Google Cloud introduces Lending DocAI to speed up loan processing
By Edil Corneille
Google announced its first vertically specialised solution – Lending DocAI for the mortgage industry. Lending DocAI is in the organisation’s Document AI portfolio and provides data accuracy for documents relevant to lending. It processes borrowers’ income and asset documents to speed-up loan applications.
The solution leverages a set of specialised models, focused on document types used in mortgage lending. It automates many of the routine document reviews so that mortgage providers can focus on the more value-added decisions.
The Deployed AI approach is about providing useful solutions to solve business challenges, which is why Google is working with a network of partners in different phases of the loan application process. Google has partnered with Roostify to transform the home loan experience during origination.
Roostify makes a point-of-sale digital lending platform that uses Google Cloud Lending DocAI to speed-up mortgage document processing for borrowers and lenders. Roostify has been working with many customers to develop the joint solution.
“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,” Rajesh Bhat, Founder and CEO, Roostify elucidated.
In a nutshell, Lending DocAI helps:
- Increase operational efficiency in the loan process: The mortgage workflow processes (e.g. loan origination and mortgage servicing) is speeded up to easily process loans and automate document data capture while ensuring that accuracy and breadth of different documents (e.g. tax statements, income and asset documents) support enterprise readiness.
- Improve home loan experience for borrowers and lenders: The complexity of document process automation is reduced. The solution enables mortgage applications to be more easily processed across all stages of the mortgage lifecycle, and accelerates time to close in the loan process.
- Support regulatory and compliance requirements: The technology stack (e.g. data access controls and transparency, data residency, customer managed encryption keys) that reduces the risk of implementing an AI strategy is leveraged. It also streamlines data capture in key mortgage processes such as document verification and underwriting.
IBSi Daily News Analysis
June 02, 2023
How wealth management firms can grow revenues in a declining marketRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage