Automate IRS Form 1099-MISC processing to close loans faster
Ocrolus’ Human-in-the-Loop document automation solution captures and extracts data from IRS Form 1099-MISC to help you make faster, more accurate lending decisions.
Why should lenders use Ocrolus for IRS Form 1099-MISC data capture and processing?
Loan underwriters process IRS Form 1099-MISC data to help verify a lender’s income and cash outgoings. More specifically, the IRS Form 1099-MISC documents miscellaneous payments made to people throughout the year, including rents, prizes, and healthcare payments. This form is often delivered in multiple file formats through different sources, such as email and mobile apps, and the quality of the image on the form is often poor. This poses a challenge for traditional OCR solutions, and without a more reliable and integrated intelligent document processing solution, lending professionals could spend hours manually processing IRS Form 1099-MISC data. This can lead to elevated human error rates and mental fatigue, delaying financial checks and loan approvals.
Ocrolus’ automation solution lets you capture, review, and analyze data from IRS Form 1099-MISC documents in real-time. This, in turn, allows you to accurately capture critical data and identify potential fraud, enabling rapid, data-driven decisions.
Advantages of Ocrolus’ IRS Form 1099-MISC processing
Retrieve data from IRS Form 1099-MISC documents regardless of format or quality. Ocrolus helps you:
- Cut turnaround time
- Process multiple IRS Form 1099-MISC documents with over 99% accuracy
- Quickly verify a customer’s financial history
- Reduce the risk of fraud
Ocrolus’ 2021 document processing stats
financial pages analyzed
documents flagged for suspicious activity
business loan applications analyzed