AI-powered document recognition and data extraction software is now available to mortgage lenders and servicers through cloud marketplace Microsoft AppSource.
Vaultedge Software is making its AI-powered document recognition and data extraction software available to mortgage lenders and servicers through the cloud marketplace, Microsoft AppSource.
Built on the Microsoft Azure platform, Vaultedge Mortgage Automation (VMA) is capable of processing upwards of 10,000 loans per day, and can be integrated with loan origination systems including ICE Mortgage Technology’s Encompass, the company said Monday.
Coupled with artificial intelligence (AI), optical character recognition enables VMA to automate the process of identifying documents, extracting data from them, and calculating income. Time and cost savings of up to 80 percent can be achieved in loan processing, post close and loan boarding, the company said.
Vaultedge is “razor-focused on helping lenders and servicers reduce costs and improve response time through automation, at the same time making life easy for end-users” including loan officers, loan processors and underwriters, co-founder and CEO Murali Tirupati said in a statement.
Launched in 2015, Vaultedge announced Encompass integration and a partnership with ICE Mortgage Technology in July.
Automating the processing of mortgage applications, underwriting, approvals and closings has become a priority for mortgage lenders who are looking for ways to stay competitive and cut costs after an abrupt rise in mortgage rates put an end to the refinancing boom.
Solutions are often cloud-based, with Amazon, Google, Microsoft, and Salesforce all promoting services tailored to help digital mortgage service providers digitize and process mortgage applications and documents.
The nation’s biggest mortgage lender, Rocket Mortgage, is making its mortgage origination technology available to banks and credit unions as an end-to-end “mortgage-as-a-service” through Salesforce Financial Services Cloud.
Microsoft Cloud for Financial Services, which integrates cloud services across Microsoft’s public cloud offerings, launched last year with partners including Mortgage365 and Finastra, the developer of the Fusion Mortgagebot platform.
Google Cloud’s purpose-built mortgage solution, Lending DocAI, also launched last year, helps partners like Roostify and Mr. Cooper automate data entry and create and customizing document processing workflows.
Black Knight’s AI-powered mortgage solution, Underwriter Assist, runs on Amazon Web Services (AWS), using Amazon Textract and mortgage-specific algorithms developed by Black Knight to extract data from documents like W2s and pay stubs.