Mortgage Loan Origination Automation

office2

Application processing

Extract relevant content from borrower-provided pay stubs, W-2s, bank statements, and tax documents to expedite underwriting and reduce origination costs

office1

Post-close processing

Identification of each document in the loan file, bringing structure to what was a 300+ page blob of content.

  • Verification that relevant documents have been signed
  • Compare key data elements from loan file with your systems of record to verify changes haven’t been made without your knowledge
office3

UCD file generation

Create the Uniform Closing Dataset (“UCD”) file required (as of Sept 25, 2017) when selling loans to Fannie Mae and Freddie Mac

office4

Reporting and Audit automation

Extract key loan file data elements to support the following reporting/audit activities:

  • HMDA reporting – our system is ready to capture the additional demographic data on the new Uniform Residential Loan Application (effective Jan 1, 2018)
  • RESPA audit
  • TRID audit

Paradatec Audit Suite

528878602_270-240

Loan Onboarding Audit

Traditionally when servicing rights are transferred to a new servicer, the process of loan on-boarding is tortuous. The Paradatec Loan Onboarding Audit solution automatically reads every word of every document in the incoming portfolio and identifies the final version of each key document. Each final version is then passed through our sophisticated data extraction logic to automatically pull out all of the data elements that are relevant for a servicing operation’s due diligence, and loan data archival needs. Loan ingestion rates of many thousands of loans per day are common with this process.

706422085_270-240

TRID Audit

Paradatec provides a rigorous tool for a comprehensive review of each TRID transaction. Typically, during the origination process there are several iterations of both a Loan Estimate and a Closing Disclosure. The Paradatec TRID Audit solution is able to extract every data element from all initial and re-disclosed Loan Estimates and Closing Disclosures. The system can be configured to either output all of the data from each document iteration, or output just the differences found from the prior document. Output formats include MISMO v3.3 or custom XML schemas.

243143899_270-240

UCD Audit

The Uniform Closing Dataset (UCD) provides a common industry dataset to support the Consumer Financial Protection Bureau’s (CFPB) Closing Disclosure. Loans closed on or after September 25, 2017 which are acquired by the  GSEs are required to have both a UCD XML file and after April 2018 an embedded PDF of the associated Borrower Closing Disclosure. Paradatec provides the tools to determine if the data on the embedded Closing Disclosure actually matches the same data on the UCD XML file.

113240458_270-240

HDMA Audit

The Paradatec HMDA Audit solution searches through an image archive for every version of every document relevant to the HMDA disclosure and automatically determines the final versions. Data is then automatically captured from these final documents via intelligent OCR and coalesced into an XML file or spreadsheet to be used for reporting. This process provides lenders with a highly automated method for assuring accuracy of required Loan Application Register (LAR) reporting data andto ensure database of record quality for future reporting needs.

Mortgage Loan Servicing Automation

Bulk on-boarding and ingestion of loan portfolios

The Problem:

How to ingest large mortgage portfolios with:

  • Inconsistent document naming conventions
  • Error-ridden document indexing
  • A data feed that may or may not be accurate
  • May take weeks to complete

The solution

  • Automatic document identification/indexing
  • Mortgage OCR is fast and accurate
  • Minimal human intervention required for Mortgage document identification
  • Mortgage data capture provides a reliable database of record
  • Capture thousands of data elements or, just a few key data fields

The Result

  • The ability to ingest tens of thousands of loans per day
  • Every document type is checked via OCR indexing
  • Key mortgage data is extracted
  • Documents are converted to bookmarked PDF
  • Re-indexed documents are more granular
solutions1

Audit

  • Are all key documents present?
  • Are these appropriately executed?
  • Does key data match the database of record?
  • As well as the ability to: Perform mandated audits automatically and fast
solutions2

Servicing automation

  • Automatic indexing via OCR
    100’s of document types are supported, out-of-the-box
  • Automatic data extraction via OCR
    1,000’s of data elements can be extracted or checked, out of the box
solutions3

Added value from bookmarked PDF creation

  • Your customers can skip to any data field in any mortgage loan, in an instant
  • This is value-add that would go away if the investor chose another servicer