Cincinnati, OH, October 17, 2016 – Paradatec, Inc. is pleased to announce their new Uniform Closing Dataset (UCD) functionality for mortgage loan processing. During next week’s Mortgage Bankers Association Annual Convention & Expo at the John B. Hynes Memorial Convention Center in Boston, Massachusetts, the company will be showcasing the predefined data extraction to generate a UCD dataset.
“As recently announced by Fannie Mae and Freddie Mac, all loans acquired with a Note Date after September 24, 2017 will be required to include a MISMO-compliant UCD file of the Closing Disclosure data.  Paradatec has extended our existing TRID data extraction functionality to now include production of this UCD file, thereby allowing our clients to get an early jump on completing this requirement from the GSEs,” said Neil Fraser, Paradatec’s Director of US Operations.  Fraser continues, “As we did with our TRID extraction rules, we’re bringing this functionality to market well ahead of the required deadlines so our clients have ample time to test and be confident in their compliance.  We encourage anyone interested in knowing more to stop by our booth for a demo.”  Paradatec staff will be available in booth #820 from Sunday, October 23 through Tuesday, October 25.
Paradatec’s solutions offer significant efficiencies for classifying large quantities of differing document types and extracting key data elements from those documents.  In the mortgage market, these capabilities allow for the quick and accurate identification of over 500 unique documents in the typical mortgage file, along with capturing nearly any data element that an organization requires.
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