Google Cloud launched Lending DocAI, its first dedicated service for the mortgage industry, meant 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.
Some of this may sound familiar, because, with Document AI, Google Cloud already offers a more general tool for performing OCR over complex documents and then extracting data from those.
“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,” writes Google product manager Sudheera Vanguri. “With Lending DocAI, you will reduce mortgage processing time and costs, streamline data capture, and support regulatory and compliance requirements.”
Google argues that its tool will have speed up the mortgage workflow process and improve the experience for borrowers, too. If you’ve ever gone through the mortgage process, you know how much time it takes to compile all of the necessary documents and how much lag there is before your bank or mortgage broker tells you that everything is in order (or not).