Paradatec Enhances Mortgage Document Classification Technology
with AI-Cloud Offering
The mortgage industry’s leading artificial intelligence technology provider empowers lenders and servicers to easily access their automated AI and machine learning tools via the cloud
Cincinnati, OH –September 9, 2021 – Paradatec, Inc., a top provider of AI-based document classification and data extraction technology for mortgage loan processing, announced it now offers its software in the cloud. The company is the leading optical character recognition (OCR) vendor in the world and helps three of the 10 largest mortgage lenders and four of the 10 largest mortgage servicers in the U.S. automate the processing of loan documents.
AI-Cloud, hosted by Amazon Web Services (AWS), is already being used to automate loan originations and correspondent lending operations. A client-specific URL is all that is needed to submit content to the Paradatec cloud for processing.
Paradatec has successfully completed a Service Organization Control (SOC) 2 examination for AI-Cloud, providing its clients with confidence that their data is protected by one of the toughest standards that exist in the financial services industry.
“Our clients can now forego investing in their own server and network infrastructure and ongoing administration costs and instead leverage our secure cloud environment,” said Neil Fraser, Paradatec’s director of U.S. operations.
Paradatec’s technology leverages powerful, AI-based text analysis. Out-of-the box, Paradatec’s automated loan indexing technology breaks down every loan into more than 800 specific document types. It uses machine learning tools and pre-trained libraries to find over 8500 data points trapped in mortgage loan documents and capture them as individual digital data elements. The company’s technology also enables data provided by prior servicers to be automatically audited against incoming source documents as part of a cost-effective and extremely efficient loan onboarding due diligence process for servicers.
“With originations at record highs, automating loan processes and producing high quality loans is critical,” Fraser said. “Our enhanced cloud-based technology empowers lenders and servicers to streamline their document classification processes while saving time and money, so they can focus on their core businesses.”
The cybersecurity and compliance auditing firm 360 Advanced, Inc. examined Paradatec’s cloud-based loan document automation system and issued a report confirming Paradatec’s controls, policies and procedures meet the SOC 2 criteria for system security and confidentiality in accordance with standards set by the American Institute of Certified Public Accountants (AICPA).
About Paradatec, Inc.
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 800 unique documents in the typical mortgage loan 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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