FinTech News
Rate Introduces AI-Powered “Rate Intelligence” Platform
The mortgage service Rate has announced its latest FinTech feature: Rate Intelligence.
About Rate Intelligence:
This week, Rate formally announced its Rate Intelligence platform. The new tool is the result of the company’s partnerships with Gateless and Prajna. Additionally, Rate says it invested more than $100 million on the project between technical developments and the aforementioned strategic partnerships.
The Rate Intelligence platform includes automated income and asset verification tools that can extract data from forms such as W2s, bank statements, and paychecks to confirm an applicant’s funds. Then, Rate can validate that these income and assets meet Fannie Mae and Freddie Mac guidelines.
As Rate states, these features can lead to quicker and more accurate approvals. Using the platform, the company says approvals are possible within minutes. This is not only beneficial to borrowers but also helps lenders save time — and money. In fact, Rate estimates that lenders can save an average of $900 to $1,200 per loan. It also suggests that is will free up Loan Officers to “focus on providing personalized guidance to clients.”
About Rate:
Rate is the #2 retail mortgage lender in the united sates. Since the year 2000, the company has helped facilitate more than 2 million home purchase loans or refinancings. The company currently has more than 850 branches across all 50 states and the District of Columbia.
What they’re saying:
Announcing the new platform, Rate’s CEO Victor Ciardelli said, “AI is changing the game across industries, and Rate Intelligence is our leap forward in bringing those benefits to homebuyers. We’re not just making things faster—we’re delivering a simpler, more dependable process that gives homebuyers confidence at every step.”
Ciardelli added, “The future of homeownership is here, and it’s powered by Rate Intelligence. We’re setting a new industry standard that prioritizes our customers’ peace of mind, ensuring their journey to homeownership is smooth and stress-free.”
My thoughts:
Not to be a downer but this Rate Intelligence platform does sound quite similar to Rocket Mortgage’s recently announced Rocket Logic tool. Of course, that offering surely wasn’t the first either — and both will be far from the last we see. The bottom line is that, while no single one of these platforms is likely to “revolutionize” the mortgage process as they claim, these types of services will undoubtedly make an impact. As for whether there’s one particular tool that emerges as the industry standard remains to be seen. Thus, it makes sense that these various companies are now rushing in to claim that spot.
Ultimately, with the way things are going, homebuyers and owners should expect that the next time they apply for a mortgage, AI will likely be a part of the process.
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