Vaultedge - Best Alternative to Softworks AI

Softworks is a general purpose document processing software. Vaultedge is purpose built AI powered automation for mortgage document workflows.



What is Softworks?

Softworks AI is a general purpose document processing software with modules for invoice documents, tax forms, mortgage packages etc. Softworks uses a hybrid of OCR and AI based technology for document extraction & classification.

What is the difference between Vaultedge & SoftworksAI?

Softworks AI is a broad base document processing software that is useful for processing State & Federal K-1 forms and invoice processing. In addition to these, it offers OCR based document recognition capabilities for mortgage insurers, solution providers and originators.

On the other hand, Vaultedge is a purpose built software that serves the document processing requirements of loan processing, post close QC and loan servicing teams within mortgage lenders & servicers.

Instead of using OCR, Vaultedge uses propietary machine learning models & natural language processing to interpret documents & data as a human would.

This means Vaultedge can handle both structured & unstructured data with much higher accuracy than a image processing based OCR technology.

How accurate is Softworks?

  • Softworks AI claims to provide an accuracy of 99.5% with human in the loop.
  • On the other hand, Vaultedge provides 95% out of the box accuracy through its touchless automated document classification & data extraction capabilities. The accuracy improves upto 99% with increasing usage. This is made possible by using artificial intelligence that learns from continued use.

How fast can you implement Softworks in production?

Typical Softworks AI implementations last several months.
Whereas, Vaultedge can be configured and used in production in days.

How is the ease of use with Softworks?

Being a cross-industry product, the user interface and workflows in Softworks are not fully optimized for the mortgage industry.

However, Vaultedge offers a simpler interface that is optimized for not just pure-play lenders but also for lenders with in-house servicing function - that lets users get started without undergoing extensive training sessions.

What is the range of documents that can be automatically processed by Softworks?

Both Softworks and Vaultedge can handle 500+ document types when it comes to automated document classification. However, all document types in Vaultedge are mapped only to workflows suited for mortgage lenders, servicers and investors.

Does Softworks offer customizability & seamless integration?

No information is available on the integrations available for Softworks to any loan origination and servicing software.

Vaultedge can integrate seamlessly with any loan origination and servicing software like Ellie Mae Encompass, Blackknight Empower, Wipro NetOxygen, Blackknight MSP etc.

How much does Softworks cost?

Softworks AI charges one time set up cost in the range of  $30,000 - $50,000 & usage cost in the range of $20 - $25 per loan file processed. However there is a minimum commitment volumes and no free trial.

Vaultedge charges one time set up fee of $15,000 & usage cost of $15 per loan file processed. Vaultedge does not require you to have any minimum commitment and also offers a free trial.

Schedule a call - to understand which is a better option for you.