Mr. Cooper Group Joins Forces with Google Cloud to Transform the Mortgage Industry
21 April 2021 - 3:00PM
Business Wire
Strategic partnership with Google Cloud to
provide innovative solutions powered by AI/ML to make the entire
mortgage process easier for homeowners
Mr. Cooper Group Inc. (NASDAQ: COOP) and Google Cloud announced
today a new partnership 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. Our partnership with Google Cloud
AI will build on those advances and help make these technologies
available for the industry,” said Jay Bray, Chairman and CEO of Mr.
Cooper Group. “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 this agreement, engineers and business leaders at
both companies will work side-by-side to digitize Mr. Cooper’s core
mortgage process, create a more personalized customer experience by
utilizing conversational AI and drive a broader culture of
innovation to imagine and develop services and solutions that will
transform the mortgage experience for American homeowners.
“The mortgage industry is a prime example of how AI can unlock
measurable business value and impact the customer experience,” said
Rajen Sheth, Vice President, 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 has already developed a robust 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 onboard mortgage
portfolios.
About Mr. Cooper Group
Mr. Cooper Group Inc. (NASDAQ: COOP) provides quality servicing,
origination and transaction-based services related principally to
single-family residences throughout the United States with
operations under its primary brands: Mr. Cooper® and Xome®. Mr.
Cooper is one of the largest home loan servicers in the country
focused on delivering a variety of servicing and lending products,
services and technologies. Xome provides technology and data
enhanced solutions to homebuyers, home sellers, real estate agents
and mortgage companies.
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version on businesswire.com: https://www.businesswire.com/news/home/20210421005611/en/
Shareholder Inquiries: Kenneth Posner, SVP Strategic Planning
and Investor Relations Shareholders@mrcooper.com Media Inquiries:
Christen Reyenga, VP Corporate Communications
MediaRelations@mrcooper.com
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