Loanlogics provides document processing services and software for mortgage quality assurance. It is a good option only if you are looking for an outsourcing service provider that uses a hybrid of automation and human in the loop for document processing.
Loanlogics specializes in streamlining loan quality audit & due diligence reviews. While you can buy the software alone, typically it is bundled with processing services.
Whereas, Vaultedge is a pure-play AI powered automated document recognition & data extraction software.
Vaultedge is purpose built to automate document processing not just for loan quality audit but also for loan processing and loan boarding.
With Vaultedge you can keep document processing inhouse.
With LoanLogics you can receive upto 95% accuracy for many critical documents and data elements.
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 Loanlogics implementation last several months. However, the manual processing services can be deployed sooner.
Whereas, Vaultedge can be configured and used in production in days.
Loanlogics 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 lets users get started without undergoing extensive training sessions.
LoanLogics ADR classifies 480+ document types.
With Vaultedge Mortgage Automation you can automatically index & classify 500+ document types.
LoanLogics has no known integration with standard LOS tools.
Whereas Vaultedge offers out of the box integration with EllieMae Encompass, Blackknight Empower, Wipro NetOxygen, Blackknight MSP etc.
Loanlogics charges one time upfront cost of $40,000 & usage cost of $ 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 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