
Detroit-based Rocket Mortgage, a retail mortgage lender and part of Rocket Cos., has unveiled Rocket Logic – Synopsis, a tool using generative AI to listen and help improve client interactions.
Rocket Logic – Synopsis transcribes and searches client calls, analyzes sentiment, and records client patterns and preferences, creating personal experiences for the company’s millions of current and potential clients.
The system was designed to be the next building block in the Rocket Logic ecosystem, the company’s proprietary and patented AI-driven technology platform aimed to streamline the homeownership process.
“Rocket Logic unlocked the transformative power of AI to begin streamlining and modernizing the homebuying process,” says Varun Krishna, CEO of Rocket Cos., and Rocket Mortgage. “Now, with Rocket Logic – Synopsis, we have harnessed generative AI to create a tool that both anticipates and solves clients’ needs, effectively changing the future of homeownership.
“Each year, our teams participate in 65 million calls with our clients, and Rocket Logic – Synopsis is woven into each interaction. The importance and promise of AI is shining through, allowing our team members to focus on building deep relationships with clients while the technology handles the mundane tasks.”
Built on Amazon Web Services (AWS) and using Amazon Bedrock, the Rocket Logic – Synopsis technology is used for calls handled by Rocket’s client experience teams, including loans from mortgage brokers who work with Rocket Pro TPO. The tool is also used by the company’s servicing team, who oversee Rocket Mortgage’s 2.5 million serviced loans.
In 2023, Rocket Mortgage’s servicing team facilitated 3.1 million client phone calls, with most inquiries related to payments and escrow.
To offer clients the best experience, Rocket’s service calls and chats are increasingly powered by AI, resulting in approximately 70 percent of the interactions being fully self-serve without the need for team member intervention.
Rocket Logic – Synopsis is expected to save the servicing team nearly 40,000 hours annually by employing transcription capabilities and tracking client sentiment. With this generative AI solution, running on AWS, Rocket’s team members can concentrate on cultivating strong, meaningful client relationships, while AI manages routine tasks like call summaries.
“Technology innovation is all about taking on the undifferentiated heavy lifting, enabling businesses to focus on problem-solving, and enhancing customer experiences,” says Werner Vogels, chief technology officer at Amazon.
“It’s inspiring to see how Rocket Cos. is optimizing its powerful data platform on AWS and utilizing Amazon Bedrock to develop innovative generative AI solutions like Rocket Logic – Synopsis. This approach reallocates routine tasks to AI systems, empowering teams to devise tailored, impactful solutions that simplify the historically complex homeownership journey.”
As Rocket Logic – Synopsis continues to develop, it will use the data gathered from Rocket’s call transcripts to enhance its predictive capabilities. This should enable the tool to offer solutions for clients before they even call Rocket. This technology has already led to a nearly 10 percent increase in resolutions reached during a client’s first call to Rocket, which on an annual basis, saves approximately 20,000 team member hours.
In the future, Rocket Logic – Synopsis is expected to help Rocket team members understand homeowners’ preferences and communication habits.
Whether a homeowner prefers email communications instead of phone calls, the ever-evolving technology will take note of these patterns. For example, if a client mentions during a call with Rocket that they work an overnight shift at a local manufacturing plant, the tool’s automatic transcription feature captures this information.
The next time a Rocket team member needs to reach that client by phone, Rocket Logic – Synopsis will flag a recommendation to avoid calling the client in the morning, as they are likely sleeping.
Rocket Logic – Synopsis is one of the many tools in the Rocket Logic platform that the company plans to launch as part of their ongoing mission to integrate AI-powered homeownership into the client experience. Rocket Logic – Synopsis currently is being rolled out to bankers, further enhancing the homeownership journey.