Ocrolus and Blend Announce Partnership to Automate End-to-End Mortgage Process

Rhea-AI Summary

On November 8, 2021, Blend (NYSE: BLND) announced a strategic partnership with Ocrolus, integrating Ocrolus' Human-in-the-Loop document analysis solution into Blend’s platform to enhance digital mortgage applications. This collaboration focuses on automating document classification and data extraction for mortgage processes, with potential expansions into other areas. This alliance represents a step towards Blend's mission to streamline loan origination. Blend's platform is used by major banks and processes over $5 billion in loans daily, while Ocrolus has raised over $100 million from fintech investors.

Positive

• Partnership with Ocrolus enhances Blend's digital mortgage automation.
• Integration aims to streamline loan origination processes.
• Blend processes over $5 billion in loans daily.
• Ocrolus has raised over $100 million from significant fintech investors.

Negative

• None.

NEW YORK, Nov. 8, 2021 /PRNewswire/ -- Ocrolus, the only automation platform that analyzes financial documents with over 99 percent accuracy, and Blend (NYSE: BLND), a leader in cloud banking software, today announced a strategic partnership which will embed Ocrolus' Human-in-the-Loop (HITL) document analysis solution within the Blend platform to accelerate digital mortgage applications.

We're enhancing the Blend platform with Ocrolus' automated, accurate document and data extraction capabilities.

"Blend is simplifying and streamlining the lending experience for consumers and bankers alike," said Jeff Braddock, manager of business development at Blend. "We're enhancing the Blend platform with Ocrolus' automated, accurate document classification and data extraction capabilities. Our partnership with Ocrolus enables us to swiftly deliver time-saving innovations to our customers."

Ocrolus' partnership with Blend will focus on document automation, initially on classifying documents and capturing data for mortgage applications and potentially extending into other business areas in the future.

"Blend is a clear industry leader in cloud banking with a best-in-class user journey for consumers," said Sam Bobley, Co-founder & CEO at Ocrolus. "At Ocrolus, we're hyper-focused on API-based document automation for lenders, a backend service that perfectly complements Blend's powerful platform."

The partnership represents a notable milestone in Blend's broader mission to streamline and fully automate all aspects of loan originations. Ocrolus' verticalized financial services expertise in the areas of mortgage, consumer, and small business lending, serves as an ideal embedded technology for the Blend platform long-term.

About Blend

Blend's cloud banking platform is designed to power the end-to-end consumer journey for any banking product, from application to close. Our technology is used by Wells Fargo, U.S. Bank, and over 310 other financial services firms to acquire more customers, increase productivity, and deepen relationships. Through our software, we enable our customers to process an average of more than $5 billion in loans per day, helping consumers get into homes and gain access to the capital they need to lead better lives. To learn more, visit blend.com.

About Ocrolus

Ocrolus is a document automation platform that powers the digital lending ecosystem, automating credit decisions across fintech, mortgage, and banking. The company provides modern document analysis infrastructure and has raised over $100 million from blue-chip fintech investors. Ocrolus enables financial services firms to make high quality decisions with trusted data and unparalleled efficiency. Visit ocrolus.com to learn more.

View original content to download multimedia:https://www.prnewswire.com/news-releases/ocrolus-and-blend-announce-partnership-to-automate-end-to-end-mortgage-process-301418169.html

SOURCE Ocrolus, Inc.

FAQ

What is the partnership between Blend and Ocrolus about?

Blend has partnered with Ocrolus to embed its document analysis solution into the Blend platform, enhancing the processing of digital mortgage applications.

When was the Blend and Ocrolus partnership announced?

The partnership was announced on November 8, 2021.

How does the Blend platform benefit from the Ocrolus partnership?

The partnership allows Blend to automate document classification and data extraction, streamlining the mortgage application process.

What is the stock symbol for Blend?

Blend's stock symbol is BLND.

What is the financial backing of Ocrolus?

Ocrolus has raised over $100 million from leading fintech investors.