Ephesoft is a general purpose document processing software that is good for cross-functional applications such as document capture across departments like - accounts payable, claims, billing, human resources, mailroom, GDPR compliance etc.
Ephesoft is a broad base document capture solution. It is not a purpose-built document recognition & data extraction software for loan processing and loan boarding applications. Hence it may not come with pre-configured document types, data fields and out of box LOS integrations needed by loan processing and loan boarding teams.
Vaultedge is a AI powered automated document recognition and data extraction software that is built specifically around the document processing needs of loan processing, loan boarding and post close QC teams. It comes with pre-configured with:
Ephesoft reports an accuracy of 90% for mortgage documents.
On the other hand, Vaultedge provides an out of the box accuracy of 95% - which can go up to 99% with continuous user feedback. This is made possible because Vaultedge uses artificial intelligence that learns from users’ actions & improves accuracy with continued use.
Typical Ephesoft implementations last several months.
Whereas, Vaultedge can be configured and used in production in days.
Being a cross industry and cross functional software, it is not optimized to suit the specific requirements of mortgage industry users.
Vaultedge offers a simpler interface that is optimized for mortgage industry - that lets users get started without undergoing extensive training sessions.
As per its product brochure, Ephesoft offers 600+ pre-trained document templates for the mortgage industry at large.
Whereas using Vaultedge you can automatically index 500+ document types that are specific to loan processing, post close QC and bulk MSR boarding workflows.
Ephesoft has technical partners that can provide integration services.
Whereas Vaultedge offers out of the box integration with EllieMae Encompass, Blackknight Empower, Wipro NetOxygen, Blackknight MSP etc. Hence, time to implementation is much faster.
Ephesoft 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.
reduction in manual effort
Faster Document processing
improvement in cost to close
accuracy which can go up to 99% with user feedback