[TheUnderwritingProdigy]

Hey guys, any first hand experience using Ocrolus?

I was thinking about implementing it on deals I'm looking to approve in order to speed up the underwriting process, and then having a human review if we get a contract request.

Interested in the following..

Cost? Accuracy? Worth it?

[jfeinberg]

$1/page per bank statement (there are volume discounts) and set up fee.

All I can help with, did a demo.

[TheUnderwritingProdigy]

$1/page per bank statement (there are volume discounts) and set up fee.

All I can help with, did a demo.

Wow, that sounds ridiculous @ $1/page, given that it's very common for some bank statements to be 10 pages each.

[SendDocsPlox]

Wow, that sounds ridiculous @ $1/page, given that it's very common for some bank statements to be 10 pages each.

No one wants to train underwriters anymore, and the ones that do get trained are usually retards

Not pointing any fingers here lol

[RickyR3712]

Wow, that sounds ridiculous @ $1/page, given that it's very common for some bank statements to be 10 pages each.

Yup the math makes no sense, cheaper to hire a processor. Also when you get to contract regardless you will have it looked over by human eyes.

[mca2150]

It's not actually fully automated. Sure some banks are, but some are manually processed by an overseas team. My suggestion is to use it or Moneythumb and take a hybrid approach. Have your processors use these tools to speed themselves up.

[ryan $]

Hey guys, any first hand experience using Ocrolus?

I was thinking about implementing it on deals I'm looking to approve in order to speed up the underwriting process, and then having a human review if we get a contract request.

Interested in the following..

Cost? Accuracy? Worth it?

Check out moneythumb

[ABillionPoints]

It's not actually fully automated. Sure some banks are, but some are manually processed by an overseas team. My suggestion is to use it or Moneythumb and take a hybrid approach. Have your processors use these tools to speed themselves up.

This is the same I've heard. It's not fully automated and not very fast when it comes to the non-national banks.

[mistamca]

Hey guys, any first hand experience using Ocrolus?

I was thinking about implementing it on deals I'm looking to approve in order to speed up the underwriting process, and then having a human review if we get a contract request.

Interested in the following..

Cost? Accuracy? Worth it?

Ocrolus by itself is not worth it unless you have a ton of volume. The most cost effective approach is moneythumb and if their system can't read it, then use Ocrolus.

Ocrolus has an offshore team that picks up the slack when their tech can read the bank statements. They have some massive clients and I am sure that they have vetted the security so I am not overly considered with that.

[TheUnderwritingProdigy]

Ocrolus by itself is not worth it unless you have a ton of volume. The most cost effective approach is moneythumb and if their system can't read it, then use Ocrolus.

Ocrolus has an offshore team that picks up the slack when their tech can read the bank statements. They have some massive clients and I am sure that they have vetted the security so I am not overly considered with that.

How much is Moneythumb?

[TheUnderwritingProdigy]

$1/page per bank statement (there are volume discounts) and set up fee.

All I can help with, did a demo.

Do you recall what the setup fee was?

[SFC]

Hey guys, any first hand experience using Ocrolus?

I was thinking about implementing it on deals I'm looking to approve in order to speed up the underwriting process, and then having a human review if we get a contract request.

Interested in the following..

Cost? Accuracy? Worth it?

MoneyThumb: don@moneythumb.com
Don's the man, he'll get you taken care of.

CheaperTeam: Jack@cheaperteam.com
They have the best overseas processors trained and ready.

Ocrolus is fine. But in all reality, all theyre doing is money thumb + outsourcing like the alternative I mentioned above.

The only difference is that since they have so many clients in MCA, they see the same deal multiple times (as do we all). The first time they see a deal, it's almost a loss leader, they are using their "human in the loop" to correct their software. But as 6 more funders submit the same statements, they can now "almost immediately" spit out results with "99%" accuracy because they already processed those statements.

In some ways you are helping your competitors by using Ocrolus. In others, you are benefiting from it.

Either way, it's not cheap and you're better of doing it yourself.

[TheUnderwritingProdigy]

MoneyThumb: don@moneythumb.com
Don's the man, he'll get you taken care of.

CheaperTeam: Jack@cheaperteam.com
They have the best overseas processors trained and ready.

Ocrolus is fine. But in all reality, all theyre doing is money thumb + outsourcing like the alternative I mentioned above.

The only difference is that since they have so many clients in MCA, they see the same deal multiple times (as do we all). The first time they see a deal, it's almost a loss leader, they are using their "human in the loop" to correct their software. But as 6 more funders submit the same statements, they can now "almost immediately" spit out results with "99%" accuracy because they already processed those statements.

In some ways you are helping your competitors by using Ocrolus. In others, you are benefiting from it.

Either way, it's not cheap and you're better of doing it yourself.

Would you say that MoneyThumb and CheaperTeam are worth it then?

[SFC]

Would you say that MoneyThumb and CheaperTeam are worth it then?

100%. Ends up being a fraction of the price and infinitely more scalable. Though I guess with Ocrolus you don't have to worry about people. So each has its plusses and minuses.

[AJAllan_5]

We have ran ocrolus for a couple months. VERY expensive and doesn't work like we wanted it to. Recently switched to MoneyThumb and it has changed the game for us, way more efficient and cost effective.

[TheUnderwritingProdigy]

We have ran ocrolus for a couple months. VERY expensive and doesn't work like we wanted it to. Recently switched to MoneyThumb and it has changed the game for us, way more efficient and cost effective.

How much does MoneyThumb cost if you could give me a ballpark?

[Inquisitive]

What about lendsaas? Does anyone know pricing?

[CT3]

How much does MoneyThumb cost if you could give me a ballpark?

Starts out at $1.67 per statement (not page)
Goes down to 67 cent per statement

Both based on volume commitments.