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Technology Achieves 100 Percent Investor Adoption

Mortgage Capital Trading, Inc. (MCT), a leading mortgage hedge advisory and secondary marketing software firm, announced that it has gained unprecedented industry-wide technology adoption among the investor aggregator community. MCT officially unveiled the Bulk Acquisition Manager (BAM) within its capital markets software platform, MCTlive!, in July of this year.

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BAM centralizes and streamlines the entire process of packaging and securely transferring whole loan information and bids. The technology provides a web interface that enables lenders’ bid tapes to be securely and efficiently delivered to approved buyers following best execution analysis in a centralized repository. Investors are lauding BAM as the most robust, easy-to-use, scalable, and secure bid tape management technology on the market, which are cited as the primary reasons for rapid investor adoption.

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“We initially developed BAM to address the Nonpublic Personal Information (NPI) security risk associated with transmission of bulk bid tapes via email, but the efficiency gains and improved market color for both counterparties drove rapid adoption,” said Phil Rasori, COO of MCT and architect of BAM. “MCT represents 30 to 40 percent of approved sellers for the average correspondent investor with about 1,200 bid tapes flowing through BAM every day. BAM is raising the bar for other bid tape management solutions, with one major investor already leveraging BAM to serve as their database of record for bulk bid tape transactions. BAM is well on its way to becoming the defacto standard in the mortgage industry.”

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BAM includes tiered user administration, putting decision-making about access to transaction data in the hands of lender clients and their investors. Overall, BAM is improving the industry’s existing loan sale practices with quicker best execution pricing for bulk bid tapes, better communication and transparency, enhanced data security, greater organization and consistency, endless scalability, and optimization of the entire process from start to finish.

To make BAM’s functionality conveniently integrate with existing processes, MCT established two different methods for investors to securely transmit bid tape files. This can be done by accessing MCTlive!’s secure browser-based user interface or via a Restful API (Application Programming Interface) which enables MCT to integrate with various loan exchange platforms and homegrown investor systems. To date, nearly all investors have elected to use MCTlive! due to its extreme ease of use, built-in metrics, and robust user administration.

Company officials at MCT say that plans are in progress to expand BAM and its user base, yielding even more improvements to management of the bid tape transfer process. Moving forward, investors, lenders, traders, account executives, and the bid tape market as a whole will realize additional benefits through feature development within MCTlive! and the Bulk Acquisition Manager.

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

PathSoftware Now Integrated With ComplianceAnalyzer From ComplianceEase

PathSoftware today announced that Path, its highly-configurable, multi-channel, cloud-based mortgage loan origination software (LOS), is now integrated with ComplianceAnalyzer with TRID Monitor from ComplianceEase, a provider of automated compliance solutions to the financial services industry.

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The seamless integration lets Path users automatically audit loans for regulatory compliance violations using ComplianceAnalyzer with TRID Monitor—without ever leaving the LOS. ComplianceAnalyzer with TRID Monitor is the most comprehensive, real-time TRID auditing solution available in the market. It can check for any changes in terms and fees throughout the origination and closing processes; audit tolerance across all disclosures and changed circumstances; and track post-consummation disclosures, including those with a cure to the borrower. In addition, ComplianceAnalyzer with TRID Monitor performs audits for Federal high cost and higher-priced loan regulations, the Secure and Fair Enforcement for Mortgage Licensing Act, state high cost and anti-predatory regulations, and state license-based consumer lending laws and regulations. It can also perform audits for compliance guidelines from secondary market investors and government-sponsored enterprises.

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Path was designed to simplify and streamline mid- to enterprise-level, multi-channel loan origination. All loan data, lock data, products, pricing, automated underwriting system findings, loan estimate and closing disclosure documents emanate and are reconciled within one system. In addition, the LOS’s configurable workflows, with role-based functionality, provide visibility into every loan at every stage—so financial institutions can ensure their business rules are followed.

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“We developed ComplianceAnalyzer with TRID Monitor to deliver in seconds comprehensive loan-level compliance reports supported by detailed regulatory and cure analyses, exception tracking and reporting,” said Dan Smith, Senior Vice President of ComplianceEase. “Our integration with Path will allow us to help more lenders improve efficiency, as well as give them greater confidence in the loans they’re originating.”

“Having the ability to automatically audit loans at every step in the origination, closing and post-closing process is vital in today’s ever-changing regulatory environment,” said Doug Mitchell, Director of Sales and Support at PathSoftware. “We’re pleased to partner with ComplianceEase to help our financial institution clients improve loan quality, reduce compliance risk, and capture the data needed to prepare for regulatory exams.”

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Wholesale Lender Improves The Broker Experience

United Wholesale Mortgage (UWM), the No. 1 wholesale mortgage lender in the nation, has launched their newly designed, fully integrated website that was built to serve as a one-stop shop for mortgage brokers. Here’s the significance:

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“A lot of research went into finding the content and tools that our clients most frequently look for online, and we built UWM.com to be the destination to fulfill all those needs,” said Mat Ishbia, President and CEO of UWM. “We’ve upgraded to an all-inclusive hub of information and resources that is relevant to everyone in the mortgage industry. Now, originators, owners and processors can spend less time searching the web for tools and news and focus more of their time on obtaining new business and providing exceptional service to their clients.”

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The new UWM.com seamlessly integrates with UWM’s EASE loan origination system. The websites gives users one-click access to improved tools that enable them to start a loan, manage their pipeline, and grow their business.

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The site also provides mortgage professionals with easy access to essential tools designed to make their jobs more efficient, all at no cost, including:

>>Pulling all-encompassing home value reports

>>Getting answers to guideline questions using the “Ask UWM” smart search engine

>>Monitoring current market trends with lock alerts

>>Comparing interest rates and fees between multiple lenders

>>Reading the latest mortgage industry news

To take a tour UWM’s new website and learn more about how it will centralize business practices of mortgage professionals, visit www.UWM.com.

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

MRG Responds To Significant Growth By Hiring Industry Vet

Dallas-based MRG, a mortgage banking compliance organization, provides the mortgage industry a blend of compliance, unique and tailored document preparation, and technology, products, and services, is proud to announce the hiring of Chris Anderson. Anderson will be responsible for handling the increased demand for MRG’s products and services through new client acquisition and adding value to the existing client base by delivering an extensive array of best-in-class compliance solutions.

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Anderson has more than 20 years of account growth and management experience in the financial services and software industries. A former chief business development officer at Lending QB, Anderson played a significant role in expanding LendingQB’s footprint in the mortgage industry. Most recently, he served as executive vice president of sales at ISGN, a leading provider of loan servicing and default management systems for the residential and commercial lending industries. Anderson’s previous roles include executive vice president of sales and marketing at Docutech, a provider of compliant document solutions for residential lending, and general manager and business head for WIPO Gallagher, a provider of technology and business outsourcing services for the mortgage banking and lending industries.

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For more than 35 years, MRG’s highly respected staff of compliance experts has been providing lenders with legally defensible compliance expertise. Their unparalleled compliance solutions combine years of real estate law experience, in-depth compliance insights with state-of-the-art technology to document mortgage transactions. Their solutions provide industry leading built-in compliance checks to mitigate risk and alleviate compliance guesswork.

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“Given MRG’s significant growth, we needed a mortgage technology veteran who understands the constantly changing compliance landscape and the demands of today’s lenders,” said Mike Riddle, managing director of Mortgage Resources Group, LLC. “Chris has extensive experience in helping lenders respond to changing market conditions through the use of advanced technology. I am confident that Chris will apply those skills as we proactively work with our ever-growing client base.”

“The regulatory environment for today’s mortgage lender has become exceedingly complex, lenders are looking for solutions to ease their compliance burden,” said Anderson. “MRG has extensive legal expertise and best-in-class compliance solutions to meet those challenges head on.”

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Blue Sage Launches Multi-Channel Digital Platform

Blue Sage Solutions, whose founders created the mortgage industry’s first browser-based, end-to-end loan origination system, has launched a new Digital Lending Platform that now serves retail and wholesale businesses channels in addition to its existing correspondent lending capabilities. Available immediately, retail and wholesale lenders will be able to sell, manufacture and close loans online while offering borrowers a fast, efficient and user-friendly digital mortgage experience.

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The Blue Sage Digital Lending Platform Retail Portal enables borrowers with any digital device to shop, apply, and participate in the origination process. Retail lenders can now leverage Blue Sage’s consumer applications to enable borrowers to explore eligible products calculated with real-time rates, fees, and cost options that they can take directly into online application process. Meanwhile, the Blue Sage Wholesale Portal enables wholesale lenders to work more efficiently with brokers and banking partners, and deliver faster loan decisions in an automated and collaborative digital environment.

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“Unlike most platforms, Blue Sage was completely built and delivered through the cloud and designed to support any mortgage channel or line of business,” said Blue Sage CEO Joe Langner. “Retail and wholesale lenders no longer need to bolt-on third party add-on solutions through complex integrations, such as borrower websites or pricing engines into their existing LOS. Our platform provides lenders everything in one cohesive solution, so borrowers receive a simpler, more efficient experience from start to finish.”

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Blue Sage’s consumer applications streamline the user experience by offering full chat and remote assistance and automated workflows. After a borrower fills out an application, Blue Sage verifies pricing and compliance and delivers to the borrower a personalized portal to track their loan progress and receive access to the initial disclosure package ready for an electronic signature.

The Blue Sage Digital Lending Platform also includes an Originator Portal and Mobile App that provides key point-of-sale and CRM functionality to set up contact strategies, interact with borrowers, set goals and manage pipelines and performance. With Blue Sage, lenders can increase capture rates, react more quickly to market changes, ensure compliance, and meet borrower demands for a completely digital mortgage experience all on one seamless platform.

Langner added that the Blue Sage Digital Lending Platform can be easily updated with new products at no additional investment to lenders. “Blue Sage offers unparalleled flexibility through an ecosystem of API (application programming interface) services, which allows us to offer new products rapidly, such as our mobile Loan Officer Portal,” Langner said. “There’s tremendous value for lenders in having a complete solution designed from the beginning to bring all the pieces of the mortgage process together while reducing total costs of ownership.”

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The Place For Thought Leaders And Visionaries

STRAMTOR Report Guides Lenders Through Digital Lending

This month in the In Focus section of the October edition of its STRATMOR Insights report, STRATMOR Senior Partner Garth Graham explores the steps lenders should take to make the best decisions about their digital investments. As Graham explains, he has observed that many lenders struggle with a clear sense of the problem they are trying to solve with digital technology, beyond the general idea of “making the mortgage process better.”

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To help lenders as they evaluate digital solutions, Graham offers five tips that can serve as a pre-investment assessment for making the most of digital technologies. Among those tips, he points out that lenders should take the time to define the business case for any investments they are planning. “Without a very specific business case, it is difficult to generate the additional revenue or lower expenses to the level necessary to generate a return on investments in new technology,” said Graham. He also shares important insights on current market realities and future market scenarios lenders should consider as they create a specific business case. “Of course, it’s fine to want the mortgage process to be better in general, but lenders should get very specific about how they want the process to be more efficient, lower cost, and/or provide higher revenue per loan,” Graham continues.

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Also included in Graham’s tips for making the most of digital technologies is his advice that lenders make sure that any solutions they consider will work well for their high producers. The latest STRATMOR Originator Census Survey shows that roughly 40 percent of originators generate 80 percent of the business. “What this means is that if lenders can increase the production of their top-tier originators by 25 percent, this production increase would equal the volume generated by the bottom 60 percent,” said Graham. “With such productivity gain potential, lenders should consider how the digital technology tools they are evaluating can help make top originators more productive.”

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In addition, this month’s report features highlights from the latest STRATMOR Originator Census Survey, which provides lenders with valuable insights into the makeup of their sales force and how it compares to peer lenders. Looking at how originator age varies between retail and consumer direct originators, the survey shows that, on average, consumer direct originators are ten years younger than retail originators. The average age of consumer direct originators is 37 years versus 47 for retail originators. While there are retail originators under the age of 30, their numbers are not proportional to the under 30 bracket in the consumer direct origination space. More Millennial hires are occurring in consumer direct call centers where they work in a centralized environment that facilitates training and coaching.

This month’s report also announces that the next STRATMOR Originator Census Survey will open in January 2018. Survey participants receive a report that includes 15 pages of individualized results. Any originators interested in learning more should contact STRATMOR here.

Click here to download the October 2017 edition of STRATMOR Insights, and to sign up to receive the report each month, please click here.

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Vendor Launches Next-Generation POS

Promontory MortgagePath, a new entrant in the mortgage technology and fulfillment solutions spaces, announced that PromonTech, the company’s technology arm, has released the next-generation of point of sale solutions (POS)—the Borrower Wallet. It is designed to help mortgage bankers level the playing field with the customer experience/digital mortgage solutions being offered by mega lenders.

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The Borrower Wallet is a white-label, omni-platform, POS that engages with customers using any computer or mobile device, on either a self-serve or assisted basis with a loan officer. The secure, borrower-friendly environment is designed to build confidence and make it easy for the borrower to enter information, approve automated data collection, upload/e-send documents and stay informed throughout the loan origination journey through loan closing.

One of the unique features of the Borrower Wallet is a dashboard that shows the borrower their key metrics—credit score, debt-to-income and loan-to-value ratios—that loan decision makers will use to approve their loans. The dashboard is continually updated as new data and documents are collected.

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From a lender’s perspective, the Borrower Wallet captures leads and fosters borrower/lender collaboration to drive enterprise efficiency and improve loan pull-through. In addition, its built-in collaboration tools deliver high-quality data and documents needed to feed and accelerate the downstream underwriting process.

The Borrower Wallet promotes both applicant self-service and values the role the loan officer plays as a trusted advisor. Lenders can accommodate their applicants anytime/anywhere in a secure workspace. Loan officers can be a true co-pilot, within the Borrower Wallet, enhancing the application process and loan quality ahead of underwriting.

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“Today, lenders are threatened by the disruptive force of technology, haunted by the lessons of the financial crisis and hamstrung by the plethora of regulations that grew out of the crisis,” said Bruce Witherell, chief executive officer of Promontory MortgagePath. “We’ve developed a collaborative, innovative approach to identifying and validating the applicant and their qualifying data. Borrowers can explore their mortgage options on either a self-serve or loan officer-assisted basis, using any personal device. For the first time, they can see their financial profiles, just as a loan decision-maker would. Lenders, regardless of size, can use our platform to level the playing field in an increasingly digital mortgage marketplace. As a company co-founded   by Gene Ludwig, compliance is an essential part of our DNA and is integrated into all aspects of our technology. So lenders can be assured that they are engaging with their applicants in a compliant manner.”

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The Future Of Digital Compliance

As everyone talks about the digital mortgage, executives at the Seventh Annual ENGAGE Event held in Denver, Colo, looked to broaden the conversation. They discussed the future of regulatory compliance in mortgage lending in a digital world. Here’s how they see things:

The burning question was: Will the coming digital mortgage reshape compliance? “It already has. Pre-2007 we didn’t think about compliance until after the loan was closed,” said Keith Kemph, Managing Consultant at CC Pace. CC Pace is a boutique business and technology consulting firm which has been serving the mortgage industry for 37 years. Early in Keith’s career, he was a Retail Branch Manager and later Regional Manager with Dime Banks, North American Mortgage. He went on to serve as Director at Merrill Lynch for seven years where he implemented numerous business and technology projects for the mortgage division. The last 10 years Keith has been consulting with executive management teams of mortgage vendors and mortgage bankers nationwide on strategy, process, and technology while successfully guiding organizations through change.

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“We didn’t have to. Now, we have to think about compliance at every step of the loan process,” continued Kemph. “We just went through ten years of chaos as we stitched together technology tools, our loan process and navigated our way through relentless new compliance measures. In our recent survey we found that lenders have formally transitioned from extremely cautious to optimistic. They are less on defense and more on offense, able to focus on the customer experience. However, while lenders feel like they can finally breath, they need to remain somewhat cautious as they map out and implement their digital mortgage strategy.”

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The landscape is becoming much clearer. “The CFPB came out with things like TRID, HMDA, etc. to really set the rules,” said Leonard Ryan, Founder and President of Laguna Hills, Calif.-based QuestSoft Corporation, a provider of automated compliance review software for the mortgage industry. Since the company’s founding in 1995, Ryan continues to oversee strategic planning and the day-to-day operations for the company including business and software development, interface partners, sales and pricing. Under Ryan’s leadership, QuestSoft has received Mortgage Technology’s Top 50 Service Provider Award since 2009 and was named a Top Workplace by The Orange County Register in both 2013 and 2014 out of over 10,000 applicants.

“So, the CFPB is telling you who should get a loan and who shouldn’t. They are setting the rules. In some ways they are reducing the industry to numbers. Now lenders have to work within those rules to differentiate themselves, and that’s where technology can play a role,“ added Ryan.

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As a a result, the future of digital lending compliance will include a greater emphasis on data and bringing compliance as close to the front of the mortgage process as possible. “Digital compliance is evolving into a process that is embedded into every aspect of the mortgage loan lifecycle,” noted Michael L. Riddle, the Managing Director of Mortgage Resources Group, LLC. He guides the teams within the firm that develop and deliver “best in class” compliant disclosure and documentation systems to single family mortgage lenders throughout the country. Mr. Riddle is the Co-Founder and Managing Partner of the Middleberg Riddle Group, one of America’s preeminent mortgage banking law firms and, in that role, has spent much of his 40 plus year professional career providing advice and legal counsel concerning regulatory compliance, enforcement and litigation to clients including banks, mortgage lenders, insurers and related financial service entities.

“Compliance will be essential. Further, compliance will be a key part of digitizing every part of the future loan process,” Riddle concluded. “Compliance will also be increasingly data driven. There will be no escaping embracing a more data-centric approach to mortgage lending.”

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Explaining The Mortgage Process Of The Future

As executives discussed the state of mortgage lending at the Seventh Annual ENGAGE Event in Denver, Colo., a lot of hot-button topics came up. For example, the discussion around what the future lending process will look like was very insightful. Here’s what was said:

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“Looking back at my immediate family, my grandparents couldn’t afford to own a home. My parents were the first to buy a home and they worried about how they were going to pay their mortgage, but owning a house meant that they had arrived and could secure a future for their family,” shared Molly Dowdy, Co-Founder of NEXT, the mortgage technology conference for women. Molly has nearly 20 years experience marketing in the mortgage technology space. She is also a member of the PROGRESS in Lending Executive Team.

“My parents still live in that home today. My point in sharing this story is to say that we have the power to create a more inclusive and transparent mortgage process.”

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And most believe that begins at the point-of-sale. “We have to elevate the customer’s experience,” said Pamela Stahl, the Product Manager for VirPack, a leading provider of document management and delivery technology for the mortgage banking and financial services industries. Leveraging 6 years of mortgage lending secondary market management experience, she joined the mortgage technology industry in 2011 as a product manager for a leading Loan Operation System before joining VirPack in late 2016. With almost 12 years combined mortgage and mortgage technology experience, she has a proven history of producing and delivering innovative mortgage lending SaaS technologies.

“We as an industry have done a lot in recent years to embrace mobile technology. We’ve launched mobile apps and we send the consumer mobile alerts, but we don’t use this technology to really explain the process,” Stahl continued. “Improving the customer experience is not just about pushing out automated messages in real time, it’s about helping the consumer truly understand what’s going on at all times.”

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Everyone agrees that the borrower has to be more informed at the frontend, but what happens after that? “We’ve focused a lot on the beginning of the process and how we can make that better for the borrower, but we have forgotten about the backend of the process,” explained Matt Hydrew, SVP, Enterprise Solutions at Mortgage Cadence, an Accenture Company. Matt specializes in the execution of enterprise software solutions with Mortgage Cadence, which focuses on end-to-end, SaaS based residential lending technology in the United States market. Mortgage Cadence solutions manage the workflow process, imaging, document prep, secondary marketing and other important components to a true end to end digital mortgage platform.

“If lenders are not efficient and communicative of everything that goes on in the backend of the process, all that communication and explanation on the frontend amounts to just window dressing,” Hydrew notes. “We have to use technology to genuinely improve the whole mortgage process an fully communicate that to the borrow up to and including the closing of the loan.”

Why is this important? Data shows that 34% of the buying power rests with millennials and they want a better mortgage proces. “We have a lot of very slick applications in this industry, but without borrowers to feed into them we have no business,” explained Brandon Perry, President at TTP Enterprises. Brandon oversees all operational and administrative activities of TTP. Brandon brings over 16 years of experience in various financial services industries to TTP, which enhances the company’s ability to maintain it’s position as industry leader in providing customers with an advanced marketing solution.

“The mortgage process of the future has to reach people of all ages and backgrounds in a more meaningful way so buying a home doesn’t remain just a very long, complicated and stressful thing to go through,” concluded Perry.

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Make Sure That Your OCR Tech Works

Paradatec, Inc., a provider of advanced Optical Character Recognition (OCR) solutions for mortgage file processing, announced the availability of their One-Day Blind Test Challenge. Paradatec’s OCR library identifies nearly 500 unique document types in the typical mortgage file, along with extracting over 6,000 data fields from those documents. Combining this library with Paradatec’s sub-second OCR processing engine creates a high level of performance and scalability. Through this new One-Day Blind Test Challenge, qualified organizations can see the power of Paradatec’s out-of-the-box OCR solution for themselves, providing a final buying decision validation point using samples of their own mortgage files.

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“Many of our prospects have been disappointed in the results of past OCR initiatives, so they’re understandably cautious. Our One-Day Blind Test Challenge lets them run samples of their loans through our solution to validate our out-of-the-box performance claims. The Challenge will be conducted on-site rather than at our facilities, due in part to the confidential nature of the content, but to also minimize concerns about our skewing any results behind the scenes,” said Neil Fraser, Paradatec’s Director of US Operations.

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Fraser continues, “Our mortgage OCR library offers clients a short implementation timeline while other solutions require development from the ground up. This One-Day Blind Test Challenge demonstrates the validity of our claim so prospects can be assured that Paradatec offers a robust and scalable solution ready to deliver productivity improvements in weeks rather than months or years.”

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In the course of the Blind Test Challenge, the provided loan files will be indexed by document type; 100 data fields will be extracted from various key documents like the Note, Deed of Trust, Closing Disclosure, Appraisal, and W-2; and a bookmarked PDF of the loan will be produced, with the data extraction fields highlighted using Paradatec’s new WritePDF module. Fraser concludes his statements by saying, “Unfortunately, many companies base their buying decision primarily on price, only to be disappointed with the lack of true out-of-the-box mortgage-specific functionality offered by the product. In other cases, great claims are made regarding OCR automation rates, while the typical experience found with other products is something less impressive. We believe ours is the most expansive OCR offering available, such that we’ll gladly test it on a blind set of loans to show a prospect what makes Paradatec different.”

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The Place For Thought Leaders And Visionaries