Google has announced the launch of Lending DocAI, a dedicated artificial intelligence (AI) service for the mortgage industry.
On Monday, Google Product Manager Sudheera Vanguri said the new solution, now in preview, has been designed to transform unstructured datasets into accurate models able to speed up loan applications by accurately assessing a borrower's income and assets.
To streamline the loan application process, dubbed "notoriously slow and complex" by Vanguri, Lending DocAI has been built with AI models that specialize in document types related to loans and is able to automate "routine" document reviews so mortgage providers don't have to.
See also: Google Cloud adds slew of execs as it builds out its industry, vertical focus
The executive says that in turn, this will speed up the mortgage and loan application workflows, including the processing of loan sources and mortgage services.
Lending DocAI can be applied to a range of documents including tax, income, and asset statements, capturing valuable data and potentially reducing the complexity of applying for a mortgage -- both for providers and hopeful borrowers.
In a product demo, Google demonstrated how the system is able to parse data, extract key information including invoice/tax numbers, employer details, addresses, and Social Security numbers. Data capture can also be applied to document verification and underwriting.
Google says that the solution will also "reduce risk and enhance compliance posture" by leveraging a technology stack designed with security in mind. Data access controls, residency, and customer-managed encryption keys are all included in a bid to lure potential customers by "reducing the risk of implementing an AI strategy."
CNET: Google Pixel 5's wimpy camera is driving me to the iPhone 12
Google has partnered with Roostify, a San Francisco-based digital lending platform, to deploy Lending DocAI and create a mortgage document processing service for borrowers and lenders.
"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," Vanguri commented. "With Lending DocAI, you will reduce mortgage processing time and costs, streamline data capture, and support regulatory and compliance requirements."
TechRepublic: How to choose a Google Workspace plan
The new solution highlights Google Cloud's recent push into the industrial sector, with a focus on enterprise outfits in the supply chain, finance, manufacturing, and logistics. Google Cloud's latest hiring spree focused on securing executives with specialist prior experience in these areas.
In February, Google Cloud CEO Thomas Kurian said that developing industry-specific solutions that harness AI allows the company to "sell not just to IT but to business owners."
Previous and related coverage
Have a tip? Get in touch securely via WhatsApp | Signal at +447713 025 499, or over at Keybase: charlie0