Expedite MSR Ingestion and Audits with Mortgage OCR
Cincinnati, OH, May 15, 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 Secondary Market Conference & Expo at the Marriott Marquis in New York City.
“Over the last year, we’ve implemented our solution in a number of mortgage servicing settings. The objectives have been two-fold in that our solution can help build the file that is imported into the mortgage servicing system, and in cases where that input file already exists we can support auditing that data against the documents of record to verify the accuracy of the input file,” said Neil Fraser, Paradatec’s Director of US Operations. “Through our Blind Test Challenge, these clients have firsthand experience with the results our solution can deliver, providing the comfort level needed when making a strategic decision such as this. There’s a good bit of hype and marketing misinformation in the OCR space and organizations considering a significant investment in an OCR solution should press their candidates to validate the capabilities of each offering,” Fraser advised.
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 417 of THE HUB from Sunday, May 20 through Tuesday, May 22. Specific individual appointments can also be requested via the Contact page at www.paradatec.com/contact-us/.
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 email@example.com.