Google today announced the launch of its first dedicated service for the mortgage industry. Dubbed as “Lending DocAI,” the service aims to help mortgage companies speed up the process of evaluating a borrower’s income and asset documents, using specialized machine learning models to automate routine document reviews. However, the tool is in preview for now but will roll out to everyone soon.
The new service already leverages the most useful feature of Google Cloud, the Document AI. It can perform OCR on complicated documents and extracting a digital copy from that. Lending DocAI is essentially the first specialized Google Cloud service to use this technology.
“Our goal is to give you the right tools to help borrowers and lenders have a better experience and to close mortgage loans in shorter time frames, benefiting all parties involved. With Lending DocAI, you will reduce mortgage processing time and costs, streamline data capture, and support regulatory and compliance requirements,” told Google product manager Sudheera Vanguri.
Google argues that its tool will speed up the mortgage workflow process and improve the overall experience for borrowers, too. The traditional mortgage systems require lengthy paperwork and are really a very outdated process. It will also ensure transparency, data residency, and privacy in the loan approval process as Google uses custom managed encryption keys over the sensitive documents.