Mr. Cooper Group Inc. and Google Cloud have joined forces to create a digital mortgage servicing platform, powered by artificial intelligence (AI), machine learning (ML), data analytics, and cloud scalability to ease the distribution, signing, submission, and review of loan documentation.
As part of this agreement, engineers and business leaders at both companies will work to digitize Mr. Cooper’s core mortgage process, creating a more personalized customer experience by utilizing conversational AI.
“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,” said 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.”
Mr. Cooper has already developed proprietary technology with a library of more than 300 mortgage-specific machine learning models, built on Google Cloud’s AI platform. The company reports that its technology classifies mortgage documents at more than 90% accuracy with the ability to train new document types rapidly, providing faster access to information to better serve its customers 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, VP, 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."
Mr. Cooper also recently announced the promotion of Kurt Johnson to EVP, and Chief Risk and Compliance Officer. Johnson has been with the company for five years, most recently serving as Chief Credit Officer, and has 20 years of experience in the industry.