Advanced Mortgage OCR Yields Great Efficiencies
Cincinnati, OH, April 16, 2018 – Paradatec, Inc., the leader in advanced Optical Character Recognition (OCR) solutions for mortgage file processing, was recognized with PROGRESS in Lending Association’s “Top Innovation Award” for their Advanced Mortgage OCR solution at PROGRESS’ Eighth Annual Innovation Awards event last night in Detroit, Michigan.
“We’re honored to receive this recognition by the executive team at PROGRESS in Lending. Our team has been extremely focused on building a high performance OCR solution for the mortgage market, validated by our successful clients in both the origination and servicing market segments, and now by a leading industry association as well,” said Neil Fraser, Paradatec’s Director of US Operations. Fraser continues, “Our ability to process mortgage documents using natural language and artificial intelligence strategies rather than fixed recognition zones and the administrative burdens inherent with that approach, allows our solution to provide truly unstructured document processing. Further validation of our market presence is the fact that in 2017, our clients processed nearly 1.5 billion images, representing approximately 2.5 million loans, through our solution. We value the trust they have put in our solution, and we look forward to delivering continued efficiency improvements for years to come.”
Paradatec’s advanced OCR 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 out-of-the-box capabilities allow for the quick and accurate identification of over 500 unique documents in the typical mortgage file, along with capturing over 6,000 data elements from those documents. For more information, please visit www.paradatec.com.
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