U.S.-based online mortgage lender Rocket Mortgage has unveiled AI-driven Rocket Logic, which streamlines loan originations by automatically scanning, identifying and extracting information from documents uploaded by applicants.

According to an announcement, Rocket Logic identifies nearly 70% of the more than 1.5 million documents received monthly by Rocket Mortgage, saving over 5,000 hours of manual work for underwriters in February 2024 alone. Furthermore, it processes nearly 90% of 4.3 million data points extracted from documents, saving an additional 4,000 hours of manual work. 

“Rocket Logic is transforming the homebuying process. By leveraging data and advanced AI, we are streamlining the loan origination process from application to closing, helping our clients home with speed and certainty,” according to Rocket Mortgage CTO Josh Zook.  

“We are constantly enhancing this system with new AI capabilities to make our mortgage bankers and partners significantly more efficient, while also getting our clients to the closing table faster.”

So far, Rocket Logic has helped the publicly traded company to reduce the number of times a team member interacts with a loan by nearly a quarter year on year and close loans nearly 2.5X faster than the industry average, the company stated. 

Late last year, Rocket Mortgage piloted an AI virtual assistant with 325 mortgage bankers for outbound client calls. The assistant automatically transcribes, summarizes and populates hundreds of application fields, according to a HousingWire report, letting Rocket automate nearly two-thirds of income verification in December and shifting about 70% of its servicing calls and chats to self-service. 

Rocket Mortgage is planning to augment Rocket Logic with additional services, including offerings from external partners. 

 

Print Friendly, PDF & Email

Related Articles