Blind Test Challenge Opening Prospects’ Eyes

Cincinnati, OH, April 12, 2018 – Paradatec, Inc., the leader in advanced Optical Character Recognition (OCR) solutions for mortgage file processing, will be presenting at next week’s Mortgage Bankers Association Technology Solutions Conference & Expo at the Detroit Marriott in downtown Detroit, Michigan.

“We announced our One-day Blind Test Challenge at the MBA Annual event in Denver last October.  This offering allows organizations considering the value of OCR technologies to conduct a real-world test of Paradatec’s solution to validate our claims.  Since October, we’ve had a number of prospects run a sampling of their loan files through our solution, with eye-opening results for both document classification and data extraction automation,” said Neil Fraser, Paradatec’s Director of US Operations.  “There’s a good bit of hype and marketing misinformation in the OCR space right now, and organizations considering a significant investment in an OCR solution should press their candidates to validate the capabilities of each offering.  Before selecting the wrong product, we encourage such a bake-off, because nobody wants that unfortunate surprise after their product selection is made.  In fact, a number of our recent Blind Test activities have been with prospects disappointed in the gap between the marketing hype and the actual results delivered with other OCR solutions.  One quick example is an account that was seeing less than 20% classification automation after nearly 18 months of development work, while the results of our Blind Test showed nearly 80% automation out of the box,” Fraser continued.

In the course of the Blind Test Challenge, Paradatec’s solution classifies each document in the mortgage file and extracts 100 data elements across the Note, Deed of Trust, 1003, Appraisal, and W-2.  In addition to assessing Paradatec’s out of the box mortgage AI ‘awareness’, prospects also experience the speed of Paradatec’s OCR engine, allowing them to reasonably estimate a scaled production environment.

Paradatec leadership will be available for meetings in booth 236 of THE INNOVATION HUB from Sunday, April 15 through Tuesday, April 17.  Specific individual appointments can also be requested via the Contact page at www.paradatec.com/contact-us/.

 

About Paradatec

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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If you would like more information about this topic, please contact Paul Fischer at 262.685.7286 or email at p.fischer@paradatec.com.