CoreLogic Taps Paradatec’s Technology for HMDA Reporting Tool
Summary
Paradatec, Inc., the leading provider of AI-based document classification and data extraction technology for mortgage loan processing, has joined with CoreLogic® to support CoreLogic HMDA Check, a loan auditing tool that leverages automation to help lenders comply with the Home Mortgage Disclosure Act (HMDA). During the COVID-19 pandemic, the Consumer Financial Protection Bureau (CFPB) gave lenders a break from reporting HMDA data so they could manage the shift to remote work. CoreLogic HMDA Check leverages Paradatec’s optical character recognition (OCR) data extraction technology to help automate HMDA reporting while enabling lenders to increase efficiency, improve data accuracy and reduce costs. “We are very happy to team up with CoreLogic to help mortgage lenders streamline HMDA reporting, which has traditionally been a very manual and labor-intensive process,” said Mark Tinkham, director of business alliances at Paradatec. “The timing couldn’t be better, either, as federal regulators have been increasingly vocal about using their enforcement powers to protect consumers and lenders could potentially face penalties for non-compliance.
