this has to be figured out by me, the loan originator. I think it would be extremely helpful if there was a plugin software that could pull items from a customer's credit report and make suggestions in terms of consolidation, consider the interest rates across all cards and determine the client's savings, without the need for human intervention. This would save a heck of a lot of time, and would also cut down on the number of people that don't want the report- because the longer they wait the more likely they are to stay with their current lines of credit. I would not pay for this software, since I am not a bank owner- but I am betting a financial investment firm/bank/credit union would pay for this, as it has the potential to greatly increase lines of credit/loans.