Solutions – Paradatec

OVERVIEW

Managing loan documents while keeping costs in check and staying compliant has never been more critical. That’s why 3 of the 10 largest U.S. banks and 4 of the 10 largest servicers trust Paradatec to get it right.

Whether you originate or service loans, Paradatec’s AI-powered technology enables you to classify and extract data from structured and unstructured documents in milliseconds with extreme accuracy. And because all Paradatec solutions can be delivered in the cloud, no IT investment or software is required to get the results you need.

Application Processing

Need to free up pipelines? Paradatec accelerates the underwriting process and reduces origination costs by instantly extracting relevant data from borrower-provided pay stubs, W-2s, bank statements, tax documents and more.

Post-Close Processing

Paradatec automatically identifies every document in your loan files, verifies all required signatures and compares key data elements with your LOS to make sure no changes have been made. With Paradatec, you can close loans with confidence.

Reporting and Auditing

Paradatec’s automated data extraction tools make it possible to perform HMDA, RESPA and TRID audits and generate custom reports in minutes. Compliance has never been so simple.

Onboarding

Paradatec automatically reads every word of every document in incoming portfolios, identifies the final version of each key document, and pulls out all the data elements that are relevant for due diligence and archival needs. And it happens in seconds. Loan onboarding audits could not be easier.

HMDA

Capture and report HMDA data quickly and accurately. Paradatec searches through image archives and identifies the final versions of relevant HMDA documents, then captures data from them in XML or spreadsheet formats for easy Loan Application Register (LAR) reporting and future reporting needs.

Portfolio Ingestion

Paradatec automates bulk onboarding and ingestion of portfolios in seconds—even loans with inconsistently named documents and error-ridden indexing—while capturing thousands of data elements to create a reliable database of record. Onboarding thousands of loans per day is simple with Paradatec.

Audits

Perform mandated audits faster and more thoroughly than ever. Paradatec ensures all key documents are present and properly executed and key data matches your database of record. Paradatec even automatically audits data from previous servicers against incoming documents.

Servicing Automation

Paradatec’s industry-leading, award-winning OCR and AI technology automatically indexes hundreds of document types and extracts thousands of data elements in seconds. That’s why 4 of the 10 largest servicers trust Paradatec technology for lights-out results.

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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

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