Paradatec, Inc., developer of an Optical Character Recognition (OCR) solution for mortgage file processing, has released their web services API for real-time integration to their clients’ line-of-business applications. This new functionality can seamlessly transfer documents from the loan origination system (LOS) to the Paradatec solution for page classification and data extraction, with the Paradatec-produced results transferred back to the LOS in place of manual data entry.
“As application integration becomes tighter in response to the ongoing compression of service level timeframes, Paradatec’s new web services API stands ready to serve as the OCR extension to our clients’ line-of-business applications. Our first solution to leverage this capability is our new WriteUCD module, in which the final Closing Disclosure (CD) is submitted to us through the web services API, our OCR functionality extracts the relevant data from the CD, and WriteUCD then produces the corresponding Uniform Closing Dataset (UCD) file required by Fannie Mae and Freddie Mac” said Neil Fraser, Paradatec, Inc.’s Director of US Operations.
“This new functionality allows for seamless OCR processing scaling from small document sets like borrower-provided paystubs and W-2s up to full loan files. With the ability to integrate tightly with any other web service-enabled application, we’re helping our clients create a very rich and efficient application ecosystem.”
Paradatec’s OCR solutions offer significant efficiencies for classifying large quantities of differing document types and extracting key data elements from those documents. In the mortgage market, these capabilities allow for the quick and accurate identification of over 500 unique documents in the typical mortgage file, along with capturing nearly any data element from those documents that an organization requires.