Blend and Ocrolus partner for digital mortgage automation

Blend Labs and Ocrolus are collaborating in an effort to further streamline digital lending.

The strategic partnership will integrate Ocrolus' Human-in-the-Loop automated data capturing onto Blend’s cloud banking software platform to speed up credit decisioning and mortgage underwriting.

"We're enhancing the Blend platform with Ocrolus' automated, accurate document classification and data extraction capabilities,” Jeff Braddock, manager of business development at Blend, said in a press release.

The two companies signed the integration deal in August. The rollout to their customers is currently in process and set to go live in the coming months, according to a Blend spokesperson. The terms between Blend and Ocrolus were not disclosed.

The latest news follows a string of product announcements from Blend. On Oct. 20, the fintech launched its own income verification software. On Oct. 27, it partnered with SaaS provider Polly to embed a loan officer mortgage pricing engine into its tech stack. And on Nov. 4, it teamed with UpEquity to provide homebuyers the ability to bid with all-cash offers.

Blend went public on the New York Stock Exchange on July 16 after filing a confidential draft registration statement with the Securities and Exchange Commission in April. The company’s stock initially launched at $20.90 per share and while it hit lows around $13 per share in October, as of 3 p.m. November 8, it was trading at $15.41 per share.

Ocrolus announced expansion plans in September after finalizing an $80 million Series C fundraising round that pushed its valuation to $500 million.