Synechron Inc., a global consulting and technology innovator in the financial services industry, and Paradatec, offering free-form document classification and data extraction, are teaming up to dramatically reduce costs and increase productivity for mortgage originators and servicers through more accurate document automation.
By incorporating Paradatec’s optical character recognition (OCR) technology with its document service, Synechron says it can help lenders and servicers dramatically reduce the cost of data extraction and improve accuracy.
Paradatec says its OCR technology is able to read structured, semi-structured and unstructured documents within milliseconds per page and, at the same time, provides up to 80% automation/labor savings.
“Mortgage servicers and lenders are looking for reliable ways to automate their systems that have become increasingly expensive to operate,” says Zia Bhutta, co-founder and chief operating officer of Synechron, in a release. “Many of the OCR tools that are available in the market today claim to handle unstructured documents, but Paradatec’s superior technology and focus on mortgages enables them to offer the highest rates of automation and accuracy.
“Paradatec’s automated processing and neural networking approach to OCR can dramatically reduce costs, minimize risk and optimize operations to significantly improve mortgage servicing,” Bhutta adds. “This technology will be an important first building block to becoming a digital business.”