Paradatec, Inc., based in Cincinnati, Ohio, announced Thursday its WriteUCD module has been verified as a technology integration vendor for Freddie Mac’s Loan Advisor platform as it satisfies the requirements of the GSE’s Uniform Closing Data files.
A provider of optical character recognition solutions, Paradatec’s WriteUCD takes data from mortgage closing disclosure documents “in mere seconds per page” and then transfers it to the new required format. In fact, Paradatec claims to provide “quick and accurate identification of over 500 unique documents in the typical mortgage file,” and it is adapting to new industry standards.
The Uniform Closing Data files are an integral part of the Uniform Mortgage Data Program, which will go into effect, September 25.
“We’re pleased to have obtained Freddie Mac validation as our clients need the assurance that they can meet the GSEs’ requirements well in advance of the September deadline,” said Neil Fraser, Director of U.S. Operations at Pardatec. “If a lender’s current loan origination system partner or document provider is struggling to produce a valid UCD file, they can sleep soundly knowing that Paradatec has them covered with our new WriteUCD module.”
Paradatec is also releasing AuditUCD, a module that audits UCD files alongside closing disclosures.
“Since we’re building the UCD file from extracted closing disclosure data, it’s just as easy for us to unpack a UCD file’s content to compare the individual data elements against the values extracted from the submitted CD to verify the integrity of both components in the UCD file” Fraser said.
“Any elements that don’t match will be flagged in our XML output for further review and resolution. Given the volume of content that will be produced and need verification with this UCD initiative, our solution is uniquely positioned to offer a high degree of automation and operator efficiency.”