Artificial intelligence platform Instabase today announced a partnership with Rocket Mortgage. The partnership helps Rocket Mortgage facilitate data extraction and automation from the 1.5 million documents the lender receives each month.
“We’re thrilled to partner with Rocket Mortgage [which] is constantly challenging the status quo for something as important as homeownership,” said Head of Product for Instabase, Clemens Mewald. “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.”
Rocket states that the partnership will enhance the company's loan closing speed, which is already claimed to be two-and-a-half 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.”
The partnership marks another step towards AI integration for Rocket. In April, Rocket introduced its patented AI-driven platform, Rocket Logic, that processes 90% of the data extracted from documents, significantly reducing the need for human intervention in mortgage processing.
In May, the company appointed former Intel executive Shawn Malhotra as its first chief technology officer. Additionally, Rocket recently brought on Jonathan Mildenhall as chief marketing officer and added Affirm co-founder Alastair Rampell to its board.
