Introduction:
Continuing our exploration of AI's transformative impact on the mortgage industry, we now shift our focus to the highly anticipated showdown between ChatGpt and Vaultedge Document AI. In this final installment of our three-part blog series, we delve into the capabilities and distinctions of these two powerful tools.
ChatGpt, powered by OpenAI, has gained widespread recognition for its conversational AI prowess. On the other hand, Vaultedge Document AI has been making remarkable strides with its advanced automation of the document processing lifecycle. The question arises: how do these two solutions compare when it comes to document processing workflow in the mortgage industry?
In this comprehensive analysis, we will conduct an in-depth comparison of ChatGpt and Vaultedge Document AI. We will examine their respective features, evaluate their performance, and assess their potential impact on the future of mortgage document processing. From natural language understanding to document classification, we aim to provide a comprehensive perspective without favoring any specific tool.
Join us in the final part of this series as we dive into the exciting world of ChatGpt and Vaultedge Document AI, shedding light on their capabilities and implications for the future of mortgage document processing.
Software Overview :
ChatGPT -
ChatGPT has quickly become a popular AI chatbot, used by millions worldwide. It can answer questions, tell stories, write web code, and handle complex topics. Developed by OpenAI, it has evolved since its announcement. While a free version exists, paid versions called ChatGPT Plus and ChatGPT Enterprise are also available. You can access the free version on the ChatGPT website by signing up. ChatGPT is also compatible with Android and Apple devices. A more advanced version, ChatGPT-4, is available to paid subscribers. It has been embraced by large companies and millions of users, but has also faced controversy. With 175 billion parameters, ChatGPT-3.5 excels in language understanding, but cannot generate video, sound, or images like Dall-E 2. However, it can write essays, excel formulas, poems, movie scripts, research topics, summaries, cover letters, CVs, code, and help plan vacations. While it can produce fun and creative content, its true power lies in its speed and comprehension of complex matters. It has limitations and may struggle with overly complicated or niche prompts. Additionally, it may lack knowledge of recent events and occasionally produce inaccurate information.
Document Types Recognized by ChatGPT
With the latest update, ChatGPT now supports document uploads, allowing you to seamlessly interact and ask questions about recognized documents.
Vaultedge Document AI :
Vaultedge is a comprehensive end-to-end loan processing solution equipped with advanced document management features. It leverages the power of artificial intelligence and machine learning to extract, classify, and validate data from various types of mortgage documents. With its powerful OCR capabilities and custom-built models, Vaultedge accurately extracts data from structured and unstructured documents. This cutting-edge document AI software is purpose-built for the lending industry, utilizing large language models trained on millions of mortgage documents. Vaultedge not only accurately classifies documents but also extracts valuable information, making it an invaluable tool for streamlining lending processes.
Document Types Recognized by Vaultedge document AI
Vaultedge Document AI can accurately recognize and categorize over 500 mortgage document types and extract more than 2000 fields of information.
Side by Side Comparison
Performance Test:
We will conduct a comparative analysis of Chat Gpt and Vaultege Document AI for the processing of lending documents. Our objective is to evaluate the capabilities of these solutions in parallel. We will utilize standard documents, such as a note, deed of trust, and loan estimate, and assess the outcomes obtained from each option.
Chat GPT -
ChatGPT now offers the convenient feature of document uploading, enabling you to ask questions and obtain valuable insights. I would like to address a significant challenge here. I have uploaded three documents which I have consolidated into a single file.
Firstly, let us examine the document that has been uploaded into ChatGPT. It begins with a three-page loan estimate, followed by a 16-page deed of trust, and concludes with a note spanning the last three pages. In a typical loan processing or due diligence scenario, it is crucial to identify the documents within the loan file. Therefore, we shall now assess the analysis provided by ChatGPT.
When uploading a document, ChatGPT provides a summary. However, for mortgage or lending industry purposes, the crucial aspect is the software's ability to accurately identify and split documents. Let's inquire with ChatGPT about the documents in this file and their page range.
Now, our expectation is for ChatGPT to provide us with information about the documents in the file. For example, it should indicate that there are three documents and that the first three pages are related to a loan estimate. Let's see what ChatGPT can tell us. It may take some time for ChatGPT to process the information accurately, so we should allow it the necessary time.
Moreover, one of the challenges you'll encounter when using ChatGPT in production is the time-consuming and costly process of retrieving the necessary data, especially when compared to purpose-built models.
The software, ChatGPT, informs us that the file contains various documents, including a deed of trust. It accurately identifies the presence of the deed of trust throughout the 16-page document. However, it does not identify any other distinct documents, such as a loan estimate, within the pages viewed. It appears that the software determines the page count based on the page numbers at the bottom. "If you require further details regarding specific sections or clauses within the deed of trust, please let me know."Firstly, it is evident from this response that ChatGPT is unable to identify all the documents within the loan file. Now, let's proceed with a few additional inquiries. When utilizing ChatGPT, it is important to exercise patience and pose multiple diverse questions. So, let's proceed accordingly.
Next, let us pose a more specific question: "Does this file contain a loan estimate?" By doing so, we hope that the software will be able to correctly identify the presence of a loan estimate. Let's examine the response.
Regarding document classification, let's examine the outcome and assess whether ChatGPT can assist in extracting data from the document.
Surprisingly, the software indicates that the file lacks a distinct document labeled "loan estimate," which is quite unusual. This presents a challenge when utilizing ChatGPT to comprehend a loan file.
Furthermore, another challenge arises when attempting to extract information such as the principal amount and the involved parties. When receiving an answer from ChatGPT, there is no indication of the confidence rating, necessitating a thorough review of each detail.
Vaultedge Document AI
In Vaultedge, we have the convenience of uploading all documents at once, eliminating the need to complie document and upload it as one file.
Now, let's examine the indexing output. During this process, the software accurately identified the first three pages as a loan estimate, followed by the next 16 pages categorized as a mortgage deed of trust. Finally, the last three pages were identified as a note.
Moving on to data extraction, Vaultedge impressively extracted a significant amount of information from the deed of trust, including the property address, MERS ID, borrower, co-borrower, and more.
The software also provides a confidence rating, allowing for efficient review of low confidence items. By leveraging Vaultedge, time is saved by focusing only on the two pieces of data flagged as low confidence.
Similarly, for notes, Vaultedge extracts a wealth of information, providing the option to review low confidence items if desired. This stands in contrast to AWS Lending API, which failed to extract the interest rate.
Vaultedge's accuracy and comprehensive data extraction capabilities make it a valuable tool for mortgage document processing.
Conclusion -
In conclusion, while using ChatGPT for information extraction, challenges arise when determining the confidence rating and reviewing each detail. Additionally, when dealing with multiple documents in an entire loan file, including unstructured and semi-structured ones like notes, deeds of trust, or insurance, the practical usability of the results is unsatisfactory. It is evident that further improvements are needed to enhance the overall effectiveness and reliability of the extraction process.
On a final note, if you are in the mortgage industry and exploring high accuracy document automation solutions for semi-structured & unstructured data, then let's chat to see what could be better alternatives to your current approach.
Schedule a call with us today and let's find the best solution for your mortgage document needs!