Google Cloud wants to speed up mortgage processing with the first industry-specific offering leveraging its machine-learning-based Document AI technology launched last year.
The new Lending DocAI is designed to reduce the time and cost of closing loans for the mortgage industry. The offer of artificial intelligence (AI) Streamlines data capture from reams of scanned and digital documents detailing borrower income, assets and other loan application information.
Credit institutions process hundreds of pages of documents for every loan they handle, a largely manual and time-consuming task that can add thousands of dollars to the cost of issuing a loan, according to Sudheera Vanguri, chief financial officer. Google Cloud Document AI product.
“Unlike more generalized competitive offerings, Lending DocAI provides industry-leading data accuracy for loan documents,” Vanguri wrote in a blog post today. Lending DocAI leverages a set of specialized models focused on document types used in mortgages and automates many routine document reviews, so mortgage providers can focus on higher value decisions. added. “
Lending DocAI can analyze text, characters and images in documents ranging from a content-rich invoice with tabular data to a camera-captured image of a crumpled and wine-stained US tax form W-2 with text asymmetric, according to a video presentation scheduled for the Mortgage Bankers Association (MBA) annual convention which begins Monday. Now in preview, the offer should be generally available next year.
In addition to facilitating the processing of loan applications, Lending DocAI helps organizations meet regulatory and compliance requirements, according to Google Cloud. Businesses can reduce risk and improve their compliance postures by “leveraging a technology stack (eg, data access controls and transparency, data residency, customer-managed encryption keys) that reduces the risk of implementing an AI strategy. Vanguri mentionned. “It also streamlines data entry in key mortgage processes such as document verification and underwriting. “
Google Cloud will share information about a Lending DocAI partnership with San Francisco-based Roostify at the Online MBA convention on Monday. The companies have been working on a joint offering that uses Lending DocAI to fuel new and improved documentary capabilities in Roostify’s digital mortgage platform. The new service will be in production in early 2021, according to a Google Cloud spokesperson. The same functionality will be offered in a stand-alone Document AI With Roostify service that lenders can plug into their existing systems.
“The mortgage industry is still early in the transition from traditional manual processes to digital and automated ones, and we believe the transformation will happen much faster with the power of AI,” said Rajesh Bhat, Founder and CEO of Roostify. “And if you want to do AI, you have to go to Google.”
Google Cloud will add other platform integration partners for Lending AI, which its channel partners can resell and service.
Under the leadership of CEO Thomas Kurian, Google Cloud has adopted a vertical and industry-specific solution strategy to help win business clients in six target industries: financial services, healthcare, manufacturing and industry, public sector, retail and media, telecommunications and entertainment.
He also works on Procurement DocAI, which relies on his Documenting AI technology to help organizations automate their procurement cycles, according to a spokesperson.
“Google Cloud provides a group of AI-based analyzers … that take documents [such as invoices and receipts] in a variety of formats and return clearly structured data, ”said Google Cloud spokesperson. “We are working on solving important use cases for other high-volume document workflows in industries such as manufacturing, healthcare, financial services and more. “