TheMReport — News and strategies for the evolving mortgage marketplace.
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M R EP O RT | 9 MDWELL Partnerships Craig Pollack said. "For lenders currently measuring the performance of loan officers and other team members purely on volume and profitability met- rics, there is often a blind spot of including customer satisfaction as a trackable metric. This integra- tion removes that blind spot and gives lenders a look at the bigger picture of performance as well as the ability to refine future cus- tomer satisfaction surveys as the picture comes into focus." Covius to Acquire Nationwide Title Clearing, Inc. PROVIDER OF TECHNOLOGY- ENABLED SOLUTIONS TO THE FINANCIAL SERVICES INDUSTRY EXPANDS PLATFORM CAPABILITIES. C ovius Holdings, Inc. (Covius), a provider of technology-enabled solu- tions to the financial services industry, announced that it has reached an agreement to acquire Palm Harbor, Florida-based Nationwide Title Clearing, Inc. (NTC), a national lien release provider. The transaction is expected to close early in the fourth quarter, subject to customary closing con- ditions. The terms of the agree- ment were not disclosed. Founded in 1991, NTC is one of the leading providers of lien re- lease and other document produc- tion services as well as research and file services for originators, servicers and the capital markets sector. Its primary products and services include: • Lien release services and post- closing document production • Collateral research and prop- erty reports • Capital markets transaction and file services • Default servicing and title curative solutions Upon closing of the transaction, approximately 670 NTC associates will join Covius, including the company's senior management. Rob Clements, Chairman and CEO of Covius Holdings, said, "For 30 years, NTC has been a trusted provider of high-quality post-closing services to origina- tors, servicers and the capital markets sector. This acquisition significantly expands Covius' post- closing capabilities, in the same way last year's Clayton acquisition scaled our due diligence offerings. Similarly, Covius' technology suite can be applied to NTC operations to further increase efficiency. We welcome our new associates from NTC and the experience and capabilities they will bring to our combined clients." John Surface, President and COO of Covius Holdings, added, "Over the past three years, Covius has continued to build out our platform of tech-enabled offerings through acquisitions and organic growth. Our robust solutions span origination, servicing, and capital markets segments, offering loss mitigation and loan modi- fication services, document and critical borrower communications, title and settlement services, auc- tion and REO asset disposition, verifications and due diligence. NTC's market-leading solutions strategically complement Covius' existing broad offerings." "With a longstanding reputa- tion for quality, NTC is confident in the benefits that this strategic transaction will offer to our cli- ents and employees, as well as the cultural fit between our organiza- tions," said John Hillman, NTC's CEO and a 25-year veteran. "NTC strengthens Covius' offerings while improving the experience of our current clients through tech- nology enhancements and comple- mentary solutions under a single agreement and broader resources. We are excited for this strategic opportunity and look forward to future growth." Paradatec Enhances Mortgage Document Classification Technology ARTIFICIAL INTELLIGENCE TECHNOLOGY PROVIDER EMPOWERS LENDERS AND SERVICERS TO EASILY ACCESS THEIR AUTOMATED AI AND MACHINE LEARNING TOOLS VIA THE CLOUD. P aradatec, Inc., a provider of AI-based document clas- sification and data extrac- tion technology for mortgage loan processing, announced it now offers its software in the cloud. The company is the leading optical character recognition (OCR) ven- dor in the world and helps three of the 10 largest mortgage lenders and four of the 10 largest mortgage servicers in the U.S. automate the processing of loan documents. AI-Cloud, hosted by Amazon Web Services (AWS), is already being used to automate loan origi- nations and correspondent lending operations. A client-specific URL is all that is needed to submit content to the Paradatec cloud for processing. Paradatec has successfully completed a Service Organization Control (SOC) 2 examination for AI-Cloud, providing its clients with confidence that their data is protected by one of the toughest standards that exist in the finan- cial services industry. "Our clients can now forego investing in their own server and network infrastructure and ongoing administration costs, and instead leverage our secure cloud environment," said Neil Fraser, Paradatec's Director of U.S. Operations. Paradatec's technology leverages powerful, AI-based text analy- sis. Out-of-the box, Paradatec's automated loan indexing technol- ogy breaks down every loan into more than 800 specific document types. It uses machine learning tools and pre-trained libraries to find over 8,500 data points trapped in mortgage loan docu- ments and capture them as indi- vidual digital data elements. The company's technology also enables data provided by prior servicers to be automatically audited against incoming source documents as part of a cost-effective and ex- tremely efficient loan onboarding due diligence process for servicers. "With originations at record highs, automating loan processes and producing high quality loans is critical," Fraser said. "Our enhanced cloud-based technology empowers lenders and servicers to streamline their document classifi- cation processes while saving time and money, so they can focus on their core businesses." The cybersecurity and compli- ance auditing firm 360 Advanced, Inc. examined Paradatec's cloud- based loan document automa- tion system and issued a report confirming Paradatec's controls, policies and procedures meet the SOC 2 criteria for system security and confidentiality in accordance with standards set by the American Institute of Certified Public Accountants (AICPA). "With originations at record highs, automating loan processes and producing high quality loans is critical." —Neil Fraser, Director of U.S. Operations, Paradatec