Paradatec's AI-Cloud Integrated with Path Software

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Mar 30, 2023, 16:33 ET

Banks, lenders, credit unions and others can now access award-winning document automation directly within the cloud-based LOS

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 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.

About Paradatec
Paradatec is the leading provider of AI-based automated document analysis technology for the lending and real estate industries. 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.

About Path Software
Path Software is the industry's most modern and flexible mortgage loan origination system, delivering a fully digital, secure, and compliant workflow that is highly configurable and simultaneously accommodates retail, wholesale, correspondent and TPO channels. Path is cloud-based, scalable and device independent, allowing loans to move seamlessly across departments with real-time updates and analytics to improve employee productivity. Its built-in point-of-sale component allows loan officers to capture borrower information that is directly integrated into the Path platform and conveniently accessible via their personalized URL and branded landing page. For more information visit pathsoftware.com.

Press Contact
Mary McGarity
Strategic Vantage Marketing and Public Relations
203.260.5476
[email protected]

Corporate Contacts
Paradatec
Mark Tinkham
612.462.2025
[email protected]

Path Software
Amanda Gonzalez
212.995.8058
[email protected]

SOURCE Paradatec