Automate verification of employment processing and speed up loan approvals
Ocrolus’ Human-in-the-Loop document automation solution captures and extracts data from employment verifications to help you close loans faster.
Why should lenders use Ocrolus for verification of employment data capture and processing?
An employment verification document confirms the employment status of an individual for either a current or a previous employer. Loan underwriters use verification of employment data to verify a borrower’s place of work and confirm their employment status. The format of the document confirming this information can vary from employer to employer, and these documents can be delivered as a hard copy or digitally in different file formats. This poses a challenge for traditional OCR solutions, and without a reliable intelligent document processing solution, lending professionals can spend hours manually inputting data from the verification of employment documents. This is tedious and time-consuming and it can lead to incorrect data entry, which, in turn, can delay a loan approval or even lead to its refusal.
Ocrolus’ automation solution lets you capture, review, and analyze verification of employment data in real-time from a variety of documents delivered in multiple formats. This results in faster, more accurate lending decisions.
Advantages of Ocrolus’ verification of employment data processing
Retrieve data from verification of employment documents regardless of format or quality. With Ocrolus you can:
- Verify a borrower’s employment history and status in real-time
- Process multiple verifications of employment documents with over 99% accuracy
- Speed up loan-processing time
- Reduce fraud risks
Ocrolus’ 2021 document processing stats
financial pages analyzed
documents flagged for suspicious activity
business loan applications analyzed