Rocket Mortgage has unveiled Rocket Logic – the company’s artificial intelligence-driven (AI) technology platform designed to make homeownership simpler and quicker.
Leaders said the 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 deep learning and generative AI systems, allowing Rocket Mortgage to close more loans faster.
The technology lets clients 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.
“Rocket Logic is transforming the homebuying process,” Chief Technology Officer Josh Zook said. “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. 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 the year.
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 percent 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, according to the company.
Rocket Logic said its automation has helped reduce the number of times a team member interacts with a loan by nearly 25 percent 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 percent from August 2022 to February 2024.