Ocrolus, an AI-driven financial document automation platform, has launched an enhanced dashboard for mortgage lenders, the company announced on Tuesday.
Among other features, the new solution will allow lenders to automate income calculations for both traditional and self-employed borrowers using automated, transparent and flexible worksheets, the statement said. This new tool will combine in one product three of the capabilities that single out Ocrolus: classifying, capturing and analyzing.
Ocrolus already offers technologies to index documents automatically and to extract key information from documents using AI computer vision and human validation.
“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 serves both wholesale and direct mortgage lenders. By giving lenders the ability to streamline the qualification process, it gives lenders greater leeway to consider various calculations, from most to least conservative, the statement said.
“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,” Tim Tjosaas, vice president of Compeer Financial, said in a statement. “We feel strongly that there’s been a significant increase in productivity and efficiency by moving to Ocrolus.”
The services 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.
Founded in 2014 with a focus on automating Medicaid application processes, Ocrolus decided in 2016 to use its technology to classify financial documents. It raised a $80 million Series C led by Fin VC in September 2021 to “aggressively build new products for mortgage lending and banking industries, expand its US operations and scale its staff with a focus on machine learning and data science teams,” the company said at the time.