Paradatec, a provider of AI-based document classification and data extraction technology for mortgage loan processing, announced Guaranty Home Mortgage Corp. (GHMC) has selected Paradatec’s AI-Cloud for document processing and indexing, the company announced in a release.
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, the company said.
Nationwide lender GHMC, who originates loans through multiple channels, said it was looking for a solution to replace its outsourced services for indexing and capturing key data from loan documents. Like many lenders, GHMC said it was spending significant time and resources to process documents manually, which is labor- intensive, slow and prone to error.
GHMC said it selected Paradatec’s AI-Cloud solution after an exhaustive evaluation process in which it tested and compared competing solutions over a period of several months. According to GHMC Chief Technology Officer Michael Rhoden, Paradatec had the fastest technology to read mortgage documents, along with the unique ability to seamlessly scale to very high volumes.
“Paradatec was the clear choice based on our comprehensive vetting process,” Rhoden said in the release. “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 five minutes, the company said. Additionally, since implementing AI-Cloud, Guaranty said it has experienced a significant reduction in error rates.
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,” Neil Fraser, chief operating officer of Paradatec, said. “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.”