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Ocrolus: Your partner in streamlining income verification processes
Step to the forefront of the automated income verification with Ocrolus. Our AI-driven document processing technology optimizes loan processing time, saving your team countless hours of manual work.
We’re proud to be the solution lenders trust for financial data verification.
Challenges in income verification services
Manual data entry
Human errors are inevitable. Someone might register data inaccurately or fail to copy records from one system to another. If your team is still using manual data entry methods, you risk inaccuracies that can impact lending decisions.
Not only that, but the time-intensive nature of manual entry escalates operational costs and dampens efficiency.
Resource-intensive processes
The sheer number of documents that need to be processed can overwhelm manual income verification workflows. It takes a lender performing manual verification hours or days to accomplish what Ocrolus can do in seconds.
This inefficiency is further amplified when dealing with high application volumes, a problem that could damage your reputation with borrowers. Your team shouldn’t have to choose between accuracy and efficiency.
Compliance risks and regulatory requirements
Complying with rigorous regulations is more accessible with technology. A simple transcription error in manual entry could cost your team thousands in penalties.
Industry regulations like the Equal Credit Opportunity Act (ECOA), Dodd-Frank Act, and the Ability-to-Repay (ATR) Rule protect borrowers but introduce many nuances to navigate. You’re expected to know the intricate details of these complicated regulations, whether your team relies on manual tools or outdated technology solutions.
Inconsistent data sources and formats
Lenders face the challenge of dealing with a variety of income verification documents, including paystubs, bank statements, tax returns. This inconsistency in data sources puts additional strain on manual extraction and validation processes.
For mortgage lenders, calculating and analyzing the income of non-traditional borrowers poses a unique challenge. From freelancers to borrowers with multiple income sources, inconsistencies in the variety of the borrowers’ document types and formats coupled with the manual process of income calculation can complicate the process and lead to misguided lending decisions.
Ocrolus’s cutting-edge artificial intelligence and machine learning technology have redefined income verification.
Automated document classification, data extraction and analysis
Ocrolus extracts and validates data in seconds. By utilizing advanced Optical Character Recognition (OCR) technology with AI/ML, you can start marking fast, accurate decisions.
Integration with existing systems and workflows
Embracing income verification software doesn’t require you to upend your entire system. Ocrolus offers seamless integration capabilities through our API, simplifying implementation. With Ocrolus, customize your income verification process to fit your requirements.
Real-time verification results and analysis
We provide real-time verification results so you can make decisions 24/7. The results come with detailed insights and analytics attached to every outcome, including file tampering signals and visualizations. With automated file tampering detection baked into the verification process, Ocrolus helps lenders uncover fraud on income documents to ensure they’re avoiding costly losses.
Compliance with industry regulations
Trust Ocrolus for compliant income verification. We provide built-in compliance checks, including audit trails that support lenders in meeting regulatory requirements. From ECOA to ATR, our platform is equipped to handle the nuances and complexities of industry regulations.
ECOA, for example, prohibits lenders from discriminating against applicants based on income. Ocrolus’s data extraction and validation processes capture all income sources, mitigating the risk of discrimination claims.
Automated income calculations for mortgage lenders
In mortgage lending, automated income verification enables lenders to gain access to a more comprehensive and dependable overview of a borrower’s financial situation, even in cases complicated by multiple income streams. This aids in leveling the playing field in mortgage lending.
Ocrolus’ mortgage dashboard further contributes to streamlining income calculations for both traditionally and non-traditionally employed applicants. Lenders can consider various income calculations from the most conservative to the least, providing an objective and standardized approach to evaluating each borrower’s income based on their unique circumstances.
Key features and benefits of Ocrolus’s platform
- OCR technology
- Machine learning algorithms
- Data aggregation and normalization
- Customizable workflows
- Real-time analytics and reporting
- Scalability and flexibility
OCR technology for extracting data from documents
Ocrolus data extraction moves beyond traditional OCR capabilities. Our sophisticated OCR technology works with intelligent data validation algorithms to guarantee the highest level of accuracy.
Machine learning algorithms for data validation and analysis
Machine learning algorithms enhance the accuracy of automated income verification by detecting patterns, inconsistencies, and errors. A constant supply of fresh data lets the system adjust its algorithms to optimize results.
Data aggregation and normalization
Ocrolus plays a crucial role in normalizing data for lenders by implementing advanced data processing techniques. By leveraging its sophisticated OCR technology and AI/ML capabilities, Ocrolus efficiently extracts data from diverse income documents like paystubs, bank statements, and tax returns. Through the standardization process, it normalizes and organizes this extracted state, ensuring uniformity and consistency. This streamlines the information for lenders and enhances accuracy by eliminating inconsistencies arising from disparate data sources.
Customizable workflows
We appreciate the uniqueness of lender workflows. Ocrolus allows you to tailor our platform to your business’ needs rather than changing your processes entirely. You know what works for your team. Ocrolus provides flexibility without compromising accuracy and time.
Real-time analytics and reporting
Generate analytics on demand and access them at any time. We provide data analytics to empower your decision-making process. Our advanced analytics lets you understand cash flow trends, portfolio performance, and more.
Scalability and flexibility
Our platform is designed to handle high volumes of verification requests without sacrificing speed or accuracy. As your business grows, Ocrolus can scale with you, ensuring you never compromise application volume.
How to get started with Ocrolus’s income verification solution
Signing up for the platform
Getting started with Ocrolus is simple. You can initiate a free trial instantly or request a demo from our team. We’ll guide you through every notable feature so you can see how Ocrolus can revolutionize your verification strategy.
Integration options with existing systems
We understand that altering your existing systems may not be an option. That’s why we offer multiple integration options to make the alignment process seamless, allowing you to continue using your preferred systems while leveraging our powerful platform. Whether a lender uses specific software or follows established workflows, Ocrolus can integrate effortlessly through our API.
Onboarding process and support provided
Comprehensive support is available throughout the onboarding process, with experienced team members on hand to help you harness Ocrolus’s full potential. We know that turning the switch from manual proof of income verification to automation may be daunting, but with our guidance, you can make a hassle-free transition.
Cost structure and pricing models
We provide transparent pricing models for our income verification solution. Our approach is tailored to your specific business needs, ensuring cost-effectiveness while maintaining precision. We aim to deliver cost-effective solutions that empower lenders.
Success and Testimonials
Yardline
Yardline connects digital entrepreneurs with capital. The innovative fintech relies on precise financing structures built on aggregated data analysis. Because many borrowers don’t have access to that kind of report, Yardline had no choice but to conduct manual reviews.
Enter Ocrolus. By using our platform to digitize statements and analyze core data, Yardline was able to eradicate manual reviews and issue faster approvals to its borrowers. Ocrolus can digitize a swath of documents and create a report in under two hours, an unheard-of speed when manual data entry is involved.
Lendflow
Established in 2019, Lendflow pioneered embedded lending infrastructure, enabling fintechs, lenders, and SaaS companies to launch credit products swiftly.
Lendflow’s approach to dramatically reducing loan processing times is a partnership with Ocrolus. The power of Ocrolus’ platform allows Lendflow to verify borrowers’ income and connect them to lenders within minutes. Lendflow is reshaping lending experiences with Ocrolus, fostering financial inclusion and accessibility.
Borrowers feel the effects even though they don’t see or use Lendflow or Ocrolus directly.
Kapitus
Kapitus is a leading digital lender with over $2 billion in funding since 2006. However, their manual loan application process was cumbersome for borrowers and Kapitus.
Ocrolus’ automated income verification combined with human-in-the-loop review transformed Kapitus’ old process. Borrowers receive funding faster, and Kapitus can process over 90% of its applications in 30 minutes or less.
Furthermore, Kapitus doesn’t have to worry about scale. The business can grow with efficiency and accuracy.
Testimonials
Hear from lenders who have experienced success with Ocrolus’s income verification solution.
“We see this as the next frontier of lending innovation where full stack lending platforms like Lendflow partner with data providers like Ocrolus to enable lenders and fintechs to fully automate and optimize their lending operations,” said John Fry, CEO at Lendflow.
“This is where Ocrolus really shines. e-commerce entrepreneurs don’t want to spend time recreating statements on other platforms if they can’t make the aggregator connection. With Ocrolus, they can easily upload bank statements, and in under two hours, we have data digitized (and more importantly) analyzed against the risk analytics, from a cash flow perspective,” Dennis Chin, Head of Strategic Initiatives, Yardline.
“Ocrolus has allowed our underwriters to process loans quicker and do those debt-to-income calculations faster. They can now do the data extraction in under seven minutes when a human alone would have taken anywhere between 20-45 minutes.” AK Patel, Founder and CEO of Lendsmart