The maker of a mortgage-origination lending system and a provider of document processing technology for mortgage & real estate transactions have teamed up to improve turn times for correspondent lending.
Englewood Cliffs, N.J.-based Blue Sage Solutions LLC, developers of the Core Seller Portal — a browser-based, end-to-end mortgage origination lending system — said it recently integrated its system with Paradatec Inc., a Wilmington, Del.-based provider of document processing technology.
As a result, the companies said, sellers can easily upload loan documents through Blue Sage's Core Seller Portal and process them through AI-Cloud, Paradatec's automated document indexing and data extraction solution, which uses machine-learning tools and pre-trained libraries to extract over 8,500 data points from over 850 documents to eliminate re-keying of data and manual indexing tasks.
Paradatec's engine then returns indexed documents and data to the Blue Sage platform, where automated workflows perform missing document checks and data audits and notify intake staff of any data exceptions for manual review, the companies said. The data is then accessible via integrations for third-party compliance and due diligence reviews — eliminating manual work typically associated with these tasks, they said.
Planet Home Lending, a Top 10 correspondent lender based in Meriden, Conn., said it found the combined tools helped improve the customer experience while reducing costs and approval turn-times.
"We continue to invest in new streamlined solutions to support existing sellers and make it easy for new sellers to become productive immediately," said James Loving, Planet Home Lending’s senior vice president of National Sales, Correspondent.
The increased efficiencies helped the company reduce turn-times after Planet acquired certain delegated correspondent assets from Homepoint last summer, he said.
"While we have been partnering with Blue Sage since 2015, this combination of process updates and new technologies from both Blue Sage and Paradatec increased our productivity at a critical time," Loving said. "This allowed us to continue to offer outstanding seller experience, turn times and pricing even as the number of correspondents locking loans with Planet quickly rose."
Carmine Cacciavillani, founder and president of Blue Sage, said increasing customers' productivity through integrations has been a key focus for his company. "With the Paradatec integration, automated document recognition and data-element extraction further streamlines the intake and purchase process and allows our customers to focus on other critical tasks and complete reviews faster while providing an improved seller experience," he said.
Neil Fraser, Paradatec's director of U.S. operations, said his company is thrilled to support Blue Sage and Planet Home Lending.
"Using Paradatec embedded within Blue Sage's fulfillment platform means lenders can enhance their productivity and quality through automation while reducing the time spent to complete their loan review processes," Fraser said.
