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Ocrolus partnership advances mortgage document automation

Ocrolus, a platform providing financial document automation, announced partnering with Resource Financial Services (RFS) to offer automated online mortgage processes, according to a press release shared with FinLedger.

The partnership is set to integrate Ocrolus’ Human-in-the-Loop (HITL) document classification and analysis solution into RFS’s technology stack, enabling customers to easily handle refinancing and home purchasing online.

“We are happy to support progressive mortgage bankers like Resource Financial, who understand that changing market conditions require technologies that enable employees to make faster, more informed lending decisions,” Ocrolus Chief Revenue Officer (CRO) Michael Manne stated in the release.

“Resource Financial loan officers and underwriters can focus on servicing customers, knowing that the data provided by Ocrolus is verified and reliable,” Manne said.

Through a combination of artificial intelligence and human-backed document checking, Ocrolus is able to analyze financial documents with over 99% accuracy. By integrating the technology, Resource Financial Services will be able to classify bank statements and capture mortgage application data more efficiently and effectively.

Ocrolus previously partnered with end-to-end cloud-based lending platform Blend, integrating financial document data capture automation, cash flow analysis and fraud detection into the lender’s technology stack.

This new partnership with RFS highlights Ocrolus’ increasing focus, and growing trend overall, on automating the mortgage market. Google also recently announced it would be partnering with Roostify to launch its own Lending DocAI software, in order to capture and extract information on mortgage documents.

“Our mission is to deliver the best mortgage products and solutions to our clients,” said A. Wade Douroux, President & CEO of Resource Financial. “Enabling technologies like Ocrolus helps us act as a trusted partner to our customers and allows us to continuously improve our end-to-end mortgage experience.”

In other recent fintech news, PassiveLogic raised $34 million to advance its autonomous building platform and bring smart building connectivity forward. Acorn Finance also announced raising $8.4 million in an attempt to connect users to loans for home improvements.

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