Cincinnati, OH, October 22, 2019 – Paradatec, Inc., developer of the leading AI-based text analysis solution for mortgage file processing, announces their participation in next week’s MBA Annual Convention & Expo held at the Austin Convention Center in Austin, TX. The company will be showcasing their extensive out-of-the-box functionality for mortgage document indexing, versioning, and data extraction.
“We apply AI and machine learning concepts focused to bringing the rich data that is locked in static documents into the digital realm for easy consumption by a client’s business systems. Without a solution like ours, originators and servicers are bound to laborious and error-prone manual review and data entry efforts. While many of the bot initiatives in the market focus on automating various calculations and data comparison audits, our solution focuses on automating the creation of the individual data elements, while also purifying it in the process,” said Neil Fraser, Paradatec’s Director of US Operations. Fraser added, “If those bots are making automated calculations with incorrect data, they’re simply making bad decisions faster than humans would, and that’s a horrible place to be. Our solution extracts any data element printed on the page, performs bot-like validation of the value when possible, and presents data for operator review only when needed, all with the objective of feeding purified data into the client’s workstream. We’ve talked with many who are disappointed in their automation efforts for a variety of reasons, including slow implementation cycles or simply underperformance as compared to the marketing hype. At the same time, we welcome those conversations and the opportunity to show what our solution is capable of right out of the box.”
Paradatec staff will be available in booth 1013 at the Convention, and specific appointments in Paradatec’s meeting suite can also be requested through the Contact page of the company’s website at https://www.paradatec.com/contact-us/.
Paradatec’s AI-based 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 more than 750 unique documents in the typical mortgage file, along with capturing over 8,500 data elements from those documents. For more information, please visit www.paradatec.com.
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