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26 | TH E M R EP O RT FEATURE process, there are several iterations of both a loan estimate and a closing disclosure. Advanced TRID audit solutions extract every data element from all initial and re-disclosed loan estimates and closing dis- closures, and the system can be configured to output either all of the data from each document iteration or just the differences found from the prior document. Output formats include MISMO v3.3 or custom XML schemas. In the case where a loan origination system (LOS) is generating the TRID disclosures, this differential reporting may be something pro- duced by the LOS itself. However, in the cor- respondent lending channel—or in the case of a split, "borrower-only" and "seller-only" closing disclosure transaction—this solution closes a gap that the LOS is unable to address. In these cases where the lender's LOS does not generate all iterations of the closing disclo- sure and loan estimate, lenders need a technology that can natively read PDF or scanned TIFF versions of these docu- ments. This TRID audit solution can support any layout of these documents from any source. The Final Call T he Uniform Closing Dataset (UCD) provides a common industry dataset to support the Consumer Financial Protec- tion Bureau's closing disclo- sure. Loans closed on or after September 25, 2017 which are acquired by GSEs are required to have both a UCD XML file and, after April 2018, an embedded PDF of the associated borrower closing disclosure. Advanced OCR provides the tools to determine if the data on the embedded closing disclosure matches the same data in the UCD XML file. While this capability is certainly valu- able to GSE entities, it is also possible to use this audit for other loan transfers. As part of a due diligence process, investors may use this capabil- ity to verify that a set of loans to be purchased is as advertised, and all critical metadata pro- vided is accurate. To promote compliance with federal consumer protection laws, lenders are re- quired to submit specific borrower demographic data to the federal government. Home Mortgage Disclosure Act (HMDA) disclosures provide the public with information on the home mortgage activities of most lenders. One of the challenges for a lender in reporting HMDA data is to ensure that the documents from which they pull data are, in fact, the final versions. Many times, errors in HMDA reporting are due to reporting data based on a non-final source document. The HMDA audit solution searches through an image archive for every version of each document relevant to the HMDA re - porting process and automatically determines the final versions. Data is then automatically captured from these final documents via AI data extraction rules and coalesced into an XML file or spreadsheet for reporting. This process provides lenders with a highly automated method to ensure the accuracy of required loan application Register reporting data and to ensure a database of record qual - ity for future reporting needs. These technological adaptations are provid- ing effective solutions to monotonous hurdles that plague the average work day filled with paperwork and data entry. With technology like OCR behind the wheel of progress, the industry leaders can spend less time plugging in data points, and dedicate more focus to the minute-by-minute needs of its customers. PAUL FISCHER is Director of Professional Services at Paradatec, Inc. For nearly 15 years he has focused on the design and installation of document capture, content management, and workflow automation systems for clients in a variety of industries. Since joining Paradatec in early 2013, his primary focus has been on helping mortgage clients improve their operational efficiencies with Paradatec's advanced mortgage OCR solution. "This process provides lenders with a highly automated method to ensure the accuracy of required loan application Register reporting data and to ensure a database of record quality for future reporting needs." Anywhere. Anytime. MReport Digital theMReport.com Bringing Today's Lending Headlines into Focus, MReport Digital Puts Mortgage Banking News at Your Fingertips Experts you trust. People you know. News you want. MReport is putting essential mortgage market news at your fingertips with our new digital edition, now available online via your smartphone, tablet, or computer. Enjoy the magazine at your desk, and tap into MReport Digital's easily accessible platform anywhere, anytime. Committed to giving originators, servicers, and all lending professionals access to smarter perspectives, MReport believes it's time to think differently about the mortgage industry. Because the American Dream is evolving . . . are you? Subscribe to MReport and MReport Digital now! Call 800.856.8060 or connect with us online at themreport.com to take advantage of our special introductory offer! digital.themreport.com