Instabase and Rocket Mortgage join forces to streamline mortgage approvals using advanced AI technology, aiming to enhance operational efficiency and speed up the loan process.
Instabase and Rocket Mortgage Collaborate to Revolutionise Loan Approvals with AI
San Francisco – June 25, 2024 – Instabase, an advanced artificial intelligence (AI) provider specialising in unstructured data, has announced a strategic partnership with Rocket Mortgage, the largest retail mortgage lender in the United States and a part of Rocket Companies (NYSE: RKT). This collaboration aims to improve data handling and streamline the extensive documentation process associated with mortgage approvals.
Rocket Mortgage, handling approximately 1.5 million documents monthly, is employing Instabase’s AI-driven solutions to automate data extraction. The initiative is expected to enhance efficiency among mortgage loan officers and underwriters, reducing the manual effort typically required.
Clemens Mewald, Head of Product at Instabase, expressed enthusiasm for the partnership. “We’re thrilled to partner with Rocket Mortgage, a company that continuously challenges the status quo in the critical domain of homeownership. By offering state-of-the-art AI solutions, we aim to provide significant time savings for mortgage officers and underwriters, thereby enhancing overall operational efficiency.”
Historically, the mortgage process is renowned for being laborious and intricate, often resistant to automation. Traditional methods have struggled with the high variability and complexity posed by unstructured data in mortgage documents. However, Rocket Mortgage has reengineered their workflows to accommodate AI and automation technologies, seeking to optimise the process further.
By leveraging Instabase’s platform, Rocket Mortgage intends to expedite the extraction of crucial data elements to speed up the lending process. According to the company, this implementation, alongside other technological advancements, has enabled them to close loans 2.5 times faster than the industry average.
Andrew Colunga, Vice President of Digital Product Management at Rocket Mortgage, highlighted the transformative potential of AI in the mortgage industry. “Rocket Mortgage is devoted to revolutionising the client experience with AI, simplifying what has traditionally been an arduous mortgage application process. Incorporating Instabase’s AI into our technological ecosystem has allowed us to reduce the time it takes clients to close on a home purchase by 25%, facilitating quicker access to their new homes.”
Instabase’s technology is part of a broader suite of AI and automation tools employed by Rocket Mortgage, supporting numerous stakeholders including team members, partners, and clients. The collaboration underscores a significant shift towards a more AI-integrated homebuying journey.
Background on Instabase and Rocket Mortgage
Instabase’s platform provides organisations with AI and workflow automation capabilities to address critical business challenges at scale. By integrating AI advancements with deep industry expertise, Instabase helps institutions embed intelligence into various systems and processes to drive substantial outcomes. The company serves numerous leading financial institutions, insurers, governments, and other large enterprises.
Rocket Mortgage, headquartered in Detroit, is known for its digital-first approach to mortgage lending. Since introducing the first fully digital mortgage experience in late 2015, Rocket has closed over $1.7 trillion in mortgage volume across all states. The company has earned high customer satisfaction ratings, securing the top spot in J.D. Power rankings for primary mortgage origination and servicing 21 times. Additionally, Rocket Mortgage’s parent entity, Rocket Companies, has consistently been recognised as a leading workplace by Fortune magazine.
The partnership between Instabase and Rocket Mortgage represents a progressive step towards enhancing mortgage processes through advanced AI, potentially setting a new industry standard for efficiency and client experience.
