TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1494596
M R EP O RT | 9 MTECH The integration pairs Encompass by ICE Mortgage Technology with AI-Cloud, Paradatec's AI-based docu- ment analysis technology. Using event-based triggers, AI-Cloud automatically retrieves documents for classification from Encompass, indexes them while adding meta-data such as versioning information, and returns them to the Encompass eFolder using the lender's document names—all without human intervention. Paradatec provides reliable results quickly, so clients can focus on customer care instead of clerical processes. AI-Cloud supports the entire lending lifecycle, identifying more than 850 specific document types and using machine-learning tools and pre-trained libraries to extract and transform 8,500 data points into actionable data. "We're delighted to make the power of Paradatec available within Encompass," said Neil Fraser, Paradatec's Director of U.S. Operations. "For over 10 years, Paradatec has been meeting the mortgage industry's document classification, versioning, and data extraction needs. Our clients rely on Paradatec to seamlessly support the automation in their systems of record, so integrat- ing AI-Cloud with Encompass provides new opportunities for origination efficiency." Opening the Door for eClosings SUPERIOR FINANCIAL CHOOSES DOCMAGIC TOTAL ECLOSE D ocMagic has announced that Superior Financial Solutions LLC, a CUSO- owned by Superior Financial Credit Union, has chosen Doc- Magic's Total eClose solution for completely paperless electronic mortgage loan closings and is now performing eClosing cer- emonies using Remote Online Notarization (RON) through its title agency subsidiary. "When we decided to of- fer our customers' members an electronic closing, we looked at the companies with the most experience," said Kurt Neeper, President of Superior Financial Solutions. "DocMagic has gone further down this road than most, its user interface is one of the best in the industry, and its mobile capabilities are second to none. This is critical because most credit union members will be doing their remote closing on a phone or tablet." Neeper said DocMagic's RON functionality was key to its deci- sion to partner because he said consumers are drawn to it for the convenience it offers. Further, he said DocMagic's experience with eClose and Superior's experience with DocMagic made them good partners. "Unlike many lenders who settle for a hybrid eClosing, Kurt took a different path," said Dominic Iannitti, President and CEO of DocMagic. "Superior supports many credit unions with mortgage origination and consistently focuses on creating a great member experience. Kurt knew very early that delivering a fully paperless loan closing on an electronic tablet was the end goal, and we were excited to help him achieve it." Neeper added, "Unless you are actively working with clients in this area every day, you won't even know what issues can arise. DocMagic had the experience and offered an integrated solution that already worked with what we were doing today. Plus, all of the other stakeholders—the GSE's, MERS—already knew DocMagic and were working with them, so it made the overall approval process much more seamless." Hands-Free Doc Analysis NEWFI LENDING PARTNERS WITH TAVANT ON DOCUMENT ANALYSIS T avant, a Silicon Valley- based provider of digital lending solutions, and Newfi Lending, a tech-focused multichannel mortgage lender, has announced the successful integration of Newfi's digi- tal mortgage experience with Touchless Lending Document Analysis. This partnership marks Tavant's official expan- sion into non-QM lending. "We have only recently started with Tavant's Touchless Documents, yet we already see returns in both labor effectiveness and data accuracy. Documents are just the first step for us, and we can't wait to get started with Credit and Collateral in the near future," said Amit Pall, SVP at Newfi Lending. "We have identi- fied that our current implemen- tation of Touchless Documents has realized an estimated 70% reduction in processing time and significantly reduced our de- pendency on FTEs and manual processes." Document Analysis is a proprietary product of Tavant's Touchless Lending automation platform, designed to integrate with existing lender systems seamlessly, including CRMs, Point-of-Sales, LOS, and document management systems. Document Analysis completely transforms document processing by instantly recognizing documents, optimiz- ing document-related workflows, and accurately automating docu- ment classification, indexing, split- ting, categorization, pairing with borrowers, and data extraction. Leveraging Touchless Documents will provide Newfi with a more streamlined and seamless experi- ence for all stakeholders involved. Tavant's partnership with Newfi to integrate Touchless Documents into their digital mortgage experience will feature machine-oriented classification, as well as handle Exception Processing for documents with low confidence rates, allowing for fully end-to-end document pro- cessing. Furthermore, documents processed through are sourced from Newfi's Broker Portal (BLU), which is also integrated with Touchless Lending, specifically the platform's Origination Experience designed for brokers and TPO partners. "All in all, Tavant has taken care of Newfi's broker interface, broker feature functionality, and broker uploads of docu- ments, which are then routed to Document Analysis, where we are doing the machine-oriented classi- fication," said Mohammad Rashid, Head of Fintech Innovation at Tavant. "At our current stage, "Unless you are actively working with clients in this area every day, you won't even know what issues can arise." —Kurt Neeper, President, Superior Financial Solutions