September 26, 2021

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Mortgage News

Mr. Cooper Working with Google to Digitize Core Mortgage Process

Mr. Cooper Group Inc. and Google Cloud have teamed up to develop a customer-centric digital mortgage service platform based on advanced automation technologies like artificial intelligence (AI), machine learning (ML), data analytics and cloud scalability to make it easy to create, distribute, sign and sign . Submit and review loan documents.

“Over the past decade we’ve made significant investments in our service technology and core mortgage platform that have revolutionized the customer experience while dramatically reducing operating costs,” said Jay Bray, Chairman and CEO of Mr. Cooper Group. “Our partnership with Google Cloud AI will build on these advances and help bring these technologies to the industry.

“Our highly scalable digital platforms have already enabled us to become the industry’s largest non-bank mortgage service provider with industry-leading efficiency. Having access to the world-class services and infrastructure that Google Cloud will provide will enable us to significantly accelerate our development plans. “

Under the agreement, engineers and executives from both companies will work side by side to digitize Mr. Cooper’s core mortgage process and create a more personalized customer experience through the use of conversational AI.

Mr. Cooper has already developed proprietary technology with a library of more than 300 mortgage-specific machine learning models based on Google Cloud’s AI platform to address a key process and business challenge related to manual document management on a cloud scale to solve. This technology classifies mortgage documents with an accuracy of more than 90 percent and offers the possibility to train new document types quickly. Ultimately, this gives team members easier and faster access to information in order to better serve clients and mortgage portfolios on board.