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Ocrolus Introduces First Fully-Integrated Document Management Solution for ICE Encompass

14 Mar 2022
encompass suite

The Ocrolus Encompass Integration embeds automated document classification, verification and data analysis within the mortgage platform

Las Vegas, Nevada – March 14, 2022Ocrolus, the leading Human-in-the-Loop document automation platform, today announced the availability of a new suite of document-centric applications in Encompass, intended to reduce delays due to review queues within the mortgage approval process. The product suite is being demonstrated today at Ocrolus’ booth #102 at ICE Encompass Experience.

Benefits of the new document-centric Encompass suite include:

  • Reduced loan approval times: As frustrations around lengthy mortgage loan cycles continue to escalate, it’s more important than ever for mortgage lenders to reduce turnaround times and make faster decisions. Ocrolus customers typically reduce mortgage cycles by at least 7-10 days.  
  • Integration simplicity: Lenders can use ICE Encompass with document ingestion built within the core platform.
  • Document accuracy: Lenders will have confidence that their decisions are based on validated data.
  • More inclusive end-user experience: Data accuracy helps reduce the bias in mortgage lending and opens doors to a more inclusive set of borrowers.

“Prolonged mortgage approval cycles are an anachronism in the age of fintech lending,” said Suzanne Ross, Director of Product, Mortgage at Ocrolus  “A majority of the time is associated with review bottlenecks involving borrower documents and lender calculation checks. The Ocrolus Encompass Integration accelerates the entire mortgage workflow by delivering verified data to users within their preferred platform for fast and informed decision making.” 

The Ocrolus Encompass integration includes three new applications for document automation and data capture:

  • DocIndex, to automate document identification, indexing and sorting;
  • DocSnapshot, to verify borrower data in a side by side comparison of extracted data and a Uniform Residential Loan Application (URLA, Form 1003) within Encompass; and, 
  • DocIncome, to streamline income calculations from multiple source documents.

Valon Mortgage is a technology-first mortgage lender and servicing company that aims to push the envelope on borrower experience and efficiency,” said Michael Zochowski, Vice President, General Manager of Lending with Valon Mortgage. “We’re excited to partner with Ocrolus to help us achieve our goal of a streamlined, fast, and low-cost mortgage experience.”

Since the beginning of 2021, Ocrolus processed documentation for tens of billions in mortgage loan volume and signed several of the Top 25 originators. Now with the new product suite, Ocrolus provides expanded document automation and analytics value throughout the mortgage approval process, with significant productivity benefits to mortgage originators, processors and underwriters.

“The URLA is a dynamic document within Encompass,” explains Suzanne Ross. “We designed the components of the Ocrolus Encompass suite to provide substantial value to all lender stakeholders that interact with this data on the platform, providing scalability, reliability and transparency to the workflow while making everyone involved more efficient. The new suite will become an essential part of users’ workflow to reduce errors, shorten turnaround times and improve the mortgage experience for borrowers and lenders.” 

The Ocrolus Encompass integration is available directly from Ocrolus. Learn more at https://www.ocrolus.com/ocrolus-encompass-integration/.

About Ocrolus

Ocrolus is a document automation platform that powers the digital lending ecosystem, automating credit decisions across small business lending, mortgage, and banking. The company provides modern document analysis infrastructure and has raised over $100 million from blue-chip fintech investors. Ocrolus enables financial services firms to make high quality decisions with trusted data and unparalleled efficiency. Visit ocrolus.com to learn more.