Synechron, Inc., a global consulting and technology innovator in the financial services industry, and Paradatec, a global leader for freeform document classification and data extraction, today announced a strategic partnership and licensing agreement that will dramatically reduce costs and increase productivity for mortgage originators and servicers through more accurate document automation.
Mortgage Bankers Association has forecast that the purchase originations and refinance originations will total $1.31 trillion in 2017, and with document management costs forming a huge part of every mortgage originated, any increase in straight through processing of documents will reduce the burden on the industry as a whole. With the industry’s highest optical character recognition (OCR) rates, Synechron found Paradatec was uniquely qualified to address the mortgage industry’s paper processing challenge. Its ability to read structured, semi-structured and unstructured documents within milliseconds per page and at the same time provides up to 80% automation/labor savings and addresses the mounting need for processing cost reduction of the mortgage industry. Through this partnership, Synechron will work to implement Paradatec’s software and to rethink broader digital operations to achieve economies of scale.
“Mortgage servicers and lenders are looking for reliable ways to automate their systems that have become increasingly expensive to operate,” said Zia Bhutta, Co-Founder and COO of Synechron. “Many of the OCR tools that are available in the market today claim to handle unstructured documents, but Paradatec’s superior technology and focus on mortgages enables them to offer the highest rates of automation and accuracy. Paradatec’s automated processing and neural networking approach to OCR, can dramatically reduce costs, minimize risk and optimize operations to significantly improve mortgage servicing. This technology will be an important first building block to becoming a digital business.”
“Synechron’s deep understanding of the mortgage industry and the changing technology landscape makes them a perfect partner for Paradatec,” said Mark Tinkham, Dir. Business Alliances at Paradatec. “With continued pressure from regulators on lenders, most recently with TRID rules, we know that there is a serious need in the market to find solutions that can quickly adapt and do so accurately.”