Rocket Mortgage has launched an AI-driven technology platform geared towards streamlining the homebuying process.
Rocket Logic processes insights from proprietary data and call transcripts to speed up the lending process for buyers.
Buyers upload documents to a secure portal. Rocket Logic then scans and identifies the files, extracts the necessary information, and instantly processes the documents.
The company says Rocket Logic can automatically identify about 70% of more than 1.5 million documents received monthly, saving lenders 5,000 hours of work in February 2024 alone.
Automation also reduced the number of times team members had to interact with a loan by nearly 25% YOY, decreasing turn times by 25% from August 2022 to February 2024.
“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,” said Josh Zook, Chief Technology Officer for Rocket Mortgage.
“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.”
Company leaders at Rocket say they will unveil additional products built on the Rocket Logic platform in the coming year, including offerings for external partners.
During an earnings call in February, CEO Varun Krishna said that by continuing to leverage artificial intelligence, they will transform an industry that is ripe for innovation.
“With AI, we are rewriting the rules of the game and structurally and fundamentally changing how this industry operates,” Krishna said. “We believe AI will shape the future of the homebuying industry, with Rocket leading the way. Technology is the answer to better client experiences and capacity management in our industry.”
Krishna said a virtual assistant is helping mortgage bankers, automated income verification technology is assisting underwriters, and servicing calls and chats are increasingly powered by AI.
“AI lets computers do what they do best while allowing our team members to focus on what they do best, fostering relationships and connecting with our clients,” Krishna said.
Rocket reported net revenue and adjusted revenue of $3.8 billion in 2023.
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