Automate form 941 processing and close loans faster
Ocrolus’ Human-in-the-Loop document automation solution captures and extracts data from form 941 to help you arrange loans faster.
Why should lenders use Ocrolus for form 941 data capture and processing?
Employers use form 941 to document any income taxes, Social Security tax, or Medicare tax withheld from their employee’s paychecks and they also use it to pay the employer’s portion of Social Security or Medicare tax. Lenders use the information on this form to verify payroll expenses and by assessing it together with other requested information, they can build an accurate picture of a loan applicant’s financial situation. This then helps them to decide on whether to approve their loan application. Form 941 can be submitted by email, mobile app, or as a hardcopy, and the quality of the text is not always perfect. Traditional OCR solutions may find these difficult to process, and without a reliable intelligent document processing solution, lending professionals can spend hours manually processing the data documented on form 941. This can result in mistakes, which can delay the loan application.
Ocrolus’ automation solution lets you capture, review, and analyze form 941 data in real-time from forms delivered in many different formats. It accurately captures key data and highlights potential wrong-doing, enabling rapid data-driven decisions.
Advantages of Ocrolus’ form 941 data processing
Retrieve data from form 941 regardless of format or quality. With Ocrolus you can:
- Reduce loan processing time
- Process form 941 with over 99% accuracy
- Quickly verify an individual or organization’s financial situation
Ocrolus’ 2021 document processing stats
financial pages analyzed
documents flagged for suspicious activity
business loan applications analyzed