Latest news with #Ocrolus
Yahoo
02-07-2025
- Business
- Yahoo
Ocrolus expands Inspect with mortgage conditions to strengthen lending quality control
New capabilities close the loop between data discrepancies and underwriting action NEW YORK, July 2, 2025 /PRNewswire/ -- Ocrolus, the AI-driven data and analytics platform trusted by mortgage lenders, today announced a new condition creation interface and Encompass integration in Inspect, marking its evolution into a conditioning solution. Ocrolus Inspect now empowers lenders to detect discrepancies and take immediate action by creating and managing mortgage conditions directly within the platform. Users can name conditions, link them to specific discrepancies and seamlessly sync them back to the Encompass Form 1003, ensuring clear documentation and efficient issue resolution. With built-in tracking for condition status, Inspect enables teams to stay ahead of underwriting tasks and reduce pipeline friction. Launched to automate time-consuming and error-prone manual verification tasks, Inspect surfaces critical gaps between borrower-stated information and supporting documentation. These insights help underwriters and processors flag issues impacting borrower eligibility, regulatory compliance or potential fraud. By identifying missing documents, mismatched data and undisclosed information early in the process and now enabling proactive conditioning, Inspect gives lenders greater control over loan quality, helping them move files forward with speed, accuracy and confidence. "The ability to create, sync and track conditions within Inspect gives mortgage lenders a core decisioning engine to underwrite applications faster and with greater accuracy," said Vik Dua, President of Ocrolus. "We've heard from lenders in our early rollout that with these enhancements, they expect to reduce underwriter touches by up to 75%, while doubling the number of loans they can process with the same staff." With these enhanced capabilities, the solution streamlines discrepancy management by enabling users to manage conditions directly within the platform, closing the loop between insight and action to improve workflows and drive operational efficiency. "Inspect has made a big difference for our business," said Paola Patino, regional processing manager at Neighborhood Loans. "Our opening team uses Inspect at the very beginning of the file to catch discrepancies, like misspelled borrower names, incorrect dates of birth or mismatches between the property address and the purchase contract, that we wouldn't have caught otherwise. It's fantastic." Inspect is currently offered to Encompass® by ICE Mortgage Technology users as a new capability for mortgage customers and is now available to Ocrolus' network of over 130 mortgage lending partners. To learn more about Ocrolus' AI-powered data and analytics for mortgage lenders, or to schedule a demo, visit About Ocrolus Ocrolus is an AI-powered data and analytics platform that enables financial institutions to make faster, more accurate decisions. The company analyzes documents with over 99% accuracy regardless of format or quality, supporting a wide variety of document types including bank statements, pay stubs and tax forms. Ocrolus provides over 400 customers with a trusted solution to classify documents, analyze cash flows and income and detect fraud. To learn more visit View original content to download multimedia: SOURCE Ocrolus
Yahoo
25-02-2025
- Business
- Yahoo
New Report: New Year Brings Increased Optimism Around Growth Expectations for Main Street Businesses
CHICAGO, Feb. 25, 2025 /PRNewswire/ -- Small businesses are increasingly optimistic about their growth expectations in 2025, according to the latest Small Business Cash Flow Trend Report from OnDeck, the leading small business lending company at Enova (NYSE: ENVA) and Ocrolus, the document AI and cash flow analytics platform for lenders. Key findings include: Optimism and Growth: 94% of small businesses anticipate significant or moderate growth in 2025, a 2% increase compared to Q3 2024. Top Challenges: 37% of small businesses cited inflation as a top concern, followed by 30% of respondents who identified cash flow as their primary challenge in the current economic environment. Access to Working Capital: More small businesses are turning to alternative lenders for their financing needs, as 76% of respondents bypassed applying for traditional bank loans, up from 62% in Q4 2023. "Small businesses are entering the new year with confidence, and we're seeing that optimism translate into plans for expansion and hiring," said Jim Granat, Co-President of Small Business at Enova. "We're seeing more businesses proactively seeking out alternative lenders like OnDeck, and we're proud to serve as a trusted partner when they need capital to fuel their next stage of growth." "Fast and flexible funding solutions are critical for small businesses, as they position themselves for growth and success amidst shifting market conditions," said David Snitkof, SVP of Growth at Ocrolus. "To meet this need, small business funders are reevaluating their underwriting funnels to leverage data sources that provide a complete understanding of business financial health. We're seeing cash flow data play a much larger role in underwriting, helping funders qualify applicants with promising financial performance who may have otherwise been denied and expanding access to capital to help small businesses thrive." The report is based on responses from 454 small businesses with working capital loans and over 2 million small business applications for working capital financing during the past 15 months. The nationwide survey was completed between December 2-11, 2024. For more information and complete survey results, please visit: About OnDeck®OnDeck®, part of Enova International, is the proven leader in transparent and responsible online lending to small businesses. Founded in 2006, the company pioneered the use of data analytics and digital technology to make real-time lending decisions and deliver capital rapidly to small businesses online. Today, OnDeck offers a wide range of term loans and lines of credit customized for the needs of small business owners. OnDeck has provided loans to customers in 900 different industries nationwide. For more information, visit About EnovaEnova International (NYSE: ENVA) is a leading financial services company with powerful online lending that serves small businesses and consumers who are underserved by traditional banks. Through its world-class analytics and machine learning algorithms, Enova has provided more than 11.8 million customers with over $59 billion in loans and financing. You can learn more about the company and its portfolio of businesses at About OcrolusOcrolus is a document AI platform that enables faster and more accurate financial decision-making. The company analyzes documents with over 99% accuracy, regardless of format or quality, supporting over a thousand document types, including bank statements, pay stubs, and tax forms. Ocrolus provides a trusted solution to detect fraud, analyze cash flows and income, and streamline decisions for 400+ clients across a number of use cases. Customers such as Enova, PayPal, Brex, CrossCountry Mortgage, Plaid, and SoFi leverage Ocrolus automation to build delightful user experiences. To learn more, visit View original content to download multimedia: SOURCE Enova International, Inc. Sign in to access your portfolio
