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Google's newly launched Lending DocAI is the company's first dedicated mortgage industry tool. The tool has been developed to help mortgage lenders more efficiently evaluate a borrower's income and asset documents. The new technology uses specialized learning models to automate routine document reviews, according to TechCrunch.
"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 Google product manager Sudheera Vanguri, according to the report. "With Lending DocAI, you will reduce mortgage processing time and costs, streamline data capture, and support regulatory and compliance requirements."
Roostify also announced that they will integrate Google Cloud’s new Lending DocAI solution into its leading digital lending platform, leveraging capabilities in AI and ML to decrease the time it takes to process documents, increase accuracy, and reduce costs, according to a press release.
"The home lending industry is still early in transitioning from traditional, manual processes to digitally-enabled and automated processes, and we believe that transformation will happen much more quickly with the power of AI," said Roostify founder and CEO Rajesh Bhat.
With Roostify's integration of the Lending DocAI, new capabilities will include analyzing, categorizing, and extracting data from documents submitted throughout the lending process and a streamlined user experience leveraging this data for consumers and loan teams, according to the release.
According to Roostify's release, the company and Google Cloud has been working with existing Roostify customers to develop the solution and incorporated their feedback into the product throughout the ideation, design, and development process.
Not only does Google promise mortgage workflow efficiencies, the company also stated that borrower experience will be enhanced as well. To add to borrower experience, Google Cloud believes that security will also be heightened.
According to TechCrunch, Google Cloud says the Lending DocAI will, "...reduce risk and enhance compliance posture by leveraging a technology stack (e.g. data access controls and transparency, data residency, customer-managed encryption keys) that reduces the risk of implementing an AI strategy."