Northpointe Bank Case Study
This nationwide correspondent lender needed a solution to replace its manual loan indexing and data capture processes, which were prone to error and creating excessive labor costs.
After an exhaustive evaluation process, Paradatec was determined to be by far the fastest OCR and ADR technology on the market. The company’s pre-built mortgage logic understood the vast majority of loan document types and variations, and its library of 8,500 data extraction fields supported NorthPointe’s correspondent lending processes.
Since implementing Paradatec, Northpointe has experienced significant reductions in labor costs, error rates, and processing times. It has since taken advantage of the large volume of highly accurate and valuable data generated by Paradatec to implement sophisticated business rules to streamline loan production.