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Fraud detection now included for every Ocrolus mortgage customer

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Fraud detection now included for every Ocrolus mortgage customer

Ocrolus, a vertical AI workflow and analytics platform for lenders, announced that every Ocrolus mortgage customer now gets Ocrolus Detect, its document fraud detection product, at no added cost. Detect checks bank statements, pay stubs and tax forms for tampering. Underwriters see the results in the Ocrolus platform or in the Encompass embedded viewer, where they already review the file.

Lenders are already running Detect in production. JMAC Lending, a wholesale lender based in Costa Mesa, California, screens every file in its Encompass pipeline with Detect. JMAC stopped nearly $2 million in fraudulent loan volume in its first months of use. In one case, Detect led underwriters to a bank statement showing a $300,000 deposit in an account that held $1,200.

Generative AI has made fake financial documents cheap and fast to produce, and across all lending types, 12% of loan applications processed through Ocrolus contain suspicious activity. One altered document can bring a repurchase demand or a lost designation.

“The conversation with lenders has moved from ‘Can AI do this?’ to ‘Can I trust it enough to put it into production?'” said Nadia Aziz, General Manager of Mortgage at Ocrolus. “Fraudulent bank statements and income documents can now be created in minutes and are becoming harder to distinguish from the real thing. Fraud screening should be built in, not an added expense for lenders. Detect shows underwriters exactly why a document was flagged, and the underwriter makes the call.”

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