Roostify Partners With Google Cloud To Deliver Enhanced Lending Document AI Capabilities
--The companies will integrate Google Cloud's Lending DocAI solution with Roostify's leading digital lending platform to transform the mortgage industry --
SAN FRANCISCO, October 19, 2020 -- Today, Roostify announced a strategic partnership with Google Cloud to apply Google Cloud artificial intelligence (AI) and machine learning (ML) capabilities to help lenders process mortgage applications faster and more effectively. Under this partnership, Roostify will integrate Google Cloud’s new Lending DocAI solution into its leading digital lending platform, leveraging capabilities in AI and ML to decrease the time it takes to process documents, increase accuracy, and reduce costs, helping lenders provide their clients with a better experience. Today, document processing in mortgage lending makes up a significant portion of the time and cost to originate a loan, but with the advanced capabilities this partnership will deliver, lenders will see a reduction in both.
“The home lending industry is still early in transitioning from traditional, manual processes to digitally-enabled and automated processes, and we believe that transformation will happen much more quickly with the power of AI,” said Roostify Founder & CEO Rajesh Bhat of the new partnership, “and if you are going to do AI, you’ve got to go to Google Cloud.”
Currently, lenders rely on manual processes to verify loan files and documents, which can lead to lengthy approval processes for homebuyers, increased costs for lenders, and risk for errors. At the same time, financial institutions face shrinking margins and fluctuating origination volumes, and while they need to manage costs, they also need to ensure loan quality. To support lenders in addressing this issue, Roostify will deliver the capability for real-time document capture, classification, data extraction and processing, and automated adjudication solutions, powered by sophisticated AI, creating a smarter, faster, and safer lending experience.
These new capabilities include analyzing, categorizing, and extracting data from documents submitted throughout the lending process and a streamlined user experience leveraging this data for consumers and loan teams. Hours that loan originators previously spent identifying documents, confirming authenticity, notifying consumers of inconsistencies, and extracting field-level data from verification documentation drop significantly.
Since the beginning of 2020, Roostify has captured more than 10 million documents through its Digital Lending Platform, and the monthly averages continue to rise. By leveraging this volume of data and their partnership with Google Cloud, Roostify can create highly accurate, sophisticated models.
“We have a lot of experience in terms of building great models, but taking a great model to something that makes a difference in the industry requires working that AI into the workflow that people have today,” said Rajen Sheth, Vice President of Product Management, Google Cloud AI. “And to do that, we need the right partner, like Roostify, who is already deeply embedded, and together we use AI to supercharge the workflow.”
Roostify and Google Cloud have been working with existing Roostify customers to develop the solution. We have incorporated their valuable feedback into the product throughout the ideation, design, and development process.
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