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How to Verify Bank Statements Faster with Automation

18 Oct 2022
bank statement verification through automation

In today’s mortgage lending landscape, automation has become essential in keeping up with the increasing demand for timely and accurate bank statement verifications. 

Using automation to verify bank statements accurately and quickly helps to improve the mortgage process, allowing lenders to focus on more critical work. 

Any solution that can help make the mortgage lending process easier, more efficient, and more accurate can prove invaluable in giving you a competitive edge. Automation facilitates these changes and helps you to retain market share, even in a declining market.

Why should you use automation to verify bank statements?

Verifying bank statements has largely been a manual effort in the past. Many borrowers would physically deliver or scan their bank statements for the underwriter to manually review. The impact of this is that it’s more time for potential borrowers to become frustrated and explore alternative lenders as well as more time a lender needs to invest in each borrower. The mortgage lender also gets dragged away from tasks that require their expertise to help facilitate these administrative tasks.

Fortunately, mortgage automation solutions can help transform your lending processes. By automating bank statement verification, lenders can cut the time wasted by manual review while also being able to manage fluctuations in demand with ease.

So what exactly does intelligent document automation solve? Automation can bring quite a few efficiencies to your workflow including:

  • You can be more confident in your data capture and analysis, meaning your business can bank on improved profitability.
  • Built-in fraud detection. Mortgage automation solutions can uncover signs of file tampering, providing you with some of the tools you need to determine if a bank statement is valid. Suspicious behavior could threaten critical documents like bank statements.
  • Increased speed and efficiency. 
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How to improve the bank statement verification process

With an increase in demand for non-qualified mortgage loans, mortgage lenders face the challenge of processing 6, 12, or even 24 months worth of bank statements. Verifying and processing these documents efficiently and accurately is simply not scalable with a manual workflow in place. 

Ready to move on from manual data entry to automated bank statement verifications? Ocrolus can help you get proactive with your automation.

Even with an experienced team of underwriters, adopting an automation solution to verify bank statements can make your processing times faster than ever. You’ll also get the added benefit of other features including:

  • Income calculators that can automate income calculations
  • Improved turnaround time and accuracy.
  • Increased income transparency.

Why mortgage lenders trust Ocrolus to verify bank statements

If you’re ready to make the switch to automation, Ocrolus is your answer for accurate bank statement verification and income calculations.

We stand by our four core pillars, each of which works to improve the efficiency and accuracy of the mortgage lending process:

  • Income calculations and comprehensive analytics gleaned from submitted bank statements.
  • Verify borrower income in minutes.
  • Improve turnaround time, the number of bank statements, and the accuracy of the verification.
  • Protect and fight against mortgage lending fraud and suspicious behavior.

Mortgage lenders can save hours, days, and even months of manually verifying bank statement data by implementing an automation solution.

Get in touch with one of our mortgage automation experts at Ocrolus to schedule a demo and jump-start a simpler, more efficient bank statement verification process for your business.