In an attempt to speed up mortgage processing with the first industry-specific offering, Google Cloud has launched Lending DocAI, which can fast track the home loan process. Although the tool is currently in preview, this first vertically specialised solution has been designed for the mortgage industry to advance and automate the process of evaluating the home mortgage process with the help of machine learning.
Google Cloud already has a tool similar to Lending Doc AI — Document AI, that has been developed for a more general-purpose method for performing optical character recognition over complex documents and then extracting data from the same. However, this new tool — Lending DocAI is the first of its kind in the company’s Document AI portfolio, specially created for the mortgage industry.
In the release blog post by Google Cloud, it was stated that the mortgage industry, as well as lending institutions like banks and mortgage brokers, tend to process hundreds of pages of paperwork for every loan. This is not only a tedious manual process but also costs a massive amount of money for issuing a loan. In this industry, borrowers and lenders have high expectations, where it is required to have a mortgage document processing solution which can improve operational efficiency while ensuring speed and data accuracy. Users further want a document automation process to “enhance their current security and compliance posture,” stated in the blog.
Thus Google Cloud has released this specialised tool for the same. “Our goal to understand and synthesise the content of the world wide web has given us unparalleled capabilities in extracting structured data from unstructured sources,” stated Sudheera Vanguri, Product Manager, Google Cloud in the blog. “With Lending DocAI, now in preview, we’re delivering our first vertically specialised solution in this realm.”
According to Google Cloud, this solution will provide accuracy for the industry-leading data in terms of documents relevant to lending. The tool will automate the processes of assessing borrowers’ income and asset documents to speed-up loan applications. In short, it will increase operational efficiency in the loan process; improve home loan experience for borrowers and lenders; and support regulatory and compliance requirements.
In many ways, these advancements in its Google Cloud products showcase the current strategy under the leadership of its CEO Thomas Kurian. In the recent time, the company has developed and launched a plethora of general services for developers at every level, and now it is currently planning to bundle these up to sell as complete solutions to enterprises in various verticals. So far, that strategy seems to be in favour of the company, with a growing revenue of more than 43% in the last quarter.