If you're looking for a DocMagic alternative, MeridianLink is a digital lending platform that offers a range of customizable tools to help streamline the lending process. It includes a Loan Origination System (LOS), a Mortgage LOS, Deposit Account Opening, Data & Reporting, and more. This platform can accommodate a wide range of financial products and can help increase consumer engagement and loyalty through a better lending experience.
Another contender is Ocrolus, a Document AI platform that uses artificial intelligence to classify, extract, detect and analyze financial documents with high accuracy. It automates document analysis to help lenders assess risk and prevent fraud, making it a good fit for mortgage lending. The platform can extract data from a variety of document types, including mortgage statements, and offers an API to build new customer experiences.
If you're specifically looking for a focus on mortgage pre-approval, DocuPull offers an AI-powered platform that automates loan application preparation by extracting data from financial documents and securely sharing it with lenders. Key features include fast pre-approvals in minutes and secure data handling, which can help dramatically cut processing time and ensure data integrity.