Solutions – Paradatec

OVERVIEW

Identifying and reconciling data and documents while keeping costs in check and staying compliant has never been more critical. That’s why 3 of the 10 largest U.S. banks, 5 of the 10 largest servicers, and top 10 service providers trust Paradatec to get it right.

Whether you originate, buy, service or QC loans, Paradatec’s AI-powered technology enables you to classify and extract data from structured and unstructured documents in milliseconds with extreme accuracy. Paradatec can then compare the results to other data sources to identify missing documents and automate data comparison and evaluation.

And because all Paradatec solutions can be delivered in the cloud, you can get started immediately with our hosted option and our existing integrations to industry leading systems of record; or run Paradatec in your own AWS or Azure cloud in days.

Application Processing

Need to free up pipelines? Paradatec accelerates the underwriting process and reduces origination costs by instantly extracting relevant data from borrower-provided pay stubs, W-2s, bank statements, tax documents and more.

Pre-Closing Preparation

Extract data from the property and title documents to prepare closing packages, then quickly reconcile fees and other information on the Closing Disclosure to keep closing dates on time and with accurate information.

Post-Close Auditing

Paradatec automatically identifies every document in the loan file, verifies all required signatures including notarial signatures and stamps, and compares key data elements with your LOS to identify any data discrepancies.

Compliance Reporting and Auditing

Paradatec’s automated data extraction tools make it possible to perform HMDA, RESPA and TRID audits and generate custom reports in minutes. Compliance has never been so simple.

Loan Reviews / Onboarding

Paradatec automatically reads every word of every document in incoming submissions or portfolios, identifies the final version of each document, and pulls out all the data need for due diligence for full data reconciliation to datasets sent with the documents.

HMDA

Capture and report HMDA data quickly and accurately. Paradatec searches through image archives and identifies the final versions of relevant HMDA documents, then captures data from them in XML or spreadsheet formats for easy Loan Application Register (LAR) reporting and future reporting needs.

MSR / Bulk Portfolio Ingestion

Paradatec automates bulk onboarding and ingestion of portfolios in seconds—even loans with inconsistently named documents and error-ridden indexing—while capturing thousands of data elements to create a reliable database of record. Onboarding thousands of loans per day is simple with Paradatec.

Internal and Investor Audits

Perform mandated audits faster and more thoroughly than ever. Paradatec ensures all key documents are present and properly executed and key data matches your database of record. Paradatec even automatically audits data from previous servicers against incoming documents.

Servicing Automation

Paradatec’s industry-leading, award-winning OCR and AI technology automatically indexes hundreds of document types and extracts thousands of data elements in seconds. That’s why 5 of the 10 largest servicers trust Paradatec technology for lights-out results.

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Our Clients Love Us

From originators to servicers, BPOs and external due diligence firms trust Paradatec to streamline document processing.

We asked a number of vendors, including the Paradatec team, to help us perform an extensive due diligence process that included an out-of-the-box, blind test with our own loan samples and proof of concept test. Paradatec was the clear winner based on our comprehensive vetting process.

Steven Davids

Senior Vice President of Correspondent Lending, Northpointe Bank

OUR SOLUTIONS