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.
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.
Typical Softworks AI implementations last several months.
Whereas, Vaultedge can be configured and used in production in days.
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.
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.
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.
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.
reduction in manual effort
Faster Document processing
improvement in cost to close
accuracy which can go up to 99% with user feedback