Processes loans faster
Decreased time it takes to extract data to under 7 minutes
Lendsmart is an artificial intelligence-driven digital lending solution that helps financial institutions process and underwrite loans faster. The company delivers a point-of-sale software that can digest and extract data from an assortment of documents and feed it into loan origination software. Lendsmart has decreased the time it takes for the traditionally labor-intensive process by 30 percent.
Launched in 2018, the company started by addressing the needs of the home mortgage market. Lendsmart has since expanded its services to include a variety of additional verticals, including consumer loans and small business lending. Today, mortgage and consumer lending comprise 80 percent of Lendsmart’s implementations with consumer and small business lending making up the rest, although they have plans to continue expanding their verticals.
Lendsmart leans on the intelligent document processing solution from Ocrolus. It uses Ocrolus to extract data from documents uploaded by customers. Traditionally this is a time-consuming manual process. However, AK Patel, Founder and CEO of Lendsmart, says “Ocrolus has allowed our underwriters to process loans quicker and do those debt-to-income calculations faster. They can now do the data extraction in under seven minutes when a human alone would have taken anywhere between 20-45 minutes.”
Ocrolus is helping us help our clients. It allows them to process more documents faster so they can then reallocate that human capital in other areas of the mortgage underwriting process that cannot be automated.”
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