Google Cloud has previewed an artificial intelligence-powered tool to help speed up the mortgage application process.

Lending DocAI aims to provide industry-leading data accuracy for documents relevant to lending, processing borrowers’ income and asset documents to speed-up loan applications—a notoriously slow and complex process.

A blog post written by product manager Sudheera Vanguri explained that lending institutions have to process hundreds of pages of borrower paperwork for every loan, which costs time and money.

“At Google, our goal to understand and synthesise the content of the world wide web has given us unparalleled capabilities in extracting structured data from unstructured sources,” she said. “Through Document AI, we've started bringing this technology to some of the largest enterprise content problems in the world – and with Lending DocAI, we're delivering our first vertically specialised solution in this realm.”

Lending DocAI leverages a set of specialised models, focused on document types used in mortgage lending, and automates many of the routine document reviews so that mortgage providers can focus on the more value-added decisions.

This should speed up the mortgage workflow processes - loan origination and mortgage servicing - to automate document data capture, while ensuring the accuracy and breadth of different documents.

Crucially, Google also noted that the process will support regulatory compliance requirements, while streamlining data capture in key mortgage processes such as document verification and underwriting.

Google said it is working with a network of partners in different phases of the loan application process. One of these is Roostify, a point of sale digital lending platform that now uses Lending DocAI to speed-up mortgage document processing.

“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,” commented Rajesh Bhat, founder and chief executive of Roostify.

Share Story: