Ocrolus to Help Blend Automate Mortgage Document Processing

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Cloud-based banking software provider Blend turns to the Ocrolus automation platform to classify documents and capture data to speed up mortgage loan processing.

Blend, which helps clients like Wells Fargo and US Bank process more than $ 5 billion in loans per day, will integrate Ocrolus’ Human-in-the-Loop (HITL) document analysis solution within of the Blend platform.

The partnership represents “a significant step in Blend’s larger mission to streamline and fully automate all aspects of loan origination,” the companies said. “Ocrolus’ verticalized financial services expertise in mortgage, consumer and small business lending is an ideal integrated technology for the long-term Blend platform. “

The initial goal of the partnership will be the automation of documents for mortgage loan applications and “potential expansion to other areas of business in the future”.

Consumers using Blend’s platform can purchase from realtors, insurance companies and other service providers through integrated marketplaces set up by Blend’s customers, which also include Opendoor, Fairway Independent Mortgage, KeyBank and Mr Cooper.

To help provide end-to-end services to homebuyers, Blend operates its own title insurance agency and property and casualty insurance agency. Blend, which raised $ 360 million in an initial public offering in July, acquired a national title insurance and settlement service provider, Title365, from Mr. Cooper Group as part of the ” a $ 422 million deal struck on June 30.

Ocrolus is also on a growth path after raising $ 80 million in a Series C funding round in September that valued the company at over $ 500 million. The company is accepting applications for more than 60 vacancies in departments such as engineering, data, operations and human resources.

Automating the processing of mortgage applications, underwriting, approvals and closings is a top priority for lenders looking to stay competitive and keep costs down.

Solutions are increasingly cloud-based, with Amazon, Google, Microsoft and Salesforce all offering tailored services to help digital mortgage service providers scan and process mortgage applications and documents.

The nation’s largest mortgage lender, Rocket Mortgage, is making its mortgage origination technology available to banks and credit unions as an end-to-end “mortgage as a service” through Salesforce Financial Services Cloud.

Microsoft Cloud for Financial Services, which integrates cloud services into all of Microsoft’s public cloud offerings, was launched on November 1 with partners such as Mortgage365 and Finastra, the developer of the Fusion Mortgagebot platform.

Google Cloud’s specialty mortgage solution, Lending DocAI, launched in April, helps partners like Roostify and Mr. Cooper automate data entry and create and customize document processing workflows.

Running on Amazon Web Services (AWS), Black Knight’s AI-powered mortgage solution, Underwriter Assist, uses Amazon Textract and mortgage-specific algorithms developed by Black Knight to extract data from documents such as W2s and stubs. payroll.

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