Mortgage Applications Data Extraction Leveraging Parascript

Parascript Delivers FormXtra 6.4 with Premium Features for Mortgage Application Providers and Mobile Apps

Longmont, CO – Parascript announced today that FormXtra 6.4, which includes significant advancements for document classification and separation, is now available. With the release of FormXtra 6.4, Parascript introduces two new classifiers in addition to the existing content and visual classifiers that simultaneously increase performance on complex document classification and separation while also dramatically reducing the level of effort typically required to achieve high performance.

As part of this release, FormXtra adds a new document classifier that provides 20 percent better performance than leading software solutions for accurately classifying and separating many more document types, which is important in complex environments such as loan processing. In order to better support increasingly popular mobile processes, FormXtra 6.4 also introduces mobile image capture SDKs for iOS and Android. Image quality from mobile-captured documents is always a challenge and imposing strict requirements from consumers negatively affects the user experience. Parascript SDKs provide automatic document detection, contrast, lighting and focus to ensure that images captured via smart phones are fully optimized for further classification, separation and data extraction without the typical hassles.

“Working with our clients, we’ve seen firsthand the struggles they face in effectively automating their manual processes with high precision using available capture solutions. The result is our release of a new Cascade classifier that effectively removes several hundred hours worth of analysis and tuning that most systems require to optimize performance,” said Greg Council, VP of Product Management and Marketing at Parascript. “FormXtra 6.4 offers loan providers with the most versatile document classifier and application automation available to date. We generally reduce our clients’ document classification and data extraction costs by 50 percent or more. Now we’re focusing on reducing the effort it takes to get there.”

FormXtra 6.4 Feature Highlights

To make document classification and data location, extraction and verification easier, faster and more accurate for clients, Parascript R&D has been busy enhancing FormXtra with new capabilities. Here are the updates Parascript is most excited about because clients can now take advantage of the highly novel functionality available in FormXtra 6.4 to:

  • Reduce work hours significantly with the new Cascade classifier. This automation reduces literally hundreds of work hours and produces superior results compared to other vendor document classification solutions. The Parascript Cascade classifier uses one or more of our existing classifiers and automates the intensive process of analyzing and optimizing classification rules.
  • Leverage new industry gold standard set with Parascript. The new Cascade classifier produces results that are significantly more accurate than other leading industry vendors in the automatic identification and separation of many complex document types.
  • Create rules automatically leveraging new Document Separation classifier. This new Document Separation classifier removes any need to manually identify first, middle and last pages since it analyzes the output of content classification to automatically detect and create rules.
  • Instantly analyze native PDFs using our Content classifier. FormXtra now supports use of PDF text in our content classifier for the best accuracy and throughput performance to date. There is no need to first convert digital PDFs to images.
  • Gain the advantage of combined content-visual classification. Our new neural network approach combines the results of content and visual classification for improved performance to automatically organize documents based on both content and visual layout.
  • Benefit from full-page OCR using deep learning. Our new deep learning-based full-page OCR can be used alone or in combination with other OCR engines for quality data results.
  • Rid your enterprise of its mobile image capture headaches. Parascript offers mobile image capture SDKs for iOS and Android. Our new SDKs effectively pre-tune the mobile capture images through automatic document detection, contrast, lighting and focus to ensure that images captured via smart phones are fully optimized for further classification, separation and data extraction.

“A deep-dive into FormXtra 6.4 new capabilities reveals that we have a blend of updates our clients are looking for to further automate their document processes, and new neural network and deep learning backend functionality that propel the product forward,” explained Mr. Council. “We’re all about precision and the highest quality data results so our goal is to continue to set new standards of excellence in the capture industry. Our constant innovation keeps us ahead of the competition.”


For full details about Parascript FormXtra 6.4, download the Feature Guide:

Download FormXtra Feature Guide

About Parascript, LLC

Parascript automates the interpretation of meaningful, contextual data from image and document-based information to support transactions, information governance, fraud prevention and business processes. Parascript software processes any document with any data from any source with its easy-to-use, image-based analysis, classification, data location and extraction technology powered by machine learning. More than 100 billion documents for financial services, government organizations and the healthcare industry are analyzed annually by Parascript software. Parascript offers its technology both as software products and as software-enabled services to our partners. Our BPO, service provider, OEM and value-added reseller network partners leverage, integrate and distribute Parascript software in the U.S. and across the world. Visit Parascript.