Google Cloud today publicized the launch of Lending DocAI, its first devoted service for the mortgage industry. The tool, which is now in preview, is intended to help Mortgage Company’s speed up the process of assessing a borrower’s income and asset documents, using specialized machine learning models to automate routine document reviews.
May be this sound’s familiar, because, with Document AI, Google Cloud already offered a more general tool for performing OCR over complex documents and then extracting data from those. Lending DocAI is fundamentally the first vertically 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,”
Google product manager Sudheera Vanguri said,
“With Lending DocAI, you will minimize mortgage processing time and costs, streamline data capture, and support regulatory and compliance requirements.”
Google contends that its tool will speed up the mortgage workload process and betters the experience for borrowers, too. If you have ever gone through the mortgage process, you know how much time it takes to accumulate all of the essential documents and how much lag there is before your bank or mortgage broker tells you that everything is in order.
However Google Cloud also contends that this technology can help “reduce risk and enhance compliance posture by leveraging a technology stack that reduces the risk of applying an AI strategy.”
In other ways, this new product is a good instance for Google Cloud’s current strategy under the management of its CEO Thomas Kurian.