DS News

DS News December 2022

DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.

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Page 43 of 99

42 Industry Updates From mergers and acquisitions to cutting-edge tech tools and solutions, here's the company news the industry is talking about this month. NETDIRECTOR RELEASES TEXT-EXTRACTION SERVICE FOR DEFAULT SERVICERS NetDirector, a cloud-based integration platform for the default servicing industry, has crafted a new artificial intelligence (AI)-powered solution to address the complex text extraction needs of default servicing called A.I. Extract. e new A.I. Extract service provides indus- try-leading results with unparalleled accuracy for extracting complex legal descriptions from flat files, images, PDFs, and more. By leveraging the power of machine learning, A.I. Extract can produce Optical Character Recognition (OCR) results that improve over time based on user ap- provals and corrections, saving valuable time and manual effort in data entry and review. e new service also provides exceptional versatility, processing power, and accuracy. A.I. Extract can process documents and images via automated workflow to and from case manage- ment systems (CMS), which makes integration an easy choice for existing NetDirector clients. Files can also be loaded in bulk by folder or sim- ply by copy-pasting an individual screenshot or image file while working side-by-side in a CMS. is flexible approach allows users to implement the Extraction Workbench at any point in their workflow and to begin using it immediately. "e new A.I. Extract service has been incredibly valuable to us," said Rosanna Henry, Director of Compliance at Mackie Wolf Zientz & Mann, P.C. "We're thrilled with the accuracy and excited to have a tool that allows us to get simple or complex legal descriptions into our case management system with ease. It saves an enormous amount of time and effort far above and beyond any other current options and was extremely easy to get started with." NetDirector has recently expanded A.I. Extract's functionality beyond legal descriptions, to include Loan Payment History data extraction. is data automation tool extracts and assembles the loan payment history information for the Mortgage Proof of Claim attachment, common- ly called the 410a Worksheet, saving hours of manual effort in completing these documents. Additional applications of A.I. Extract (such as the P309) are currently in development. Industry veterans who were early adopters of the service have reported up to eight hours per loan history of manual ledgering and data manipulation that were eliminated with the help of A.I. Extract.

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