Google Cloud introduced Lending DocAI in preview mode last fall with Roostify, a provider of digital mortgage solutions to lenders, on board as a strategic partner.
Banks, mortgage brokers and other lenders will be able to cut processing times for loan applications from weeks to days by harnessing Google’s expertise in artificial intelligence, now available as a purpose-built solution for the mortgage industry, LendingDocAI, the tech behemoth announced on Wednesday.
Google Cloud rolled out Lending DocAI in preview mode last fall with Roostify, a provider of digital mortgage solutions to lenders, on board as a strategic partner. On Wednesday, Google Cloud said it’s making LendingDocAI “generally available,” and announced a new partnership with Mr. Cooper, one of the nation’s biggest mortgage loan servicers.
“The mortgage industry is a prime example of how AI can unlock measurable business value and impact the customer experience,” said Rajen Sheth, Vice President, Google Cloud AI and Industry Solutions at Google Cloud, in a statement. “The heavily manual practices required in the mortgage process creates a massive drain on the bottom line and overall operational efficiency.”
In addition to automating data entry and lowering processing costs by up to 60 percent, Google said Lending DocAI enables lenders to create and customize document processing workflows, and enable human review of AI predictions to improve accuracy and accountability.
In a newly released demo posted to YouTube by Google Cloud, the company says it will not have access to lenders’ customer data or applications, keeping borrowers’ information secure.
“By leveraging a technology stack focussed on security and trust, lenders can feel confident about meeting regulatory and compliance requirements,” Google claims in the demo. “Plus, by automating much of the review process, mortgage servicers will have more time to focus on value-added decisions, versus data entry, giving borrowers and lenders a better experience, and closing more mortgages on time.”
In announcing Mr. Cooper’s partnership with Google Cloud, the company said it intends to create a “customer-centric digital mortgage servicing platform” that will make it easier to “create, distribute, sign, submit and review loan documentation.”
Mr. Cooper said it has already developed a “robust proprietary technology with a library of more than 300 mortgage-specific machine learning models, built on Google Cloud’s AI platform, to solve a key process and business challenge around manual document management at cloud scale.”
Over the last decade, Mr. Cooper CEO Jay Bray said the company has made “substantial investments in our servicing technology and core mortgage platform that have revolutionized the customer experience, while providing dramatic efficiencies in operating cost. Our partnership with Google Cloud AI will build on those advances and help make these technologies available for the industry.”