FinTech News
Rocket Mortgage Announces AI-Powered Tool Rocket Logic
Rocket Companies has unveiled a new AI tool that it says will help makes mortgage underwriting faster and easier.
About Rocket Logic:
Rocket Mortgage is introducing Rocket Logic — a patented AI platform for mortgages. According to the company, Rocket Logic utilizes insights from more than 10 petabytes of proprietary data as well as 50 million annual call transcripts. As a result, the AI system is designed to help customers close more loans more quickly by reducing the time they spend answering questions and confirming information. Rocket says that the system is also meant to give buyers more confidence during the process by providing a quick and certain answer regarding their mortgage qualification.
To start the Rocket Logic process, homebuyers will upload initial documents to a secure portal. From there, the AI tool will scan the files, ensure that it is the correct paperwork, extract key info, and process the documents. Rocket says that, currently, the tool can identify nearly 70% of the more than 1.5 million documents that the company receives monthly. In turn, the company cites a time savings of 5,000 hours for its team in February 2024.
What they’re saying:
Announcing the new feature, Rocket Mortgage CTO Josh Zook said, “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.” Zook continued “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.”
My thoughts:
As someone who recently went through the homebuying process, the idea of being able to save time certainly sounds appealing. Then again, considering how many times we had to explain specifics to our mortgage broker, I don’t think that such a tool would have been helpful in our situation. In fact, while I can’t say for sure, I’m inclined to think that the AI tool might have given us a less-than-sunny outlook given our unique position, whereas the human mortgage broker we worked with was able to gain a better understanding of our specific situation and find solutions.
Overall, although I’m sure that Rocket Logic will actually save time for buyers and mortgage underwriters, I also have a feeling that this announcement is more about hype than anything. But, if Rocket Logic can accomplish the grunt work while actual underwriters are able to get prospective buyers over the finish line, then perhaps it’s a tool worth celebrating.
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