Ocrolus introduces Inspect for automated mortgage data validation

Inspect will enable lenders to automate stare-and-compare verification tasks, improving efficiency and scalability ahead of an expected increase in loan volume

NEW YORK, Oct. 28, 2024 /PRNewswire/ -- Ocrolus has introduced Inspect, a new solution within its AI-driven mortgage document automation technology, to improve efficiency and scalability in loan origination as the industry anticipates an increase in application volume spurred by lower interest rates.

Inspect helps expedite loan processing and reduce origination errors by automatically identifying and resolving data discrepancies between borrower-submitted documents and application data. This builds on Ocrolus' existing validation features for income and employment data, with new capabilities including verification of asset, residence and liability data.

New features in Inspect will seamlessly integrate with the Encompass loan origination system by ICE Mortgage Technology to automate previously manual tasks, such as flagging data inconsistencies, identifying new data and acknowledging when application data is unsupported. This will help lending teams eliminate repetitive, manual work and reduce stare-and-compare fatigue that can lead to costly human error in the underwriting process. Currently, Ocrolus supports over 95% of mortgage document types.

"After a long period of high interest rates and slower activity, lenders are gearing up for an increase in volume in the coming year," said Sam Bobley, Co-Founder and CEO of Ocrolus. "Lenders need to prepare now by integrating automated solutions and training their teams so they can compete and thrive as volume continues to grow."

Inspect adds to Ocrolus' growing set of AI-powered document automation and analysis capabilities, which enable lending teams to rapidly classify and index over 1,600+ financial document types. This allows the system to capture key data fields and pre-populate income calculations for faster, more informed decision making. Ocrolus now partners with over 100 mortgage lending customers, working with brands like Better, CrossCountry Mortgage, LoanStream Mortgage and Union Home Mortgage to bring AI-driven efficiency and accuracy to their underwriting workflows.

"With some degree of uncertainty about exactly how much loan volumes will increase in the coming year, we want to be prepared for whatever the market throws our way," said Rhoda McCrimmon, SVP, Director of Consumer Fulfillment at HomeTrust Bank. "With Ocrolus, our team has the tools in place to quickly and effectively respond to market fluctuations. Since introducing automation in our underwriting workflow, our team has come to view AI as an essential tool that allows them to be more efficient and impactful in their work."

The company also recently developed a certification for AI-empowered mortgage underwriting, which provides the foundational knowledge to embrace AI in mortgage lending. The free course covers the basics of AI, applications for mortgage lending, tangible use cases for AI in underwriting and an overview of the AI landscape in the mortgage market. 

Ocrolus will showcase its AI-driven document automation solutions for mortgage lending during the MBA Annual Conference from Oct. 27 to 30 in Denver, CO. For additional information on Ocrolus' mortgage-specific offerings or to request a product demo, visit https://www.ocrolus.com/mortgage/.

About Ocrolus
Ocrolus is a document AI platform that enables financial institutions to make faster, more accurate decisions. The company analyzes documents with over 99% accuracy, regardless of format or quality, supporting a wide variety of document types including bank statements, pay stubs and tax forms. Ocrolus provides over 500 customers with a trusted solution to classify documents, analyze cash flows and income and detect fraud. To learn more, visit Ocrolus.com.

SOURCE Ocrolus