Ocrolus

Transcription:
Transcripts are generated using a combination of speech recognition software and human transcribers, and may contain errors. Please check the corresponding audio for the authoritative record.

John Lowenthal (00:08):
All right, thank you very much. So a little bit more crowd participation here. Please raise your hands if you work at an originator, and I'll have my sales team close their eyes so they can't hunt you down. All right, keep your hand up if you can beat the 6% refi rate I just got from my lender, and if so, kiosk number six next to the sign-in desk. We can chat after. All right, got to try. Anyway, onto the more important stuff. RYS is an AI-driven platform that helps with the origination process, making it faster and more efficient. And the result is two things. One, bringing down the cost of origination and also helping companies scale without having to go through the typical process of hiring more and more folks. As everyone knows, when one lender is trying to hire because of the macroeconomic tailwinds, everyone's trying to hire and it makes it that much more difficult.

(01:05):
So today, what we do is we have a suite of products and we're going to focus on a new one that we have called Inspect. Throughout the origination process, processors and underwriters are going through pages and pages of documents that borrowers supply, and we've created solutions that work alongside these folks to help them focus on more cerebral tasks, not the minutiae and the painful details that can come around originating alone. Today we are going to be looking at Inspect and we're going to demo it out of Encompass. Everything that we have built is based on core APIs and we have integrations into Encompass that make it very easy to access us and to really go through no development work on your end to get us up and running. So we're going to log in here and we're going to take a look at Inspect.

(01:53):
So we're launching Encompass Live here. And the nice thing is that your credentials for a processor and underwriter are good for Oculus within Encompass. You don't need separate keys to manage; it's all embedded here. So we're going to order additional services and we're accessible through Partner Connect as well as the smart client. And we will open up Oculus right here. Once we open the screen, what we're going to see is a few different things—we're going to see the Oculus UI as soon as it loads on this really fast Wi-Fi. And as I'm waiting here for it to load, there's going to be a couple of things. We're going to see an indexing screen, we're going to see income calculators, we're going to see Inspect. I just tried this five minutes ago while sitting on the sideline and it worked, and now it's not.

(02:33):
So we're going to reload it. And what Inspect does at a high level is it's monitoring for all the documents that the borrower provides and all the data on those documents, and is comparing it to what lives on the 1003. It's going to bring up what we call insights. An insight can be a few different things. An insight can be a discrepancy. So maybe the social security number on the 1003 doesn't match what's on the documents, or maybe there's a property that's not supported by documents or vice versa—there's a new property found on the documents that's not in the 1003. So what we're going to do is bubble those up and give a nice clean workspace for your team to review these things. This Wi-Fi is absolutely killing me.

(03:18):
Alright, here we go. So income calculators right here—we have the income calcs and we provide obviously for wage earner, self-employed, rental, et cetera. But on the left here, we're going to see Inspect and this is what it looks like. We'll full screen so we can see—I know it's a little bit small—and here is where you can look at these discrepancies and then you can create conditions. On the right side, we have our insights: we have borrower information mismatch, we have no supporting documents for a particular address on the 1003, but there's some additional things that we do. For example, large deposit found on the bank statements, or we see a wage garnishment was found on the pay stubs. And we can go in and we can dig into these. For example, we pull up this wage garnishment, we see right on the document we have to expose and there's a lot of data transparency, and that's how we've built the tools.

(04:06):
One of the things that we've realized in onboarding clients is it's not just about giving a great product or things that actually work how they say—it's the change management that is the most difficult thing. I think if any of the other vendors in here can speak to it, getting folks to buy into new tools can be a real struggle. Giving data transparency and having them get hands-on and feeling like, "Hey, I'm empowered to do my job better," is really the way you want to build technology. So here we see there's a wage garnishment; we can create a condition out of this, or we can add to the VOL or the 1003, or we can ignore it. You get those three options. So if I want to create a condition, I say the condition name is an LOX. We'll say it's an underwriting condition. The document needed is an LOX, create new document, and we mark the insight as reviewed. Then we will create that condition and the needs list will be added to.

(04:47):
Overall, as you see on the bottom right here, now we have two documents that we need. And the nice thing about Oculus is we interact directly with Encompass and the conditions there. So if the condition is created here, you can push it directly into Encompass as well. And really, with our income products and our indexing, what we're built on is best-in-class data. Every document that we extract data from, it's 99-plus percent accurate on the data fields. Once again, to build trust, you need to have that high-quality data. But as you see, the way that we display everything is being tied back to the source documents.

(05:34):
With the clients that we've onboarded—some of the things that we're seeing at Neighborhood Loans, who are lenders based in Chicago—they've been able to have record months without hiring a single person on the ops team just by scaling using our tools. Additionally, anecdotally—and I can't say their name yet, but we hope to be able to say their name in the next couple of months—we've built a project plan with a very large lender leveraging Oculus who anticipates their operational efficiency to go up 75% for processors and underwriters. I'm sorry for the bad joke and I'm sorry for the loading screens, but we'd love to speak to you, show you our tech, set it up in your environment, and have you leverage us to help with those scaling situations as volume hopefully creeps up for everyone in the room. Thank you very much and look to see you at our kiosk, either for a lower mortgage rate in my refi or maybe a look at some RYS after the demo. Thank you.