nCino has introduced Doc Validation, an AI-powered tool that tackles one of the biggest pain points in mortgage origination: document processing.
The typical bank, credit union or IMB loan officer today spends an average of 13.5 hours per loan just collecting and handling documents – time that adds cost, slows down closings, and frustrates borrowers.
A typical conventional mortgage requires 20–30 unique document types. Each one takes 10–15 minutes to manually validate and assign in the loan origination system (LOS). Errors occur in 10–30% of loan files, driving an additional $80–$275 in rework costs per loan.
Using proprietary AI, Doc Validation automatically classifies and validates common documents – including tax returns, W-2s, pay stubs, licenses and bank statements—in seconds. Files are routed to the right LOS folders automatically, and if a document is incomplete or inaccurate, borrowers receive instant feedback to correct it before the loan stalls.
“nCino’s AI-powered Doc Validation solution transforms document processing from a multi-hour manual task into an automated workflow that is nearly instantaneous,” says Tyler Prows, director of product at nCino, in a release. “The result is a direct reduction in per-loan processing costs, fewer origination delays, and greater overall confidence in borrower approval.”
Doc Validation is available now to select lenders through nCino’s Early Access Program with general availability expected in early fourth quarter.
Participation requires integration with the Encompass® loan origination system from ICE Mortgage Technology and a nominal implementation fee.
Photo: Wesley Tingey