Google announced the launch of Lending DocAI, a dedicated artificial intelligence (AI) service for the mortgage industry.
Google Product Manager Sudheera Vanguri said on Monday that new solution, now in preview, was designed to turn unstructured data sets into precise models capable of accelerating loan applications by accurately assessing a borrower’s income and assets.
To streamline the loan application process, dubbed “notoriously slow and complex” by Vanguri, Lending DocAI has been designed with AI models specializing in loan-related document types and is capable of automating document reviews ” routine ”so mortgage providers don’t have to.
The executive says this in turn will speed up mortgage and loan application workflows, including processing loan sources and mortgage services.
Lending DocAI can be applied to a range of documents, including tax, income and asset returns, capturing valuable data and potentially reducing the complexity of mortgage application – both for providers and promising borrowers. .
In a product demo, Google demonstrated how the system is able to analyze data, extract key information, including invoice / tax numbers, employer contact details, addresses and social security numbers. Data capture can also be applied to document verification and subscription.
Google says the solution “will also reduce risk and improve compliance” by leveraging a technology stack designed with security in mind. Customer managed data access, residence and encryption keys are all included in an attempt to attract potential customers by “reducing the risk of implementing an AI strategy.”
Google has partnered with Roostify, a San Francisco-based digital lending platform, to deploy Lending DocAI and create a mortgage document processing service for borrowers and lenders.
“Our goal is to give you the right tools to help borrowers and lenders have a better experience and close mortgages in shorter time frames for the benefit of all parties involved,” commented Vanguri. “With Lending DocAI, you’ll reduce mortgage processing time and costs, streamline data entry, and meet regulatory and compliance requirements.”
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The new solution highlights The recent push of Google Cloud in the industrial sector, with a focus on supply chain, finance, manufacturing and logistics companies. The latest wave of Google Cloud recruiting has focused on securing executives with prior specialist experience in these areas.
In February, Google Cloud CEO Thomas Kurian said that the development of industry-specific solutions leveraging AI allows the company to “sell not only to IT departments but to business leaders”.
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