By KIMBERLEY HAAS
A hotline that will give brokers the ability to make changes to approval letters at any time was announced by leaders at Rocket Pro TPO this week, and it is powered by artificial intelligence.
Executive Vice President Mike Fawaz unveiled the new technology during an Ignite: Live! session on Monday afternoon. He demonstrated that to use the new AI system, all brokers have to do is make a call to provide the loan number, client name, and financing request.
If approved, the system will update the appropriate documents.
“This is a win for you. This is a win for us to be able to deliver to the broker community something that you can use that gives you that ability to deliver speed, the ability to deliver certainty, and the ability to really not have to waste time, and quickly be able to get a preapproval out, send it to your realtor, send it to your client, and to get a deal rolling,” Fawaz said.
Fawaz said the system should be accessible within the next month and this is just one of many things the company plans to offer its partners in the coming year.
“Know that in 2024, AI and technology and really putting tools at your fingertips is our mission and these are the things we want to be able to deliver to you every single day,” Fawaz said.
During an interview with The Mortgage Note, Fawaz explained that everyone wants access to the latest technology and the hotline will help brokers be more efficient.
“No one wants to wait even 15 minutes to get a verified approval letter updated. Why? You can do it in 60 seconds,” Fawaz said.
Fawaz said providing tools like this will help them on their mission to earn the partnership of brokers, who want both certainty and elite service.
“My goal, and my team’s goal in 2024, is to earn the partnership one broker at a time,” Fawaz said. “I believe that regardless of what the market does, and regardless of what happens, our job is to earn our broker partners’ partnership every single day.”
Fawaz pointed out that other technology like Pathfinder, an AI and machine learning-powered search engine, helps brokers answer complicated questions quickly when time is of the essence.
“I call it the Google of mortgages. We’re delivering all of this information to our brokers 24/7,” Fawaz said.
In addition, Rocket Pro TPO offers their partners a dedicated team of people they can rely on.
“Our account executives are some of the best in the nation. All of our account execs have worked on the retail side in some sort of fashion,” Fawaz said. “They were loan officers. They were originators. They know what the brokers go through.”
The CEO of Rocket Companies, Varun Krishna, has been encouraging the deployment of AI since he took over the role in September.
“In today’s climate, innovation is essential. With the incredible amount of data in our ecosystem, paired with the transformative power of AI, Rocket is uniquely positioned to disrupt the industry. We’re just getting started and can’t wait to show you what we are building to revolutionize homeownership,” Krishna said in a statement accompanying the third quarter’s financial results.
But Krishna also believes in the power of humans, according to Sam Vida, the founder and president of Rocket Homes.
“Our new CEO says, ‘Let AI do what AI’s good at, let humans do what humans are good at,'” Vida said during a recent interview. “So if we can enable AI to do some of these low-complexity but important things, that will enable a human to do the things that they’re really good at.”
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