Google launches 'Lending Doc AI' that automates too much troublesome mortgage procedures with AI
Google has announced the launch of LendingDoc AI, an AI service dedicated to the mortgage industry. Mortgage companies can use machine learning models to accelerate the process of assessing borrowers' income and assets.
Lending DocAI fast tracks the home loan process | Google Cloud Blog
Roostify Partners With Google Cloud To Deliver Enhanced Lending Document AI Capabilities — Roostify
https://www.roostify.com/press-releases/2020/10/19/google-roostify-partnership
Mortgage procedures require the management of large amounts of documents and personal information, as well as a huge amount of paperwork. Google's LendingDoc AI is a service that adjusts ' Document AI ' that can efficiently scan, analyze, and verify documents with Google Cloud-based machine learning exclusively for mortgages and provides it to companies, and has partnered with mortgage company Roostify. Was developed.
Google specifically cites the following three advantages of LendingDoc AI.
◆ 1: Improving the operational efficiency of the loan process
It accelerates the mortgage workflow process, such as loan composition and services, simplifies loan processing, and accurately captures data from documents such as tax certificates, income, and asset listings.
◆ 2: Improving the mortgage experience for borrowers and lenders
By automating paperwork, you can reduce complexity and improve your mortgage experience. It makes it easier to process mortgage applications and reduces the time it takes for a loan to be approved.
◆ 3: Support for security requirements and compliance requirements
By incorporating risk-mitigating technologies into AI, such as data access control, transparency, and encryption to manage customer's personal information, we reduce security risks and strengthen our compliance system. It also streamlines data capture, such as checking and receiving documents.
Roostify CEO Rajesh Buchat said, 'The mortgage industry is just beginning to move from traditional manual processes to digitally automated processes, and with the power of AI, that transformation will happen much sooner. I believe, and with the help of AI, we should work with Google. '
'Google has a lot of experience building great machine learning models, but to embrace them in what makes a difference in the industry,' said Ragen Chess, vice president of product management at Google Cloud AI. Needs to incorporate that AI into the workflows of today's people, which requires a good partner like Roostify who is already deeply involved in the mortgage industry, and we work with AI on the workflow We will strengthen it. '
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