Paradatec Inc., a provider of AI-based document analysis technology for the lending and real estate industry, announced its integration is now built into Encompass, the latest API platform available through ICE Mortgage Technology, part of Intercontinental Exchange, Inc.
The integration pairs Encompass’ AI cloud with Paradatec's AI-based document analysis technology. Using event-based triggers, the 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.
“We’re delighted to make the power of Paradatec available within Encompass,” Neil Fraser, Paradatec’s director of U.S. operations, said in a release. “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.”
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.
ICE Mortgage Technology automates the entire mortgage process, enabling lenders to originate more loans, lower origination costs, and reduce closing times.