Wednesday, June 12, 2024

NetDirector Goes Live with Automated Redaction to Ease Compliance Burden on Default Servicing Firms

TAMPA, Fla., June 29, 2023 /PRNewswire/ — NetDirector, the leading cloud-based data exchange service for the default servicing industry, has recently brought the first environment live with one of its newest offerings, the Automated Redaction Service powered by Blackmarker.

While the default servicing industry is still recovering from the regulations and freezes of the COVID-19 pandemic, many firms and servicers alike continue to face staffing shortages and budgetary constraints. Compliance needs throughout the industry remained the same all along – including the highly secure needs around borrower PII, or Personally Identifiable Information.

NetDirector’s Automated Redaction Service, powered by Blackmarker, is the newest in a line of A.I. assisted tools offered by NetDirector. The service utilizes a suite of machine-learning models that have been trained on thousands of documents used in the default service industry. It offers up two modes, “head-start” mode, which allows a user to review the suggested redaction targets before submission. In this mode, the service provides an editor for which new or changed targets can be suggested. In “auto-mode”, the service simply supplies a redacted document automatically without review. A firm can decide which mode is employed on a document type basis. This not only reduces the labor involved in this critical compliance step, but simultaneously improves servicer scorecards by ensuring consistent and accurate redactions.

“It’s imperative we keep PII secure in our industry, and this is an excellent way to ensure security while still allowing firms to use their best human resources where they’re needed most,” said Harry Beisswenger, NetDirector CEO. “We’re already seeing vast improvements to both efficiency and accuracy for our clients, all with less labor towards the redaction process overall.”

NetDirector’s A.I.-boosted offerings now include both Automated Redaction, and A.I. Extract, our powerful machine-learning-backed text extraction service. These tools combine the strengths of A.I. in pattern and character recognition, while ensuring that every document is still available for human intervention and verification if desired. Both redaction and extraction services are available with or without full integration and can be implemented in as little as one day. Reach out to NetDirector today for more information on Automated Redaction.

Company Bio:

NetDirector provides a secure cloud-based data and document exchange solution for the healthcare and mortgage banking industries to deliver seamless data integration between parties. NetDirector bridges gaps created by disparate systems & technologies by allowing companies at any location to share data & documents securely over a single internet connection with any other member of the ecosystem. Our approach allows trading partners to collaborate and exchange data in a seamless, bi-directional, real-time manner. With security and longevity as a focus, NetDirector is a certified SOC 2 type II and HIPAA Compliant company, a 6-year member of the prominent Inc. 5000, and currently processes more than 25 million transactions per month.

NetDirector
3450 Buschwood Park Dr Suite 110
Tampa,  FL 33618
Alexander Craddock, Sales & Marketing Director
Phone: (813) 448-1208
Fax: (813) 749-7030
Email: [email protected]
[email protected]  
Website:
web.netdirector.biz 

SOURCE NetDirector

Originally published at https://www.prnewswire.com/news-releases/netdirector-goes-live-with-automated-redaction-to-ease-compliance-burden-on-default-servicing-firms-301866729.html

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