Neighborhood Loans reduces processing time by 90% with Ocrolus AI
Mortgage | Classify & Analyze
Founded in 2009 by Reno Manuele and Tony Ameti, Neighborhood Loans is a rapidly growing mortgage lender dedicated to transparency, integrity and exceptional customer service throughout the home purchase or refinance journey, Neighborhood Loans partners with Ocrolus, an AI-powered data and analytics platform, to automate document processing and streamline income calculation, significantly enhancing operational efficiency and client satisfaction.
Challenge
Manual document indexing and income analysis were inefficient.
Solution
Ocrolus automated document indexing and income calculations, streamlining workflows and boosting team efficiency for Neighborhood Loans.
Result
Loan processing time reduced by 90%, enabling faster closings and a stronger focus on customer experience and growth.
Challenge
Before partnering with Ocrolus, Neighborhood Loans experienced delays from manually classifying and indexing loan documents and calculating borrower income.
“Our loan processing was very manual and tedious,” explained Esperanza Timothee-Lorda, Regional Processing Manager at Neighborhood Loans. “Processors spent hours, sometimes even half a day, reviewing each file. It slowed down everything, costing us significant time and resources.”
Manual income calculation further complicated the process, requiring extensive back-and-forth verification and frequent adjustments.
Solution
Automated document indexing: Ocrolus revolutionizes document indexing at Neighborhood Loans, replacing manual processes with seamless automation between borrower documents and their loan origination system, Encompass® by ICE Mortgage Technology®.
“You just watch the magic happen,” Timothee-Lorda said. “You drop everything into a folder, save, exit and when you return, everything's perfectly indexed and classified for you.”
Efficient income calculation: Ocrolus' intuitive income calculators automate previously cumbersome calculation processes, enabling quick adjustments tailored to FHA, VA, conventional and Fannie Mae or Freddie Mac guidelines.
"Our teams love the Ocrolus income calculator," Timothee-Lorda explained. "It simplifies the workflow tremendously and ensures accurate calculations every time. Small adjustments, like changing employment duration, are easy and precise."
Result
With Ocrolus, Neighborhood Loans reduced processing time by approximately 90%, cutting the time from more than half a day per file to just 30 to 40 minutes.
“We’ve seen a huge reduction in processing time and obvious cost savings,” Timothee-Lorda noted. "Ocrolus helps us avoid hiring additional staff just for document handling, allowing us instead to focus resources on customer relationships and business growth."
Timothee-Lorda emphasized that Ocrolus enabled Neighborhood Loans to shift from quantity to quality and transform the role of a loan processor to a loan partner: “Now our loan partners support loan officers in building relationships and bringing in more loans rather than getting stuck with paperwork.”
Why Neighborhood Loans recommends Ocrolus
Neighborhood Loans highly recommends Ocrolus for its speed, accuracy and consistently responsive support.
"Ocrolus has sped up our loan processing to lightning speed,” Timothee-Lorda said. “We truly appreciate that it allows our team to focus on quality customer service instead of manual tasks. It’s been a complete game changer for us.”
Additionally, the mortgage lender highlights Ocrolus' exceptional customer service: "The Ocrolus team has always been amazing and extremely quick. In our industry, immediate assistance is crucial, and Ocrolus always steps in promptly to help resolve issues, ensuring we meet our service-level agreements and keep cultivating strong client relationships.”
Ocrolus has been amazing for us and we're super happy. It's going to save you so much time. You're going to truly see how efficient it can be, how much you can free up that's currently spent getting through a loan, how accurate your income can be, and how you can assist loan officers who are struggling without adding additional people.”