Paradatec, Inc., a provider of AI-based document classification and data extraction technology for mortgage loan processing, now offers its software in the cloud, the company announced in a release.
The company said it is the leading optical character recognition 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, 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, the release stated.
Paradatec has successfully completed a Service Organization Control 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,” Neil Fraser, Paradatec's director of U.S. operations, said in the release.
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. 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.”