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W3 processing

Verify financial status and history with automated W3 processing

Ocrolus’ Human-in-the-Loop document automation solution captures and extracts data from W3 forms to help you arrange loans faster.

Form W3

Why should lenders use Ocrolus for W3 data capture and processing?

Social Security uses IRS Form W3 to document the data held in an employer’s W-2 forms, which report on the annual wages and taxes documented on employee paychecks. Loan underwriters use the data documented in a W3 form to help verify an individual or organization’s financial status and history. They then use this information to help them determine the value of the loan to be issued. This form is often delivered in many different file formats through varying sources, such as email or mobile apps, and the quality of the image on the form can be poor.  This makes it difficult for a traditional OCR solution to accurately process W3 form data, and without a reliable intelligent document processing solution, lending professionals can spend hours manually inputting data from W3 forms. This is a lengthy and tedious process that can lead to human error and delay a loan approval. 

Ocrolus’ automation solution lets you capture, review, and analyze W3 form data in real-time, no matter what format it is delivered in. It accurately captures essential data and highlights potential fraud, enabling fast data-driven decisions.

Advantages of Ocrolus’ W3 form data processing

Retrieve data from W3 forms regardless of format or quality. With Ocrolus you can:
  • Reduce turnaround time
  • Process W3 forms with over 99% accuracy
  • Quickly verify an individual or organization’s worth
Ocrolus’ 2021 document processing stats
91M

financial pages analyzed

344K

documents flagged for suspicious activity

8.8M

business loan applications analyzed

Ready to go?

Find out how Ocrolus can help you automate W3 form processing.

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