Rocket Mortgage has rolled out an artificial intelligence (AI)-driven technology platform designed to make homeownership simpler and quicker.
The new platform makes the mortgage process more efficient by combining insights from more than 10 petabytes of proprietary data and 50 million annual call transcripts with state-of-the-art deep learning and generative AI systems, the online lender says in a release.
Through Rocket Logic, homebuyers spend less time answering questions and confirming details for mortgage bankers. The technology also helps give clients confidence by letting them know quickly, with certainty, if they are qualified for a mortgage. The system is built on deep learning algorithms to increase efficiency and accuracy while simultaneously re-enforced by underwriter oversight to continuously improve the process.
The system’s technology starts when the client uploads their first document to their secure portal. Using AI, Rocket Logic scans and identifies the files to ensure clients are providing the correct documentation.
Once files are uploaded, the system’s computer vision models extract pertinent information and processes the documents instantly.
Currently, Rocket Logic automatically identifies nearly 70% of the more than 1.5 million documents received monthly, resulting in a savings of more than 5,000 hours of manual work for underwriters in February 2024 alone.
Rocket Logic is also highly scalable. Of the 4.3 million data points extracted from documents including W-2s and bank statements in February, nearly 90% were automatically processed, saving an additional 4,000 hours of manual work for team members.
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