Ellie Mae AIQ is good mortgage document processing software that works seamlessly with Ellie Mae Encompass.
However, if you are using any other 3rd party or custom built LOS, then integrating with Ellie Mae AIQ may be challenging.
Ellie Mae AIQ is a mortgage automation software for lenders, servicers and investors to automate document processing. It is a good option for lenders who are using Encompass as their LOS.
However, if you are using Blackknight MSP, Blackknight Empower or any other LOS, then integrating with AIQ will be challenging.
On the other hand, Vaultedge offers an AI powered software that not only integrates with Encompass but also with Empower, MSP, Wipro NetOxygen etc.
AIQ does not publish its accuracy metrics.
Vaultedge provides a 95% accuracy out of the box. The accuracy improves further as users review and provide feedback. This is made possible by using artificial intelligence that learns from users’ actions.
Typical AIQ implementations last several months.
Whereas, Vaultedge can be configured and used in production in days.
AIQ has a UI and workflows built for the mortgage industry, though it takes some time to learn the system.
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.
AIQ does not publish the number of documents and fields it handles.
On the other hand, Vaultedge automatically classifies 500+ documents and 2000+ fields from a loan file. More documents and fields are added on a continuous basis.
Ellie AIQ comes has a native integration with Encompass. However, integrating with any other LOS is challenging.
Vaultedge can integrate seamlessly with any loan origination and servicing software like Ellie Mae Encompass, Blackknight Empower, Wipro NetOxygen, Blackknight MSP etc.
AIQ charges one time set up cost in the range of $100K & 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.
reduction in manual effort
Faster Document processing
improvement in cost to close
accuracy which can go up to 99% with user feedback