Paradatec Inc., a market enabler in AI-based document analysis technology for the lending and real estate industries, announced its AI-Cloud solution is now integrated with Path Software, the industry’s most modern and flexible mortgage loan origination system.
“At a time when originators are striving to reduce costs, we’re thrilled to help Path users achieve source document data accuracy and speed at scale,” said Mark Tinkham, director of Strategic Business Alliances at Paradatec. “AI-Cloud’s lights-out document automation ensures more banks, lenders and brokers get the data they need to power their downstream systems. We look forward to a long and valuable partnership with Path Software and share their commitment to industry innovation.”
“We’re delighted to partner with Paradatec, an industry leader in AI-based document automation,” said Joy Ziminskas, director of Business Development at Path. “The company’s track record of applying AI to streamline document classification and data extraction processes will be of enormous benefit to our clients, enabling them to lower costs and improve efficiency while providing a better customer experience for their borrowers.”
The integration pairs Path with AI-Cloud, Paradatec’s AI-based document classification, versioning and data extraction technology. Through the integration, AI-Cloud automatically retrieves a lender’s loan documents for classification from within Path, indexes and meta-tags them, and returns the documents to Path.
Paradatec’s AI-Cloud automated document analysis technology uses AI-based machine-learning tools and pre-trained libraries to find and capture over 8,500 data points trapped in over 850 mortgage and real estate documents and transforms them into actionable data.
Path is an innovative, cloud-based solution designed to simplify the loan process while still providing lenders the controls and flexibility they need to run their business. Path is configurable to the lenders’ specific needs, including workflows, roles, organizational structure, and compliance controls. This data-driven platform is device independent and can be conveniently accessed from any web-connected device. Path also includes a compliance management platform, Path Agile Compliance™, that provides proactive, automated compliance alerts, audit trails and parallel compliance workflows.
