Google cloud is targeting to revolutionize the mortgage industry with its new artificial intelligence (Ai) tool called ‘Lending DocAI’. Google Cloud has introduced a new AI tool specifically created to speed up the extremely slow mortgage application process.
The new Lending DocAI is aimed to decrease the time and cost of closing loans for the mortgage industry. Artificial intelligence (AI) offering simplified data capture from the piles of scanned and digital documents specifying browsers’ income, belongings, and other loan application information.
Lending Institutes have to go through hundreds of pages of paperwork for every single loan they handle, a mainly labor-intensive, time-taking task that can add up thousands of bucks to the price of allotting a loan, according to Sudheera Vanguri, Google Cloud’s document AI product manager.
Vanguri wrote that unlike different generalized competitive offerings in the market, Lending DocAI provides industry-leading data accuracy for documents relevant leading. This tool will help in automation of different routine documents so that the providers can focus on their decisions.
She also wrote that our goal is to give you the proper tools to help borrowers and lenders have a better experience and to close the mortgage loans in shorter time frames that will certainly benefit all the parties involved. She further said that by using this tool, you will reduce mortgage processing time and costs, streamline data capture, and support regulatory and compliance requirements.
In the product demonstration, Google showed how the system is capable to analyze, extract vital information containing invoice/tax figures, employer details, addresses, and Social Security statistics. Data capture can also be useful for document authentication and insurance.
Google claims that the new technology will also “reduce risk and enhance compliance posture”. Data Access controls and high-end security features are all-inclusive to lure potential customers/users by “reducing the risk of implementing an AI strategy.”
In best ways, this new creation of Google under the leadership of the current CEO ‘Thomas Kurian’ promises a bigger generation of benefit for retailer companies and hence generating the most revenue within the industry.
Benefits Of Lending DocI:
Here are some of the major benefits of this tool.
- Intensification of effective efficiency in the loan allotting system:
The speediness of the mortgage workflow contributes to easily progression of loans, systematic document data capture while protecting the precision of various documents.
- Advancement of home loan experience:
Decreases the complications of document process automation. Facilitate mortgage applications to be more easily processed across all the levels of mortgage development and quicken time to close in the loan procedure.
- Support administrative and compliance requests:
Improve your compliance stance by utilizing technology for data access controls and providing top-notch security for customers’ information.
Google argues that its tool will improve the experience for borrowers among different benefits it guarantees its users in the future.