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There’s an age-old adage in sales: it’s best to find out early in the sales process that your prospect will never commit instead of wasting hours in the hope that you can eventually change their minds. This is also true when it comes to vetting loan applications. By empowering loan officers to identify unqualified borrowers early on, lenders can process more successful loans in less time and prevent financial losses. Here’s how document automation helps lenders quickly and accurately screen out borrowers who aren’t a match. Accessing a robust picture of financial health Mortgage lenders can’t make accurate lending decisions…

One of the most difficult tasks for lenders is loan fraud detection, or more specifically, identifying fraudulent loan applications. This challenge is pervasive in business, personal, and mortgage lending, with the Covid-19 pandemic accelerating the problem when new processes were quickly introduced into the underwriting workflow.  In this fast-paced and ever-changing environment, it is more crucial than ever for lenders to have the ability to adapt to evolving fraud tactics in order to further detect and prevent loan fraud. At Ocrolus, we process millions of financial documents each year and have studied the idiosyncrasies of potentially fraudulent activity. To aid…