Vaultedge assesses growth plans in uncertain investor climate

Much of that process involves manual checking of documents to validate and enter them into loan origination systems. Vaultedge’s software uses artificial intelligence that can understand documents the way an underwriter or loan processor would and do it far quicker. Essentially, it sits on top of a lender’s loan origination system as it processes documents and then feeds the data back to the lender.

“It could be a 400- to 500-page file that we received from a broker or corresponding channel. Instead of a loan processor going over those pages, the software automatically looks and identifies every single document, and it identifies what documents are missing for the type of loan and then extracts relevant information from those documents and puts that into their loan origination systems,” Tirupati said.

In short, Vaultedge automates work that the loan processor and underwriter would do, identifying documents and extracting data and even calculating income.

The software also works with mortgage servicers, helping to automate and speed up their loan onboarding process.

Earlier optical character recognition, or OCR software, wasn’t terribly accurate in automating processing of documents, hitting in the 70% range. Vaultedge’s version uses AI technology that improves on that considerably, with 99% accuracy for the top 50 document types and 95% accuracy overall, Tirupati explained.