Google Cloud has unveiled Lending DocAI, its inaugural service specifically designed for the mortgage sector. Currently available in preview, this tool is intended to assist mortgage firms in accelerating the evaluation of a borrower's financial documentation, utilizing advanced machine learning models to automate standard document assessments.

This functionality may appear similar to existing capabilities, as Google Cloud already provides Document AI, a broader solution for performing Optical Character Recognition (OCR) on intricate documents and subsequently extracting data from them. Lending DocAI represents the first instance of Google Cloud offering a service tailored to a specific industry, built upon this underlying technology.

“We aim to equip you with the necessary resources to facilitate a smoother experience for both borrowers and lenders, and to expedite the completion of mortgage loans, ultimately benefiting all stakeholders,” explains Google product manager Sudheera Vanguri. “Lending DocAI will enable you to decrease mortgage processing times and expenses, optimize data collection, and meet regulatory and compliance obligations.”

Google contends that its offering will streamline the mortgage process and enhance the borrower experience. Individuals familiar with obtaining a mortgage understand the considerable time required to gather all necessary paperwork and the delays encountered while awaiting confirmation from their bank or mortgage broker regarding the completeness of their submission.

Furthermore, Google Cloud asserts that this technology can contribute to “reducing risk and strengthening compliance by utilizing a robust technology infrastructure—including data access controls, transparency, data residency, and customer-managed encryption keys—that minimizes the challenges associated with implementing an AI-driven strategy.”

This new product exemplifies Google Cloud’s current strategic direction under CEO Thomas Kurian. While continuing to innovate a wide range of general-purpose services for developers, the company is now also packaging these services into comprehensive solutions for businesses within specific industries. Google Cloud believes this approach will deliver the greatest value—and consequently, the highest revenue—by offering complete solutions rather than simply providing tools. With specialized solutions for retailers, telecommunications companies, gaming businesses, and others—supported by industry partners—Kurian’s team is confident in its ability to provide solutions while competitors concentrate on offering individual tools. This strategy appears to be proving successful, as Google Cloud’s revenue increased by over 43 percent in the most recent quarter.