Guaranteed Rate leverages Gateless to take its borrower experience, operational efficiency, and loan quality to new heights
CHICAGO, May 18, 2023 /PRNewswire/ — Gateless, a visionary technology company providing the mortgage industry with next-generation automation, announces that Guaranteed Rate has deployed its Smart Underwrite solution, technology that is revolutionizing the borrower experience.
In today’s fast-paced market, many prospective homebuyers often lose out on the opportunity to buy their dream home due to the incredible time and effort needed to get a mortgage approval. With Smart Underwrite, lenders can dramatically reduce that time and effort, resulting in much faster, if not instant, borrower approvals.
Smart Underwrite enables lenders like Guaranteed Rate to digitally read and interpret all critical loan data and documentation the moment it is received. For example, when a borrower provides W2s and paycheck stubs, Smart Underwrite identifies the documents, links them to the right borrower income source, extracts all relevant information, calculates monthly income, and clears any related underwriting conditions. Not only can it do this instantaneously, without human intervention, but it does while ensuring compliance with Freddie Mac and Fannie Mae guidelines. Smart Underwrite uses the same intelligent automation to evaluate other key credit, income, and asset documents, all the pieces needed to assess a borrower for a real-time loan approval, eliminating days from the process.
“This truly represents an historic milestone in the future of mortgage lending,” said Rick Lang, President of Gateless. “We now have AI completing a material percentage of the loan processing and underwriting work, while virtually eliminating the risk of human error. This is all happening in real-time, providing an opportunity to impact the borrower experience in ways many only ever dreamed of.”
For lenders, automation means significant cost savings, improved loan quality, and a reduced potential for costly buy backs. Borrowers get the peace of mind that comes with the certainty of immediate loan approvals, along with better pricing offered by a more efficient lender who can operate at a lower cost structure. And Realtors have the luxury of representing clients who are fully approved, capable of competing with cash buyers.
“Without question, the capabilities delivered by Gateless and Smart Underwrite are groundbreaking,” said Victor Ciardelli III, Founder and CEO of Guaranteed Rate. “When Guaranteed Rate launched the world’s first entirely digital mortgage in 2015, it revolutionized the industry. Now, with Smart Underwrite, we can continue making the process faster and even more streamlined for both our customers and real estate agents. The real-time automation offered by Smart Underwrite is a driving force behind our recently announced Same Day Mortgage, our new platform that enables same day borrower approvals.”
About Gateless, Inc.
Gateless, an innovative mortgage technology company, combines unmatched industry knowledge, expert systems, robotic process automation (RPA), and patent pending machine learning and vision-based AI to create solutions that will forever change the way mortgages are originated. Founded in late 2020, the company is on mission to simply mortgage lending and transform the borrower experience through intelligent, real-time, automation. For more information visit gateless.com.
About Guaranteed Rate
Guaranteed Rate is a leader in mortgage lending and digital financial services. Headquartered in Chicago, the Guaranteed Rate Companies have over 850 branches across the U.S., serving all 50 states and Washington, D.C. Since its launch in 2000, Guaranteed Rate Companies have helped more than 1 million homeowners with home purchase loans and refinances. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates and delivering unparalleled customer service. Honors and awards include: Top Lender for Online Service for 2018 by U.S. News & World Report; Best Mortgage Lender for Online Loans and Best Mortgage Lender for Refinancing by NerdWallet for 2021; HousingWire’s Tech100 award for the company’s industry-leading FlashClose℠ in 2020, digital mortgage platform MyAccount in 2022, and Language Access Program in 2023; No. 2 ranking in Scotsman Guide’s 2022 list of Top Retail Mortgage Lenders; The most Scotsman Guide Top Originators for 11 consecutive years; Chicago Agent Magazine’s Lender of the Year for seven consecutive years; and Chicago Tribune’s Top Workplaces list for seven consecutive years. Visit rate.com for more information.