LenderAI’s OCR Tool: A Fast-Track to Your Financial Workbook

Taking a loan from sales through servicing requires many touchpoints, but pausing critical work to spend time on manual data entry shouldn’t be what holds up the process. LenderAI’s Optical Character Recognition (OCR) functionality cuts out unnecessary tasks that take up too much time so lending teams can focus on analysis and decision-making, leading to more loans closed with increased speed and accuracy.  

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Eliminating Manual Data Entry

To prepare the workbook that allows underwriters to evaluate a borrower’s financials, lending team members typically have to manually copy and paste information from the borrower’s bank statements and tax documents into a spreadsheet. It’s a tedious, time-consuming process.  

LenderAI’s OCR tool handles data entry for you. Built into the LenderAI dashboard, our OCR technology instantly reads bank statements and tax documents and auto-populates a ready-to-use Excel financial workbook for you in minutes.  

It can process multiple formats from different banks quickly and run decisioning and routing rules based on extracted data, so your team only spends time on the most important deals.

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Increasing Workbook Accuracy

Reducing manual data entry means reducing human error. OCR doesn’t just save your team time, it improves accuracy. Manually entering data from clients’ bank statements and tax documents into spreadsheets leaves room for accidental missteps. Hitting an extra key when copying over information can botch an applicant’s financials in a way that wrongly informs an underwriting decision or leaves an underwriter combing back through data fields to figure out where the error occurred.  

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OCR precisely extracts document data and auto-fills your workbook, so there’s no human interference. The result is fewer mistakes and a more reliable financial workbook to empower your decisions.  

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Accelerating Time to Decision

As with all of LenderAI’s features, OCR’s ability to automate tedious tasks leads to great efficiency for banks and lenders. Automating data entry and workbook creation allows your lending team to focus on what counts rather than getting bogged down by an inefficient workflow.  

When underwriters have more time to spend on the high-value work they’re best at, like data analysis instead of data entry, lending teams can move loans through the origination process more quickly. Teams can close more loans per month, and applicants can get decisions and funding faster.

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The Bottom Line

LenderAI’s OCR tool is one of many functionalities in the platform that helps lending teams streamline their loan origination process to save time and increase accuracy and consistency across departments. With OCR, you can skip copying and pasting from bank documents and tax returns, quickly have an integrated Excel financial workbook ready to go in just a few clicks, and spend time focusing on the critical work that scales your portfolio and improves your borrowers’ lending experience.  

Learn more about LenderAI or contact us to see it in action.

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