Improving mortgage origination with AI-driven document automation

Manual document processing can be a major headache for mortgage lending teams. The stare-and-compare nature of origination tasks can lead to inefficiencies, fatigue and errors that hold lenders back from competing, scaling and creating a quality customer experience. 

Competing in the modern mortgage environment requires a mix of both great people and great technology that leaves stare-and-compare work in the past. At Ocrolus, we are focused on creating the AI-driven document automation solutions lenders need to thrive and address the pain points of repetitive, manual mortgage document processes.

Reducing time and cost in mortgage origination

With Ocrolus, lenders can create more efficiency in the origination process by automating a significant portion of the mortgage workflow. From document classification and data capture to streamlined income calculation, automation helps lenders reduce the time and cost of origination.

Recently, Ocrolus introduced its latest solution for the mortgage market, Inspect, to give lenders another level of automation and efficiency. With the ability to identify and resolve discrepancies between document and application data, Inspect will eliminate the need for manual data verification and create a more reliable origination process. Combined with our full suite of mortgage document automation solutions, lenders can use Ocrolus to build AI-driven efficiency and scalability into their document workflows.

By identifying and addressing discrepancies or unsupported data points, automated document processing reduces the need for back-and-forth communication. This expedites the origination process and lowers the origination cost.

In a rapidly changing housing market, this efficiency enables lenders to build scalability into their back-office processes so they can compete in any environment. When document processing tasks don’t hold up team members, they can focus on more meaningful tasks that require a human touch, such as customer service and creating more tailored financial services.

A one-stop-shop for mortgage document automation

Forward-thinking mortgage lenders are increasingly seeking a one-stop mortgage document automation solution for improved operational efficiency, more accurate lending processes and smarter financial decisions.

Ocrolus helps lenders solve all document automation needs throughout the mortgage process, and this “one-stop-shop” approach offers lenders several benefits. Mortgage teams use Ocrolus to instantly flag data inconsistencies, saving hours of manual comparison and ensuring accuracy at every step. Additionally, we help lenders uncover missing information and overlooked details, flag unsupported data to highlight where additional documentation is needed and effortlessly track and resolve findings in one place, without the need for manual tracking across multiple sources.

For mortgage lenders using Encompass®  by ICE Mortgage Technology®, Ocrolus integrates directly with their loan origination system (LOS) for a seamless origination workflow. Lenders took notice of this ease of use  – in 2024, our total number of mortgage customers nearly doubled, while the average mortgage volume per business day increased by 102%.

Improving the borrower experience

The constant back-and-forth with borrowers to request additional documentation throughout the loan lifecycle can become cumbersome and create a negative customer experience. Automation helps improve the borrower experience by providing a clearer view of any gaps and discrepancies between financial documents and application data, minimizing the need for supplemental requests from the lender.

More streamlined communication leads to a more efficient loan approval process with fewer interruptions for borrowers. Ultimately, this allows lending teams to help their customers find their homes more quickly.

A fully manual workflow is no longer an option in a competitive mortgage lending market. Book a demo today to learn how Ocrolus can introduce AI-driven automation to help your mortgage lending team reduce errors and improve efficiency in origination.

Key takeaways:

• Competing in the modern mortgage environment requires a mix of both great people and great technology.
• From document classification and data capture to streamlined income calculation, Ocrolus’ mortgage document automation helps lenders reduce the time and cost of origination.
• With mortgage document automation for repetitive tasks, teams can focus on meaningful work that requires a human touch, such as customer service and creating more tailored financial services.