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How document automation can help identify discrepancies in mortgage application data

4 Jul 2024
featured how document automation can help identify discrepancies in mortgage application data

Reviewing borrower and property records has traditionally been a manual and repetitive task. Combined with the added challenge of validating data across multiple document types and application data, this process can often lead to costly mistakes due to “stare and compare” fatigue. 

With document automation, lenders can dramatically increase the productivity of their review and verification process without sacrificing accuracy. Document automation helps lenders mitigate risk, reduce errors, and improve their overall decision-making by automatically identifying potential discrepancies in mortgage application data.

Automating verification in application data

Document automation enables lenders to efficiently verify applicant information and identify discrepancies between data in loan origination systems and the information extracted from supporting documents borrowers provide. This simplifies lenders’ validation and verification processes, confirming validity at every step.

With automated validation, lenders can quickly identify inconsistencies in data, including:

  • Borrower Information
  • Address Details
  • Employment History
  • All Assets
  • Subject Property

Streamlining mortgage workflows with consistent data

The benefits of ensuring consistent data between mortgage applications and supporting documents go beyond accuracy – it’s also critical to an efficient lending workflow.

Automated validation helps identify discrepancies and avoid errors, enabling lenders to reduce processing times for a smoother customer experience and increase the productivity of lending teams.

Ocrolus’ technology integrates seamlessly with loan origination systems, improving data handling and giving lenders a strategic edge in a competitive mortgage market. By streamlining workflows and minimizing manual tasks, lenders can concentrate on making strategic decisions and providing excellent customer service, boosting overall operational efficiency.

In the modern mortgage lending world, reliable, consistent data isn’t just a nice thing—it’s essential. Ocrolus empowers lenders to achieve this, ensuring every step of the lending process is as precise as possible.

6 steps to streamline mortgage underwriting with document automation

Enabling data-driven mortgage loan processing

Adding precision and efficiency through document automation empowers loan processors and underwriters to make more confident financial decisions based on trusted analytics. Deephaven Mortgage, for example, integrated Ocrolus into its loan origination process to capture, verify, and analyze borrower bank statements, calculating real income in minutes.

This integration helped Deephaven save over two hours of underwriter time per mortgage application. By automating the review process, Deephaven enhanced productivity, reduced manual errors and improved loan processing accuracy. This boost allowed underwriters to focus on higher-level tasks, leading to better decision-making and customer satisfaction.

By leveraging Ocrolus’ AI-driven document automation, lenders like Deephaven can streamline their operations, reduce manual errors and improve the overall accuracy of their loan processing. This technological integration ensures that lending teams are better equipped to handle high volumes of applications while maintaining a high standard of data integrity and decision-making quality.

By addressing discrepancies in mortgage applications, lenders can be assured their mortgage loan decisions are based on reliable data, boosting efficiency and reducing costly mistakes.

Document automation enhances data verification accuracy and streamlines workflows, allowing lending teams to focus on strategic tasks and deliver exceptional customer service.

Book your demo today to learn how Ocrolus can help bring accuracy, efficiency and flexibility to your financial decision-making.

Key takeaways
  • Document automation identifies discrepancies in mortgage application data, reducing errors and improving decision-making accuracy.
  • Automated validation streamlines verification processes, enhancing workflow efficiency and boosting productivity for lending teams.
  • Integrating AI-driven document automation helps lenders make confident, data-driven decisions, saving time and improving customer service.