Release Notes

In this release, we've launched Docs-to-Digital and post-funding transaction analytics, expanded support for new Classify-only documents, onboarded 2024 tax forms for mortgage lenders, and improved analytics in the Bank Statement Income Calculator (BSIC).

What's new?

Post-funding transaction analytics

We are excited to announce the launch of post-funding transaction analytics, a solution designed to provide real-time visibility into borrower financial health post-funding. This product empowers you to manage your portfolios more effectively to streamline loan renewals and enhance collections efforts by refreshing cash flow analytics with updated transaction data.

Key features

• Continuous time series creation: Ocrolus combines pre-funding bank statement data with post-funding transaction data to create an uninterrupted timeline of borrower cash flows. By merging these datasets, you gain a comprehensive view of borrower financial behavior to perform more accurate assessments and informed decisions.
• Refreshed cash flow analytics: When you upload refreshed transaction data, Ocrolus provides updated cash flow analytics, including book summaries, enriched transactions, and detailed financial features. This ensures that you have the most current insights to support portfolio management, renewals, and collections.

To learn more, see the Post-funding analytics.

🚧

This feature is in beta!

Post-funding transaction analytics and docs-to-digital matching are currently in open beta for testing and feedback. To participate, please contact your Account Manager for more information.

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Docs-to-digital matching

We’re excited to announce the release of docs-to-digital, a powerful new solution designed to streamline the reconciliation of digital Plaid data with analog bank statements. This product enables automated matching which significantly reduces manual effort for underwriters while improving accuracy and efficiency.

Many SMB funders underwrite a merchant using bank statements. Prior to funding, it is common practice for funders to require a merchant to connect to their bank account digitally via Plaid as a final fraud check. Today, many of our customers perform a manual reconciliation between this Plaid data and the previously submitted bank data to look for inconsistencies.

Docs-to-digital aims to automate the tedious document-to-digital comparison that many lenders are conducting by hand today.

Key features

• Automated comparison between Plaid data and bank statement data: Docs-to-digital introduces an automated system to compare transactions between bank statements (format can be PDF, image, scan, etc.) and Plaid transaction data in JSON format. Ocrolus has developed advanced matching logic that identifies and removes overlapping transactions between Plaid data and bank statement data and finds mismatches that may be evidence of bank statement tampering.

• Notifications for data reconciliation: With docs-to-digital, you receive timely notifications once reconciliation between Plaid and PDF bank statement data is complete. You can choose between notifications via webhook or email. These alerts summarize whether the Plaid data and bank statement match or whether discrepancies are present, giving actionable insights into the reconciliation status without unnecessary delays.

• Enhanced visibility for mismatched transactions: Docs-to-digital highlights any transactions that do not reconcile between Plaid and PDF bank statement data to offer greater transparency into potential discrepancies. These transactions are listed in a dedicated node within the enriched transactions endpoint, complete with details such as transaction pk (a unique transaction identifier), amount, date, and source format (e.g., Plaid or bank statement).

  Example

  "mismatched_transactions": [
      {
          "txn_pk": 123,
          "txn_date": "2024-01-01",
          "description": "TRANSFER TO CHECKING",
          "amount": -2000.01,
          "uploaded_doc_pk": 123456,
          "uploaded_doc_format": "PLAID"
      },
      {
          "txn_pk": 456,
          "txn_date": "2024-02-01",
          "description": "CHECK 12345",
          "amount": 102.34,
          "uploaded_doc_pk": 78922,
          "uploaded_doc_format": "BANK_STATEMENT"
      }
  ]
  
  

To learn more, see the Docs-to-digital matching.

🚧

This feature is in beta!

Post-funding transaction analytics and docs-to-digital matching are currently in open beta for testing and feedback. To participate, please contact your Account Manager for more information.

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Classify

New Classify-specific documents support

Classify support is now extended for the various documents. Click the category name below to expand/collapse the list of newly supported documents:

Disclosure

• Ability to Repay Certification
• Acknowledgment of Receipt of Good Faith Estimate
• Acknowledgment of Receipt of Home Mortgage Loan Informational Document
• Acknowledgment of Receipt of Informational Booklets
• Agency Disclosure Statement
• Appraiser Independence Certification
• Attorney Representation Notice
• Certificate of Counseling
• Certificate of License History
• Credit Property Insurance Disclosure
• Debt Consolidation Letter
• Disclosure of Compensation of Attorney for Debtor(s)
• Discount Point Fee Disclosure
• Evidence of Joint Application
• Flood Insurance Coverage Subject to Change Disclosure
• Loan Quality Initiative Disclosure
• Notice About Appraisal of Your Property - Property Inspection Waiver
• Notice of Potential Recapture Tax Upon Sale of Home
• Notice of Zoning Limitations
• Notice to Borrowers about Special Flood Hazard Coverage Subject to Change Disclosure
• Qualified Plan Distribution Notice
• Residential Property and Owners' Association Disclosure Statement
• TILA-RESPA Integrated Disclosures
• Title Protection Notice
• Traditional Individual Retirement Account (IRA) Disclosure Statement
• Undisclosed Debt Acknowledgement
• Verification of Creditor Matrix

Legal

• Official Form 106Dec - Declaration about an Individual Debtor’s Schedules
• Official Form 106G - Schedule G: Executory Contracts and Unexpired Leases
• Official Form 106H - Schedule H: Your Codebtors
• Official Form 106J - Schedule J: Your Expenses
• Official Form 108 - Statement of Intention for Individuals Filing Under Chapter 7
• Official Form 122A-1 - Chapter 7 Statement of Your Current Monthly Income
• Official Form 309A - Notice of Chapter 7 Bankruptcy Case - No Proof of Claim Deadline
• Official Form 423 - Certification About A Financial Management Course
• Quitclaim Deed

Mortgage-specific forms

• Exclusive Right of Sale Listing Agreement
• Home Equity Addendum
• Home Ownership and Equity Protection Act (HOEPA) Worksheet
• HUD-50012 - Mortgagee's Request for Extensions of Time
• HUD-54114 - Direct Endorsement Underwriter/HUD Reviewer Analysis of Appraisal Report
• HUD-91322.3 - Statement of Appraised Value
• HUD-92070 - Servicemembers Civil Relief Act Notice Disclosure
• HUD-92080-OHF - Mortgage Record Change
• HUD-92900-PUR - Mortgage Credit Analysis Worksheet Purchase Money Mortgages
• Lender Underwriter Review Verificatioin (URV)
• Mortgage Insurance (MI) Rate Quote
• Mortgage Loan Commitment
• Processors Certification
• RD 1980-19 - Guaranteed Loan Closing Report
• RD 1980-86 - Request For Reservation of Funds
• RD 3555-18 - Lender Certification
• RD 3555-18E - Conditional Commitment for Single Family Housing Loan Guarantee
• Receipt for Escrow Account
• Request for Verification of Rent or Mortgage
• Rural Development Underwriting Submission Form
• Sworn Statement ­- Residential Construction
• VA 20-0995 - Decision Review Request - Supplemental Claim
• VA 26-0285 - VA Transmittal List
• VA 26-0503 - Federal Collection Policy Notice
• VA 26-1839 - Compliance Inspection Report
• VA 26-8923 - Interest Rate Reduction Refinancing Loan (IRRRL) Worksheet
• VA 26-8978 - Rights of VA Loan Borrowers
• Worksheet for Documenting Eligible Household and Repayment Income

Property

• Affidavit of Affixation for Manufactured of Mobile Home
• Certificate of Manufactured Home Ownership
• Flood Insurance Application
• Transferor Affidavit

Tax

• 7206 - Self-Employed Health Insurance Deduction
• 8960 - Net Investment Income Tax - Individuals, Estates, and Trusts

To learn more, see the All Supported Documents page.

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Mortgage - Analyze

2024 Tax forms

The 2024 tax forms are available in Analyze, making it easier than ever for mortgage lenders to calculate income using the latest financial data. This update ensures seamless income analysis for borrowers using the 2024 tax forms and helps you make faster and more confident lending decisions.

Income/Employment

• 1065 Schedule B (2024) - Other Information
• 1120S Schedule B (2024) - Other Information

Tax

• 1040 (2024) - U.S. Individual Income Tax Return
• 1040 Schedule 1 (2024) - Additional Income and Adjustments to Income
• 1040 Schedule 2 (2024) - Additional Taxes
• 1040 Schedule 3 (2024) - Additional Credits and Payments
• 1040 Schedule 8812 (2024) - Credits for Qualifying Children and Other Dependents
• 1040 Schedule A (2024) - Itemized Deductions
• 1040 Schedule B (2024) - Interest and Ordinary Dividends
• 1040 Schedule C (2024) - Profit or Loss From Business
• 1040 Schedule D (2024) - Capital Gains and Losses
• 1040 Schedule E (2024) - Supplemental Income and Loss
• 1040 Schedule EIC (2024) - Earned Income Credit
• 1040 Schedule F (2024) - Profit or Loss From Farming
• 1040 Schedule H (2024) - Household Employment Taxes
• 1040 Schedule J (2024) - Income Averaging for Individuals With Income from Farming and Fishing
• 1040 Schedule R (2024) - Credit for the Elderly or the Disabled
• 1040 Schedule SE (2024) - Self-Employment Tax
• 1040-SR (2024) - U.S. Income Tax Return for Seniors
• 1065 (2024) - U.S. Return of Partnership Income
• 1065 Schedule K-1 (2024) - Partner’s Share of Income, Deductions, Credits, etc.
• 1065 Schedule K (2024) - Partners’ Distributive Share Items
• 1065 Schedules L, M-1, and M-2 (2024) - Balance Sheets (L), Income Reconciliation (M-1), and Analysis of Partners' Capital Accounts (M-2)
• 1120 (2024) - U.S. Corporation Income Tax Return
• 1120 Schedules L, M-1, and M-2 (2024) - Balance Sheet (L), Income Reconciliation (M-1), and Analysis of Unappropriated Retained Earnings (M-2)
• 1120S (2024) - U.S. Income Tax Return for an S Corporation
• 1120S Schedule K-1 (2024) - Shareholder’s Share of Income, Deductions, Credits, etc.
• 1120S Schedule K (2024) - Shareholders’ Pro Rata Share Items
• 1120S Schedules L, M-1, and M-2 (2024) - Balance Sheet (L), Income Reconciliation (M-1), and Analysis of Accumulated Adjustments Account (M-2)
• 4835 (2024) - Farm Rental Income and Expenses

To learn more, see the All Supported Documents page.

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Enhancements

Analyze

Bank statement income calculator

We’ve introduced a few key enhancements to the bank statement income calculator to improve data transparency, usability, and reporting. These enhancements provide accurate and transparent income analysis to enable lenders to make more informed decisions. It improves workflow efficiency by providing advanced reporting tools and better data visibility. Additionally, it increases confidence in income calculations by offering detailed insights into deposit patterns, missing statements, and income trends to ensure a more reliable and comprehensive assessment.

The enhancements are:

• Book Summary tab (aggregated income summary tab): A new tab that provides a consolidated view of income data across all bank accounts. It also includes Print to PDF functionality, allowing lenders to generate and share reports easily.

• Large Deposit Flag Per Month: Large deposit thresholds are now calculated at the monthly level based on the average deposits for that month.

  

• NSF Days Count at Month Level: The NSF Transactions table now includes a month-wise breakdown of NSF transaction days to provide better insight into account activity.

• Missing Statement Identifier: The Statement Overview table now flags gaps in bank statements to help lenders quickly identify missing months.

  

• Declining Income Indicator: A new indicator in the Statement Overview table highlights instances where a borrower’s income is declining over time.

• Top 10 Recurring Depositors Table: This new table in the Account Summary tab displays the top deposit sources along with their total deposit amounts to offer a clearer picture of income consistency.

• Improved Excel Design: Updates to the Excel output provide a more structured and user-friendly layout to make it easier to review and analyze income data.

To learn more, see the Bank statement income calculator page.