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Ocrolus announces ICE Encompass integration

Ocrolus, a document automation platform using Human-in-the-Loop protocol, announced a new suite of document-centric applications within the ICE Mortgage Encompass platform, according to a press release.

The new integration is intended to reduce delays due to review queues within the mortgage approval process, with Ocrolus stating that customers can reduce mortgage cycles by at least 7 to 10 days with its service.

“Prolonged mortgage approval cycles are an anachronism in the age of fintech lending. A majority of the time is associated with review bottlenecks involving borrower documents and lender calculation checks,” stated Suzanne Ross, Director of Product and Mortgage at Ocrolus, in the release.

“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,” Ross said.

The Ocrolus Encompass integration includes three new applications for document automation and data capture, according to the release. These include:

  • 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.
  • DocIncome: to streamline income calculations from multiple source documents.

Ocrolus has processed documentation for tens of billions in mortgage loan volume and signed several Top 25 originators since the beginning of 2021.

The company says this new product suite provides expanded document automation and analytics value through the mortgage approval process, and significant benefits mortgage originator, processor and underwriter productivity.

“The URLA is a dynamic document within Encompass. We designed the components of the Ocrolus Encompass suite to provide substantial value to all lender stakeholders that interact with this data on the platform, providing scalability, reliability and transparency to the workflow while making everyone involved more efficient. The new suite will become an essential part of users’ workflow to reduce errors, shorten turnaround times and improve the mortgage experience for borrowers and lenders,” Suzanne Ross.

Ocrolus is not the only company unveiling new services and integrations in step with ICE Mortgage’s ongoing ICE Encompass Experience in Las Vegas, Nevada.

StreamLoan, a Point-of-Sale (PoS) provider that offers LOS-integrated mortgage tools, today also announced its mobile-first mortgage lending collaboration solutions built on Encompass. The company says the integration will help drive digital workflow automation and increase the speed and efficiency of the loan origination process.

Streamline says the solution also provides bi-directional integration and data flow that reduces risk and ensures all parties in a single transaction are updated in real-time.

“Each counter-party functions in real-time at their company desk, home office, or at their kid’s soccer game. That’s the kind of tech enabled lending today’s borrowers and loan officers are expecting from lenders. It’s really table stakes in this environment,” stated StreamLoan co-founder and CEO Stephen Bulfer in a press release.

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