Make faster, more accurate lending decisions with automated IRS Form 1096 processing
Ocrolus’ Human-in-the-Loop document automation solution captures and extracts data from 1096 forms, enabling you to process loans faster.
Why should lenders use Ocrolus for form 1096 data capture and processing?
Form 1096 is used to summarize information detailed on other forms submitted to the IRS. Loan underwriters process form 1096 data to help assess the financial status of an individual or organization. These can be delivered in multiple file formats and different sources, including hard copies, email, or mobile apps. This poses a challenge for traditional OCR solutions, and without a reliable intelligent document processing solution, lending professionals can spend hours manually inputting form 1096 data. This can lead to mismatched data, slowing down loan processing and approvals.
Ocrolus’ automation solution lets you capture, review, and analyze form 1096 data in real-time from forms delivered in multiple formats. It accurately captures important form 1096 data and identifies any possible fraud, enabling rapid, accurate data-driven decisions.
Advantages of Ocrolus’ form 1096 processing
Retrieve data from form 1096 regardless of format or quality. With Ocrolus you can:
- Cut turnaround time
- Process multiple 1096 forms with over 99% accuracy
- Quickly verify an individual or organization’s financial history
Ocrolus’ 2021 document processing stats
financial pages analyzed
documents flagged for suspicious activity
business loan applications analyzed