Rocket Mortgage’s search tool has new advancements, the company announced in a press release.
Pathfinder is an AI and machine learning-powered search engine used by more than 40,000 bankers, brokers, and underwriters to simplify mortgage processing.
“Pathfinder has been an invaluable tool for curating complex data and transforming it into knowledge engineering. This technology, and others that leverage advancements in AI and machine learning, are truly evolving how we can facilitate homeownership,” said Brian Woodring, Rocket Mortgage CIO.
Its custom Google AI search, which Rocket developed after releasing a searchable home loan knowledge database three years ago, increased Rocket’s speed and efficiency in answering client questions by 29%.
Rocket is now testing a new AI chat interface, which has shown initial results of a 69% increase in speed to resolution compared to its current process.
The Pathfinder experience is being supercharged using large language models. The company is currently adding more than 3,300 new loan scenarios.
Leaders at Rocket says more enhancements are incoming, leveraging innovative AI technology. As the nation’s top retail lender by volume, it continues to advance at all levels to create a smoother lending experience for both brokers and borrowers.
Earlier this month, the company became the first lender to increase its loan limits ahead of the Federal Housing Finance Agency’s announcement expected in November.
The new limits for single-family homes are $750,000 in the lower 48 states and $1.125 million for Alaska and Hawaii.
“For us, it’s really about providing. We understand that even if it’s a month or month and a half before the official announcement, we understand that if we can go out to the broker community and offer them this, this is going to help American families, and broker partners that haven’t had an easy year, to be able to win more business,” Rocket Pro TPO Executive Vice President Mike Fawaz told The Mortgage Note.
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