Ocrolus Introduces First Fully-Integrated Document Management Solution for ICE Encompass
Ocrolus, the leading Human-in-the-Loop document automation platform, today announced the availability of a new suite of document-centric applications in Encompass, intended to reduce delays due to review queues within the mortgage approval process. The product suite is being demonstrated today at Ocrolus’ booth #102 at ICE Encompass Experience.
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Benefits of the new document-centric Encompass suite include:
- Reduced loan approval times: As frustrations around lengthy mortgage loan cycles continue to escalate, it’s more important than ever for mortgage lenders to reduce turnaround times and make faster decisions. Ocrolus customers typically reduce mortgage cycles by at least 7-10 days.
- Integration simplicity: Lenders can use ICE Encompass with document ingestion built within the core platform.
- Document accuracy: Lenders will have confidence that their decisions are based on validated data.
- 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,” said 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:
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“Prolonged mortgage approval cycles are an anachronism in the age of fintech lending,” said 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, to automate document identification, indexing and sorting;
- DocSnapshot, to verify borrower data in a side by side comparison of extracted data and a Uniform Residential Loan Application (URLA, Form 1003) within Encompass; and,
- DocIncome, to streamline income calculations from multiple source documents.
