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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SOURCE Rocket Companies
