Paradatec Continues to Grow Despite Lower Market Volumes
Number of users of award-winning AI-Cloud mortgage document automation technology increases 36% year-over-year
Sept. 12, 2023 — WILMINGTON, Del. /PRNewswire/ — Paradatec Inc., a market leader in AI-based document analysis technology for the lending and real estate industries, announced a 36% increase over the past year in the number of users of its industry-leading AI-Cloud document classification and data extraction technology.
Paradatec also announced it is developing enhanced data extraction technology based on a new machine learning model, which will be released in early 2024. The new tools dramatically improve the accuracy of data extracted from structured and unstructured loan documents and enable lenders to enhance their fraud detection capabilities.
“We’re delighted that the number of users and documents processed through our AI-based technology continues to swell in spite of the current market environment,” said Neil Fraser, director of U.S. operations. “To us, it’s a sign that more mortgage companies know who they can trust for powerful technology that uses real AI to process documents and data as efficiently as possible. New and existing clients are choosing AI-Cloud to leverage our market-leading functionality and the ability to scale quickly as market conditions change.”
In addition to developing enhanced data extraction tools, Paradatec has also updated its application programming interface (API) capabilities, enabling AI-Cloud to be integrated with a lender’s loan origination system (LOS) of choice. The updates also allow new users to be onboarded with greater speed and efficiency.
To date, AI-Cloud has integrated with multiple LOS platforms, including Encompass, Calyx Path and Blue Sage Solutions. These integrations enable banks, lenders and credit unions to leverage AI-Cloud to automatically classify loan documents and extract data without almost no human involvement.
Paradatec remains the mortgage industry’s leading AI provider for loan and real estate document processing. Currently, Paradatec’s clients include 3 of the 10 largest lenders and 4 of the 10 largest servicers in the U.S.
Paradatec’s AI-Cloud automated loan indexing technology breaks down every loan into more than 850 specific document types and uses machine-learning tools and pre-trained libraries to find and transform over 8,500 data points trapped in mortgage loan documents into actionable data.
“As the housing market continues to evolve, other mortgage technology providers have been tightening their belts due to lower volumes,” Fraser said. “But because we are privately-owned and customer-driven, we’re able to continue investing in innovation designed to help clients overcome their biggest challenges—which, right now, are controlling costs and reducing fraud. Our ongoing R&D investments and our continually improving machine learning models ensure lenders get the high-quality data they need to power their automation initiatives and drive down costs.”
To learn more about Paradatec and AI-Cloud, stop by Booth #505 at the upcoming National Mortgage News Digital Mortgage Conference in Las Vegas or Booth #1213 at the MBA Annual Convention & Expo in Philadelphia in October.
Paradatec is the leading provider of AI-based automated document analysis technology for the lending and real estate industries. We make your systems more effective by providing accurate information from your documents in real-time. Using machine-learning tools and pre-trained libraries, Paradatec finds 8,500 data points in 850 mortgage and real estate documents and transforms them into actionable data. The solution also supports document versioning, PII data redaction, signature tagging/identification and more. Paradatec’s clients include three of the 10 largest U.S. banks, four of the 10 largest servicers, and leading QC Audit and settlement service providers. Paradatec has the trust of the largest financial services providers to help them manage the lending lifecycle with high quality automation. For more information, visit www.paradatec.com.