Paradatec, a provider of AI-based document classification and data extraction technology for mortgage loan processing, says Guaranty Home Mortgage Corp. (GHMC), an independent mortgage banker, has selected Paradatec’s AI-Cloud solution for document processing and indexing.
AI-Cloud is Paradatec’s AI-based document classification and data extraction technology hosted by Amazon Web Services (AWS). A client-specific URL is all that is needed to submit content to Paradatec’s AI-Cloud for processing.
Nationwide lender GHMC selected Paradatec’s AI-Cloud solution after an evaluation process. “Paradatec was the clear choice based on our comprehensive vetting process,” says Michael Rhoden, GHMC chief technology officer. “Many vendors make bold claims about their AI-based solutions but are rarely able to deliver. Paradatec not only advertises an ability to provide an out-of-the-box, cloud-based implementation for indexing documents and extracting data, they actually do it.”
With AI-Cloud, GHMC has been able to reduce the average amount of processing time from a loan being uploaded and readied for review from 30 minutes to 10 minutes. The average amount of time to review and correct loan documents has been reduced from 40 minutes to 5 minutes.
AI-Cloud’s 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.
“The results obtained by Guaranty Home Mortgage using our unique technology are quite typical for our customers. And now, the technology is even more accessible with our cloud-based solution AI-Cloud,” states Neil Fraser, COO of Paradatec. “I would encourage other lenders to reach out to Paradatec to set up a one-day blind test. It takes only one day to see just what this technology can do, right out of the box.”