Google Cloud has introduced a new AI-powered tool, dubbed Lending DocAI, to speed up the application processing and improve the operational efficiency in the mortgage industry.
The company is working on Document AI, which leverages machine learning to scan and understand unstructured documents. The technology is being unveiled through the new mortgage tool.
Google Cloud claimed that the new Lending DocAI is the first vertically specialised tool, and is part of the Document AI portfolio, dedicated to mortgage industry.
The tool is designed to process borrowers’ income and asset documents to ramp-up the loan applications process, which is extremely slow and complex, said the company.
Lending DocAI will enhance operational efficiency, improve home loan experience
Lending DocAI leverages specialised models to handle document types used in mortgage lending, and automates various routine document reviews to help mortgage providers.
The tool is said to enhance operational efficiency in the loan process, by expediting the mortgage workflow processes to automate document data capture, while maintaining the accuracy and breadth of different types of documents.
Google cloud said that its new Lending DocAI would also improve home loan experience for borrowers and lenders by reducing the complexity of document process automation.
Also, the new mortgage tool would reduce the risk and enhance compliance posture by leveraging a technology stack, including data access controls, data residency, customer managed encryption keys, to reduce the risk of executing AI strategy.
Google Cloud has partnered with mortgage fintech startup Roostify to help its point-of-sale digital lending platform use Lending DocAI to ramo-up mortgage document processing for borrowers and lenders.
Roostify founder and CEO Rajesh Bhat said: “The mortgage industry is still early in transitioning from traditional, manual processes to digitally-enabled and automated, and we believe that transformation will happen much more quickly with the power of AI. And if you are going to do AI, you’ve got to go Google.”
