Instabase Helps Rocket Mortgage Enhance Loan Approvals and Client Experience Through Artificial Intelligence
SAN FRANCISCO--(BUSINESS WIRE)--Instabase, a leading applied artificial intelligence (AI) solution for unstructured data, today announced a partnership with Rocket Mortgage, America’s largest retail mortgage lender and a part of Rocket Companies (NYSE:RKT). The partnership helps Rocket Mortgage facilitate data extraction and automation from the 1.5 million documents the lender receives each month.
“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.”
“We’re thrilled to partner with Rocket Mortgage that is constantly challenging the status quo for something as important as homeownership,” said 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.”
The mortgage process is historically lengthy, complex and not conducive to automation. Traditional automation tools could not solve these problems because they struggle 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.
Rocket Mortgage 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,” said Andrew Colunga, VP of Digital Product Management for 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% 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.
About Instabase
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. Instabase combines AI breakthroughs with deep industry expertise, and helps institutions embed intelligence into any system or business process to drive transformational outcomes. Today, many of the world’s largest financial institutions, insurance companies, governments, and enterprises rely on Instabase to automate their mission-critical business processes end-to-end. The business is backed by leading 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 instabase.com.
About Rocket Mortgage
Detroit-based Rocket Mortgage is the largest retail mortgage lender 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 $1.7 trillion of mortgage volume across all 50 states.
J.D. Power has ranked Rocket Mortgage #1 in client satisfaction for both primary mortgage origination and servicing 21 times – the most of any mortgage lender. Rocket Companies, Rocket Mortgage’s parent company, has placed in the top third of Fortune’s list of the “100 Best Companies to Work For” for 21 consecutive years.
