Rocket Mortgage in Detroit Debuts Rocket Logic AI Platform to Speed Homeownership

Rocket Mortgage in Detroit, the nation’s largest retail mortgage lender and a part of Rocket Cos., has unveiled Rocket Logic, the company’s patented AI-driven technology platform designed to make homeownership simpler and quicker.
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Rocket mortgage stock photo
Rocket Mortgage in Detroit has unveiled Rocket Logic, an AI-driven technology platform designed to make homeownership simpler and quicker. // Stock photo

Rocket Mortgage in Detroit, the nation’s largest retail mortgage lender and a part of Rocket Cos., has unveiled Rocket Logic, the company’s patented AI-driven technology platform designed to make homeownership simpler and quicker.

The platform makes the mortgage process more efficient by combining insights from more than 10 petabytes of proprietary data and 50 million annual call transcripts with state-of-the-art deep learning and generative AI systems, allowing Rocket Mortgage to close more loans faster, the company says.

Using Rocket Logic, Rocket Mortgage predicts homebuyers will spend less time answering questions and confirming details for mortgage bankers. The technology also helps give clients confidence by letting them know quickly, with certainty, if they are qualified for a mortgage.

The system is built on deep learning algorithms to increase efficiency and accuracy while simultaneously being re-enforced by underwriter oversight to continuously improve the process.

“Rocket Logic is transforming the homebuying process,” says Josh Zook, chief technology officer at Rocket Mortgage. “By leveraging data and advanced AI, we are streamlining the loan origination process from application to closing, helping our clients home with speed and certainty.”

The system’s technology starts when clients upload their first document to their secure portal. Using AI, Rocket Logic scans and identifies the files to ensure clients are providing the correct documentation. Once files are uploaded, the system’s computer vision models extract pertinent information and processes the documents instantly.

Currently, Rocket Logic automatically identifies nearly 70 percent of the more than 1.5 million documents received monthly, resulting in a savings of more than 5,000 hours of manual work for underwriters in February 2024 alone.

Rocket Logic also is scalable. Of the 4.3 million data points extracted from documents, including W-2s and bank statements in February, nearly 90 percent were automatically processed, saving an additional 4,000 hours of manual work for team members.

Rocket Logic’s automation already has helped reduce the number of times a team member interacts with a loan by nearly 25 percent year-over-year, which, in turn, also helped shave several days off the amount of time it takes Rocket’s clients to close on a home purchase, decreasing turn times by 25 percent from August 2022 to February 2024.

These efficiencies are key in helping Rocket close loans nearly 2.5 times faster than the industry average, says the company.

With additional AI integrations to come, Rocket Logic’s efficiency will continue improving the client experience. Automating tasks through Rocket Logic “supercharges” mortgage bankers, underwriters, and partner brokers so they can focus on the most important aspect of their work — building relationships with those on the journey to homeownership.

“We are constantly enhancing this system with new AI capabilities to make our mortgage bankers and partners significantly more efficient while also getting our clients to the closing table faster,” Zook says.

Rocket Mortgage says it plans to unveil additional products built on the Rocket Logic platform, including offerings for external partners, throughout 2024.