Google Cloud unveils mortgage industry tool Lending DocAI

Global tech leader, Google, through its Google Cloud division, has today unveiled Lending DocAI, a new product thought to be its first dedicated service for the mortgage industry.

According to press, the tool is 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.

While this to some extent may sound familiar as DocumentAI, from Google Cloud, already offers a more general tool for performing OCR over complex documents, Lending DocAI, on the flip, is essentially the first vertically specialized Google Cloud service to use this technology.

In an interview with press, Google spokesman and product manager Sudheera Vanguri noted that the idea was to enhance mortgage services as a people-focus company.

He said: “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.”

In addition, Google stated that it also hoped to cut down on processing time to balance activities in a fast pace economy. “With Lending DocAI, you will reduce mortgage processing time and costs, streamline data capture, and support regulatory and compliance requirements,” he added.

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