Taking Flight in the Cloud

June 14, 2021

Taking Flight in the Cloud

 It’s hard to imagine a faster way to process loan documents than through automated mortgage document indexing (ADR) and automated data capture technologies, which are capable of “reading” entire pages of information in milliseconds. In fact, our own automated, artificial intelligence-based document classification and data extraction technology is able to process 25,000 loans in two days or less.

But there is a way to process loans even faster. We know because we’ve made it happen.

The Beauty of the Cloud

 Previously, document processing technology required lenders and servicers to install software behind their own firewalls, either through a private data center or within their own private cloud environment. By accessing these technologies directly from the provider’s fully hosted, secure cloud environment, lenders and servicers no longer need to spend any money on hardware, storage, or IT support just to process loan files.

And they’re able to process loans much faster, too. When placed in a cloud environment, the same document processing technologies can process portfolios of one million loans or more in the cloud in as little as 30 days. That’s several times faster than hosting these technologies yourself.

This is exactly what we’ve been able to achieve through AI-Cloud, our cloud-based platform hosted by Amazon Web Services (AWS). AI-Cloud delivers the same powerful, AI-based text analysis, optical character recognition (OCR) technology and machine learning tools our clients have used for more than 30 years to convert data trapped inside static loan documents into actionable data. AI-Cloud also includes our auditing technology, which breaks down every loan into more than 800 specific document types, completely eliminating the need to perform manual filename mapping during loan onboarding.

Already, AI-Cloud is being used by lenders and servicers for faster loan originations, mortgage servicing rights (MSR) onboarding, portfolio cleanup and more. The best part? It couldn’t be easier to use.

How it Works

To submit loans to AI-Cloud for processing, all a company needs to do is to set up an online account, which triggers the creation of a private “tenant” for its documents. The tenant keeps both the storage and processing of the company’s documents separate from other companies.

The company then gets a unique website address it can use for submitting batches of work, whether it’s a single loan file or an entire portfolio of loans.  However, there’s also the option to create a simple web services application programming interface (API) that enables a company to submit loans through one or more of its applications as encrypted files.

Companies can track the processing of their loans through a web page created just for them. Afterwards, they can verify any uncertain data elements—typically very few—directly online through a unique user interface, or Paradatec can perform the data purification itself.

Get Ready for Liftoff  

Make no mistake, automating loan processes to produce higher quality loans at greater speeds and fewer costs is no longer a competitive advantage—it’s essential. That’s especially true today, as lenders begin transitioning into a more purchase-oriented market, and as servicers face greater scrutiny from the Consumer Financial Protection Bureau.

The bottom line is that there is no faster way to process documents than through the cloud, which allows lenders and servicers to maximize their resources while focusing the bulk of their attention where it belongs—on their core businesses.

Interested in seeing how fast document processing can really get? It costs nothing to take a free test flight on AI-Cloud. With a sample of your mortgage files, AI-Cloud can immediately provide a fully indexed and bookmarked PDF for each loan file, with extracted data elements highlighted on each source document—all without any effort on your part.

Book your flight today by dropping a note at contact@paradatec.com



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