If you've ever applied for a mortgage for a new home, you know just how slow and complex of a process it can be for a lender to verify all of the necessary documents which is why Google Cloud (opens in new tab) has developed a specialized AI solution specifically for the mortgage industry.
The company's Lending DocAI is currently in preview and the new specialized solution from its Document AI (opens in new tab) portfolio provides data accuracy for documents relevant to lending. The solution can help speed-up loan applications by processing borrowers' income and asset documents for lenders.
By leveraging a set of specialized models focused on the document types used in mortgage lending, Lending DocAI can automate many of the routine document reviews so that mortgage providers can instead focus on more value-added decisions.
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One of the solution's most interesting capabilities is the fact that it can automate document data capture while also ensuring the accuracy of tax statements as well as income and asset documents. In a demo video (opens in new tab) on YouTube, product manager for cloud AI at Google Lewis Liu shows how Lending DocAI is even able to accurately capture a W2 form covered in a wine stain.
In order to help get Lending DocAI into the hands of lenders and others in the mortgage industry, Google Cloud is working with a network of partners in different phases of the loan application process.
One of these partners is Roostify which has created a point-of-sale digital lending platform that leverages Lending DocAI to help speed-up mortgage document processing from borrowers and lenders.
Vice president of product management at Google Cloud AI Rajen Sheth provided further insight on the company's partnership with Roostify in a press release (opens in new tab), saying:
“We have a lot of experience in terms of building great models, but taking a great model to something that makes a difference in the industry requires working that AI into the workflow that people have today. And to do that, we need the right partner, like Roostify, who is already deeply embedded, and together we use AI to supercharge the workflow.”
Lending DocAI is just the latest example of how Google is using AI to improve people's lives and we'll likely hear more about how the solution has sped-up the mortgage process once more companies begin deploying it.
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