Nonbank servicer Mr. Cooper Group has teamed up with Google Cloud to create a digital mortgage servicing platform designed to automate its loan documentation process.
Engineers and executives at both companies will work together to digitize Mr. Cooper’s core mortgage process and create a more personalized customer experience. The platform will be powered by AI and machine learning to make it easier to create, distribute, sign, submit, and review loan documentation.
According to Mr. Cooper CEO Jay Bray, having access to Google Cloud’s services and infrastructure will help the firm “accelerate its development plans tremendously.”
“Over the last decade, we have made substantial investments in our servicing technology and core mortgage platform that have revolutionized the customer experience while providing dramatic efficiencies in operating cost. Our partnership with Google Cloud AI will build on those advances and help make these technologies available for the industry,” Bray said.
Additionally, Mr. Cooper said it has already developed a proprietary technology containing more than 300 mortgage-specific machine learning models on Google Cloud’s AI platform. The technology classifies mortgage documents at more than 90% accuracy with the ability to train new document types quickly – ultimately giving team members faster access to information and onboard mortgage portfolios.
“The mortgage industry is a prime example of how AI can unlock measurable business value and impact the customer experience,” said Rajen Sheth, vice president of Google Cloud AI and Industry Solutions at Google Cloud. “The heavily manual practices required in the mortgage process creates a massive drain on the bottom line and overall operational efficiency. We’re thrilled to partner with Mr. Cooper to create solutions to transform this process and make it easier for both the industry and homeowners.”