Rocket Mortgage: Patented AI Process Has Cut Our Turn Times by 25%

The Detroit-based lender has introduced “Rocket Logic,” an AI-powered platform that can extract insights from 10 petabytes of proprietary data and transcripts from 50 million borrower calls annually.
Rocket Mortgage claims that it is now closing loans 25 percent faster compared to less than two years ago, thanks to generative AI, automation, and machine learning techniques used to gather and process necessary documents for underwriting borrowers.
Rocket recently received U.S. Patent No. 11,921,696 for a process involving an event-listener architecture that continuously assesses the most efficient pathways for distributed services to populate, verify, and qualify missing data points from a dataset.
The lender unveiled its artificial intelligence-driven technology platform, Rocket Logic, which leverages insights gleaned from extensive proprietary data and borrower call transcripts.
Rocket’s technology platform, Rocket Logic, starts its process when clients upload their first document to a secure portal. Through AI capabilities, Rocket Logic scans, identifies, verifies files, extracts relevant information, and instantly processes the documents.
Rocket boasts that its system automatically identifies nearly 70 percent of the over 1.5 million documents inputted monthly, saving over 5,000 hours of manual work for underwriters. Additionally, close to 90 percent of the 4.3 million data points extracted from documents like W-2s and bank statements were automatically processed, saving an additional 4,000 hours of manual work.
Rocket Mortgage claims that Rocket Logic is reducing the time needed to close purchase loans significantly but did not disclose the exact average duration. The company stated that it has reduced turn times by 25 percent since August 2022.
Rocket Mortgage plans to develop more products on the Rocket Logic platform this year, including options for external partners.
Partnerships with Salesforce and Q2 Software Inc. allow Rocket Mortgage’s technology to be accessible for other lenders and financial institutions, offering end-to-end mortgage solutions and digital mortgage application integration.
Rocket Mortgage’s subsidiary, Lendesk, introduced an AI assistant to simplify the process for Canadian mortgage professionals, and loan servicing giant Mr. Cooper is also pursuing AI projects to improve efficiencies and reduce expenses.
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Rocket Mortgage, a Detroit-based lender, has introduced an AI-driven technology platform called Rocket Logic that utilizes insights from 10 petabytes of data and 50 million borrower calls annually. This platform, which uses generative AI, automation, and machine learning, has helped Rocket Mortgage close loans 25% faster thanks to its ability to gather and process required documents for underwriting borrowers. Rocket Mortgage was granted a patent for a process that determines efficient action pathways for populating, verifying, and qualifying missing data points. The platform automatically identifies close to 70% of the 1.5 million documents submitted monthly, saving thousands of hours of manual work for underwriters. Rocket Mortgage plans to develop additional products on the Rocket Logic platform and has partnerships with Salesforce and Q2 Software Inc. to offer mortgage origination technology as a service. Subsidiary Lendesk launched an AI assistant for Canadian mortgage professionals, while loan servicing giant Mr. Cooper is engaged in an AI project expected to reduce expenses by $50 million.

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