Paradatec Inc., a company focused on AI-based document analysis technology for the lending and real estate industry, says its integration is now built on the latest API platform and available through ICE Mortgage Technology.
The integration pairs Encompass by ICE Mortgage Technology with AI-Cloud, Paradatec’s AI-based document analysis technology. Using event-based triggers, AI-Cloud automatically retrieves documents for classification from Encompass, indexes them while adding meta-data such as versioning information and returns them to the Encompass eFolder using the lender’s document names – all without human intervention.
Paradatec provides reliable results quickly, so clients can focus on customer care instead of clerical processes, the company says. AI-Cloud supports the entire lending lifecycle, identifying over 850 specific document types and using machine-learning tools and pre-trained libraries to extract and transform 8,500 data points into actionable data.
“For over 10 years, Paradatec has been meeting the mortgage industry’s document classification, versioning and data extraction needs. Our clients rely on Paradatec to seamlessly support the automation in their systems of record, so integrating AI-Cloud with Encompass provides new opportunities for origination efficiency,” says Neil Fraser, Paradatec’s director of U.S. operations.
