Mr. Cooper Group Inc. and Google Cloud have partnered to create a customer-centric digital mortgage servicing platform powered by advanced automation technologies such as artificial intelligence (AI), machine learning (ML), data analytics and cloud scalability to make it easier to create, distribute, sign, submit and review loan documentation.
“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,” says Jay Bray, chairman and CEO of Mr. Cooper Group. “Our partnership with Google Cloud AI will build on those advances and help make these technologies available for the industry.
“Our highly scalable, digital platforms have already enabled us to become the nation’s largest non-bank mortgage servicer, with industry leading efficiency. Having access to the world class services and infrastructure that Google Cloud will provide will help us accelerate our development plans tremendously.”
As part of the agreement, engineers and business leaders at both companies will work side by side to digitize Mr. Cooper’s core mortgage process and create a more personalized customer experience by utilizing conversational AI.
Mr. Cooper has already developed a proprietary technology with a library of more than 300 mortgage-specific machine learning models, built on Google Cloud’s AI platform, to solve a key process and business challenge around manual document management at cloud scale. This technology classifies mortgage documents at more than 90 percent accuracy, with the ability to train new document types rapidly, ultimately giving team members easier, faster access to information to better serve customers and on-board mortgage portfolios.