Ocrolus, a leader in AI-driven financial document automation, today announced the launch of an enhanced dashboard for mortgage lenders featuring the ability to automate income calculations for both traditional and self-employed borrowers. The solution combines three trusted Ocrolus capabilities – Classify, Capture and Analyze – into one user-friendly product, specifically for the mortgage industry.
Mortgage lending is a lengthy, complex workflow that involves a large staff performing repeatable, tedious tasks. With Ocrolus, lenders can create more efficiency in the origination process by automating a significant portion of this workflow. Ocrolus' mortgage offering provides three key capabilities that empower mortgage lenders to improve their operations, including:
- Classify, enabling lenders to speed up processing time with automated document indexing
- Capture, which combines AI computer vision and human validation to extract key information from documents with over 99% accuracy
- Analyze, which enables lenders to streamline income calculation for both traditionally and self-employed borrowers with automated, transparent and flexible worksheets
"Manual document processing and income analysis create a bottle neck in the origination process,
" said Vik Dua, COO of Ocrolus. "With Ocrolus' enhanced mortgage offering, we're empowering lenders with accurate document analysis to help reduce processing time, mitigate risk and maximize profit margin on every single loan. We provide lenders with a highly flexible and scalable back office so they can focus on their core business."
Ocrolus offers a host of benefits to both wholesale and direct mortgage lenders. The company offers lenders the ability to streamline the qualification process for non-traditionally employed applicants and applications with several borrowers or employers. This allows them to consider various calculations, from most to least conservative, based on borrowers' unique situations. This streamlined approach helps lenders make faster and more informed decisions by leveraging trusted data.
"With Ocrolus, our operations staff doesn't have to do a deep dive into every document. They can simply validate the process through meaningful automation that simplifies life for everybody involved,"
said Tim Tjosaas, Vice President of Compeer Financial. "We feel strongly that there's been a significant increase in productivity and efficiency by moving to Ocrolus."
Additionally, Ocrolus' mortgage offering provides an objective and standardized approach to evaluating the borrower's income, resulting in increased confidence in lending decisions and reduced risk of human error. And with simplified note and comment tracking for loan officers and processors, Ocrolus supports streamlined communication in every step of the loan origination process.
The mortgage offering can integrate with any lender's existing workflow and loan origination system, via Ocrolus' dashboard, an API connection or integration with Encompass by ICE Mortgage Technology.
