PARADATEC AI-CLOUD AUTOMATED DOCUMENT ANALYSIS PLATFORM NOW INTEGRATED WITH ENCOMPASS® BY ICE MORTGAGE TECHNOLOGY®
Wilmington, DE – February 16, 2023 – Paradatec Inc., a market leader in AI-based document analysis technology for the lending and real estate industry, announced today that its integration is now built on the latest API Platform and available through ICE Mortgage Technology®, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure for lenders to accelerate decision-making through automated document classification.
The integration pairs Encompass® by ICE Mortgage Technology with AI-Cloud, Paradatec’s AI-based document analysis technology. Using event-based triggers, AI-Cloud automatically retrieves documents for classification from Encompass, indexes them while adding meta-data such as versioning information, and returns them to the Encompass eFolder using the lender’s document names – all without human intervention.
Paradatec provides reliable results quickly, so clients can focus on customer care instead of clerical processes. AI-Cloud supports the entire lending lifecycle, identifying over 850 specific document types and using machine-learning tools and pre-trained libraries to extract and transform 8,500 data points into actionable data.
“We’re delighted to make the power of Paradatec available within Encompass,” said Neil Fraser, Paradatec’s director of U.S. operations. “For over ten years, Paradatec has been meeting the mortgage industry’s document classification, versioning and data extraction needs. Our clients rely on Paradatec to seamlessly support the automation in their systems of record, so integrating AI-Cloud with Encompass provides new opportunities for origination efficiency.”
For more information visit: Paradatec Inc. on the Marketplace by ICE Mortgage Technology®.
ICE Mortgage Technology combines technology, data and expertise to automate the entire mortgage process from consumer engagement through loan registration and every step and task in between. ICE Mortgage Technology is the leading cloud-based loan origination platform provider for the mortgage industry with solutions that enable lenders to originate more loans, lower origination costs, and reduce the time to close, all while ensuring the highest levels of compliance, quality, and efficiency. Visit icemortgagetechnology.com or call (877) 355-4362 to learn more.
Paradatec is the leading provider of AI-based automated document analysis technology for the lending and real estate industry. We make your systems more effective by providing accurate information from your documents in real-time. Using machine-learning tools and pre-trained libraries, Paradatec finds 8,500 data points in 850 mortgage and real estate documents and transforms them into actionable data. The solution also supports document versioning, PII data redaction, signature tagging/identification and more. Paradatec’s clients include three of the 10 largest U.S. banks, four of the 10 largest servicers, and leading QC Audit and settlement service providers. Paradatec has the trust of the largest financial services providers to help them manage the lending lifecycle with high quality automation. For more information, visit www.paradatec.com.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 — Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on February 2, 2023.
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