Paradatec Inc., a market leader in AI-based document analysis technology for the lending and real estate industry, announced today that its integration is now built on the latest API Platform and available through ICE Mortgage Technology®, part of Intercontinental Exchange, Inc., a leading global provider of data, technology and market infrastructure for lenders to accelerate decision-making through automated document classification.
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. 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.
“We’re delighted to make the power of Paradatec available within Encompass,” said Neil Fraser, Paradatec’s director of U.S. operations. “For over ten 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.”
ICE Mortgage Technology combines technology, data and expertise to automate the entire mortgage process from consumer engagement through loan registration and every step and task in between. ICE Mortgage Technology is the leading cloud-based loan origination platform provider for the mortgage industry with solutions that enable lenders to originate more loans, lower origination costs, and reduce the time to close, all while ensuring the highest levels of compliance, quality, and efficiency.