Patented platform simplifies and automates the
end-to-end homebuying experience by leveraging
generative AI, automation and machine learning
DETROIT, April 9,
2024 /PRNewswire/ -- Rocket Mortgage, America's
largest retail mortgage lender and a part of Rocket Companies
(NYSE: RKT), today 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.
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.
Forward Looking Statements
Some of the statements contained in this document are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements are generally identified by the use of words such as
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "plan," "potential," "predict," "project," "should,"
"target," "will," "would" and, in each case, their negative or
other various or comparable terminology. These forward-looking
statements reflect our views with respect to future events as of
the date of this document and are based on our management's current
expectations, estimates, forecasts, projections, assumptions,
beliefs and information. Although management believes that the
expectations reflected in these forward-looking statements are
reasonable, it can give no assurance that these expectations will
prove to have been correct. All such forward-looking statements are
subject to risks and uncertainties, many of which are outside of
our control, and could cause future events or results to be
materially different from those stated or implied in this document.
It is not possible to predict or identify all such risks. These
risks include, but are not limited to, the risk factors that are
described under the section titled "Risk Factors" in our Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K, and other filings with the Securities and
Exchange Commission ("SEC"). These factors should not be construed
as exhaustive and should be read in conjunction with the other
cautionary statements that are included in this document and in our
SEC filings. We expressly disclaim any obligation to publicly
update or review any forward-looking statements, whether as a
result of new information, future developments or otherwise, except
as required by applicable law.
About Rocket Mortgage
Detroit-based Rocket Mortgage
is the top retail mortgage lender, closing more mortgage volume
than any other lender in 2022, and is a part of Rocket Companies
(NYSE: RKT).
The lender enables the American Dream of homeownership and
financial freedom through its obsession with an industry-leading,
digital-driven client experience. In late 2015, it introduced the
first fully digital, completely online mortgage experience. Since
its founding in 1985, Rocket Mortgage has closed more than
$1.6 trillion of mortgage volume
across all 50 states.
J.D. Power has ranked Rocket Mortgage #1 in client satisfaction
for primary mortgage origination and servicing 21 times – the most
of any mortgage lender. Rocket Companies, Rocket Mortgage's parent
company, has been named on Fortune's list of the "100 Best
Companies to Work For" and has placed in the top third of the list
for 21 consecutive years.
For more information and company news
visit RocketCompanies.com/PressRoom.
About Rocket Companies
Founded in 1985, Rocket Companies (NYSE: RKT) is a Detroit-based fintech platform company
consisting of personal finance and consumer technology brands
including Rocket Mortgage, Rocket Homes, Amrock, Rocket Money,
Rocket Loans, Rocket Mortgage Canada, Lendesk, Core Digital Media,
Rocket Central and Rocket Connections.
Rocket Companies' mission is to be the best at creating
certainty in life's most complex moments so its clients can pursue
their financial dreams. The Company helps clients achieve the goal
of home ownership and financial freedom through industry-leading
client experiences powered by its simple, fast and trusted digital
solutions. J.D. Power has ranked Rocket Mortgage, part of Rocket
Companies, #1 in client satisfaction for both primary mortgage
origination and servicing 21 times – the most of any mortgage
lender.
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