Integration automates workflow and document analysis to enhance loan submission
October 25, 2022 – Englewood Cliffs, N.J. and Cincinnati, Ohio – Blue Sage Solutions, LLC and Paradatec, Inc. recently integrated their industry-leading solutions to improve delivery and turn times for correspondent loan sales and submissions, including automating document checks and audits.
Blue Sage, developers of the Core Seller Portal, a browser-based, end-to-end mortgage origination lending system, and Paradatec, provider of the AI-Cloud document classification and data extraction technology for mortgage and real estate documents, recently integrated their respective solutions.
As a result, sellers can easily upload loan documents through Blue Sage’s Core Seller Portal and process them through AI-Cloud, Paradatec’s automated document indexing and data extraction solution, which uses machine learning tools and pre-trained libraries to extract over 8,500 data points from over 850 documents to eliminate rekeying of data and manual indexing tasks.
Paradatec’s engine then returns indexed documents and data to the Blue Sage platform where automated workflows perform missing document checks and data audits, with intake staff notified of any data exceptions for manual review. Finally, the perfected data is then accessible via integrations for third-party compliance and due diligence reviews — eliminating manual work typically associated with these tasks.
Planet Home Lending, a top 10 correspondent lender, found the combined tools helped improve customer experience while reducing costs and approval turn-times.
“We continue to invest in new streamlined solutions to support existing sellers and make it easy for new sellers to become productive immediately,” said Planet Home Lending Senior Vice President of National Sales, Correspondent James Loving. The increased efficiencies helped the company reduce turn-times after Planet acquired certain delegated correspondent assets from Homepoint last summer.
“While we have been partnering with Blue Sage since 2015, this combination of process updates and new technologies from both Blue Sage and Paradatec increased our productivity at a critical time,” Loving said. “This allowed us to continue to offer outstanding seller experience, turn times and pricing even as the number of correspondents locking loans with Planet quickly rose.“
“Increasing our customers’ productivity through integrations has been a key focus at Blue Sage,” said Carmine Cacciavillani, founder and president of Blue Sage. “With the Paradatec integration, automated document recognition and data element extraction further streamlines the intake and purchase process and allows our customers to focus on other critical tasks and complete reviews faster while providing an improved seller experience.”
“We’re thrilled to support Planet Home Lending and Blue Sage,” said Neil Fraser, Paradatec’s director of U.S. operations. “Using Paradatec embedded within Blue Sage’s fulfillment platform means lenders can enhance their productivity and quality through automation while reducing the time spent to complete their loan review processes.”
Both Blue Sage and Paradatec will be exhibiting at this week’s MBA Annual Convention and Expo in Nashville, with Blue Sage Solutions in booth #1303 and Paradatec in booth #1228.
About Blue Sage Solutions, LLC
Blue Sage Solutions engineers transformational end-to-end lending technology backed by our 30+ years of proven, industry experience. Our mission is help lenders lower costs and boost productivity for lenders doing business in any channel. To maximize efficiencies, we emphasize system connectivity and flexibility across our multi-channel platform and maintain a comprehensive library of APIs. Blue Sage Solutions is headquartered in Englewood Cliffs, New Jersey. For more information, visit www.bluesageusa.com
About Paradatec, Inc.
Paradatec is a leading provider of efficient, accurate and flexible AI-based document classification and data extraction technology for the lending and real estate industry. The company’s out-of-the-box solution recognizes over 850 specific document types and uses machine-learning tools and pre-trained libraries to find and transform over 8,500 data points in mortgage and real estate documents into actionable data. Paradatec’s clients include three of the 10 largest U.S. banks and four of the 10 largest servicers. For more information, visit www.paradatec.com.
About Planet Home Lending, LLC
Planet Home Lending, LLC, Meriden, Conn., (NMLS #17022) is an approved originator and servicer for FHA, VA and USDA; a Freddie Mac and Fannie Mae Seller/Servicer; a full Ginnie Mae Issuer and approved subservicer; and a Standard & Poor’s Global Ratings- and Fitch Ratings-rated special and prime residential servicer. Planet’s corporate family rating by Moody’s Investors Service is viewable at www.moodys.com. Its correspondent division offers a full suite of government, agency and niche home loans. Planet’s customized servicing solutions maximize asset recovery and optimize performance through active management at the portfolio and loan levels. Planet is an Equal Housing Lender. For more information about Planet Home Lending, visit https://phlcorrespondent.com.