Australian fintech Lendi is using the capabilities of Google Cloud to automate its mortgage granting process as it pursues a long-term goal of getting same-day loan approval.
Lendi is an online mortgage marketplace that combines expert advice and benchmarking data to help clients find and get a loan. It has processed over 2 million requests to date.
FinTech recently started using Google Cloud services for artificial intelligence and machine learning to help automate and accelerate the data-intensive aspects of the mortgage origination process.
Framing refers to the process by which a lender works with a borrower to approve a mortgage.
Speaking at a Think Google fireside chat event, Lendi’s product manager and co-founder Mark Kalajzich said fintech was working with Google services to remove “pain points” from the home loan process.
“The mortgage isn’t really a monolith, it’s not just one big thing,” he said.
“At the heart of it are 400 processes, issues, checks, credit scores, credit data, assets, income, expenses, whatever they are.
“And I think when you break all of those things down into their smaller part of the problem, Google helps us solve a lot of them.
“The more we can bring data into play, automate clunky processes, use machine learning and ultimately AI to solve these problems, the more pain points we remove and the easier it is for us to solve the customer’s problem. . “
Kalajzich said the home loan process is difficult for first-time home buyers and regular buyers; even the most seasoned clients looking for a home loan or refinancing option still struggle to gather the necessary documents.
“This is really where machine learning and AI come in,” he said.
“How do we get the data we need because that’s really what mortgage approval is – it’s just data points.”
For lenders, the challenge is also to “get the data right” from submitted documents such as payslips – again, a problem that AI / ML services could solve.
“We can absolutely deploy the human to validate a payslip, but we can also solve this problem through automation and machine learning,” he said.
“Google is imperative to help us on this journey.”
Outside of Google’s capabilities, Kalajzich said there are many niche products dedicated to the customer’s mortgage journey and that Lendi could “potentially join forces” to address data issues.
“It touches on the challenge that right now we’re all very focused on what we’re doing … and looking inward and trying to solve this customer issue,” he said.
“There are a lot of opportunities for us to work together and it maybe seems easier said than done.
“It’s up to us to make sure our services and APIs are as open as possible to work seamlessly with other players. “
Kalajzich said Lendi will continue to use “data that the customer really feels comfortable sharing with us” and “extract relevant data from the documents they have provided to us” as he continues to streamline his processes. mortgage.
“We can also do more around assessments and what assessment data looks like in our space,” he said.
Kalajzich said Lendi started with “a bit of a pipe dream” of getting mortgage approval the same day.
“Nothing has changed since we got really committed” to this goal, he said.
He noted that putting the client at the center of the mortgage origination process, coupled with advancements in technology, promised to bring dramatic changes in the space.
“I really feel like we’ve all put the customer at the center of what we do, but the technology takes time to develop… I really hope we’re on the cusp of some big changes in the way whose clients go about getting their home loan.
“The further we can get out of the way of the customer so that they can enjoy their home, that’s really our reason for being.