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Deephaven Mortgage brings Day 1 Certainty to mortgage lending by leveraging Ocrolus’ verification technology

By adding Ocrolus to its toolset, Deephaven yields more profitable mortgage loans as a non-QM lender and outpaces most mortgage lenders.

Non-QM lender, Deephaven Mortgage, often services borrowers who have been locked out of the GSE market due to certain standardized requirements like non-W-2 income or short credit histories. To service these traditionally excluded borrowers, Deephaven partnered with Ocrolus to  automate its bank statement analysis in order to obtain a more accurate assessment of income, measuring the borrower’s actual cash flow.

The North Carolina-headquartered lender had goals to bring Day 1 Certainty to their mortgage operations and better serve borrowers that depository originators wouldn’t consider loaning to in the GSE world. In addition, they aimed to increase efficiencies in their underwriting process, so Deephaven’s underwriters could stop acting as data entry clerks and focus on work that mattered. 

“We had a goal to comprehensively digitize our bank statements. With Ocrolus, not only did we gain operational efficiencies and scalability, but we effectively brought a Day 1 Certainty type of experience to the Non-QM world.”

Matt Lehnen, CTO, Deephaven Mortgage

 

By partnering with Ocrolus, Deephaven automated their income verification and bank statement analysis, enabling them to calculate real income in a matter of minutes and save 2+ hours of underwriter’s time on each application. Teaming with a network of independent mortgage brokers, Deephaven provided $5 billion in private-capital liquidity for mortgage loans in 2019.

Deephaven Key Results 

  • Deephaven saved over 2 hours of underwriter’s time for each mortgage application. 
  • With Ocrolus, Deephaven brings Day 1 Certainty to their mortgage operations. 
  • With Ocrolus’ powerful verification technology, Deephaven provided $5B  in private-liquidity for mortgage loans in 2019.

“It was a core technology goal to bring a Day 1 Certainty to all our mortgage operations. With Ocrolus, we found that we could leverage the kind of verification technology that was traditionally exclusive to conforming and GSE-backed lenders.

Matt Lehnen, CTO, Deephaven Mortgage

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