Mortgage News

Ocrolus to Expand Offering with Representation and Warranty Coverage

Ocrolus to Expand Offering with Representation and Warranty Coverage

Ocrolus’ mortgage product suite can be incorporated into lenders’ existing workflow with ease through the Ocrolus dashboard, an API connection, or integrating natively with Encompass by ICE Mortgage Technology.

Many lenders have turned to Ocrolus, a firm in AI-driven document automation and analysis, to help them automate previously manual processes and scale their operations more efficiently. Fluctuating interest rates and inventory in recent years have created volatility in the mortgage industry, leading mortgage lenders to seek technologies that allow them to automate processes with scale and accuracy.

“After a significant slowdown in 2023, mortgage lenders are expecting increasing demand in the coming year, meaning they must prepare to scale their operations to remain competitive,” said Sam Bobley, Co-founder and CEO of Ocrolus. “Ocrolus provides lenders with a complete and trusted solution for document analysis, enabling them to adapt to industry volatility without the need to adjust staffing or other resources.”

Ocrolus has continuously enhanced its document automation capabilities for mortgage lenders, which enable loan officers, loan processors, and underwriters to rapidly classify and index over 1,150 financial document types, capture key data fields, and pre-populate income calculations for faster, more informed decision-making. With continued innovation and strong market momentum, Ocrolus announced it will further expand its offering with representations and warranty coverage for income calculations.

Among the recent enhancements, the company expanded its analysis capabilities to enable automated income calculations for the majority of income types and loan products including those with non-traditional income sources, such as self-employment and rental income as well as VA, USDA, and FHA loans. As the number of applicants with diverse and non-traditional sources of income increases, this provides lenders with an objective, standardized approach to income evaluation, regardless of source.

“Ocrolus’ solutions helped us not only improve operational efficiency and productivity through automated document review but also expand our lending base to include borrowers with non-traditional income sources,” said Jessica Fitchie, Vice President, Consumer Credit Manager of HomeTrust Bank.

In addition, the platform now enables lenders to merge employer and borrower data that is represented differently within documents for a more complete view of financial health. With these added capabilities, Ocrolus offers mortgage lenders a streamlined process that eliminates the need for manual “stare-and-compare” data entry and verification.

“Ocrolus’ solutions helped us not only reduce loan processing time through automated document review but also create valuable time for our underwriters to focus on the highest-complexity income by automating the analysis of most income sources. Ocrolus is a partner in allowing Compeer to focus on the most important thing – nurturing relationships with our clients,” said Chelsea Breza-Berndt, Manager Consumer Credit of at Compeer Financial.

Ocrolus’ mortgage product suite can be incorporated into lenders’ existing workflow with ease through the Ocrolus dashboard, an API connection, or integrating natively with Encompass by ICE Mortgage Technology.

Ocrolus will showcase its AI-driven document automation and analysis solutions for the mortgage industry during ICE Experience 2024 in Las Vegas at booth #628 from March 18-20.

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