Mortgage tech firm Ocrolus has introduced Inspect, a new solution within its artificial intelligence-driven mortgage document automation technology, which the company said will improve efficiency and scalability in loan origination.
Inspect helps to “expedite loan processing and reduce origination errors by automatically identifying and resolving data discrepancies between borrower-submitted documents and application data,” the company said in a release Monday. It builds on existing validation features for income and employment data, and it has new capabilities for asset, residence and liability data verification.
The product integrates with the ICE Mortgage Technology Encompass loan origination system and will automate previously manual tasks, such as flagging data inconsistencies, identifying new data and acknowledging when application data is unsupported, the company said.
Currently, Ocrolus supports more than 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,” Sam Bobley, co-founder and CEO of Ocrolus, said in a statement. “Lenders need to prepare now by integrating automated solutions and training their teams so they can compete and thrive as volume continues to grow.”
Ocrolus said its AI-powered document automation and analysis capabilities classify and index more than 1,600 types of financial documents, which allows lenders to capture key data fields and pre-populate income calculations more quickly and accurately. It claims 100-plus mortgage lending customers, including Better, CrossCountry Mortgage, LoanStream Mortgage and Union Home Mortgage.
