Paradatec, a company specializing in advanced Optical Character Recognition (OCR) solutions for mortgage file processing has announced its One-Day Blind Test Challenge Monday at the Mortgage Banker Association’s Convention Expo in Denver. The mortgage OCR library identifies nearly 500 document types typically found in a mortgage file, as well as extracting over 6,000 data fields from said documents. This works in tandem with Paradatec’s sub-second OCR processing engine.
“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.
The Blind Test Challenge takes the provided loan files and indexes them by document type. One hundred data fields are extracted from various key documents, including the Note, Deed of Trust, Closing Disclosure, Appraisal, and W-2, and a bookmarked PDF is created from the produced loan. According to Fraser, other companies make great claims about their “out-of-the-box” mortgage specific functionality, but those interested in OCR automation are disappointed when they find out the functionality is limited.
“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.”
The full release from Paradtec can be found here.