This month, finance is the spotlight with industry leaders spotlighting where the mortgage market is headed and how technology and business strategies are evolving to meet the needs of buyers. To celebrate the top performers in this field, the Best of Finance awards were recently introduced. And for weekly updates, subscribers can tune in to Mortgage Brief.
To further improve their services, document automation platform Ocrolus has integrated OpenAI’s text embeddings to automatize the process of examining bank statements, paystubs, and mortgage applications without the involvement of people. OpenAI’s text embeddings measure the relatedness of text strings while providing fuller classification, search and recommendation capabilities.
Over and above OpenAI’s services, Ocrolus also incorporates Amazon, Google and other proprietary deep learning architecture to help financial services companies accurately capture, classify, and analyze paperwork used to make lending decisions fast. Their automated assessment and analysis of customer-submitted mortgage documents helps lenders to quickly detect fraud and analyse cash flow.
The integration was announced by Ocrolus SVP of Engineering Zach Haehn, who affirmed that the company is committed to cyber offensive and is continuously adopting technology from renowned services providers such as OpenAI to stay ahead. Recently, the company’s executive funding round of $80 million valued the enterprise at more than $500 million. Several of Ocrolus’s client partners include Blend, Mortgage365, Finastra, Roostify, and Mr. Cooper.
In 2020, Ocrolus announced the roll-out of a fraud detection solution for lenders. The tool, called Ocrolus Detect, helps lenders uncover document tampering, inconsistencies, manipulation, and other probable fraudulent activities. This allows lenders to reduce any possible credit risk when underwriting.
In the current mortgage market, competition is intense and auto cloud-based solutions are highly sought after. To meet this demand, big players such as Microsoft, Google, Salesforce, and Amazon have all developed tech that connects cloud services that mortgage providers can use. Examples of such services include Google Cloud’s Lending DocAI, Amazon Textract, and Mortgagebot platform by Finastra.
Additionally, Rocket Mortgage has recently used Salesforce Financial Services Cloud to put forth an ‘’mortgage-as-a-service’’ for banks and credit unions that is powered by proprietary mortgage origination technology.
To end, the integration of OpenAI’s Text Embeddings into Ocrolus’s platform has taken it one step closer to perfecting its automated mortgage processing capabilities, allowing it to provide fuller, more accurate data and analysis for assessment in the fastest way possible.
