Ocrolus
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About
Ocrolus is an AI-driven document processing automation platform that uses a Human-in-the-Loop approach to ensure accuracy. It offers capabilities in classification, data capture, fraud detection, and analysis, with use cases spanning cash flow, income, address, employment, and identity verification. Ocrolus serves various industries, including small business lending, mortgage, consumer lending, and multifamily. The platform provides a free trial, offers API access for developers, and boasts a comprehensive resource hub including blog posts, ebooks, and videos. Ocrolus emphasizes its accuracy, speed, scalability, and compliance features. It also highlights its extensive support for various document types and its integration capabilities with various loan origination systems.
Platform
Features
• identity verification
• fraud detection
• human-in-the-loop verification
• income verification
• address verification
• ai-driven document processing automation
• cash flow analysis
• employment data retrieval
FAQs
Can Ocrolus build custom analytics?
Yes, Ocrolus can create custom metrics or analytics for you. To get started, reach out to your customer service representative and they will help you determine exactly what you need and how to set it up. Additionally, our income and revenue calculator is inherently customizable and easy to set up on your own based on the metrics your company uses to calculate these amounts.
How do you flag transactions from other lenders?
Most borrowers interact with a variety of lenders in their finances; we have identified a library of lenders with over 700 variations on lender names. Because we work with a variety of vendors and process hundreds of thousands of documents daily, we’re able to add new aliases and update our library on a regular basis.
Can you provide specific data that an underwriter might need from a doc?
Yes. If an underwriter is looking to specify where data is delivered into their system, that can be done through our API custom mapping. In addition, our product offers the flexibility to call out transaction types within documents. For instance, we can group together recurring payments on a bank statement.
Can Ocrolus help with Proof of Address?
Yes, Ocrolus can help with proof of address by verifying documents such as IDs, bank statements, pay stubs, and utility bills.
Can you handle images (non-pdf)?
Ocrolus processes most popular image formats (JPEG, PNG, BMP, GIF & TIFF), and can handle lower quality images, like those taken with cell phone cameras.
What types of IDs can you process?
Currently, Ocrolus can process the following types of IDs for identity verification: US passport, US drivers licenses (any state), and non-driver state identification card (any state) and Social Security cards. We can also process verification of address documents like utility bills and voided checks.
What documents does Ocrolus handle?
Ocrolus handles over 1600 documents related to financial services and individual borrowers. A comprehensive list can be found in our API Docs, along with the data we capture from each individual document.
What is cash flow modeling?
Cash flow modeling provides a comprehensive analysis of a client’s assets, investments, debts, income, and spending and then projects those trends forward, predicting how cash flow will fluctuate given changes in income, inflation, and interest rates. These models can help lenders determine a borrower’s eligibility for a loan, especially if the borrower is non-traditionally employed.
How does Ocrolus detect potential fraud?
Our approach involves a number of algorithmic and operational quality control checks to detect potential fraud. Ocrolus assesses submitted documents for signs of tampering and inconsistency, flagging edits that were made subsequent to the document’s creation and highlighting areas where changes may have occurred. Employees can then evaluate the documents to either confirm or further investigate potential fraud. Learn more about automated fraud detection.
Can Ocrolus provide income verification at scale?
Yes. By utilizing the power of AI, Ocrolus can help lenders perform income verification at scale in less time than it would take for manual review. Because Ocrolus can perform these verifications digitally and simultaneously, lenders have the ability to instantly throttle up or down depending on their loan volume.
How does document indexing work?
Document indexing is the process of identifying and analyzing documents based on the information they contain. With manual processing, humans read through and categorize documents based on identifying features. With automated document indexing, this process is performed by AI programs and the identification is defined by a set of predetermined rules.
How does loan automation expedite the loan origination process?
Loan processes have been protracted and complicated, with applicants needing to submit countless paper documents or even visit a loan officer in person to sign the necessary paperwork. Recently, more and more lenders have moved loan origination processes online, allowing them to be automated by AI cloud services. Unlike manual review, this automation happens far faster and with fewer errors allowing for an expedited loan approval process. Learn more about lending automation.
What is intelligent document processing?
Intelligent Document Processing (IDP) is the ability to digitize documents and extract the data into a structured format that organizations can readily access. Businesses that rely on customer-uploaded or paper documents have a large data resource at their fingertips, but need an effective method to mine it. With IDP, they can structure data to gain insights into customers and their businesses. Read “5 Daily Tasks You Can Easily Automate with Intelligent Document Processing”.
IDP vs OCR: What is the difference between Ocrolus’ intelligent document processing and optical character recognition?
Intelligent document processing (IDP) is the ability to process documents and simultaneously extract data into a usable format. It utilizes machine learning to simultaneously understand and boost accuracy over time. Optical character recognition (OCR) is a component of IDP that converts images of printed text into machine-encoded data. IDP utilizes OCR as part of document digitization. Ocrolus incorporates OCR into our workflow, but it’s just one component. OCR struggles to get much above 85% accuracy across a representative mix of documents (it can do better at the “easy” documents, but not the tough ones). Fundamentally, our philosophy is that OCR will never be good enough for our clients to rely on it alone, and the whole point is for your underwriters and loan processors to actually trust the data they get back. That is why we’ve built both a machine learning layer, and included a “human in the loop”, to get us from 85% to 99%.
What is “Human-in-the-Loop”, and what are humans doing in the process?
There are some things computers still aren’t very good at. That’s why we incorporated our “Human-in-the Loop” verification process into our broader workflow. Computers often still get stuck, especially on the “tough” documents, like cell phone images, scans, faxes, or just a document with a coffee stain. We built Human-in-the Loop document processing because our clients value a solution for all of their documents, not just the “easy” ones. They’d rather have Ocrolus’ human verifiers ensure data accuracy than make their own staff waste time doing it.
Pricing Plans
Paid Plan
Unknown Price• Bank statements & cash flow analytics
• Identification
• Income
• Tax forms
• Other documents
• Access to additional document types
• Easy accessibility via Dashboard, API or integrations
• Early access to new products & features
• Save up to 40% more with volume commitment
Free Trial
Free Plan• 100 free pages of processing
• Bank statements & cash flow analytics
• Identification
• Income
• Tax forms
• Other documents
Job Opportunities
Senior Software Engineer
AI-powered document processing and analysis platform for financial institutions, offering automation, accuracy, and scalability.
Benefits:
Comprehensive health package (dental and vision)
5 Ocrolus Appreciation Days (reset days)
401K plan (Betterment)
Unlimited paid time off
Flexible schedule & Summer Fridays off Paid parental leave (up to 3 months) Catered lunch and dinners Annual learning & development stipend Equity packages CitiBike membership
Show more details
Senior Software Engineer - Backend
AI-powered document processing and analysis platform for financial institutions, offering automation, accuracy, and scalability.
Benefits:
Comprehensive health package (dental and vision)
5 Ocrolus Appreciation Days (reset days)
401K plan (Betterment)
Unlimited paid time off
Flexible schedule & Summer Fridays off Paid parental leave (up to 3 months) Catered lunch and dinners Annual learning & development stipend Equity packages CitiBike membership
Show more details
Senior Software Engineer - Frontend
AI-powered document processing and analysis platform for financial institutions, offering automation, accuracy, and scalability.
Benefits:
Comprehensive health package (dental and vision)
5 Ocrolus Appreciation Days (reset days)
401K plan (Betterment)
Unlimited paid time off
Flexible schedule & Summer Fridays off Paid parental leave (up to 3 months) Catered lunch and dinners Annual learning & development stipend Equity packages CitiBike membership
Show more details
Ratings & Reviews
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