Industry leader in AI and loan document automation wins Progress in Lending Innovation Award and is named to HousingWire’s HW Tech100 list
WILMINGTON, Del., March 30, 2023 /PRNewswire/ — Paradatec Inc., a market leader in AI-based document analysis technology for the lending and real estate industries, announced its AI-Cloud solution has received two highly regarded industry recognitions — an Innovations Award from the Progress in Lending Association and a spot on HousingWire’s 2023 HW Tech100 list of the most innovative technology companies in the housing economy.
Both publications praised Paradatec’s AI-Cloud automated document analysis technology, which 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 into actionable data. Already one of the most widely trusted document automation providers, in 2022 Paradatec achieved a new milestone with Version 8.0 of its enterprise software, which delivers fully automated document classification.
“We’re pleased and honored that AI-Cloud is being recognized for achieving a true industry breakthrough in establishing a new baseline for automated document analysis,” said Neil Fraser, Director of US Operations for Paradatec. “We’re equally proud of partnering with our bank, lender, servicer, investor and service provider clients for over ten years, and delivering on that collaboration with innovative solutions that help them operate more effectively.”
Paradatec is the leading provider of AI-based automated document analysis technology for the lending and real estate industry. We make your systems more effective by providing accurate information from your documents in real-time. Using machine-learning tools and pre-trained libraries, Paradatec finds 8,500 data points in 850 mortgage and real estate documents and transforms them into actionable data. The solution also supports document versioning, PII data redaction, signature tagging/identification and more. Paradatec’s clients include three of the 10 largest U.S. banks, four of the 10 largest servicers, and leading QC Audit and settlement service providers. Paradatec has the trust of the largest financial services providers to help them manage the lending lifecycle with high quality automation. For more information, visit www.paradatec.com.