The Detroit-based lender on Tuesday launched “Rocket Logic,” an artificial intelligence-driven platform that gleanes insights from 10 petabytes of proprietary data and records from 50 million borrower calls annually.
Attend the event July 30-August 1 at Inman Connect in Las Vegas! Seize the moment and take control of the next era of real estate. Through immersive experiences, innovative formats and an unparalleled lineup of speakers, this gathering becomes more than just a conference, it becomes a collaborative force shaping the future of our industry. Hurry and grab your tickets!
Rocket Mortgage said it is closing loans 25% faster than it did less than two years ago, thanks to the use of generative artificial intelligence, automation and machine learning to collect and process the documents needed to underwrite borrowers.
rocket awarded to u.s. Patent number 11,921,696 March 5, 2024 The process uses “an event listener architecture with a continuous feedback loop that determines the most efficient operational path for decentralized services to fill, validate and qualify missing data points in the data set.”
The Detroit-based lender introduced its artificial intelligence-driven technology platform Rocket Logic to the world on Tuesday, which it said benefits from recording 50 million calls Rocket makes with borrowers annually and 10 petabytes of proprietary data. Insights collected.
1 PB is equal to 1 million gigabytes (GB), which is roughly equivalent to the storage capacity of 4,000 laptops with 256 GB hard drives, or 500 billion pages of printed text. according to Cloud storage provider Wasabi.com.
“The system’s technology begins when customers upload their first document to their secure portal,” Rocket said in a statement. Press release. “Rocket Logic uses artificial intelligence to scan and identify documents to ensure customers provide the correct documents. Once the document is uploaded, the system’s computer vision model extracts relevant information and processes the document immediately.”
Rocket claims the system automatically identifies nearly 70% of the more than 1.5 million documents entered by lenders each month, saving underwriters more than 5,000 hours of manual work in February alone. Rocket said nearly 90% of the 4.3 million data points extracted from documents such as W-2s and bank statements were processed automatically, saving 4,000 hours of manual work.
Although Rocket Mortgage claims Rocket Logic is reducing the time it takes to close a purchase loan by “a few days,” a company spokesperson declined to say how long it takes the company to close a loan on average. Turnaround times have improved by 25% since August 2022, the company said in a press release.
Rocket Mortgage said it plans to build more products on the Rocket Logic platform this year, including products for external partners.
Rocket Mortgage has partnered with Salesforce to offer its mortgage origination technology as an end-to-end “mortgage-as-a-service” through the Salesforce Financial Services Cloud to any lender with a licensed mortgage officer.
An independent partnership between Rocket Mortgage and Q2 Software Inc. enables any bank or credit union to “launch, replace or expand” its home loan lineup by integrating Rocket Mortgage’s digital mortgage application.
Rocket subsidiary Lendesk last year launched an artificial intelligence assistant that helps Canadian mortgage professionals sift through more than 7,000 mortgage options, reducing the research and analysis needed to identify the right product for clients.
Loan servicing giant Mr. Cooper, which spends hundreds of millions of dollars a year on call center operations, is also involved in a multi-year artificial intelligence project that company executives expect will reduce spending by at least $50 million a year.
Get Inman’s mortgage newsletter delivered straight to your inbox. A weekly digest of all the biggest news in mortgages and settlements around the world is published every Wednesday. Click here to subscribe.
Email Matt Carter
