Vaultedge: A Document AI Platform for the Mortgage Industry

Vaultedge: A Document AI Platform for the Mortgage Industry – The mortgage industry is one of the most complex and document-intensive sectors in the world. Mortgage lenders, servicers, and investors have to deal with hundreds of documents per loan, such as loan applications, income statements, credit reports, title deeds, appraisals, and closing disclosures. These documents are often unstructured, non-standard, and handwritten, making them difficult to process and extract data from. Manual document processing is slow, costly, error-prone, and inefficient, affecting the profitability and customer satisfaction of mortgage companies.

Vaultedge

Details of the startup:

  • CITY : Bengaluru
  • STATE : Karnataka
  • STARTED IN : 2014
  • FOUNDERS : Murali Krishna Tirupati and Sajeev Sreedevi Aravindan
  • NUMBER OF INVESTORS : 10
  • LATEST ROUND INVESTMENT : ₹14.46M
  • TOTAL INVESTMENT : ₹16.84M
  •   TOTAL SECURED LOANS AVAILED : Nil

You can find their website here.

To overcome these challenges, a startup called Vaultedge has developed a document AI platform that automates document processing for the mortgage industry. Vaultedge uses machine learning, generative AI, and large language models (LLMs) to understand, classify, extract, and validate data from any mortgage document. Vaultedge also provides a workflow-based solution that integrates with existing record management systems and enables faster and accurate decision making for loan production, boarding, and due diligence.

We will explore how Vaultedge works, what benefits it provides to mortgage companies, and what are its future plans.

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How Vaultedge Works

Vaultedge is a cloud-based platform that uses AI to process mortgage documents in the following steps:

  • Ingestion: Vaultedge can ingest documents from multiple sources, such as email, web, FTP, or API. Vaultedge supports various formats, such as PDF, TIFF, JPEG, PNG, and DOCX. Vaultedge can also handle scanned, faxed, and handwritten documents with high accuracy.
  • Classification: Vaultedge can automatically identify and categorize documents based on their type, such as loan application, income statement, credit report, etc. Vaultedge can also detect and flag missing, duplicate, or incorrect documents in a loan package.
  • Extraction: Vaultedge can extract relevant data fields from documents, such as borrower name, loan amount, interest rate, property address, etc. Vaultedge can also handle complex data structures, such as tables, lists, and nested fields. Vaultedge can also extract data from non-standard or custom documents using its LLM-based generative AI module.
  • Validation: Vaultedge can validate the extracted data against predefined rules, such as data type, format, range, and consistency. Vaultedge can also cross-check the data across multiple documents, such as income verification, credit score, and appraisal value. Vaultedge can also flag and resolve exceptions using its human-in-the-loop module.
  • Integration: Vaultedge can integrate with existing record management systems, such as Encompass, Black Knight, and Calyx, to automatically key in the data and update the loan status. Vaultedge can also generate reports and insights based on the data and provide recommendations for loan approval, rejection, or modification.
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Benefits of Vaultedge

Vaultedge claims to provide the following benefits to mortgage companies who use its platform:

  • Reduced Cost: By automating document processing, Vaultedge can help mortgage companies save up to 70% of the cost associated with manual labor, outsourcing, and rework. Vaultedge can also help reduce the cost of compliance and audit by ensuring data accuracy and quality.
  • Increased Speed: By processing documents in minutes instead of hours or days, Vaultedge can help mortgage companies increase their throughput and turnaround time. Vaultedge can also help reduce the loan cycle time and improve the customer experience by providing faster and smoother service.
  • Improved Quality: By using AI and LLMs to understand and extract data from documents, Vaultedge can achieve up to 99% accuracy, which can further improve with usage. Vaultedge can also help improve the quality and consistency of data across multiple documents and systems.
  • Enhanced Scalability: By using cloud-based and scalable architecture, Vaultedge can handle millions of documents per day and adapt to changing volumes and demands. Vaultedge can also handle new and custom documents by using its generative AI module and learning from user feedback.
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Future Plans of Vaultedge

Vaultedge was founded in 2017 by Murali Tirupati and Sajeev Aravindan, who are alumni of IIT Bombay and IIM Ahmedabad respectively. The startup has raised over Rs 50 crore in funding from investors such as Arkam Ventures, 021 Capital, India Quotient, and Better Capital. The startup has also won several awards and recognitions such as the Google Launchpad Accelerator, Nasscom Emerge 50, and Forbes 30 Under 30.

Vaultedge currently has over 100 clients across the US, India, and Canada, including leading mortgage companies such as BSI Financial, Accenture, Fidelity, and PwC. The startup aims to expand its customer base and product portfolio and become the leading document AI platform for the mortgage industry. The startup also plans to leverage advanced technologies such as artificial intelligence, machine learning, and satellite imagery to enhance its document processing and decision making capabilities. The startup’s vision is to transform the mortgage industry by making document processing simple, fast, and accurate.

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