Paradatec Launches One-Day Blind Test ChallengeExperience the Power of Advanced OCR in Mortgage Processing

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Paradatec, Inc., a leader in advanced Optical Character Recognition (OCR) solutions for mortgage file processing, announced the availability of their One-Day Blind Test Challenge at MBA’s Annual Convention & Expo this morning.

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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."

Paradatec, Inc., a leader in advanced Optical Character Recognition (OCR) solutions for mortgage file processing, announced the availability of their One-Day Blind Test Challenge at MBA’s Annual Convention & Expo this morning. Paradatec offers the richest mortgage OCR library available, identifying 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 level of unsurpassed 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.

“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. 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.”

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.”

For more information, or to request participation in the One-Day Blind Test Challenge, please visit the Contact page at https://www.paradatec.com/contact-us/.

About Paradatec

Paradatec’s advanced 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 nearly 500 unique documents in the typical mortgage file, along with capturing nearly any data element from those documents that an organization requires. For more information, please visit http://www.paradatec.com.

Paradatec Media Contact

Michael Hammond JD, CMT
NexLevel Advisors LLC
734-335-7330
mhammond(at)nexleveladvisors(dot)com

Paul Fischer
Paradatec
262-685-7286
p.fischer(at)paradatec(dot)com

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Michael Hammond