Ocrolus, the leading human-in-the-loop infrastructure company that transforms documents into actionable data, introduced Cross Source Validation (XSV), a core functionality upgrade to its’ fintech infrastructure. XSV automatically compares data extracted from multiple documents or data sources to verify that borrower provided information is logical and correct.
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“A key component of loan underwriting is the data verification process,” explains Douglas Melchior, Vice President of Product for Ocrolus. “Lenders need to compare data across multiple documents to verify income, assets, identity, address, and employment. Ocrolus’ XSV replaces the manual, time-consuming process with an automated workflow to classify, read and validate data.”
One of the core applications for Ocrolus XSV is mortgage origination. Commonly, income and asset review is completed via underwriter review of bank statements, pay stubs and tax forms provided by the potential borrowers. There are multiple data fields from these documents that must be compared, calculated and validated against each other. This process can lead to errors, delays and unwarranted rejections or client frustration.
Ocrolus XSV can be deployed via an API call from standard loan origination systems (LOS), including Ellie Mae’s Encompass digital lending platform. Users are able to set specific cross-source validation rules to compare:
— Field matched: compares two or more fields to verify the data contained matches.
— Transaction identified: confirms if a given transaction can be found within a list of transactions (i.e., a net pay amount from a paystub is findable on a corresponding bank statement).
— Calculation correct: allows the user to apply mathematical calculations to one data field and compare the result to another field value.
Ocrolus XSV can be used to match names, dates, numeric values or calculations with classification rules that can be exact matches or selectable confidence levels. Prior to XSV, this information is usually verified by loan originators in a “stare and compare” document to screen review supported by manual calculations.
“Cross Source Validation will help lenders compress origination timelines and increase staff efficiency while improving loan review analysis,” said Vikas Dua, Chief Operating Officer of Ocrolus. “Ensuring that borrower information is correct without unnecessary delays has a significant impact on customer satisfaction and lender productivity.”
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