Document automation platform Ocrolus’ new suite of document-centric applications is now offered in ICE Encompass, intended to reduce delays due to review queues within the mortgage approval process.
Benefits of the new suite include reduced loan approval times, integration simplicity, document accuracy and a more inclusive end-user experience: Data accuracy helps reduce the bias in mortgage lending and opens doors to a more inclusive set of borrowers.
“Prolonged mortgage approval cycles are an anachronism in the age of fintech lending,” says Suzanne Ross, director of product, mortgage at Ocrolus. “A majority of the time is associated with review bottlenecks involving borrower documents and lender calculation checks. The Ocrolus Encompass Integration accelerates the entire mortgage workflow by delivering verified data to users within their preferred platform for fast and informed decision making.”
The Ocrolus Encompass integration includes three new applications for document automation and data capture. DocIndex automates document identification, indexing and sorting. DocSnapshot verifies borrower data in a side-by-side comparison of extracted data and a Uniform Residential Loan Application (URLA, Form 1003) within Encompass. DocIncome streamlines income calculations from multiple source documents.
“Valon Mortgage is a technology-first mortgage lender and servicing company that aims to push the envelope on borrower experience and efficiency,” states Michael Zochowski, vice president, general manager of lending with Valon Mortgage. “We’re excited to partner with Ocrolus to help us achieve our goal of a streamlined, fast, and low-cost mortgage experience.”
“The URLA is a dynamic document within Encompass,” adds Ross. “We designed the components of the Ocrolus Encompass suite to provide substantial value to all lender stakeholders that interact with this data on the platform, providing scalability, reliability and transparency to the workflow while making everyone involved more efficient. The new suite will become an essential part of users’ workflow to reduce errors, shorten turnaround times and improve the mortgage experience for borrowers and lenders.”
