Rocket Mortgage, a division of Detroit-headquartered Rocket Companies (NYSE: RKT), has rolled out Rocket Logic, a patented artificial intelligence (AI) driven technology platform designed to close loans faster.
According to the company, the platform combines insights from more than 10 petabytes of proprietary data and 50 million annual call transcripts with deep learning and generative AI systems. Clients upload their document to their secure portal and 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.
The company added that 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 alone.
“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.”
Rocket Mortgage plans to unveil additional products built on the Rocket Logic platform, including offerings for external partners, throughout 2024.
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