Would be possible to use geocoding engine for the purpose of parsing and formatting addresses? I am not interested to get geospatial coordinates or displaying on a map.
In addition to returning coordinates, PlaceFinder returns formatted address data and parsed address data for each result. The line1/line2/line3/line4 elements contain the address formatted according to the postal standards for the country the address is located in. The house/street/unittype/unit/city/state/postal/country elements contain the address components. If you want the street name separated into prefix, prefix directional, body, suffix, suffix directional, you can include flags=S in your request.
You should only rely the formatted and parsed address data if a quality code of 87 is returned. All other quality codes means there was some issue with the input data, and PlaceFinder had to make some assumptions about the returned result.