Google’s Lending DocAI Uses Machine Learning To Expedite Mortgage Application Processing

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Artificial Intelligence is the new trendsetter in many fields, including healthcare, education, business, finance, and more. Yet, the mortgage industry is still manually processing the paperwork of its customers. 

Lending DocAI is a mortgage document processing solution, and it is the latest addition to Google’s Document AI. It is a tool that reads the document using OCR (Optical Character Recognition) to gain useful insights. This tool uses several unique machine learning models to extract data from the specific documents used in mortgage lending.

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It uses Google’s security model to keep the documents safe. It helps the users to make better decisions by using information from documents. 

Features of Lending DocAI:

  1. It improves operational efficiency by automating document data capture, and ensuring accuracy in processing paperwork such as tax statements, income, and asset documents. 
  2. It will reduce the complexity of the process of loan approval. 
  3. It reduces paper processing time. 
  4. It helps to support compliance requirements with data access controls.  
  5. It streamlines data capture. 

Google has partnered with Roostify, a digital lending platform, to escalate mortgage documentation using Lending DocAI.

Source: https://siliconangle.com/2020/10/19/googles-lending-docai-service-uses-machine-learning-fast-track-mortgage-applications/

Website: https://cloud.google.com/solutions/lending-doc-ai

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