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customer stories
HomeTrust Bank transforms mortgage loan processing and underwriting with Ocrolus’ AI-driven document automation
Mortgage | Classify & Analyze
Founded in 1926 and headquartered in Asheville, North Carolina, HomeTrust Bank is a community-focused financial institution dedicated to providing value-added relationship banking through its talented, service-oriented team.
Challenge
Time-consuming manual income calculation and document handling
Solution
A comprehensive automated tool for classification and income calculation
Result
Reduced keystrokes from several hundred to fewer than 100 per mortgage loan
Challenge
HomeTrust Bank faced historical challenges in its mortgage loan processing and underwriting processes due to the manual nature of income calculation and document handling. The process involved relabeling loan documents, organizing large sets of documents, and numerous keystrokes. "Before teaming up with Ocrolus, our team members spent over four hours per week manually relabeling documents and an equal or greater amount of time verifying income," explains Jessica Fitchie, Consumer Credit Manager.
Solution
HomeTrust Bank turned to Ocrolus’ AI-driven document automation solution to tackle these challenges. Ocrolus provided seamless integration with their LOS, Encompass by ICE Mortgage Technology, and delivered much more than an automated income calculator. “Ocrolus provided a comprehensive solution with its classification and income calculation tools, automating the naming and indexing of documents and calculating various income types from a single source document,” adds Fitchie.
HomeTrust Bank’s adoption of Ocrolus has spanned across loan teams from loan originations to underwriters. At the top of the funnel, loan originators create uniformity with income pre-qualification that aligns with income sources used by underwriters later in the process. Loan Processors can better manage the day-to-day workload for home equity and mortgage loans through automated document indexing and income review, eliminating time-intensive manual tasks. Underwriters are equipped with a robust and pre-populated income calculation tool for wage earners, self-employed borrowers, rental properties and other income sources, ensuring consistency throughout the process and identifying potential issues, such as declining income. “This consistency was a key reason for adopting Ocrolus,” Fitchie emphasizes.
Result
With Ocrolus, HomeTrust Bank significantly reduced processing and underwriting times and increased overall efficiency. HomeTrust Bank estimates annual savings of 8,500 hours across loan processing teams and $90,000 through efficiencies in document processing. This time saving enables the HomeTrust team to spend more time on complex tasks and provide borrowers with a top-tier relationship throughout the homebuying journey.
Ocrolus has brought consistency to document labeling and provided a unified tool for calculating borrower income. The number of keystrokes per application has been reduced from several hundred to fewer than 100 per loan. Fitchie adds, "Ocrolus has enhanced loan process efficiency across loan teams, ensuring we provide our customers with the highest level of service."
If you want to bring consistency with an added value of efficiency gain by minimizing manual processes and keystrokes from several hundred to fewer than 100 per mortgage loan, Ocrolus' products and services are designed to meet those needs.”