Social security card automation helps speed up loan closings
Ocrolus’ Human-in-the-Loop document automation solution captures and extracts data from social security cards to help you arrange loans faster.
Why should lenders use Ocrolus for social security card data capture and processing?
Social security cards are government-issued documents that display an individual’s name and unique national ID number. Loan underwriters use the information held on social security cards to help verify a borrower’s identity. While the format of the cards is standardized, the designs have changed over the years and older versions, including those that are in poor condition, still remain valid. Social security cards can be delivered as a hardcopy or over email or mobile app in different file formats. The multiple layouts, variable quality of the social security cards, and different delivery methods pose a challenge for typical OCR solutions. Without a reliable intelligent document processing solution, lending professionals can spend hours manually inputting data from social security cards. This is time-consuming and can result in mistakes that can delay loans or even lead to their refusal.
Ocrolus’ automation solution lets you capture, review, and analyze social security card data in real-time from social security cards delivered in multiple formats and various conditions. It accurately captures key data and highlights potential fraud, enabling fast data-driven decisions.
Advantages of Ocrolus’ social security card data processing
Retrieve data from social security cards regardless of format or quality. With Ocrolus you can:
- Verify a borrower’s ID in real-time
- Process multiple social security cards with over 99% accuracy
- Cut turn around time
Ocrolus’ 2021 document processing stats
financial pages analyzed
documents flagged for suspicious activity
business loan applications analyzed