On April 8 United Wholesale Mortgage announced a partnership with Google AI The mortgage lender plans to use Google Cloud services to automate underwriting and streamline document handling According to UWM, the partnership has already allowed them to more than double their output

United Wholesale Mortgage (NYSE:UWMC), the top mortgage lender in the country, announced an AI partnership with Google Cloud on April 8. The goal of the partnership, according to the two companies, is to bring modernization to the mortgage industry.

Using Google Cloud's AI and machine learning tools, UWM hopes to increase automation in underwriting, streamline document handling, and improve client services with AI-chat tools. UWM is now among the first companies to use Google Gemini Flash 1.5 to automate its underwriting tasks.

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According to UWM, it has already increased output of underwriting loans from six a day to 14, more than doubling its productivity. This is while the industry average remains at just three loans per day.

Jason Bressler, UWM's chief technology officer, told Housingwire, "We decided to really take the plunge into everything AI probably about two years ago, and we've been working with Google on their different extraction modeling, their platform, their data lakes. We've got a pretty large partnership with Google at this point."

The two companies are also exploring other ways to expand the partnership, according UWM. UWM is looking to utilize Google Cloud Infrastructure to improve scalability and security, which will lead to a more seamless and expedited mortgage experience. It will also plans to use Google Cloud to enhance its data-driven insights, in an effort to give more personalized loan recommendations and identifications.

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Oliver Parker, Google Cloud's vice president of AI, told Housingwire the partnership is a great example of how AI can be used in technical processes like mortgage lending. "One side is helping on the back office side, the origination side and providing brokers more data quicker. The other is how you think about things on the front side. With a lot of the automation, you start to think about voice on the front end. You think about a full customer journey. Jason and I have often talked about how much more we could be doing here...that we can do when you start thinking about experience for a home buyer as well as what you could truly do for brokers and putting them in a position to be the most successful."

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And Google has no plans to stop here. It's also begun working on bringing its AI services to capital markets and insurance companies.

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"There is sort of a full scale set of capabilities that we are now beginning to see are incredibly valuable and starting to get what I would call sort of traction at scale. Twelve months ago, you would see pockets of what I would call experimentation. You see proof of concepts, and they would light up certain things...but we're now moving more towards these systems starting to scale and actually being applied, especially externally," Parker told Housingwire.

As for UWM, Bressler says that the benefits of the partnership will be immediate for its broker partners. "They're going to see a lot of clarity and very quick understanding of what they're submitting, what it means, what their income is, their assets, their documents," he told Housingwire. "And they're going to see an incredibly fast kind of understanding of the products that they qualify for, that their borrower qualifies for. They're going to be saving homeowners thousands of dollars a year."

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This article United Wholesale Mortgage Announces Partnership With Google AI, Says It's 'All In' On AI originally appeared on Benzinga.com

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