Ocrolus Expands Fraud Detection to All Mortgage Customers
Ocrolus has made its document fraud detection product, Ocrolus Detect, available at no additional cost to all mortgage customers. The tool identifies tampered or AI-generated financial documents such as bank statements, pay stubs, and tax forms. Lenders using the platform can now review flagged items directly within their existing workflows via Encompass embedded viewers. The need for robust fraud detection has grown due to generative AI enabling fast creation of fake financial documents. Ocrolus reports that 12% of loan applications processed through its system show suspicious activity, and one altered document could lead to repurchase demands or lost designations. JMAC Lending reported stopping nearly $2 million in fraudulent loans within the first months using Detect. Ocrolus integrates with Freddie Mac's and Fannie Mae's AI governance frameworks, ensuring transparency for regulatory compliance. The company also maintains a formal AI governance program audited by third parties to meet industry standards.
Topics: bank statements fraud detection lending technology pay stubs tax forms