This platform makes the mortgage process more efficient by combining insights from more than 10 petabytes of proprietary data and 50 million annual call transcripts with state-of-the-art deep learning and generative AI systems, allowing Rocket Mortgage to close more loans faster.
Rocket Mortgage, America’s largest retail mortgage lender and a part of Rocket Companies, unveiled Rocket Logic – the company’s patented artificial intelligence (AI) driven technology platform designed to make homeownership simpler and quicker. This platform makes the mortgage process more efficient by combining insights from more than 10 petabytes of proprietary data and 50 million annual call transcripts with state-of-the-art deep learning and generative AI systems, allowing Rocket Mortgage to close more loans faster.
Through Rocket Logic, homebuyers spend less time answering questions and confirming details for mortgage bankers. The technology also helps give clients confidence by letting them know quickly, with certainty, if they are qualified for a mortgage. The system is built on deep learning algorithms to increase efficiency and accuracy while simultaneously re-enforced by underwriter oversight to continuously improve the process.
The system’s technology starts when the client uploads their first document to their secure portal. Using AI, 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.
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Currently, 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 2024 alone.
Rocket Logic is also highly scalable. Of the 4.3 million data points extracted from documents including W-2s and bank statements in February, nearly 90% were automatically processed, saving an additional 4,000 hours of manual work for team members.
“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 Logic’s automation has already helped reduce the number of times a team member interacts with a loan by nearly 25% year-over-year which, in turn, also helped shave several days off the amount of time it takes Rocket’s clients to close on a home purchase, decreasing turn times by 25% from August 2022 to February 2024. These efficiencies are key in helping Rocket close loans nearly 2.5 times faster than the industry average.
With significant additional AI integrations to come, Rocket Logic’s efficiency will continue improving the client experience. Automating tasks through Rocket Logic supercharges mortgage bankers, underwriters and partner brokers so they can focus on the most important aspect of their work – building relationships with those on the journey to homeownership.
“When I reached out to Rocket Mortgage, my family and I were in a stressful situation where we needed to close quickly on our dream home,” said Marcia Rubel, a recent homebuyer in Bradenton, Florida. “Within an hour of talking to a Rocket banker, my mind was at ease and my anxiety was calmed. It was less than 11 days from when I started conversations with Rocket Mortgage to when I received the keys, feeling joy and excitement throughout the whole process. Moving into this home was life changing and I feel so blessed to be able to build a future for my family here.”
Rocket Mortgage plans to unveil additional products built on the Rocket Logic platform, including offerings for external partners, throughout 2024.
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