Company’s unique AI-based technology allows mortgage servicers to ingest entire loan portfolios in hours instead of weeks

Cincinnati, OH – February 20, 2020 – Paradatec, Inc., a leading provider of AI-based document classification and data extraction technology for mortgage file processing, announced it has achieved 100 percent automated onboarding of mortgage servicing rights (MSR) files, regardless of the size and type of incoming loan portfolios.

Paradatec’s loan onboarding technology leverages powerful, AI-based text analysis and machine learning tools to convert 100 percent of the information trapped in static loan documents to individual data elements. Its automated loan auditing technology then breaks down every loan into 750 specific document types, eliminating manual filename mapping when onboarding loans. The company’s technology also enables data provided by prior servicers to be automatically audited against incoming documents before being absorbed into the new servicer’s system.

“As servicing costs rise, the highly laborious, error-prone process of manually onboarding loans is no longer sustainable,” said Neil Fraser, Paradatec’s director of U.S. Operations. “Servicers can now ‘de-blob’ individual loans by automating the filename mapping process and audit data against incoming documents in a fraction of the time it typically takes. As a result, a 2,000-loan MSR portfolio that would normally take two weeks to ingest can now be onboarded in just a day. We are not aware of any provider that comes close to providing this level of turnaround performance.”

Paradatec’s loan onboarding technology automatically reads every word of every document in incoming loan portfolios and identifies the final version of each key document. In addition to reducing loan onboarding times, the company’s technology creates enriched data to drive downstream decisioning systems and allows companies to avoid the significant costs, errors and penalties associated with inaccurate data and missed delivery deadlines.

Paradatec will be demonstrating its technology at the Mortgage Bankers Association Servicing Solutions Conference & Expo held February 23-26 in Orlando, Florida. Those interested in meeting with company representatives at the event may visit Booth 726 or call 262.685.7286 to schedule a meeting.

 

About Paradatec

Paradatec is a leading provider of efficient, accurate and flexible AI-based document classification and data extraction technology for lenders, servicers and investors. The company’s polished, out-of-the-box solution completely automates incoming loan processing by identifying more than 750 unique documents in the typical mortgage file and capturing over 8,500 data elements from those documents. Paradatec’s clients include three of the 10 largest U.S. banks and four of the 10 largest servicers. For more information, visit www.paradatec.com.

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Press Contact
Mary McGarity
Strategic Vantage Marketing and Public Relations
(203)260-5476
MaryMcGarity@StrategicVantage.com

 

Corporate Contact
Paul Fischer
Paradatec, Inc.
(262)685-7286
P.Fischer@paradatec.com