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Mortgage technology firm Ocrolus has debuted a new solution named Inspect, part of its artificial intelligence-driven automation technology aimed at enhancing efficiency in loan origination. This innovative tool is designed to streamline the loan processing workflow by quickly identifying and rectifying data discrepancies between borrower-submitted documents and application data.
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According to the official release, Inspect builds on existing features for income and employment verification, while introducing new capabilities focused on the verification process for asset, residence, and liability data. It integrates seamlessly with the ICE Mortgage Technology Encompass loan origination system, and it takes over tasks that were previously manual, such as flagging data inconsistencies and recognizing unsupported application data.
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Currently, the firm supports more than 95% of mortgage document types. Sam Bobley, co-founder and CEO of Ocrolus, commented, ‘After a long period of high interest rates and slower activity, lenders are preparing for an uptick in volume in the coming year. Lenders must integrate automated solutions and train their teams to compete effectively as the volume grows.’
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Ocrolus reports that its AI-powered document processing and analysis system can classify and index over 1,600 types of financial documents. This equips lenders with the ability to capture essential data fields and accelerate income calculations with greater precision. The company boasts an impressive roster of over 100 mortgage lending clients, including Better, CrossCountry Mortgage, LoanStream Mortgage and Union Home Mortgage.
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- AI Technology
- Automation
- Financial Services
- Mortgage
- Ocrolus