New capability empowers clients to automatically analyze and compare data from multiple documents and systems
Paradatec Inc., a market leader in AI-based document analysis technology for the lending and real estate industries, announced the availability of a new Analytics module that automatically compares system-of-record data from different systems with extracted and calculated data from source documents and datasets. Returning fully traceable and auditable results, the Analytics module in Paradatec’s AI-Cloud platform improves overall data accuracy and flags unusual data, therefore enabling organizations to significantly reduce labor costs, improve the quality of their loan files, and enhance their fraud detection capabilities.
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Manually comparing extracted data from multiple source documents to data stored in various operational systems is time-consuming, labor-intensive and prone to errors. Paradatec’s new Analytics module bridges these gaps and accelerates the process of data harmonization by automating data review, enabling lenders and servicers to make informed decisions with confidence while streamlining their operations and lowering costs.
“Our new Analytics module is another example of our ongoing investment to deliver customer-requested practical, tangible innovation for our valued clients and the mortgage industry,” said Neil Fraser, director of U.S. operations at Paradatec. “Customers have told us they are investing in their own capabilities or third-party systems to automate complex workflows, and they are depending on Paradatec to help them identify, cleanse and translate the data those workflow automation systems require.”
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The Analytics module uses a flexible rules engine, allowing clients to augment Paradatec’s rules with their own business rules for data comparison purposes. Leveraging Paradatec’s market-leading AI-based document classification, versioning and data extraction capabilities, the Analytics module uses data from multiple sources and automates data calculations and comparisons. Once an audit is complete, whether within a process or for the whole file, Paradatec’s flexible API returns results and data using configurable triggers and translation formats into customers’ downstream systems.
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 over 8,500 data points in 875+ 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.
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