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How Ocrolus’ enhanced mortgage offering enables faster, more accurate lending decisions

28 Sep 2023
featured how ocrolus enhanced mortgage offering enables faster more accurate lending decisions

Once perceived as a straightforward process, mortgage lending has evolved into a complex and demanding industry.

Facing tighter standards, fluctuating market demands and a growing pool of complex borrowers, mortgage lenders are increasingly being challenged to strategically balance operations and responsible risk management. Now, with Ocrolus, lenders can create more efficiency in the origination process by automating a significant portion of this workflow.

To empower mortgage lenders to make faster, trusted lending decisions, we recently launched an enhanced Ocrolus dashboard for the mortgage industry, including income calculations for both traditional and self-employed borrowers.

Solutions tailored to mortgage lenders

Ocrolus understands that the mortgage industry requires tailored solutions to navigate its complex and lengthy workflows.

Our enhanced offerings seamlessly integrate with a lender’s existing workflow and loan origination system. Whether through Ocrolus’ dashboard, an API connection or integration with Encompass® by ICE Mortgage Technology®, our solution combines three core capabilities – Classify, Capture and Analyze – into one user-friendly product, specifically for the mortgage industry. 

  • Classify enables lenders to expedite processing times with automated document indexing.
  • Capture combines AI computer vision and human validation to extract key information to be used in classification and income analysis from borrower documents with over 99% accuracy.
  • Analyze simplifies income calculations for both traditional and self-employed borrowers through automated, transparent and flexible worksheets.

Streamlined processes for both wholesale and direct mortgage lenders

Ocrolus offers solutions that cater to the needs of both wholesale and direct mortgage lenders.

Our state-of-the-art mortgage dashboard streamlines the qualification, loan processing and underwriting process, especially for non-traditionally employed applicants and applications with multiple borrowers or employers. Lenders can now consider various income calculations, from the most conservative to the least, based on each borrower’s unique circumstances. Additionally, income analysis with Ocrolus supports all qualifying personal and business calculations found on the Fannie Mae 1084 Cash Flow Analysis and Freddie Mac Form 91 worksheets, ensuring consistency with GSE guidelines. This approach empowers lenders to make faster, more informed decisions by leveraging trusted data.

Standardized and simplified processes at every step

Ocrolus’ mortgage offering provides an objective and standardized approach to evaluating a borrower’s income. This standardized approach boosts lenders’ confidence in their lending decisions while reducing the risk of costly human errors. Plus, with convenient note and comment tracking for loan officers and processors, Ocrolus supports streamlined communication in every step of the loan origination process.

In the evolving mortgage lending landscape, Ocrolus is committed to equipping lenders with the tools they need to thrive. Our enhanced mortgage offering, tailored to the industry’s unique challenges, allows for faster, more accurate lending decisions.

By automating key aspects of the origination process and ensuring data accuracy, Ocrolus supports lenders in achieving both efficiency and responsible risk management.

Book a demo to learn how Ocrolus can help accelerate the mortgage journey from application to closing with AI-driven document automation.

Key takeaways:
  • Ocrolus’ enhanced mortgage offering addresses the challenges of the evolving mortgage lending industry by automating a significant portion of the workflow, enabling faster and more precise lending decisions.
  • The solution integrates seamlessly with existing lender workflows, combining three core capabilities to expedite document processing, extract information with high accuracy and simplify income calculations for both traditional and self-employed borrowers.
  • Ocrolus caters to both wholesale and direct mortgage lenders, streamlining the qualification process and providing a standardized, accurate approach to income evaluation.