Rocket Mortgage in Detroit, the nation’s largest retail mortgage lender and part of Rocket Cos., has partnered with Instabase in San Francisco, an applied artificial intelligence (AI) solution for unstructured data.
The partnership will help Rocket Mortgage facilitate data extraction and automation from the 1.5 million documents the lender receives each month.
The mortgage process is historically lengthy, complex, and not conducive to automation.
Traditional automation tools have struggled to maintain high variability and accuracy, especially when deciphering unstructured data trapped in complicated documents — a common occurrence in the mortgage industry.
Rocket Mortgage has transformed the journey by creating automation-friendly workflows that enable plug-and-play AI solutions to further optimize processes.
The mortgage lender is utilizing the Instabase platform to help automate the extraction of critical data elements to expedite the lending process. This technology, and several others pioneered by Rocket, has resulted in closing loans 2.5 times faster than the industry average.
“Rocket Mortgage is committed to transforming every experience with AI, making the historically tedious process of applying for a mortgage easier than ever,” says Andrew Colunga, vice president of digital product management at Rocket Mortgage.
“With Instabase and several other proprietary AI and automation processes integrated into our technology ecosystem, we have shaved several days off the amount of time it takes our clients to close on a home purchase, decreasing turn times by 25 percent and getting them the keys to their new home faster.”
Instabase is one of Rocket Mortgage’s many partners who, along with its internally built systems, have enabled team members, partners, and clients to experience the power of a homebuying process fueled by AI.
“We’re thrilled to partner with Rocket Mortgage that is constantly challenging the status quo for something as important as homeownership,” says Clemens Mewald, head of product for Instabase. “We are proud to offer cutting-edge AI solutions to our partners that can be applied to improve efficiencies, like extracting data to save hours of time for mortgage loan officers and underwriters.”
Instabase provides a unified platform with artificial intelligence (AI) and workflow automation capabilities that allow organizations to solve their most pressing business challenges at scale.
The company combines AI breakthroughs with deep industry expertise, and helps institutions embed intelligence into any system or business process to drive transformational outcomes.
The business is backed by investors such as Greylock Partners, NEA, Andreessen Horowitz, Index Ventures, Spark Capital, Tribe Capital, K5, Original Capital, SC Ventures, and Glynn Capital.
For more information, visit rocketmortgage.com/ or instabase.com.
