A genius software that helps mortgage lenders and investors reduce loan production and due diligence costs, Vaultedge makes the loan package processing easy-running. Vaultedge Mortgage Automation aka VMA is an AI software that helps mortgage lenders and investors reduce time and product cost. Along with making this process frictionless, Vaultedge works towards improving the experience and boarding for their borrowers.
Founded in 2015 by Murali Tirupathi & Sajeev Aravindan, Vaultedge makes loan production and boarding better, faster and cheaper. Processing mortgage documents can be burdensome. Vaultedge makes it easy. Let’s call Vaultedge the “google” for personal documents. It categorizes, tags and summarizes documents so that it is easier to find any document instantly. This process enables lawyers and finance professionals to analyze and report more contracts in less time.
What does Vaultedge do?
Vaultedge Mortgage Automation helps enterprises extract information from unstructured documents. It automatically splits and indexes loan documents, extracts and validates data for Loan Processing, Post Close and Loan Boarding. Vaultedge works in conjunction with humans to automate tasks wherever possible and to make them easy.
Vaultedge helps save at least 80% on loan processing time. It achieves up to 99% accuracy in document indexing. Other software extract data from structured documents, on the other hand, Vaultedge extracts data from both structured documents and unstructured documents.
Vaultedge AI is designed for mortgage lenders, investors, banks, BPOs and financial services firms. It helps them automate data extraction, processing and validation and streamline mortgage applications, credit reports and more.
Vaultedge has helped clients process loan files and add value to back-end mortgage operations. Clients use Vaultedge to automate the indexing of loan documents from all their lender partners. This amounts to more than a million documents per month.
As reported by the Vaultedge clients-
How does Vaultedge Work?
It’s no news that processing mortgage files is costly, time-consuming and error-prone. A typical time to close a loan ranges from 30 to 45 days. A significant amount of this time is spent collating, sorting and validating documents. This leads to high operations costs and poor borrower experience.
What if the loan documents could be automatically sorted?
It would be great if data was automatically entered into the loan origination and exceptions automatically highlighted. Vaultedge Mortgage Automation is an AI software that makes all of this possible.
VMA helps you automate split loan packages into individual documents and re-arrange misplaced documents. It helps you identify more than 500 documents by type. A dynamic checklist along with the loan estimate, closing disclosure, deed of trust, pay stub, W-2 documents are checked to identify missing documents. A checklist can be configured based on the loan type, such as conventional loan, FHA loan, VA loan, Jumbo loan as well as several other criteria.
VMA extracts more than 2000 data points from across different documents. Users can see if there is any discrepancy between borrower names, lender names, property address, purchase price and other fields at a mere glance. VMA integrates with software to automatically load documents and data. It allows users to review the documents and data identified without leaving the workflow software.
It doesn’t take a lot of time to set up the software, one can configure and use the software in less than a week. Mortgage lenders and services using VMA are able to achieve about 50% reduction in turnaround times and up to 80% reduction in document processing costs.
Solutions for Every Channel
Mortgage Lenders-
Loan processors spend hours manually indexing mortgage packages and identifying missing documents. Vaultedge just made this task easier.
With Vaultedge, mortgage lenders can automatically split a loan package into individual documents index them by type and flag missing pages within seconds. Across documents, Vaultedge extracts more than 2000 data points and verifies them in minutes. Users can review this data by clicking on the extracted value & verifying the data source. Vaultedge automation eliminates human errors in document version control. Now, no more stare and compare while classifying loan documents.
Mortgage Servicer-
When one purchases servicing rights from a lender, the mortgage packages come with a number of issues. These include inconsistent document names, inaccurate indexing and mismatch in data between images and tape
Vaultedge helps board loans faster by automatically identifying documents, splitting the documents & highlighting the missing documents. In short, Vaultedge automates data validation and exception handling which reduces manual effort by 85%. Vaultedge automation ensures seamless integration with loan servicing systems.
Whole Loan Traders-
We live in times where we want everything at our fingertips. With Vaultedge automation, one can identify if the loan packages are complete or not, at the click of a button. It helps verify the completeness of loan packages.
Vaultedge identifies and highlights missing documents, splits documents and classifies them into correct e-folders. This procedure ensures that the loan documentation package is up to date and tallies with details in LOS. with Vaultedge automation, one can eliminate the buyback risk with automated data validation and make the due diligence process 2x faster.
Pricing for Every Channel
- Free trial - NO
- Free version - NO
- Pricing - $5000 /month
- Pricing model - Per Feature
To Wrap it up…
Vaultedge software is been used by many companies like Accenture, Fidelity and PwC. Vaultedge helps these companies to automate information extraction from a variety of documents like legal agreements, mortgage applications, credit reports, financial statements and more.
At Vaultedge, they believe that life is too precious to be spent overwhelmed with forms and documents. Vaultedge AI was itself built to convert documents into data and insights. It was layered with industry-specific processes and workflows to create a product that helps people leave behind painful document and data management activities. This process helps them focus on providing a better experience to their end customers.
