Rocket Mortgage has 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.
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. This, in turn, also helped shave several days from the time it takes Rocket’s clients to close on a home purchase, decreasing turn times by 25% from August 2022 to February 2024.
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.
Rocket Mortgage plans to unveil additional products built on the Rocket Logic platform, including offerings for external partners, throughout 2024.
