Automate IRS Form 1099-INT processing to close loans faster
Ocrolus’ Human-in-the-Loop document automation solution captures and extracts data from IRS Form 1099-INT to help you speed up loan processing.
Why should lenders use Ocrolus for Form 1099-INT data capture and processing?
Organizations that pay interest, such as banks and other financial institutions, must issue Form 1099-INT to any taxpayers who receive interest income of more than $10. This form must then be filed with the IRS. Loan underwriters use the information contained in Form 1099-INT to help assess the income of their loan applicants and decide the value of the loan they can issue to that applicant. The loan applicant can supply this form as a hard copy or via multiple file formats. Without a reliable intelligent document processing solution, lending professionals can spend hours manually inputting the data from Form 1099-INT into their systems. Not only is this tedious and time-consuming, but it can also lead to human error, which can delay loan applications or even result in their refusal.
Ocrolus’ automation solution lets you capture, review, and analyze Form 1099-INT data in real-time from information delivered in multiple formats. It accurately captures vital data to enable fast data-driven decisions.
Advantages of Ocrolus’ Form 1099-INT data processing
Retrieve data from 1099-INT forms regardless of format or quality. With Ocrolus you can:
- Optimize loan turnaround time
- Process 1099-INT forms with over 99% accuracy
- Quickly verify a loan applicant’s worth
- Identify suspicious activity and potential fraud with tampering detection
Ocrolus’ 2021 document processing stats
financial pages analyzed
documents flagged for suspicious activity
business loan applications analyzed