FinTech: Home Loans Get Quicker And Easier With Google’s Lending DocAI
Google wants to use AI to make the heavily manual mortgage documentation process more efficient.
Banks and mortgage brokers have to grapple with the hundreds of pages of paperwork for every home loan. Apart from being very time consuming, the highly manual process adds heavily to the cost of making the loan. Through its Document AI, Google (NASDAQ: GOOGL) has already started to tackle some of the largest enterprise content problems plaguing the world. Lending DocAI is the first vertically specialized solution within Document AI and it addresses the mortgage industry. (Google)
How it works
Lending DocAI uses AI to process borrowers’ income and asset documents and therefore to accelerate the notoriously slow and complex process leading up to a successful loan application.
Using inbuilt and specialized models that have been designed around the document types used in mortgage lending, Lending AI can automate many of the routinely manual document reviews.
Leading officials can therefore concentrate on higher-end work.
Lending DocAI helps to:
- speed up the mortgage workflow processes
- easily process loans
- automate document data capture
- ensure the accuracy and breadth of different documents
As a result, the mortgage process becomes quicker and easier for both the borrowers and lenders thus improving the overall home loan experience.
Lending DocAI also supports regulatory and compliance requirements.
If it’s AI, it’s got to be Google
“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,” said Rajesh Bhat, Founder and CEO, Roostify. “And if you are going to do AI, you’ve got to go Google.”
Google and Roostify have worked together to develop this joint solution.
“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,” said Sudheera Vanguri, Product Manager. “With Lending DocAI, you will reduce mortgage processing time and costs, streamline data capture, and support regulatory and compliance requirements.”
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