Quickly and accurately capture data from IRS Form 1008
Ocrolus’ Human-in-the-Loop document automation solution captures and extracts data from form 1008 documents to help you make faster knowledge-based lending decisions.
Why should lenders use Ocrolus for form 1008 data capture and processing?
Form 1008 features all the summary data required for a mortgage loan, plus calculated figures, such as debt-to-income ratio, income, and liability amounts. Loan underwriters process form 1008 data to help them decide on whether to issue a loan and how much to issue. This form is often delivered in multiple file formats through different sources, such as via hardcopy, email, or mobile app, and the quality of the text on the form can be poor. This poses a challenge for traditional OCR solutions, and without a more reliable and integrated intelligent document processing solution, lending professionals can spend hours manually processing form 1008 data. This tedious and time-consuming task can lead to human error, which, in turn, can delay the loan process.
Ocrolus’ automation solution lets you capture, review, and analyze data from form 1008 in real-time. It ensures that all data from this form is captured accurately and speeds up the loan decision-making process.
Advantages of Ocrolus’ form 1008 processing
Retrieve data from form 1008 documents regardless of format or quality. Ocrolus helps you:
- Speed up loan processing
- Process multiple form 1008 documents with over 99% accuracy
- Quickly assess a customer’s suitability for a loan
- Reduce the risk of fraud
Ocrolus’ 2021 document processing stats
financial pages analyzed
documents flagged for suspicious activity
business loan applications analyzed